12 4 write financial statement footnotes in advance

... Fax: 65 46 3 46 05; 65 46 3 46 04 wiley@singnet.com.sg ch00_FM _47 73.qxd 12/ 29/06 9:07 AM Page iii Accounting Best Practices Fifth Edition Steven M Bragg John Wiley & Sons, Inc ch00_FM _47 73.qxd 12/ 29/06 ... CANADA (41 6) 675-3580 Phone: 1-800-567 -47 97 Fax: 1-800-565-6802 canada@jwiley.com John Wiley & Sons, Ltd Baffins Lane Chichester West Sussex, PO19 1UD ENGLAND Phone: (44 ) 1 24 3 779777 Fax: (44 ) 1 24 3 ... Close Financial Analysis GAAP Guide GAAP Implementation Guide Inventory Accounting Inventory Best Practices Just -in- Time Accounting Managing Explosive Corporate Growth Outsourcing vii ch00_FM _47 73.qxd...

Ngày tải lên: 20/06/2014, 18:20

... codes to billing addresses 4 3 Delivery person delivers the invoice 4 4 Early billing of recurring invoices 4 5 Issue electronic invoices through the Internet 4 6 Issue single, summarized invoice ... during invoice data entry 4 11 Delivery person creates the invoice 4 12 Computerize the shipping log 4 13 Track exceptions between the shipping log and invoice register Invoicing Efficiency 4 14 ... Eliminate month-end statements 4 15 Reduce number of parts in multipart invoices 4 16 Replace intercompany invoicing with operating transactions 4 17 Use automated bank account deductions 4 18...

Ngày tải lên: 20/06/2014, 18:20

... practice to install and use Cost: Installation time: ch 04_ 4773.qxd 12/ 29/06 9 :12 AM Page 95 4 12 Computerize the Shipping Log 95 4 12 Computerize the Shipping Log For a company with no computer linkage ... requires the ch 04_ 4773.qxd 12/ 29/06 9 :12 AM Page 100 100 Billing Best Practices accounting staff to separately calculate this shipping charge and include it in each invoice Since the accounting staff ... from, ranging from EDI ch 04_ 4773.qxd 12/ 29/06 102 9 :12 AM Page 102 Billing Best Practices transmissions to point-of-delivery invoicing, or even the complete elimination of invoices by using direct...

Ngày tải lên: 20/06/2014, 18:20

... distributor 7–39 Require intercorporate guarantees 7 40 Obtain credit insurance 7 41 Shorten the terms of sale Invoice Issues 7 42 Add receipt signature to invoice 7 43 E-mail invoices in Acrobat format ... lastminute alterations Cost: Installation time: ch05 _47 73.qxd 12/ 29/06 8:59 AM Page 125 5–25 Use Video Conferencing for Budget Updating 125 5– 24 Use On-Line Budget Updating One of the most difficult ... they are not in the business of making investments and so they avoid all risk, even ch06 _47 73.qxd 12/ 29/06 142 9: 14 AM Page 142 Cash Management Best Practices though they may be losing a significant...

Ngày tải lên: 20/06/2014, 18:20

... costing, it is the most significant advance in costing methodologies in the last few decades, eminently worth the effort of putting in place ch09 _47 73.qxd 12/ 29/06 9:20 AM Page 210 210 Costing ... supplier price By doing ch09 _47 73.qxd 12/ 29/06 9:20 AM Page 2 14 2 14 Costing Best Practices so, the purchasing department gains a better understanding of the total cost of bringing items to the company, ... area in which it continues to provide inaccurate data: overhead costs This is an increasingly large proportion of the costs of many companies, ch09 _47 73.qxd 12/ 29/06 9:20 AM Page 2 04 2 04 Costing...

Ngày tải lên: 20/06/2014, 18:20

... is listed at the beginning of each activity in the closing schedule ch12 _47 73.qxd 12/ 29/06 9: 24 AM Page 2 84 2 84 Financial Statements Best Practices Exhibit 12. 4 Sample Closing Schedule • Four ... operating data to other reports 12 2 Post financial statements in an Excel PivotTable on the Internet 12 3 Restrict the level of reporting 12 4 Write financial statement footnotes in advance 12 5 ... procedures 12 22 Use cycle counting to avoid month-end counts 12 23 Use internal audits to locate transaction problems in advance (continues) ch12 _47 73.qxd 12/ 29/06 9: 24 AM Page 268 268 Financial Statements...

