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This course is one of the courses dedicated to our Controllership series. This series of courses is dedicated to exploring the traditional controller role and stepping out of the box to identify areas where the controller can continue to add strategic value to their organizations. Within this segment of our controllership series, we will discuss the area of inventory. This specific segment in the first part of a two-part series on inventory. We explore how the controller can move these responsibilities into more of a strategic role.

This course takes a look at some of the typical concepts and duties involved in the inventory function that is sometimes viewed as operational roles. We explore how these areas are strongly tied to the importance of the controllership role and how the controller can add value in each area.

Below courses are currently available on the site:

  • The Controllership Series: The Controller Function - Elevating the Role
  • The Controllership Series: The Controller Function - Strategic and Annual Planning
  • The Controllership Series: The Controller Function - Cash and Investments
  • The Controllership Series: The Controller Function - Inventory Process Part 1
  • The Controllership Series: The Controller Function - Inventory Process Part 2
  • The Controllership Series: Financial Statement Preparation and Presentation

Learning Objectives

  • Explore the basics of inventory.
  • Identify and understand inventory terms.
  • Identify and understand the purpose and importance of inventory management systems.
    • Advantages.
    • Disadvantages
  • Explore and examine the controller’s strategic role in inventory.
    • Exploring management of metrics.
Last updated/reviewed: June 4, 2021

Included In Certifications

This course is included in the following Certification Programs:

17 CoursesThe Controllership Series Certification

  1. The Controllership Series: The Controller Function - Elevating the Role
  2. The Controllership Series: The Controller Function - Strategic and Annual Planning
  3. GAAP Principles, Assumptions and Considerations
  4. The Treasury Function Part 1: Cash, Liquidity and Investments
  5. The Controllership Series: The Controller Function - Cash and Investments
  6. ASC 842 Accounting for Leases - Deep Dive
  7. Revenue Recognition (ASC Topic 606) Standard Overview
  8. The Controllership Series: The Controller Function - Inventory Part 1
  9. The Controllership Series: The Controller Function - Inventory Part 2 - Inventory Valuation, Physical Inventory Methods and Inventory fraud
  10. The Controllership Series: Overhead, Direct and Indirect Costs and Allocation Methods
  11. The Controllership Series: Financial Statement Preparation and Presentation
  12. Analyzing Financial Ratios - Leverage
  13. Analyzing Financial Ratios - Performance And Efficiency
  14. Analyzing Financial Ratios - Solvency, Liquidity and Debt
  15. The Controllership Series: The Financial Close Process
  16. The Controllership Series: Managerial Accounting Basics and Cost Principles
  17. Tools for The Controllership Series Certificate

4 Reviews (14 ratings)Reviews

5
Anonymous Author
good review of best practices and statistics relating to inventory management. best suited for a small to medium sized business case.
5
Member's Profile
Useful breakdown of strategic planning and methods to deal with inventory issues.
5
Anonymous Author
Great review of Inventory concepts and expansions towards a Controller role!
5
Anonymous Author
Good course and review of inventory basics... Thanks

Prerequisites

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  3:36Introduction to The Controller Function - Inventory Part 1
  8:12Inventory Basics and Inventory Management Systems
  10:57Inventory Basics
  10:22Inventory Management System
  12:50Advantages and Disadvantages of Inventory Management System
  13:54The Controller's Strategic Role in Inventory
OTHER INVENTORY CONCEPTS
  6:36Day Sales Outstanding
  6:21Holding Costs
  5:16Lead Time
  8:08Stock Out
  6:04Service Level and ROI
  1:12Summary
CONTINUOUS PLAY
  1:33:28The Controller Function - Inventory Part 1
SUPPORTING MATERIAL
  PDFSlides: The Controller Function - Inventory Part 1
  PDFThe Controller Function - Inventory Part 1 Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM