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: January 4, 2023

Included In Certifications

This course is included in the following Certification Programs:

18 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. The Controllership Series: The Controllers Role in Data Analytics and Big Data
  15. The Controllership Series: The Financial Close Process
  16. The Controllership Series: Managerial Accounting Basics and Cost Principles
  17. The Controllership Series: Sales, Collections and Customer Credit
  18. Tools for The Controllership Series Certificate
21 Reviews (99 ratings)

Reviews

5
Anonymous Author
This is a great course to get an idea of what the Controller's role is in the inventory process. You'll likely find out the controller plays an immense role in this process. Also, there's plenty of good info shared in here.

5
Member's Profile
Part i was awesome and jumping right into part 2 INVENTORY. We can do so much from accounting to assist inventory ops and leaning more about this has been very helpful. Thank you Lynn, Great course, Larry

5
Member's Profile
This course covers a lot of information that is related to inventory management. This is a good course for understanding the best ways to manage inventory practices.

5
Anonymous Author
good review of best practices and statistics relating to inventory management. best suited for a small to medium sized business case.

4
Anonymous Author
Overall Great Course! Provides a great introduction to inventory management and the controllership role's potential.

5
Anonymous Author
This course was very helpful and provided a good refresher. I highly recommend this course to other CPAs!

5
Member's Profile
I liked this course it definitely had some good inventory management tips, looking forward to part 2

5
Member's Profile
The section on the metrics is very helpful. I will be able to use the ratios in my line of work.

5
Member's Profile
Useful breakdown of strategic planning and methods to deal with inventory issues.

4
Anonymous Author
This was a helpful review of inventory tracking and management methods. Thank you.

5
Anonymous Author
I really enjoyed how I will be able to apply this knowledge in my current role.

5
Member's Profile
This was an excellent course about the basics of Inventory. i enjoyed it a lot.

4
Anonymous Author
This is a good refresher or introduction to the basics of the inventory process.

5
Member's Profile
Good course to understand Inventory management terms used to maintain inventory.

3
Anonymous Author
This is a good overview of inventory. I appreciate the refresher in this area.

5
Member's Profile
Lots of useful information. This course is very well organized and presented.

5
Anonymous Author
Great review of Inventory concepts and expansions towards a Controller role!

4
Member's Profile
The pages need to be numbered. I have to go thru and number the pages.

5
Member's Profile
This is a good refresher course for inventory basics.

5
Anonymous Author
Good instructor. Good review on inventory processes.

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 .
Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to The Controller Function - Inventory Part 13:36
  Inventory Basics and Inventory Management Systems8:12
  Inventory Basics10:57
  Inventory Management System10:22
  Advantages and Disadvantages of Inventory Management System12:50
  The Controller's Strategic Role in Inventory13:54
OTHER INVENTORY CONCEPTS
  Day Sales Outstanding6:36
  Holding Costs6:21
  Lead Time5:16
  Stock Out8:08
  Service Level and ROI6:04
  Summary1:12
CONTINUOUS PLAY
  The Controller Function - Inventory Part 11:33:28
SUPPORTING MATERIAL
  Slides: The Controller Function - Inventory Part 1PDF
  The Controller Function - Inventory Part 1 Glossary/ IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam