Accounting Best Practices, Fifth Edition

Accounting Best Practices, Fifth Edition

by Colorado Steven M. Bragg Englewood
Released March 2007
Publisher(s): Wiley
ISBN: 9780470081822

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Book description

Praise for Accounting Best Practices, Fifth Edition

"For a comprehensive, yet easy-to-read guide to fixing those all-too-common shortcomings in your accounting department, look no further than this excellent book. Steve Bragg provides hundreds of fixes, many of them requiring surprisingly little time or cost while providing a handy guide to common implementation pitfalls . . . I would recommend this invaluable book to anyone who is looking to enhance their existing processes, whether due to growth in their business, compliance with Sarbanes-Oxley, or just as part of their ongoing improvement process."
—Martyn Webster, CPA, Director of FinanceXenoPort, Inc.

"This book is critical to running an efficient and accurate accounting department. The use of RFID technology to track documents is one of many valuable tools in this latest edition. A required read for the demanding accounting manager's role."
—Jason Charet, CPA

"I've used Steve Bragg's Accounting Best Practices books for years as a source of ideas for improvement. Like the previous editions, the Fifth Edition has a number of new, actionable best practices as well as refinements of those ideas reported in previous editions. The books are broad enough in their perspective so that nearly any organization could find ideas that could pay back the cost of the book many times over."
—John Temmerman, Controller Evangelical Lutheran Church in America

"What a great resource! I have been in the accounting field for over twenty years, and I was still able to gain insight into improving processes within my office. Thanks for putting it all in one book!"
—Tina M. Thomas, CPA, CTP, Controller Goodman & Company, LLP

Table of contents

  1. Copyright
    1. Dedication
  2. Subscriber Update Service
  3. About the Author
  4. Free On-Line Resources by Steve Bragg
  5. Preface
  6. Introduction
  7. How to Use Best Practices
    1. Types of Best Practices
    2. The Most Fertile Ground for Best Practices
    3. Planning for Best Practices
    4. Timing of Best Practices
    5. Implementing Best Practices
    6. Best Practice Duplication
    7. Why Best Practices Fail
    8. The Impact of Best Practices on Employees
    9. Summary
  8. Accounts Payable Best Practices
    1. Implementation Issues for Accounts Payable Best Practices
    2. Pay Based on Receiving Approval Only
    3. Reduce Required Approvals
    4. Use Negative Assurance for Invoice Approvals
    5. Use Procurement Cards
    6. Negotiate Procurement Card Rebates
    7. Route All Invoices Directly to Accounts Payable
    8. Split Payables Processing Based on Discounts
    9. Adopt a Standard Invoice Numbering Convention
    10. Automate Three-Way Matching
    11. Digitize Accounts Payable Documents
    12. Directly Enter Receipts into Computer
    13. Fax Transmission of Accounts Payable Documents
    14. Have Suppliers Include Their Supplier Numbers on Invoices
    15. Receive Billings through Electronic Data Interchange
    16. Request That Suppliers Enter Invoices through a Web Site
    17. Shift Incoming Billings to an EDI Data-Entry Supplier
    18. Audit Expense Reports
    19. Automate Expense Reporting
    20. Eliminate Cash Advances for Employee Travel
    21. Link Corporate Travel Policies to an Automated Expense Reporting System
    22. Transmit Expense Reports by E-Mail
    23. Centralize the Accounts Payable Function
    24. Store Late Fees in a Separate General Ledger Account
    25. Issue Standard Account Code List
    26. Link Supplier Requests to the Accounts Payable Database
    27. Outsource the Accounts Payable Function
    28. Outsource VAT Reclamations
    29. Shrink the Supplier Base
    30. Withhold First Payment until W-9 Form Is Received
