Think about the roles of accountants presented in Table 2.1 from Chapter 2. Why should accountants be involved in developing and reviewing the bills of materials?

TABLE 2.1: Roles of the Accounting/Finance Function in Business

Transcribed Image Text:

Stewardship and Reporting Business Management Support Accounting/Finance Operations Regulatory compliance Finance and accounting processes (procure to pay, order to cash, record to report, payroll and treasury) Management information Tax returns Financial close-completing Planning, budgeting, and forecasting period-end accounts Financial consolidation, reporting, and analysis Performance measurement, reporting, Stakeholder and analysis assurance Performance management Investor Providing comprehensive management information relations Raising capital People management Risk management–from strategic to operational, including fraud risk and loans Investment appraisal Board reports Using IT to make finance and accounting processes more efficient and effective Statutory Cost management reporting Supply chain management Value-based management Project management Change management Capital structure and dividend policy Strategic planning Professional expertise (e.g., merger and acquisition or tax)