Ngày tải lên: 20/06/2014, 18:20

... formal training in these changes within the past few years must receive training in all rules updates, while those not having been trained in a decade or more will require comprehensive retraining ... or bringing in the assistance of the internal audit department If these problems can be overcome, ch 14_ 4773.qxd 12/ 29/06 9:28 AM Page 343 14 9 Avoid General Ledger Posting Bottlenecks 343 using ... accountants, since they are experts in making such entries, and can therefore minimize journal entry errors and duplications ch 14_ 4773.qxd 12/ 29/06 344 9:28 AM Page 344 General Ledger Best Practices Since...

Ngày tải lên: 20/06/2014, 18:20

... determining what was really received at the end of the accounting period, resulting in the reporting of inaccurate inventory figures in the financial statements All this because someone in the ... of inventory transactions involves receiving items, moving them to a quality review area, checking them, moving them again to main storage, picking them for an order, assembling and packaging ... total items in stock, so the staff can focus on reducing ch16 _47 73.qxd 12/ 29/06 9:33 AM Page 40 9 16 44 Eliminate Redundant Part Numbers 40 9 the quantity of far fewer items, resulting in both more...

Ngày tải lên: 20/06/2014, 18:20

... practice to install and use Cost: Installation time: ch 04_ 4773.qxd 12/ 29/06 9 :12 AM Page 95 4 12 Computerize the Shipping Log 95 4 12 Computerize the Shipping Log For a company with no computer linkage ... requires the ch 04_ 4773.qxd 12/ 29/06 9 :12 AM Page 100 100 Billing Best Practices accounting staff to separately calculate this shipping charge and include it in each invoice Since the accounting staff ... from, ranging from EDI ch 04_ 4773.qxd 12/ 29/06 102 9 :12 AM Page 102 Billing Best Practices transmissions to point-of-delivery invoicing, or even the complete elimination of invoices by using direct...

Ngày tải lên: 21/06/2014, 04:20

... distributor 7–39 Require intercorporate guarantees 7 40 Obtain credit insurance 7 41 Shorten the terms of sale Invoice Issues 7 42 Add receipt signature to invoice 7 43 E-mail invoices in Acrobat format ... lastminute alterations Cost: Installation time: ch05 _47 73.qxd 12/ 29/06 8:59 AM Page 125 5–25 Use Video Conferencing for Budget Updating 125 5– 24 Use On-Line Budget Updating One of the most difficult ... they are not in the business of making investments and so they avoid all risk, even ch06 _47 73.qxd 12/ 29/06 142 9: 14 AM Page 142 Cash Management Best Practices though they may be losing a significant...

Ngày tải lên: 21/06/2014, 04:20

... that takes into account the time interval since the last letter is merging the dunning letters into the accounting software To so, some custom programming is required The programming must automatically ... is no linkage between the customer contact information contained in the accounting software (e.g., names and addresses) and the same information in the tracking software This contact information ... accounting software into the tracking software Likewise, any change to the contact information in the tracking software must be manually updated in the accounting system Despite its limitations, maintaining...

Ngày tải lên: 21/06/2014, 04:20

... ch11 _47 73.qxd 12/ 29/06 9:22 AM Page 247 11–2 Obtain Financing through Internet Lender Sites 247 • Review the capital spending plan to determine which planned purchases not involve increases in ... ch10 _47 73.qxd 12/ 29/06 9:21 AM Page 2 24 2 24 Filing Best Practices in an electronic form being printed out, signed, and then either scanned back into a digital format or else used from that point ... ch10 _47 73.qxd 242 12/ 29/06 9:21 AM Page 242 Filing Best Practices Exhibit 10 .4 Impact of Best Practices on the Filing Function ch10 _47 73.qxd 12/ 29/06 Summary 9:21 AM Page 243 243 Summary This...

Ngày tải lên: 21/06/2014, 04:20

... companies with multiple ch12 _47 73.qxd 12/ 29/06 2 94 9: 24 AM Page 2 94 Financial Statements Best Practices subsidiaries is to issue financial statements in four working days, while single-location companies ... best practices ch12 _47 73.qxd 12/ 29/06 9: 24 AM Page 293 Total Impact of Best Practices on the Financial Statements Function 293 Exhibit 12. 6 Impact of Best Practices on the Financial Statements Function ... Accounting Functions 297 Exhibit 13.1 (Continued) Best Practice Cost Install Time Training 13– 24 Move intellectual property to an offshore holding company 13–25 Create accounting training teams...

Ngày tải lên: 21/06/2014, 04:20

... level of inefficiency in the receiving operation A good approach for introducing more planning into the receiving function is to arrange for the receipt of advance shipping notices from the inbound ... loaded into the database, thereby highlighting the importance of this task Cost: Installation time: 15–21 Use Excel for Continuous Auditing Instead of waiting for an infrequent internal audit to investigate ... sold, resulting in a considerable amount of inaccuracy in reported profits Even better, if the inventory investment can be reduced, the risk of incorrectly counting or valuing the inventory is...

