By Steven M. Bragg(auth.)
Praise for earlier variants of Accounting top Practices
"For a finished, but easy-to-read consultant to solving these all-too-common shortcomings on your accounting division, glance no extra than this glorious ebook. Steve Bragg offers hundreds of thousands of fixes, lots of them requiring unusually little time or rate whereas delivering a convenient consultant to universal implementation pitfalls. . . . i'd suggest this valuable ebook to somebody who's trying to improve their latest methods, even if because of development of their company, compliance with Sarbanes-Oxley, or simply as a part of their ongoing development process."
?Martyn Webster, CPA, Director of Finance, XenoPort, Inc.
"This publication is important to working a good and exact accounting division. using RFID expertise to trace records is one of the useful instruments during this newest variation. A required learn for the hard accounting manager's role."
?Jason Charet, CPA
"I've used Steve Bragg's Accounting most sensible Practices books for years as a resource of rules for development. Like earlier variations, this variation has a few new, actionable most sensible practices in addition to refinements of these rules said in past variations. The books are wide adequate of their standpoint in order that approximately any association may perhaps locate rules which may pay again the price of the publication again and again over."
?John Temmerman, Controller, Evangelical Lutheran Church in America
"What a good source! i've been within the accounting box for over two decades, and that i was once nonetheless in a position to achieve perception into bettering approaches inside my workplace. thank you for placing all of it in a single book!"
?Tina M. Thomas, CPA, CTP, Controller, Goodman & corporation, LLP
Chapter 1 evaluate of top Practices (pages 1–3):
Chapter 2 tips on how to Use top Practices (pages 5–18):
Chapter three bills Payable most sensible Practices (pages 19–70):
Chapter four Billing most sensible Practices (pages 71–89):
Chapter five Budgeting top Practices (pages 91–116):
Chapter 6 money administration top Practices (pages 117–133):
Chapter 7 Collections most sensible Practices (pages 135–168):
Chapter eight credits top Practices (pages 169–190):
Chapter nine Commissions most sensible Practices (pages 191–202):
Chapter 10 Costing most sensible Practices (pages 203–223):
Chapter eleven submitting top Practices (pages 225–245):
Chapter 12 Finance top Practices (pages 247–269):
Chapter thirteen monetary Statements most sensible Practices (pages 271–298):
Chapter 14 normal most sensible Practices (pages 299–333):
Chapter 15 common Ledger most sensible Practices (pages 335–349):
Chapter sixteen inner Auditing top Practices (pages 351–368):
Chapter 17 stock top Practices (pages 369–416):
Chapter 18 Payroll most sensible Practices (pages 417–448):
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Extra resources for Accounting Best Practices, Seventh Edition
If enough invoices can be removed from the labor-intensive three-way matching process, the payables staff may ﬁnd that it requires much less time in total to process payments. Cost: 3–6 Installation time: Use Procurement Cards Consider the number of work steps required to process a payment to a supplier: receiving paperwork, sorting and matching it, entering data into a computer, routing invoices through the organization for approvals, expediting those invoices that have early-payment discounts, creating month-end accruals, setting up ﬁles on new suppliers in the computer and the ﬁling system, processing checks, obtaining check signatures, mailing payments, and ﬁling away check copies.
There are several ways to either prevent this problem or to reduce its impact. One approach is to hand out the procurement cards only to the purchasing staff, who can use them to pay for items for which they would otherwise issue a purchase order; however, this does not address the large quantity of very small purchases that other employees may make, so a better approach is a gradual rollout of procurement cards to those employees who have shown a continuing pattern of making small purchases. Also, the characteristics of the procurement card itself can be altered, either by limiting the dollar amount of purchases per transaction, per time period, or even per department.
Finally, another category reduces the number of purchase orders that must be matched. Typical best practices in this area include using blanket purchase orders and automating three-way matching. Other solutions to the matching problem involve going away from the traditional matching process entirely, by using payments based solely on proof of receipt. It is not possible to use all of these best practices together, since some are mutually exclusive—one must be careful in choosing the correct best practices.
Accounting Best Practices, Seventh Edition by Steven M. Bragg(auth.)