Chapter 1: Controller Responsibilities Introduction 1-1
The Controller Position 1-1
Avoid the Controller’s Vacuum 1-2
The Role of the Controller 1-3
Major Roles of a High Road Controller 1-3
The Controller’s Major Responsibilities 1-5
Conclusion 1-6
Chapter 2: CFO Responsibilities Introduction 2-1
Attributes of the CFO 2-1
Teaching and Training 2-2
Counseling 2-2
Guiding 2-2
Learning 2-2
Sharing 2-3
Questioning 2-3
Relating 2-3
Listening 2-3
Intuitiveness 2-3
Creativity 2-4
How the CFO and Controller’s Roles Differ 2-4
Responsibility Comparison 2-4
Functional Role Comparison 2-5
CFO Tool: Calculating the Economic Value Added 2-7
Economic Value Added Defined 2-7
Conclusion 2-11
Chapter 3: What Is the Contract Controller’s Job About? Introduction 3-1
Main Difference in Expectation of the Roles 3-1
The Controller Job Description 3-2
The Point of this Exercise 3-3
Actual Job Description #1 3-3
Actual Job Description #2 3-4
Actual Job Description #3 3-5
The Chief Financial Officer Job Description 3-7
General Definition 3-7
Essential Duties and Responsibilities 3-7
Required Knowledge, Skills, and Abilities 3-9
Education and Experience 3-10
The Need for a Contract Controller or CFO 3-10
Most Common Reasons a Company Employs a Contract Financial Executive 3-11
The Role of the Contract Controller 3-11
Positional Power 3-11
Valuing and Choosing the Appropriate Role for You 3-12
Varying Roles of the Hired Gun 3-12
Conclusion 3-13
Chapter 4: Attitudes for Success Introduction 4-1
What Mindset Does the Contract Controller Need? 4-2
Contractor’s Mindset 4-2
1 You Control Your Own Destiny 4-4
2 You Are Your Boss and Employer 4-5
The Attitude of Teflon-Coated Toughness 4-5
Reasons for This Attitude 4-6
How to Develop a Tough, Non-Stick Attitude 4-6
The Attitude of the Fortune Teller 4-9
Hindsight 4-9
Foresight 4-10
Insight 4-11
Conclusion 4-11
Chapter 5: How Can I Ensure I Will Be Successful? Introduction 5-1
No Guarantee of Success, So Improve Your Odds 5-1
Tactics for Creating Success as the Part-Time or Contract Hired Gun 5-1
Lessons from the HH Test 5-3
Tactic 1: Define Your Role 5-3
Hired Gun Tool: A Position Description 5-3
Example 5-1: Position Description Example for a General Accounting Assistant 5-7
Qualifications 5-7
Expected Results 5-7
Principal Duties 5-8
Special Difficulties of the Position Description 5-8
Interpersonal Relationships 5-8
Evaluation and Feedback 5-8
Example 5-2: Position Description Example for a Part-Time Controller 5-9
Qualifications 5-9
Expected Results 5-9
Impact of Job on the Organization 5-9
Authority of Person to Act for the Company 5-10
Special Difficulties of the Position 5-10
Interpersonal Relations 5-10
Tactic 2: Determine What Is Most Important 5-14
Find the Client’s Pain! 5-14
Why It’s Hard to Find the “Real” Cause of an Issue or Problem 5-17
Tactic 3: Enhance Their Metrics of Performance 5-18
Hired Gun Tool: Scorecard Metrics 5-19
Categories and Examples of Performance Measures 5-22
Tactic 4: Help Them Fly in Formation 5-23
Hired Gun Tool: Critical Success Factor 5-23
Performance Measuring Principle 5-25
Drivers of an “Information Business” 5-25
Tactic 5: Keep Your Eyes on the Forest 5-27
Daily Prioritization and Calibration 5-27
Conclusion 5-31
Chapter 6: Hired Gun Skills—Part 1
Introduction 6-1
Daily Skill Set that Benefits the Client 6-1
Special Skills the Hired Gun Uses Daily 6-1
Skill #1: Focus 6-3
Focus 6-3
Skill #2: Systems Building 6-5
Systems Approach to Accounting 6-5
Base Block—Controller’s People Systems 6-6
What Feedback Is and Is Not 6-6