    31. Automate the W-9 Form
    32. Automate Payments for Repetitive Invoicing
    33. Install a Payment Factory
    34. Eliminate Manual Checks
    35. Increase the Frequency of Check Runs
    36. Have Regularly Scheduled Check-Signing Meetings
    37. Implement Positive Pay
    38. Incorporate Copy Protection Features into Checks
    39. Avoid Acronym Payees on Checks
    40. Use the Universal Payment Identification Code
    41. Issue ACH Payments with Remittance Detail
    42. Revise Payment Terms for Electronic Payments
    43. Install Advanced ACH Debit Blocking
    44. Substitute Wire Transfers for Checks
    45. Use Signature Stamp
    46. Notify Purchasing of Lower Invoiced Prices or Terms
    47. Create Direct Purchase Interfaces to Suppliers
    48. Create On-Line Purchasing Catalog
    49. Install a Low-Cost Spend Management System
    50. Use Blanket Purchase Orders
    51. Issue a Welcome Packet to New Suppliers
    52. Clean Up the Supplier Master File
    53. Adopt a Supplier Naming Procedure
    54. Add Supplier 800-Numbers to Master File
    55. Assign Payables Staff to Specific Suppliers
    56. Create Different Supplier Accounts for Different Terms
    57. Ignore Supplier Invoices and Pay from Statements
    58. Review Supplier Statements for Open Credits
    59. Issue Standard Adjustment Letters to Suppliers
    60. Total Impact of Best Practices on the Accounts Payable Function
    61. Summary
  9. Billing Best Practices
    1. Implementation Issues for Billing Best Practices
    2. Avoid Missed Billings
    3. Add Carrier Route Codes to Billing Addresses
    4. Have Delivery Person Deliver the Invoice
    5. Do Early Billing of Recurring Invoices
    6. Issue Electronic Invoices through the Internet
    7. Issue Single, Summarized Invoices Each Period
    8. Print Separate Invoices for Each Line Item
    9. Transmit Transactions via Electronic Data Interchange
    10. Enhance the Invoice Layout
    11. Automatically Check Errors during Invoice Data Entry
    12. Have Delivery Person Create the Invoice
    13. Computerize the Shipping Log
    14. Track Exceptions between the Shipping Log and Invoice Register
    15. Eliminate Month-End Statements
    16. Reduce Number of Parts in Multipart Invoices
    17. Replace Intercompany Invoicing with Operating Transactions
    18. Use Automated Bank Account Deductions
    19. Improve Shipping Charge Revenue
    20. Total Impact of Best Practices on the Billing Function
    21. Summary
  10. Budgeting Best Practices
    1. Implementation Issues for Budgeting Best Practices
    2. Link the Budget to Key Business Drivers
    3. Clearly Define All Assumptions
    4. Clearly Define All Capacity Levels
    5. Establish Project Ranking Criteria
    6. Establish the Upper Limit of Available Funding
    7. Identify Step-Costing Change Points
    8. Budget by Groups of Staff Positions
    9. Create a Summarized Budget Model for Use by Upper Management
    10. Include a Working Capital Analysis
    11. Link to Performance Measurements and Rewards
    12. Use Activity-Based Budgeting
    13. Incorporate Target Costing into the Budgeting Process
    14. Use Flex Budgeting
    15. Incorporate Risk Analysis into Budget Modeling
    16. Automatically Link the Budget to Purchase Orders
    17. Issue a Budget Procedure and Timetable
    18. Preload Budget Line Items
    19. Adopt Two-Stage Capital Budgeting
    20. Purchase Budgeting and Planning Software
    21. Reduce the Number of Accounts
    22. Revise Budgets on a Quarterly Basis
    23. Simplify the Budget Model
    24. Store Budget Information in a Central Database
    25. Use On-Line Budget Updating
    26. Use Video Conferencing for Budget Updating
    27. Total Impact of Best Practices on the Budgeting Function
    28. Summary
  11. Cash Management Best Practices
    1. Implementation Issues for Cash Management Best Practices
    2. Access Bank Account Information on the Internet
