Assemble a strong foundation for your construction industry accounting and auditing issues by analyzing revenue recognition under the percentage of completion method and shortfalls of the cost to cost method, as well as techniques that provide a more realistic audit approach for the contractor, including detailed auditing procedures for the various types of contracts. Also, you'll more clearly understand how to assist with evaluating job profitability and present quality financial information to lenders and bonding companies.
Describe processes for obtaining budget data and collaborating with others in the budget process including: sharing workbooks; accessing Excel audit trail; merging workbooks; controlling and validating user input; collaborating with others on the web; and querying data from the web.
Define and describe various Excel techniques for interacting with the accounting system, such as office data connections, importing text files, manipulating accounting data imported from various software applications, importing access data and open database connectivity.
Identify situations in which various Excel techniques, such as using data tables for sensitivity analysis, working with Excel goal seek function, using SOLVER to maximize scarce resources, working with scenario manager, forecasting with regression analysis, and analyzing risk with Monte Carlo simulations, are appropriate and describe how to execute each of these techniques.
Describe how to use Excel in capital budgeting situations, including Excel present value and internal rate of return functions and various methods by which Excel computes depreciation.
Compare and contrast Excel with other applications used for budgeting and forecasting activities and describe situations in which other solutions should be used to reduce the dependency on Excel as a budgeting and forecasting solution.
Using Excel more effectively as a budgeting and forecasting tool
Identifying shortcomings of Excel-based budgeting and forecasting activities
Implementing and working with dedicated budgeting and forecasting software applications to achieve better results in less time
Handling risk and uncertainty in budgets and forecasts
Accountants and business professionals involved in budgeting and forecasting activities.
Basic familiarity with Excel.
Advanced Prep: None
Speaker: Thomas G. Stephens, Jr., CPA.CITP
Field of Study: Accounting & Auditing
CPE Credit: 8 Hours
Meet the Speaker:
Thomas G. Stephens, Jr., received a Bachelor of Science in Business Administration degree (Major in Accounting) from Auburn University in 1985. Upon graduation, Mr. Stephens began working for an Atlanta-based public accounting firm. After earning his designation as a Certified Public Accountant, Mr. Stephens worked for BellSouth Corporation in Atlanta as an Internal Auditor. After two years as an auditor, he was promoted to Staff Manager and then Operations Manager of the Internal Audit Group. In 1991, he transferred to the Comptrollers’ department of BellSouth and served as Manager of the Cost Accounting organization. While working full-time at BellSouth Corporation, Mr. Stephens also attended graduate school, earning a Masters of Science (Major in Finance) from Georgia State University in 1992.