CheckPoint A New Company

In making a decision on what was necessary for the companys financial reports would depend greatly on what area of the business I was in. Let us say that I was put in charge of the sanitation department in a food production facility. The reports I would rely on would deal with the inventory control for the chemicals, tools and miscellaneous items used, the cost labor reports, utility costs report and the product scrap report. All of these reports would be crucial in making sounds decisions on how to try and save the company money. The chemical inventory report would show me the cost of all chemicals as well as how often they are repurchased thus giving me the amount spent for these items. The cost of labor report would show how much the company is spending on its employees and allow me to see if it is justified. The utilities cost report is another report that would allow me to see how much the company was spending on the utilities and what I could do to reduce the cost. The scrap report would give me a great idea of what was being trashed and why, allowing me to find areas where it could be reduced. With the help of these reports it would make it possible to reduce the business cost, which is a path to profit (E.S. Datar & K. Yuthas 2009).

References Datar, S., Epstein, M., & Yuthas, K. (2009). MANAGEMENT ACCOUNTING AND CONTROL: Lessons for and from the World's Tiniest Businesses. (cover story). Strategic Finance, 91(5), 27-34. Retrieved from Business Source Complete database.