2nd Block—Controller’s Planning System 6-9
What Every Employee Wants to Know 6-9
3rd Block—Controller’s Communication System 6-10
Hired Gun Credibility Comes from Great Communication 6-10
Hired Gun Tool: Communication Web 6-10
How to Design a Communication Web 6-12
Hired Gun Tool: Communication Web System Checklist 6-15
Skill #3: Priority Management 6-16
Urgent Does Not Mean Important 6-17
Finance’s Workload Killers that Create False Urgency 6-18
Skill #4: Leadership 6-19
Traits of the Effective Finance Leader 6-19
7½ Priority Management Myths 6-31
Conclusion 6-33
Chapter 7: Hired Gun Skills—Part 2
Introduction 7-1
Dual Service Skill Cluster 7-1
More Special Skills the Hired Gun Needs 7-1
Skill #5: Future Visioning 7-2
Hired Gun Tool: The Gap Analysis 7-2
Power in the Gap Tool 7-4
Skill #6: Selling Your Solutions 7-4
The Mindset of the Risk-Taking Entrepreneur 7-5
Process for Selling Your Ideas 7-6
When You Speak, Clients Will Listen 7-9
Skill #7: Managing Client Expectations 7-9
You, the Scapegoat? 7-10
Tactics to Manage Expectations 7-10
Bad Karma for a Hired Gun 7-11
Skill #8: Marketing Professional Services 7-11
Marketing Yourself as a Part-Time or Contract Controller 7-12
Ways to Market Your Services 7-13
Conclusion 7-30
Chapter 8: Resources and Concerns Introduction 8-1
What Other Things Do I Need to Know? 8-1
Do I Have Independence Issues to be Concerned About? 8-1
Can I Issue Financial Statements as Their Controller or CFO? Do I Need to Attach an Attestation Report? Do I Need to Notify Lenders? 8-4
In Essence 8-5
Other Issues to Consider 8-6
Should I Specialize? 8-6
Should I Sign Checks? 8-6
Can I Sign the Payroll Tax Returns? 8-6
How Should I Determine How Much to Charge for My Services? 8-6
Could I Take Stock in Lieu of Pay or Compensation to Help a Client Who Lacks Sufficient Cash? 8-9
Do I Need Risk, Errors and Omission, or Other Insurance Coverage? 8-9
Is There Any Insurance Protection That I Should Have? 8-9
What About Understanding and Using Technology? 8-10
Can I Take the Home Office Deduction? 8-10
Do I Need My Own Contract? 8-11
How Does the Issue of Ethics Impact Me or My Role? 8-11
What Are My Risks? 8-12
Do I Need to Worry about Independent Contractor Status? 8-12
As a Consultant, Are There Any Problem Areas to Avoid? 8-13
Is It Wise to Supervise Employees When I am Only a Contractor? 8-14
Advice from Experienced Hired Guns 8-16
Paul Colao Is a Contract CFO 8-16
Erin Corsair Is a Professional Temporary 8-16
Curt Halin Is a Contract Controller 8-16
Bob Anderson Chooses to Niche in Retail 8-17
Scott Allred Is Located in Montana and Relies Heavily on the Internet to Provide Services 8-17
Gene Siciliano Is CFO for Rent® 8-18
Audrey Godwin Defines Herself as a Chief Business Integrator 8-19
Sandra Copas Owns a Firm on the Leading Edge 8-20
William Looney Left the Corporate Big Company Environment after 20+ Years 8-21
Controller’s Resources List 8-22
Chapter 9: Take the Next Step Introduction 9-1
Opportunities Abound 9-1
Five Accounting Leader Realities 9-2
Significant Trends in Accounting Impacting the Controller 9-3
Tool: Instilling a Personal Commitment 9-7
Tool: Instill Continuous Improvement 9-8
Steps of the Plus/Delta 9-8
Conclusion 9-9
The Challenges of Being a Part-Time or Contract Controller are Many 9-9
But There are the Upsides of Opportunities Too 9-9
You Can Increase the Odds of Your Success If You 9-9
Appendix A
Best Practice Tools A-1
Best Practice: Learning Curve Performance Evaluation A-1
Best Practice: Probing Questions A-4
