Steven M. Bragg

Fast Close

• Gebundenes Buch

Produktbeschreibung

Sarbanes-Oxley requires a faster delivery of the 10-Q, so everyone is scrambling to find ways to release financial information and statements sooner. Also, this is a major efficiency issue for the accounting department, which can get bogged down in financials issuance for weeks. This book will provide flowcharts and checklists to help avoid delays and bring accounting department closing procedures current, so companies can close the financials quickly enough to issue statements for the new requirements.

Produktdetails

• Verlag: Wiley & Sons
• 2. Aufl.
• Seitenzahl: 224
• Erscheinungstermin: 1. April 2009
• Englisch
• Abmessung: 235mm x 157mm x 17mm
• Gewicht: 426g
• ISBN-13: 9780470465011
• ISBN-10: 0470465018
• Artikelnr.: 25933538

Autorenporträt

STEVEN M. BRAGG, CPA, has been the chief financial officer or controller of four companies, as well as a consulting manager at Ernst & Young and auditor at Deloitte & Touche. He received a master's degree in finance from Bentley College, an MBA from Babson College, and a bachelor's degree in economics from the University of Maine. He has been the two-time president of the Colorado Mountain Club, is an avid alpine skier and mountain biker, and is a certified master diver. Mr. Bragg resides in Centennial, Colorado. He is also the author of Accounting Best Practices and Accounting Policies and Procedures Manual, both published by Wiley.

Inhaltsangabe

Preface. Chapter 1 Introduction. Different Types of Fast Close. Benefi ts
of the Fast Close. Legal Issues Impacting the Fast Close. Steps to Achieve
a Fast Close. Summary. Chapter 2 Your Current Closing Process. Traditional
Closing Process: Basic. Additional Closing Tasks for the Multidivision
Company. Additional Closing Tasks for the Multinational Company. Additional
Closing Tasks for the Public Corporation. Problems with the Closing
Process. Summary. Endnote. Chapter 3 Conducting a Review of the Closing
Process. Steps in the Process Review. Payables Process Review. Billing
Process Review. Inventory Process Review. Cash Process Review. Final
Closing Process Review. Total Duration of the Closing Process. Summary.
Endnote. Chapter 4 Alter the Timing of Closing Activities. Altering the
Closing Mindset. Review and Correct Subledger Transactions Throughout the
Month. Complete the Bank Reconciliation Every Day. Review Uncashed Checks.
Update the Inventory Obsolescence Reserve. Determine the Lower of Cost or
Market. Calculate Overhead Allocation Bases. Bill Recurring Invoices.
Conduct a Preliminary Comparison of the Shipping Log to Invoices Issued.
Review Preliminary Rebillable Expenses. Update the Bad Debt Reserve. Review
Preliminary Billable Hours. Accrue Interest Expense. Determine Pension Plan
Funding. Determine Flexible Spending Account Funding. Accrue Unpaid Wages.
Accrue Unused Vacation Time. Accrue Travel Expenses. Reconcile Asset and
Liability Accounts. Calculate Depreciation. Compile Preliminary
Commissions. Review Financial Statements for Errors. Complete Selected
Financial Reports in Advance. Deferred Closing Activities. Summary. Chapter
5 Revise the Contents of the Financial Statements. Alter the Mode of Report
Delivery. Standardize Reports. Eliminate Cost Reporting from the Reporting
Package. Separate Metrics from the Financial Reporting Package. Summary.
Chapter 6 Optimize the Use of Journal Entries and Chart of Accounts.
Eliminate Immaterial Journal Entries. Standardize Journal Entries. Convert
to Recurring Journal Entries. Centralize Use of Journal Entries. Use
Journal Entries to Accrue Expenses Delaying the Close. Automate Journal
Entry Postings. Use Accruals Only for External Reporting. Defi ne Accounts.
Standardize the Chart of Accounts. Automate Eliminations of Intercompany
Transactions. Summary. Chapter 7 Standardization and Centralization. Impact
of Standardization on the Closing Process. Impact of Centralization on a
Multilocation Accounting Department. Impact of Centralization on a
Single-Location Accounting Department. Incorporating Standardization and
Centralization into Acquisition Activities. Summary. Chapter 8 Closing the
Inventory Function. Create an Inventory Tracking System. Implement Cycle
Counting. Reduce the Amount of Inventory. Properly Record the Lower of Cost
or Market Rule. Reviewing Obsolete Inventory. Preventing Obsolete
Inventory. Summary. Endnotes. Chapter 9 Closing the Billing Function. Bill
Recurring Invoices in the Preceding Month. Computerize the Shipping Log.
Eliminate Rebillable Expense Processing from the Core Closing Period.
Eliminate Month-End Statements. Print Invoices Every Day. Transmit
Transactions via Electronic Data Interchange. Summary. Endnote. Chapter 10
Closing the Payroll Function. Automatically Calculate Commissions in the
Computer System. Simplify the Commission Structure. Install Incentive
Compensation Management Software. Post Commission Payments on the Company
Intranet. Avoid Adjusting Preliminary Commission Accrual Calculations. Use
a Bar-Coded Time Clock. Use a Web-Based Timekeeping System. Automate
Vacation Accruals. Merge Sick Time into Vacation Time. Cap the Amount of
Vacation Time to Be Carried Forward. Summary. Endnote. Chapter 11 Closing
the Payables Function. Automate the Month-End Cutoff. Pay Based on
Receiving Approval Only. Automate Three-Way Matching. Reduce Required
Approvals. Use Negative Assurance for Invoice Approvals. Use Procurement
Cards. Have Suppliers Include Their Supplier Numbers on Invoices. Receive
Billings Through Electronic Data Interchange. Request That Suppliers Enter
Invoices Through a Web Site. Audit Expense Reports. Automate Expense
Reporting. Link Corporate Travel Policies to an Automated Expense Reporting
System. Issue a Standard Account Code List. Link Supplier Requests to the
Accounts Payable Database. Automate Payments for Repetitive Processing.
Eliminate Manual Checks. Use a Signature Stamp. Ignore Supplier Invoices
and Pay from Statements. Issue Standard Adjustment Letters to Suppliers.
Summary. Endnote. Chapter 12 Closing the Cash Processing Function. Access
Bank Account Information on the Internet. Avoid Delays in Check Posting.
Collect Receivables Through Lockboxes. Install a Lockbox Truncation System.
Access Online Check Images from a Lockbox. Consolidate Bank Accounts.
Summary. Endnote. Chapter 13 Impact of Automation on the Closing Process.
Principles of Fast Close Automation. Implement Minor Programming Changes on
an Ongoing Basis. Automate General Ledger Interfaces. Install a Web-Based
Timekeeping System. Install a Workfl ow Management System. Install
Consolidation Software. Install a data Warehouse. Install an Enterprise
Resources Planning System. Summary. Chapter 14 Closing the Books of a
Public Company. Overview. Constructing the SEC Filing. Quarterly Auditor
Reviews and Audits. Quarterly Legal Review. Offi cer Certifi cation. Audit
Committee Approval. EDGARizing. Summary. Chapter 15 Controls for Financial
Reporting. Overview. Controls for Financial Reporting. Summary. Chapter 16
Ongoing Improvements in the Closing Process. Ongoing Improvement Process.
Improvement Measurements. Summary. Appendix A Comprehensive Closing
Checklist. Appendix B Fast Close Policies and Procedures. Appendix C Soft
Close Checklist. Appendix D Year-End Close Checklist. Index.