    3. Avoid Delays in Check Posting
    4. Collect Receivables through Lockboxes
    5. Consolidate Bank Accounts
    6. Implement Area-Concentration Banking
    7. Implement Controlled Disbursements
    8. Negotiate Faster Deposited-Check Availability
    9. Open Zero-Balance Accounts
    10. Shift Money with Electronic Funds Transfer
    11. Use Internet-Based Cash Flow Analysis Software
    12. Utilize an Investment Policy
    13. Total Impact of Best Practices on the Cash Management Function
    14. Summary
  12. Credit and Collections Best Practices
    1. Implementation Issues for Credit and Collections Best Practices
    2. Clearly Define Account Ownership
    3. Educate the Sales Staff About Revenue Recognition
    4. Utilize Collection Call Stratification
    5. Base Deduction Management on Transaction Volume
    6. Conduct Customer Conference Calls with Sales Staff
    7. Grant Percentage Discounts for Early Payment
    8. Conduct Immediate Review of Unapplied Cash
    9. Outsource Collections
    10. Sell Your Bankruptcy Creditor Claim
    11. Simplify Pricing Structure
    12. Write Off Small Balances with No Approval
    13. Create an Accurate Bad Debt Forecast
    14. Compile Customer Assets Database
    15. Maintain Customer Orders Database
    16. Arrange for Automatic Bankruptcy Notification
    17. Set Up Automatic Fax of Overdue Invoices
    18. Issue Dunning Letters Automatically
    19. Use a Collection Call Database
    20. Access Up-to-Date Collection Agency Information
    21. Implement Customer Order Exception Tracking System
    22. Install Payment Deduction Investigation System
    23. Report on Ongoing Customer Complaints
    24. Link to Comprehensive Collections Software Package
    25. Institute Lockbox Collections
    26. Use Real-Time Cash Application Techniques
    27. Create a Credit Policy
    28. Modify the Credit Policy Based on Product Margins
    29. Modify the Credit Policy Based on Changing Economic Conditions
    30. Modify the Credit Policy Based on Potential Product Obsolescence
    31. Preapprove Customer Credit
    32. Create Standardized Credit Level Determination System
    33. Require a New Credit Application if Customers Have Not Ordered in Some Time
    34. Review the Credit Levels of All Customers Who Stop Taking Cash Discounts
    35. Call New Customers and Explain Credit Terms
    36. Verify Customer Locations from Reverse Phone Records and Satellite Photos
    37. Issue a Payment Procedure to Customers
    38. Join an Industry Credit Group
    39. Refer a Potential Customer to a Distributor
    40. Require Intercorporate Guarantees
    41. Obtain Credit Insurance
    42. Shorten the Terms of Sale
    43. Add Receipt Signature to Invoice
    44. E-Mail Invoices in Acrobat Format
    45. Total Impact of Best Practices on the Credit and Collections Function
    46. Summary
  13. Commissions Best Practices
    1. Implementation Issues for Commissions Best Practices
    2. Automatically Calculate Commissions in the Computer System
    3. Calculate Final Commissions from Actual Data
    4. Construct a Standard Commission Terms Table
    5. Periodically Issue a Summary of Commission Rates
    6. Simplify the Commission Structure
    7. Include Commission Payments in Payroll Payments
    8. Lengthen the Interval between Commission Payments
    9. Pay Commissions Only from Cash Received
    10. Periodically Audit Commissions Paid
    11. Install Incentive Compensation Management Software
    12. Post Commission Payments on the Company Intranet
    13. Show Potential Commissions on Cash Register
    14. Total Impact of Best Practices on the Commissions Function
    15. Summary
  14. Costing Best Practices
    1. Implementation Issues for Costing Best Practices
    2. Audit Bills of Material
    3. Audit Labor Routings
    4. Eliminate High-Leverage Overhead Allocation Bases
    5. Assign Overhead Personnel to Specific Sub-Plants
    6. Use Perfect Standards for Material Variance Reporting