Ngày tải lên: 21/06/2014, 04:20

... determining what was really received at the end of the accounting period, resulting in the reporting of inaccurate inventory figures in the financial statements All this because someone in the ... of inventory transactions involves receiving items, moving them to a quality review area, checking them, moving them again to main storage, picking them for an order, assembling and packaging ... total items in stock, so the staff can focus on reducing ch16 _47 73.qxd 12/ 29/06 9:33 AM Page 40 9 16 44 Eliminate Redundant Part Numbers 40 9 the quantity of far fewer items, resulting in both more...

Ngày tải lên: 21/06/2014, 04:20

... 44 2 44 4 Implementation issues, 41 5 41 6 Link to 40 1(k) plan, 43 5 43 6 Link to human resources, 43 6 43 7 Outsourcing, 43 9 44 1 Policies, 45 2 45 3 Remittance posting, 42 6 42 7 System consolidation, 43 1 43 2 ... electronic payments, 64 65 Payroll Best practices, 41 4 44 2, 46 6 46 7 Cycle minimization, 43 7 43 8 Debit cards, 42 8 42 9 Deduction minimization, 41 8 41 9 Frequently asked questions, 44 1 44 2 Impact of best ... 221– 243 , 46 0 Impact of best practices on, 241 – 243 ch21_ind _47 73.qxd 12/ 29/06 9 :40 AM Page 48 6 48 6 Filing (cont.) Implementation issues, 221–222 Policies, 44 9 Finance Best practices, 246 –265, 46 1...

Ngày tải lên: 21/06/2014, 04:20

... distributor 7–39 Require intercorporate guarantees 7 40 Obtain credit insurance 7 41 Shorten the terms of sale Invoice Issues 7 42 Add receipt signature to invoice 7 43 E-mail invoices in Acrobat format ... lastminute alterations Cost: Installation time: ch05 _47 73.qxd 12/ 29/06 8:59 AM Page 125 5–25 Use Video Conferencing for Budget Updating 125 5– 24 Use On-Line Budget Updating One of the most difficult ... they are not in the business of making investments and so they avoid all risk, even ch06 _47 73.qxd 12/ 29/06 142 9: 14 AM Page 142 Cash Management Best Practices though they may be losing a significant...

Ngày tải lên: 21/06/2014, 18:20

... costing, it is the most significant advance in costing methodologies in the last few decades, eminently worth the effort of putting in place ch09 _47 73.qxd 12/ 29/06 9:20 AM Page 210 210 Costing ... supplier price By doing ch09 _47 73.qxd 12/ 29/06 9:20 AM Page 2 14 2 14 Costing Best Practices so, the purchasing department gains a better understanding of the total cost of bringing items to the company, ... area in which it continues to provide inaccurate data: overhead costs This is an increasingly large proportion of the costs of many companies, ch09 _47 73.qxd 12/ 29/06 9:20 AM Page 2 04 2 04 Costing...

Ngày tải lên: 21/06/2014, 18:20

... ch11 _47 73.qxd 12/ 29/06 9:22 AM Page 247 11–2 Obtain Financing through Internet Lender Sites 247 • Review the capital spending plan to determine which planned purchases not involve increases in ... ch10 _47 73.qxd 12/ 29/06 9:21 AM Page 2 24 2 24 Filing Best Practices in an electronic form being printed out, signed, and then either scanned back into a digital format or else used from that point ... ch10 _47 73.qxd 242 12/ 29/06 9:21 AM Page 242 Filing Best Practices Exhibit 10 .4 Impact of Best Practices on the Filing Function ch10 _47 73.qxd 12/ 29/06 Summary 9:21 AM Page 243 243 Summary This...

Ngày tải lên: 21/06/2014, 18:20

... is listed at the beginning of each activity in the closing schedule ch12 _47 73.qxd 12/ 29/06 9: 24 AM Page 2 84 2 84 Financial Statements Best Practices Exhibit 12. 4 Sample Closing Schedule • Four ... operating data to other reports 12 2 Post financial statements in an Excel PivotTable on the Internet 12 3 Restrict the level of reporting 12 4 Write financial statement footnotes in advance 12 5 ... procedures 12 22 Use cycle counting to avoid month-end counts 12 23 Use internal audits to locate transaction problems in advance (continues) ch12 _47 73.qxd 12/ 29/06 9: 24 AM Page 268 268 Financial Statements...

Ngày tải lên: 21/06/2014, 18:20