By Steven M. Bragg(auth.)
Praise for earlier variants of Accounting most sensible Practices
"For a accomplished, but easy-to-read consultant to solving these all-too-common shortcomings on your accounting division, glance no extra than this wonderful publication. Steve Bragg presents hundreds and hundreds of fixes, a lot of them requiring strangely little time or price whereas delivering a convenient advisor to universal implementation pitfalls. . . . i might suggest this important e-book to a person who's trying to increase their present procedures, 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 necessary to working an effective and exact accounting division. using RFID expertise to trace files is one of the invaluable instruments during this most recent variation. A required learn for the challenging accounting manager's role."
?Jason Charet, CPA
"I've used Steve Bragg's Accounting most sensible Practices books for years as a resource of principles for development. Like earlier versions, this version has a couple of new, actionable top practices in addition to refinements of these rules said in earlier variants. The books are huge adequate of their viewpoint in order that approximately any association might locate rules which can pay again the price of the e-book again and again over."
?John Temmerman, Controller, Evangelical Lutheran Church in America
"What an exceptional source! i've been within the accounting box for over two decades, and that i was once nonetheless capable of achieve perception into enhancing procedures 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 most sensible Practices (pages 1–3):
Chapter 2 how one can Use top Practices (pages 5–18):
Chapter three money owed Payable most sensible Practices (pages 19–70):
Chapter four Billing most sensible Practices (pages 71–89):
Chapter five Budgeting most sensible Practices (pages 91–116):
Chapter 6 money administration most sensible Practices (pages 117–133):
Chapter 7 Collections top Practices (pages 135–168):
Chapter eight credits top Practices (pages 169–190):
Chapter nine Commissions top Practices (pages 191–202):
Chapter 10 Costing top Practices (pages 203–223):
Chapter eleven submitting most sensible Practices (pages 225–245):
Chapter 12 Finance top Practices (pages 247–269):
Chapter thirteen monetary Statements top Practices (pages 271–298):
Chapter 14 basic top Practices (pages 299–333):
Chapter 15 normal Ledger most sensible Practices (pages 335–349):
Chapter sixteen inner Auditing top Practices (pages 351–368):
Chapter 17 stock most sensible Practices (pages 369–416):
Chapter 18 Payroll most sensible Practices (pages 417–448):
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Extra info for Accounting Best Practices, Seventh Edition
For example, there should be an audit of all purchase orders to ensure that every one of them has been signed, that every signature is by an authorized person, and that the person signing is authorized to purchase what was ordered. This level of control requires continual internal audits to ensure that the control point is working, as well as continual follow-up and training of employees so that they know precisely how the control system is supposed to work. Only by instituting this degree of control over authorizations can a company reduce the number of approvals to a minimum.
This can be a very time-consuming process in proportion to the generally meager advances given to employees. A credit card can avoid this entire process, because employees can go to an automated teller machine and withdraw cash, which will appear in the next monthly card statement from the issuing bank— no check issuances required. Of course, this beneﬁt applies only if those employees needing cash advances are the same ones with access to a procurement card. Fewer petty-cash transactions. If employees have procurement cards, they will no longer feel compelled to buy items with their own cash and then ask for a reimbursement from the company’s petty-cash fund.
The result of these common approval procedures is that the accounts payable staff delivers invoices to managers for signatures and then waits until the documents are returned before proceeding further with the payment process. If the manager is not available to sign an invoice, then it sits; if the manager loses the invoice (a common occurrence), the invoice is never paid, resulting in an angry supplier who must send a fresh copy of the invoice for a second pass through the dangerous shoals of the company’s approval process.