    7. Eliminate Labor Variance Reporting
    8. Follow a Schedule of Inventory Obsolescence Reviews
    9. Eliminate the Tracking of Work-in-Process Inventory
    10. Implement Activity-Based Costing
    11. Implement Throughput Accounting
    12. Implement Target Costing
    13. Track Excess Capacity
    14. Limit Access to Unit of Measure Changes
    15. Report on Landed Cost Instead of Supplier Price
    16. Review Cost Trends
    17. Review Material Scrap Levels
    18. Revise Traditional Cost Accounting Reports
    19. Total Impact of Best Practices on the Costing Function
    20. Summary
  15. Filing Best Practices
    1. Implementation Issues for Filing Best Practices
    2. Open Envelopes with a Belt Sander
    3. Improve the Mailroom Interface
    4. Add Digital Signatures to Electronic Documents
    5. Archive Canceled Checks on CD-ROM
    6. Archive Computer Files
    7. Implement Document Imaging
    8. Eliminate Stored Paper Documents If Already in Computer
    9. Extend Time Period before Computer Records Are Purged
    10. Extend Use of Existing Computer Database
    11. Improve Computer System Reliability
    12. Track Documents with RFID
    13. Adopt a Document-Destruction Policy
    14. Eliminate Attaching Back-Up Materials to Checks for Signing
    15. Eliminate Reports
    16. Move Records Off-Site
    17. Reduce Number of Form Copies to File
    18. Total Impact of Best Practices on the Filing Function
    19. Summary
  16. Finance Best Practices
    1. Implementation Issues for Finance Best Practices
    2. Strategize Cost of Capital Reductions
    3. Obtain Financing through Internet Lender Sites
    4. Issue Direct Access Notes
    5. Purchase Debt Directly from the Government
    6. Take a Business Unit Public
    7. Phase Out Small Investors
    8. Open Conference Calls to the Public
    9. Issue Investor Relations Podcasts
    10. Outsource the Company Stock Purchase Plan
    11. Sell Shares in an Internet-Based Auction
    12. Use Web Broadcasting for Public Reporting
    13. Automate Option Tracking
    14. Use Internet-Based Options Pricing Services
    15. Automate 401(k) Plan Enrollment
    16. Grant Employees Immediate 401(k) Eligibility
    17. Consolidate Insurance Policies
    18. Obtain Key Man Life Insurance for the CFO
    19. Obtain Advance Rating Assessments
    20. Rent a Captive Insurance Company
    21. Use Internet-Based Risk Measurement Services
    22. Issue Catastrophe Bonds
    23. Centralize Foreign Exchange Management
    24. Settle Foreign Exchange Transactions with the Continuous Link Settlement System
    25. Use Natural Hedging for Transaction Risks
    26. Install a Treasury Workstation
    27. Optimize the Organization of Treasury Operations
    28. Process Foreign Exchange Transactions over the Internet
  17. Financial Statements Best Practices
    1. Implementation Issues for Financial Statements Best Practices
    2. Move Operating Data to Other Reports
    3. Post Financial Statements in an Excel PivotTable on the Internet
    4. Restrict the Level of Reporting
    5. Write Financial Statement Footnotes in Advance
    6. Create a Disclosure Committee
    7. Automate Recurring Journal Entries
    8. Automate the Cutoff
    9. Avoid the Bank Reconciliation
    10. Defer Routine Work
    11. Eliminate Multiple Approvals
    12. Eliminate Small Accruals
    13. Reduce Investigation Levels
    14. Assign Closing Responsibilities
    15. Compress Billing Activities
    16. Conduct Transaction Training
    17. Continually Review Wait Times
    18. Convert Serial Activities to Parallel Ones
    19. Create a Closing Schedule
    20. Document the Process
    21. Restrict the Use of Journal Entries
    22. Train the Staff in Closing Procedures
    23. Use Cycle Counting to Avoid Month-End Counts
    24. Use Internal Audits to Locate Transaction Problems in Advance
    25. Use Standard Journal Entry Forms
    26. Complete Allocation Bases in Advance
