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by Ron Rael
Becoming a Contract Controller
Cover Page
Title Page
Copyright Page
Preface
Contents
Chapter 1: Controller Responsibilities
Introduction
The Controller Position
Avoid the Controller’s Vacuum
The Role of the Controller
Major Roles of a High Road Controller
The Controller’s Major Responsibilities
Conclusion
Chapter 2: CFO Responsibilities
Introduction
Attributes of the CFO
Teaching and Training
Counseling
Guiding
Learning
Sharing
Questioning
Relating
Listening
Intuitiveness
Creativity
How the CFO and Controller’s Roles Differ
Responsibility Comparison
Functional Role Comparison
CFO Tool: Calculating the Economic Value Added
Economic Value Added Defined
Conclusion
Chapter 3: What Is the Contract Controller’s Job About?
Introduction
Main Difference in Expectation of the Roles
The Controller Job Description
The Point of this Exercise
Actual Job Description #1
Actual Job Description #2
Actual Job Description #3
The Chief Financial Officer Job Description
General Definition
Essential Duties and Responsibilities
Required Knowledge, Skills, and Abilities
Education and Experience
The Need for a Contract Controller or CFO
Most Common Reasons a Company Employs a Contract Financial Executive
The Role of the Contract Controller
Positional Power
Valuing and Choosing the Appropriate Role for You
Varying Roles of the Hired Gun
Conclusion
Chapter 4: Attitudes for Success
Introduction
What Mindset Does the Contract Controller Need?
Contractor’s Mindset
1. You Control Your Own Destiny
2. You Are Your Boss and Employer
The Attitude of Teflon-Coated Toughness
Reasons for This Attitude
How to Develop a Tough, Non-Stick Attitude
The Attitude of the Fortune Teller
Hindsight
Foresight
Insight
Conclusion
Chapter 5: How Can I Ensure I Will Be Successful?
Introduction
No Guarantee of Success, So Improve Your Odds
Tactics for Creating Success as the Part-Time or Contract Hired Gun
Lessons from the HH Test
Tactic 1: Define Your Role
Hired Gun Tool: A Position Description
Example 5-1: Position Description Example for a General Accounting Assistant
Qualifications
Expected Results
Principal Duties
Special Difficulties of the Position Description
Interpersonal Relationships
Evaluation and Feedback
Example 5-2: Position Description Example for a Part-Time Controller
Qualifications
Expected Results
Impact of Job on the Organization
Authority of Person to Act for the Company
Special Difficulties of the Position
Interpersonal Relations
Tactic 2: Determine What Is Most Important
Find the Client’s Pain!
Why It’s Hard to Find the “Real” Cause of an Issue or Problem
Tactic 3: Enhance Their Metrics of Performance
Hired Gun Tool: Scorecard Metrics
Categories and Examples of Performance Measures
Tactic 4: Help Them Fly in Formation
Hired Gun Tool: Critical Success Factor
Performance Measuring Principle
Drivers of an “Information Business”
Tactic 5: Keep Your Eyes on the Forest
Daily Prioritization and Calibration
Conclusion
Chapter 6: Hired Gun Skills—Part 1
Introduction
Daily Skill Set that Benefits the Client
Special Skills the Hired Gun Uses Daily
Skill #1: Focus
Focus
Skill #2: Systems Building
Systems Approach to Accounting
Base Block—Controller’s People Systems
What Feedback Is and Is Not
2nd Block—Controller’s Planning System
What Every Employee Wants to Know
3rd Block—Controller’s Communication System
Hired Gun Credibility Comes from Great Communication
Hired Gun Tool: Communication Web
How to Design a Communication Web
Hired Gun Tool: Communication Web System Checklist
Skill #3: Priority Management
Urgent Does Not Mean Important
Finance’s Workload Killers that Create False Urgency
Skill #4: Leadership
Traits of the Effective Finance Leader
7½ Priority Management Myths
Conclusion
Chapter 7: Hired Gun Skills—Part 2
Introduction
Dual Service Skill Cluster
More Special Skills the Hired Gun Needs
Skill #5: Future Visioning
Hired Gun Tool: The Gap Analysis
Power in the Gap Tool
Skill #6: Selling Your Solutions
The Mindset of the Risk-Taking Entrepreneur
Process for Selling Your Ideas
When You Speak, Clients Will Listen
Skill #7: Managing Client Expectations
You, the Scapegoat?
Tactics to Manage Expectations
Bad Karma for a Hired Gun
Skill #8: Marketing Professional Services
Marketing Yourself as a Part-Time or Contract Controller
Ways to Market Your Services
Conclusion
Chapter 8: Resources and Concerns
Introduction
What Other Things Do I Need to Know?
Do I Have Independence Issues to be Concerned About?
Can I Issue Financial Statements as Their Controller or CFO? Do I Need to Attach an Attestation Report? Do I Need to Notify Lenders?
In Essence
Other Issues to Consider
Should I Specialize?
Should I Sign Checks?
Can I Sign the Payroll Tax Returns?
How Should I Determine How Much to Charge for My Services?
Could I Take Stock in Lieu of Pay or Compensation to Help a Client Who Lacks Sufficient Cash?
Do I Need Risk, Errors and Omission, or Other Insurance Coverage?
Is There Any Insurance Protection That I Should Have?
What About Understanding and Using Technology?
Can I Take the Home Office Deduction?
Do I Need My Own Contract?
How Does the Issue of Ethics Impact Me or My Role?
What Are My Risks?
Do I Need to Worry about Independent Contractor Status?
As a Consultant, Are There Any Problem Areas to Avoid?
Is It Wise to Supervise Employees When I am Only a Contractor?
Advice from Experienced Hired Guns
Paul Colao Is a Contract CFO
Erin Corsair Is a Professional Temporary
Curt Halin Is a Contract Controller
Bob Anderson Chooses to Niche in Retail
Scott Allred Is Located in Montana and Relies Heavily on the Internet to Provide Services
Gene Siciliano Is CFO for Rent®
Audrey Godwin Defines Herself as a Chief Business Integrator
Sandra Copas Owns a Firm on the Leading Edge
William Looney Left the Corporate Big Company Environment after 20+ Years
Controller’s Resources List
Chapter 9: Take the Next Step
Introduction
Opportunities Abound
Five Accounting Leader Realities
Significant Trends in Accounting Impacting the Controller
Tool: Instilling a Personal Commitment
Tool: Instill Continuous Improvement
Steps of the Plus/Delta
Conclusion
The Challenges of Being a Part-Time or Contract Controller are Many
But There are the Upsides of Opportunities Too
You Can Increase the Odds of Your Success If You
Appendix A
Best Practice Tools
Best Practice: Learning Curve Performance Evaluation
Best Practice: Probing Questions
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