Download Accounting Best Practices, Sixth edition by Steven M. Bragg PDF

By Steven M. Bragg

Compliment for Accounting most sensible Practices 6th Edition"For a complete, but easy-to-read advisor to solving these all-too-common shortcomings on your accounting division, glance no additional than this wonderful ebook. Steve Bragg offers 1000s of fixes, lots of them requiring strangely little time or fee whereas delivering a convenient consultant to universal implementation pitfalls . . . i might suggest this important e-book to someone who's trying to improve their current tactics, no matter if as a result of development of their company, compliance with Sarbanes-Oxley, or simply as a part of their ongoing development process."—Martyn Webster, CPA, Director of FinanceXenoPort, Inc."This e-book is important to operating an effective and exact accounting division. using RFID know-how to trace files is one of the beneficial instruments during this most up-to-date version. A required learn for the hard accounting manager's role."—Jason Charet, CPA"I've used Steve Bragg's Accounting most sensible Practices books for years as a resource of rules for development. just like the past variants, the 5th variation has a couple of new, actionable top practices in addition to refinements of these rules said in prior versions. The books are wide adequate of their standpoint in order that approximately any association may well locate principles which may pay again the price of the ebook again and again over."—John Temmerman, Controller, Evangelical Lutheran Church in America"What a very good source! i've been within the accounting box for over 20 years, and that i used to be 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

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Extra info for Accounting Best Practices, Sixth edition

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Cost: Installation time: 3–10 Automate Three-Way Matching The three-way matching process is a manual one at most companies; that is, a clerk matches a supplier invoice to a company purchase order and a receiving document in order to ensure that the correct quantities (and costs) ordered are the same ones received and billed. This is a painfully slow and inefficient process, given the large number of documents involved, as well as the startling number of exceptions that nearly always arise. There are two ways to solve the problem.

Even after the initial round of layoffs, there will be a continued emphasis on constantly improving the accounting department’s processes. These changes cannot take place in a vacuum. Instead, the implementation team must carefully research the costs and benefits of each prospective best practice, discuss the issue with those employees who are most knowledgeable about how any changes will impact the organization as a whole, and rely to a considerable extent on their advice in regard to whether there should be any implementation at all, and if so, how the best practice should be modified to fit the organization’s particular circumstances.

This basic problem can be partially resolved by having suppliers include the supplier number, as created by the company’s accounting system, on their invoices. The easiest way to do so is to mail out a change-of-address form to all suppliers, listing the same company address, but also noting as part of the address an “accounts payable code” that includes the supplier number. Suppliers will gladly add this line to the mailing address to which they send their invoices, since they think it is a routing code that will expedite payment to them (which, in a way, it will).

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