The procurement function is a critical area of organizations where spend is a top priority. The Controllership function is involved in spend management. It is logical that the Controller should take a role in working with the procurement function. The procurement function may report to various areas within an organization including the Chief Operating Officer (COO), Chief Procurement Officer (CPO), Chief Executive Officer (CEO) and the Chief Financial (CFO) or Accounting Officer (CAO). Regardless of the reporting line of the function, the accounting and controllership functions must have an integral understanding of all processes involved within procurement. This understanding assists the controller and accounting area in properly optimizing and controlling costs associated with the process.
Learning Objectives
Defining the typical procurement process Defining procurement vs. the Controller’s role in purchasing The procurement process and its ties to the controllership process Examine a job description of a potential Procurement Controller Examine the Financial Controllers potential role in the procurement process Ways to synergize the Controller’s role with procurement Examine other potential responsibilities for the Controller
Major Topics
Accounting Finance Procurement