    27. Conduct Daily Review of the Financial Statements
    28. Total Impact of Best Practices on the Financial Statements Function
    29. Summary
  18. General Best Practices
    1. Implementation Issues for General Best Practices
    2. Consolidate All Accounting Functions
    3. Continually Review Key Process Cycles
    4. Create a Policies and Procedures Manual
    5. Eliminate All Transaction Backlogs
    6. Implement Process-Centering
    7. Issue Activity Calendars to All Accounting Positions
    8. Post the Policies and Procedures Manual on the Company Intranet Site
    9. Sell the Shared Services Center
    10. Switch to an Application Service Provider
    11. Switch to On-Line Reporting
    12. Track Function Measurements
    13. Use Balanced Scorecard Reporting
    14. Create a Contract Terms Database
    15. Install a Knowledge Management System
    16. Scan Fingerprints at User Workstations
    17. Create an On-Line Tax Policy Listing
    18. Designate a Tax Liaison for Each Government Jurisdiction
    19. Assign Tax Staff to Business Units
    20. Outsource Tax Form Preparation
    21. Pay Federal Taxes On-Line
    22. Pay Taxes with a Credit Card
    23. Reduce Tax Penalties with Internet-Based Penalty Modeling
    24. Subscribe to an On-Line Tax Information Service
    25. Move Intellectual Property to an Offshore Holding Company
    26. Create Accounting Training Teams
    27. Create an Ongoing Training Program for All Accounting Personnel
    28. Create Computer-Based Training Movies
    29. Implement Cross-Training for Mission-Critical Activities
    30. Total Impact of Best Practices on General Accounting Functions
    31. Summary
  19. General Ledger Best Practices
    1. Implementation Issues for General Ledger Best Practices
    2. Eliminate Small-Balance Accounts
    3. Modify Account Code Structure for Storage of ABC Information
    4. Reduce the Chart of Accounts
    5. Use Identical Chart of Accounts for Subsidiaries
    6. Use Data Warehouse for Report Distribution
    7. Use Forms/Rates Data Warehouse for Automated Tax Filings
    8. Use the General Ledger as a Data Warehouse
    9. Restrict Use of Journal Entries
    10. Avoid General Ledger Posting Bottlenecks
    11. Have Subsidiaries Update Their Own Data in the Central General Ledger
    12. Prescreen Construction-in-Progress Entries
    13. Construct Automated Interfaces to Software That Summarizes into the General Ledger
    14. Create General Ledger Drill-Down Capability
    15. Overlay the General Ledger with a Consolidation and Reporting Package
    16. Use Automated Error-Checking
    17. Total Impact of Best Practices on the General Ledger Function
    18. Summary
  20. Internal Auditing Best Practices
    1. Implementation Issues for Internal Auditing Best Practices
    2. Annually Update an Internal Control Assessment of Each Business Unit
    3. Issue Self-Audit Guides to Business Units
    4. Recommend Business Process Improvements to Business Units
    5. Track Audit Results through Business Unit Surveys
    6. Train Business Unit Staff on Control Issues
    7. Train New Business Unit Managers on Control Issues
    8. Avoid Overauditing of Internal Audits
    9. Complete All Internal Audit Work Papers in the Field
    10. Create a Control Standards Manual
    11. Create an On-Line Internal Audit Library
    12. Create and Disseminate Information from a Best Practices Database
    13. Outsource the Internal Audit Function
    14. Schedule Some Internal Audits on a Just-in-Time Basis
    15. Schedule Internal Audits Based on Risk
    16. Use Workflow Software for Internal Audits
    17. Fill Internal Audit Positions from Operations on a Rotating Basis
    18. Add Specialists to Audit Teams
    19. Assign an Auditor to Be a Relationship Manager with Each Business Unit
    20. Assign Internal Auditors to System Development Teams
    21. Create an Auditor Skills Matrix
    22. Use Excel for Continuous Auditing
