Mission accomplished

Article Abstract:

A study mission was conducted to compare and differentiate US and Japanese management accounting practices. Led by Robert Howell and Michiharu Sakura, 14 senior finance and accounting executives of major US companies, two academics and one consultant visited such Japanese firms as Toshiba, Toyota, Zexel and Nippon Steel. The participants were most impressed by the continuous single flow manufacturing particularly at Toyota, the consistent improvement initiatives at the factories, the nature of accounting and finance function and cooperation, and the team spirit that pervades Japanese society. The visitors cite the sophisticated simplicity of the Japanese that facilitates the integration of finance, accounting, manufacturing and marketing functions as one of the most valuable lessons they learned during the tour. Another is the simplification and upward flow of accounting procedures. The visit also encouraged them to be optimistic.

Evaluation, Japan, Corporations, Managerial accounting, Corporations, Japanese

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The hired problem solver: your mission: clean up the accounting mess

Article Abstract:

Ten 'action steps' are provided for accountants tasked with reorganizing the accounting and financial reporting functions of their organizations. As hired problem solvers, controllers need to first gain a thorough understanding of the scope of the problems that need fixing and the time frame within which they are expected to solve these problems. Controllers should also look into the availability within the organization of resources to be used in problem solving and ensure that management is fully supportive of any actions taken towards problem solving. Among the suggested action steps are the hiring of an assistant, the use of flowcharting, source verification of financial data, subsidiary ledger examinations, and the examination of the budgeting process. The monitoring of any changes to be undertaken is vital to the continued effectiveness of newly implemented financial processes and systems.

Usage, Financial software, Cover Story, Auditing, Technology application, Accounts receivable

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