Features

A Journey Overseas
Russell R. Boedeker, CMA, CFM
This U.S.-based software company wanted to set up an offshore operation overseas so it established a team from accounting and operations and embarked on a 10-step program. The result: Corillian Corporation set up an operation in India in record time and at minimum cost, demonstrating how the finance function can be a valuable strategic partner with the operations team in making offshoring a reality.

Process Mapping for SOX and Beyond
Joe Paradiso and James R. Cruickshank
A picture is a worth a thousand words. That’s why instead of describing the monthly closing process in a few hundred words, you should map it out in a simple diagram that all concerned will be able to understand and use as a guide. Process maps are multidimensional, efficient, effective, and economical.

Adapting Six Sigma to Help Tame the SOX 404 Compliance Beast
Paul E. Juras, CMA, CPA; Dale R. Martin; and George R. Aldhizer, III, CPA
One goal of Six Sigma is to standardize processes to eliminate errors. That is why this technique could be used in SOX 404 compliance, changing from a one-time fix for SOX 404 compliance to that of a required business process that must be sustained. Companies that want to become more effective and efficient will find that Six Sigma can help.

It’s the Journey that Matters
Janet Wagner, CMA
A fuzzy map, no compass, and no binoculars—this management accountant recounts her lonely journey to achieve CMA certification shortly after the IMA program was launched. Now that the program is better known in the corporate world, certification has given her an edge in seeking accounting positions, she claims, and it also has broadened her personal horizons thanks to the continuing education requirements.

Seeking Best Practices in Accounts Payable
Jani Kaskinen
Forward-thinking companies are using SOX compliance to their advantage—improving processes, achieving greater cost savings, and elevating Accounts Payable to a more strategic level. By completely automating your AP system, your company can reduce its cash flow problems, speed up quarterly reporting, and continue to satisfy SOX requirements.

Taking Human Error Out of Financial Spreadsheets
Jason Rose
Fannie Mae found out spreadsheet errors can come back to bite you when it had to restate its unrealized gains by $1.2 billion. A marvelous tool, the spreadsheet was not designed to be used in a wide range of interconnected functions common in businesses today. Many errors can be prevented, however, by using a corporate centralized database and dynamic methodology library.

Columns

PERSPECTIVES
Curiosity.

BEST PRACTICES
Anger: the enemy within.

TAXES
Retroactive provisions of the Tax Relief & Health Care Act of 2006.

IMA
What makes a professional conference worth attending?

ETHICS
Whom can you trust?

WORLDVIEW
Offering the CMA exam in Chinese.

FINANCIAL TRENDS
Keys to success with a third-party private equity fund administrator.

Departments

STREETWISE
IMA attends FASB roundtable
FASB invites you to comment
Senate bill makes key changes in tax laws
Books: Productive boards.

TOOLS OF THE TRADE

TECH FORUM
Kodak’s comeback.

END NOTE
A computer in the kitchen.