{"id":106259,"date":"2022-12-19t11:59:35","date_gmt":"2022-12-19t16:59:35","guid":{"rendered":"\/\/www.g005e.com\/?p=106259"},"modified":"2023-04-08t08:33:08","modified_gmt":"2023-04-08t12:33:08","slug":"use-financial-controls-to-get-started-as-a-manager","status":"publish","type":"post","link":"\/\/www.g005e.com\/2022\/12\/19\/use-financial-controls-to-get-started-as-a-manager\/","title":{"rendered":"client hires new manager: you need a plan"},"content":{"rendered":"
<\/a>what they don\u2019t know can hurt you.<\/strong><\/p>\n by ed mendlowitz<\/i> clients hire managers all the time. but getting started as a manager requires many skills, one of which is to review financial data and use it to control your department, division, or company.<\/p>\n more: <\/b>do you need a forensic professional?<\/a> | forensic techniques can be fraud deterrence<\/a> | the hazards of poor internal controls<\/a> | rule #1: start with cash<\/a> | the priorities were backward<\/a> | how to read a financial statement<\/a> | 77 thoughts about client needs<\/a> here is a way to get started.<\/p>\n every manager is responsible for an economic unit. for the ceo or coo, it could be the entire company. for a foreman, it could be the production floor. for a team leader or sales manager, it could be as little as a half-dozen people.<\/p>\n whatever it is, controls are necessary, and obtaining the right data can facilitate the management process. therefore, it is necessary to identify the proper information that will be received regularly \u2013 daily, weekly, and monthly.<\/p>\n for new or first-time managers, a starting point is<\/p>\n you then need to determine how many hours each employee actually works and the cost per hour worked.<\/p>\n for example,<\/strong> an employee might get paid for 40 hours per week for 52 weeks giving 2080 hours they are paid for. you should then calculate the days or hours they do not work. taking the company\u2019s policy into account, you might come up with, say, 240 of these 2080 hours are not worked, leaving work or production hours of 1840. if you divide the employees\u2019 total annual costs, which is salary plus taxes and benefits, by the 1840, you will get the actual cost per hour. where possible group the employees to get the total payroll and hourly cost by department or function.<\/p>\n once this is done, you should then calculate overtime by department \u2013 and in some cases individual employee \u2013 and extrapolate the overtime costs and possibly the hourly cost. this can be added to the base hours and payroll cost. this would now give you the average cost per hour worked per department that offers overtime. this usually falls under the direct labor departments and excludes overhead, administration and sales departments.<\/p>\n the above is a way to get started and get a basic handle on the costs. notice that you should get started with a large expense item where control is much more essential such as payroll. starting with smaller cost items will not provide meaningful benefits even if large differences in them are found. once done, changes can be measured, and that then should lead to better control.<\/p>\n weekly measurement is much better than monthly, which is far better than quarterly. the unit size and your management level would determine the best periods to obtain the data.<\/p>\n and remember, financial information is only one part of your control mechanism. good luck.<\/p>\n
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