... of
time on the success of a bestpractices implementation.
TIMING OF BEST PRACTICES
Both the timing of a best practice implementation and the time it takes to com-
plete it have a major impact ... that maintains a mainframe computer that receives messages from
a number of subscribing companies. The message recipient dials into its elec-
tronic mailbox at the third-party’s mainframe (usually ... cost of implementation for every best practice within it. The best
practices are also noted in summary form in Appendix A.
This third edition of BestPractices contains 60 new best practices. ...
... con-
siderable amount of programming time should reserve that time in advance
with the programming staff to ensure that the programming is completed on
time. Also, the management team must have a ... 2 How to Use BestPractices 4
Chapter 3 Accounts Payable BestPractices 17
Chapter 4 Billing BestPractices 66
Chapter 5 Budgeting BestPractices 87
Chapter 6 Cash ManagementBestPractices 110
Chapter ... 110
Chapter 7 Collections BestPractices 128
Chapter 8 Commissions BestPractices 154
Chapter 9 Costing BestPractices 167
Chapter 10 Filing BestPractices 184
Chapter 11 Finance BestPractices 206
Chapter...
... or to lose membership in them? Like us, you prob-
ably define them according to your feeling of membership. “If it feels like I m
part of a community, then it must be a community.”
Communities ... various communities defined by
the buyer/seller relationship, information technology managers from companies
seeking to make their systems compatible, and customers and their customer
support teams. ... Sumer-
ian deity. Judeo-Christian-Islamic culture became most familiar with these sto-
ries through their Old Testament versions of Noah’s Ark and Moses receiving
the Ten Commandments.
The communications...
... programming time should reserve that time in advance
with the programming staff to ensure that the programming is completed on
time. Further, the management team must have a suffi cient amount of time ... & Sons:
Accounting and Finance for Your Small Business
Accounting BestPractices
Accounting Control BestPractices
Accounting Policies and Procedures Manual
Billing and Collections Best Practices
Business ... bestpractices implementation.
Timing of Best Practices
The timing of a best practice implementation, the time it takes to complete it, and
the pacing of installations have a major impact on the...
... use most of these
best practices as a group to achieve a cash management system with a high degree
of efficiency.
Implementation Issues for Cash ManagementBest Practices
All of the bestpractices ... customer are extremely small—the cost of contacting them may
exceed the profit from annual sales to them. Thus, a company with a small num-
ber of customers or many low-volume customers may not ... transfer, there
must be a minimum volume of cash moving through the system each day to
make this arrangement a cost-effective one. Finally, this method assumes that
disbursements are from one location,...
... summary of
commission rates
8–5 Simplify the commission structure
Commission Payments
8–6 Include commission payments in
payroll payments
8–7 Lengthen the interval between
commission payments
8–8 ... commissions from cash
received
8–9 Periodically audit commissions paid
Commission Systems
8–10 Install incentive compensation
management software
8–11 Post commission payments on the
company ... between Commission Payments
Some commissions are paid as frequently as once a week, though monthly pay-
ments are the norm in most industries. If there are many employees receiving
commission payments,...
... to
operate. By making these changes, a number of system reliability problems
can be eliminated.
• Scheduled downtime. One of the most common employee complaints regard-
ing system downtime is that maintenance ... some envelopes will be cut. When this happens, the documents must be taped
222 Filing Best Practices
Exhibit 10.1 Summary of Filing BestPractices
Best Practice Cost Install Time
Mailroom Improvements
10–1 ... department, or if
they require special computer programming to implement, which is the case for
many of the bestpractices related to storing data on a computer, then the imple-
mentation is assumed...
... commitments for which a
company may be liable. The problem for company management is that the employ-
ees who may be creating these commitments (especially in the purchasing and
legal departments) ... distributed and
communication systems are accordingly more difficult to maintain.