    23. Total Impact of Best Practices on the Internal Auditing Function
    24. Summary
  21. Inventory Best Practices
    1. Implementation Issues for Inventory Best Practices
    2. Audit Bills of Material
    3. Conduct a Configuration Audit
    4. Modify the Bills of Material Based on Actual Scrap Levels
    5. Review Inventory Returned to the Warehouse
    6. Modify the Bills of Material for Temporary Substitutions
    7. Use Bills of Material to Find Inventory Made Obsolete by Product Withdrawals
    8. Compare Open Purchase Orders to Current Requirements
    9. Reject Unplanned Receipts
    10. Obtain Advance Shipping Notices for Inbound Deliveries
    11. Eliminate the Receiving Function
    12. Use Standard Containers to Move, Store, and Count Inventory
    13. Use Different Storage Systems Based on Cubic Transactional Volume
    14. Optimize Inventory Storage through Periodic Location Changes
    15. Eliminate the Warehouse
    16. Audit All Inventory Transactions
    17. Compare Recorded Inventory Activity to On-Hand Inventories
    18. Eliminate the Physical Count Process
    19. Cycle Count Based on Usage Frequency
    20. Lock Down the Warehouse Area
    21. Move Inventory to Floor Stock
    22. Segregate Customer-Owned Inventory
    23. Streamline the Physical Count Process
    24. Track Inventory Accuracy
    25. Train the Warehouse and Accounting Staffs in Inventory Procedures
    26. Verify That All Receipts Are Entered in the Computer at Once
    27. Record Inventory Transactions with Bar Codes
    28. Record Inventory Transactions with Radio Frequency Communications
    29. Track Inventory with Radio Frequency Identification (RFID)
    30. Eliminate All Paper from Inventory Transactions
    31. Eliminate All Transaction Backlogs
    32. Immediately Review All Negative Inventory Balances
    33. Reduce the Number of Products
    34. Reduce the Number of Product Options
    35. Obtain Direct Links into Customer Inventory Planning Systems
    36. Adopt Just-in-Time Purchasing
    37. Shift Raw Materials Ownership to Suppliers
    38. Drop Ship Inventory
    39. Reduce Safety Stocks by Accelerating the Flow of Internal Information
    40. Reduce Safety Stock by Shrinking Supplier Lead Times
    41. Use Variable Safety Stocks for Fluctuating Demand
    42. Cross-Dock Inventory
    43. Use Overnight Delivery from a Single Location for Selected Items
    44. Focus Inventory Reduction Efforts on High-Usage Items
    45. Eliminate Redundant Part Numbers
    46. Standardize Parts
    47. Identify Inactive Inventory in the Product Master File
    48. Total Impact of Best Practices on the Inventory Function
    49. Summary
  22. Payroll Best Practices
    1. Implementation Issues for Payroll Best Practices
    2. Disallow Prepayments
    3. Create Employee Self-Service for Payroll Changes
    4. Minimize Payroll Deductions
    5. Prohibit Deductions for Employee Purchases
    6. Post Forms on an Intranet Site
    7. Avoid Job Costing through the Payroll System
    8. Switch to Salaried Positions
    9. Use Computerized Time Clocks
    10. Use Biometric Time Clocks
    11. Track Time with Mobile Phones
    12. Use Honor System to Track Vacation and Sick Time
    13. Issue Electronic W-2 Forms to Employees
    14. Outsource W-2 Form Creation and Delivery
    15. Post Payroll Remittances on Company Intranet
    16. Only Allow On-Line Payroll Remittance Viewing if Employees Use Direct Deposit
    17. Transfer Payroll to Debit Cards
    18. Use Direct Deposit
    19. Automate Vacation Accruals
    20. Consolidate Payroll Systems
    21. Eliminate Personal Leave Days
    22. Link Payroll Changes to Employee Events
    23. Install Manager Self-Service
    24. Link the 401(k) Plan to the Payroll System
    25. Link the Payroll and Human Resources Databases
    26. Minimize Payroll Cycles
    27. Outsource Employment Verifications
    28. Outsource the Payroll Function
