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 will assist the controller and accounting area in properly optimizing and controlling costs associated with the process.

This course is one of a series of courses on the Controllership process. Other courses include:

• The Controllership Series: The Controller Function–Elevating the Role
• The Controller Function–Strategic and Annual Planning
• GAAP Principles, Assumptions, and Considerations
• The Treasury Function Part–Cash, Liquidity, and Investments
• The Controller Function–Cash and Investments
• ASC 842 Accounting for Leases–Deep Dive
• Revenue Recognition (ASC Topic 606) Standard Overview
• The Controller Function–Inventory Part 1
• The Controller Function–Inventory Part 2–Inventory valuation, physical inventory methods, and inventory fraud
• The Controllership Function: Overhead, direct and indirect costs, and allocation methods
• The Controllership Series: Financial Statement Preparation and Presentation
• The Controllership Series: Analyzing Financial Ratios–Leverage
• The Controllership Series: Analyzing Financial Ratios–Performance and Efficiency
• The Controllership Series: Analyzing Financial Ratios–Solvency, Liquidity, and Debt
• The Controllership Series: The Controller's Role in Data Analytics and Big Data
• The Controllership Series: The financial close process
• The Controllership Series: Sales, Collections, and Customer Credit
• The Controllership Series: The Controller’s Role in ESG
• The Controllership Series: The Controller’s Role in Pro Forma Financials
• The Controllership Series: The Controller’s Role in Financial Forecasting
• Tools for the Controllership Series Certificate

Field of Study: Accounting