A solution is to assemble a disclosure committee, made up of representatives
from every department whose employees are ... for someone must arrange for a meeting with each employee who has
now been working for the minimum amount of time, as specified in the plan doc-
umentation, explain the plan’s features to them, wait...
... recommend the implementation of the system in which
the person is an expert, since he or she can offer valuable implementation tips to the
local management team in regard to installing the system. ... make additional recommen-
dations in regard to implementation steps for process improvements or bring the
local manager in contact with the in-house expert who has already completed an
implementation. ... 12/29/06 9:33 AM Page 389
372 Inventory Best Practices
Exhibit 16.1 Summary of Inventory BestPractices
Best Practice Cost Install Time
Bill of Material Accuracy
16–1 Audit bills of material
16–2...
... requiring greater implementation effort and that
Implementation Issues for Payroll BestPractices 415
Exhibit 17.1 Summary of Payroll BestPractices
Best Practice Cost Install Time
Employee Deductions
17–1 ... initiation trigger is the implementation of a material requirements
planning (MRP) system, since MRP reports make it much easier to review bills of
material in a matrix format for similar parts. Finally, ... of commonly used parts
is the matrix bill of material; this format displays the components of similar prod-
ucts in a side-by-side format, so that visual comparisons can be more easily made.
The...
... commissions in the computer system
8–2 Calculate final commissions from actual data
8–3 Construct a standard commission terms table
8–4 Periodically issue a summary of commission rates
8–5 Simplify ... Simplify the commission structure
Commission Payments
8–6 Include commission payments in payroll payments
8–7 Lengthen the interval between commission payments
8–8 Only pay commissions from cash received
8–9 ... Periodically audit commissions paid
Commission Systems
8–10 Install incentive compensation management software
8–11 Post commission payments on the company intranet
8–12 Show potential commissions on...
... system, specifically targeted at payables. It features
complex software with many interfaces, since it must handle incoming payment
information in many data formats, work-flow management of payment ... dramatic decline in the amount of manual
procurement transactions by implementing an on-line purchasing catalog.
Cost: Installation time:
3–48 Install a Low-Cost Spend Management System
Spend management ... Customer account number (mandatory)
• Customer name (mandatory)
• Invoice gross amount
• Amount paid
• Invoice number
• Discount
• Purchase order number
• Invoice date
• Adjustment taken
• Adjustment...
... suitable time lag been built into the plan to account for the ramp-up time
needed to implement the automation? Some of these problems are present in all
but the best budget models.
The best practice ... contracts to pay fixed monthly amounts. In these cases, a com-
pany issues invoices for the same amount every month to all of its customers. The
customers then pay the same amount every month and the ... problem is that the
most efficient EDI systems require some automation. A standard EDI system
requires one to manually enter all transactions, as well as manually extract them
from the EDI mailbox...
... cable, or T1 phone
130 Cash ManagementBest Practices
Exhibit 6.1 Summary of Cash ManagementBestPractices
Best Practice Cost Install Time
6–1 Access bank account information on
the Internet
6–2 ... Structure Using Best Practices
ch06_4773.qxd 12/29/06 9:14 AM Page 131
Total Impact of BestPractices on the Cash Management Function 143
Exhibit 6.3 Impact of BestPractices on the Cash Management Function
this ... customer are extremely small—the cost of contacting them may
exceed the profit from annual sales to them. Thus, a company with a small num-
ber of customers or many low-volume customers may not...
... Commissions Best Practices
Exhibit 8.1 Summary of Commissions BestPractices
Best Practice Cost Install Time
Commission Calculations
8–1 Automatically calculate commissions
in the computer system
8–2 ... final commissions from
actual data
8–3 Construct a standard commission
terms table
8–4 Periodically issue a summary of
commission rates
8–5 Simplify the commission structure
Commission Payments
8–6 ... BestPractices (Wiley, 2005).
186 Credit and Collections Best Practices
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198 Commissions Best Practices
Exhibit 8.2 Impact of BestPractices on the Commissions...