    29. Use Web-Based Payroll Outsourcing
    30. Publish Answers to Frequently Asked Questions on an Intranet Site
    31. Total Impact of Best Practices on the Payroll Function
    32. Summary
  23. Policies in Support of Best Practices
    1. Accounts Payable Policies for Best Practices (Chapter 3)
    2. Billing Policies for Best Practices (Chapter 4)
    3. Cash Management Policies for Best Practices (Chapter 6)
    4. Collection Policies for Best Practices (Chapter 7)
    5. Commission Policies for Best Practices (Chapter 8)
    6. Costing Policies for Best Practices (Chapter 9)
    7. Filing Policies for Best Practices (Chapter 10)
    8. Finance Policies for Best Practices (Chapter 11)
    9. General Policies for Best Practices (Chapter 13)
    10. Internal Auditing Policies for Best Practices (Chapter 15)
    11. Inventory Policies for Best Practices (Chapter 16)
    12. Payroll Policies for Best Practices (Chapter 17)
  24. Summary of Best Practices
    1. Chapter 3: Accounts Payable Best Practices
      1. Approvals
      2. Credit Cards
      3. Documents
      4. Expense Reports
      5. Management
      6. Payments
      7. Purchasing
      8. Suppliers
    2. Chapter 4: Billing Best Practices
    3. Chapter 5: Budgeting Best Practices
      1. Budget Assumptions
      2. Budget Models
      3. Budget Management
    4. Chapter 6: Cash Management Best Practices
    5. Chapter 7: Credit and Collections Best Practices
      1. Collection Management
      2. Collection Systems
      3. Credit Issues
      4. Invoice Issues
    6. Chapter 8: Commissions Best Practices
    7. Chapter 9: Costing Best Practices
    8. Chapter 10: Filing Best Practices
      1. Mailroom Improvements
      2. Computer-Related Filing Issues
      3. Other Filing Issues
    9. Chapter 11: Finance Best Practices
      1. Financing and Investment Activities
      2. Investor Relations
      3. Option Management
      4. Pension Management
      5. Risk Management
      6. Treasury Management
    10. Chapter 12: Financial Statements Best Practices
      1. Financial Reports
      2. Work Automation
      3. Work Elimination
      4. Work Management
      5. Work Timing
    11. Chapter 13: General Best Practices
      1. Management
      2. Reporting
      3. Systems
      4. Taxation
      5. Training
    12. Chapter 14: General Ledger Best Practices
    13. Chapter 15: Internal Auditing Best Practices
      1. Assisting Business Units
      2. Internal Audit Management
      3. Internal Audit Staffing
    14. Chapter 16: Inventory Best Practices
      1. Bill of Material Accuracy
      2. Efficiency Issues
      3. Inventory Accuracy
      4. Inventory Transactions
      5. Inventory Reduction
    15. Chapter 17: Payroll Best Practices
      1. Employee Deductions
      2. Employee Forms
      3. Employee Time Tracking
      4. Payments to Employees
      5. Payroll Management
    16. Chapter 18: Policies in Support of Best Practices
      1. 18–1 Accounts Payable Policies for Best Practices (Chapter 3)
      2. 18–2 Billing Policies for Best Practices (Chapter 4)
      3. 18–3 Cash Management Policies for Best Practices (Chapter 6)
      4. 18–4 Collection Policies for Best Practices (Chapter 7)
      5. 18–5 Commission Policies for Best Practices (Chapter 8)
      6. 18–6 Costing Policies for Best Practices (Chapter 9)
      7. 18–7 Filing Policies for Best Practices (Chapter 10)
      8. 18–8 Finance Policies for Best Practices (Chapter 11)
      9. 18–9 General Policies for Best Practices (Chapter 13)
      10. 18–10 Internal Auditing Policies for Best Practices (Chapter 15)
      11. 18–11 Inventory Policies for Best Practices (Chapter 16)
      12. 18–12 Payroll Policies for Best Practices (Chapter 17)
  25. Supplier Contact Information

Product information

  • Title: Accounting Best Practices, Fifth Edition
  • Author(s): Colorado Steven M. Bragg Englewood
  • Release date: March 2007
  • Publisher(s): Wiley
  • ISBN: 9780470081822