By Steven M. Bragg
Compliment for Accounting most sensible Practices 6th Edition"For a accomplished, 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 presents 1000's of fixes, lots of them requiring unusually little time or expense whereas supplying a convenient advisor to universal implementation pitfalls . . . i might suggest this precious ebook to an individual who's seeking to increase their current tactics, no matter 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 FinanceXenoPort, Inc."This e-book is important to working an effective and actual accounting division. using RFID expertise to trace records is one of the necessary instruments during this most up-to-date variation. A required learn for the not easy 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 earlier variants, the 5th version has a few new, actionable most sensible practices in addition to refinements of these principles suggested in past variations. The books are large sufficient of their point of view in order that approximately any association may perhaps locate rules which may pay again the price of the e-book again and again over."—John Temmerman, Controller, Evangelical Lutheran Church in America"What an outstanding source! i've been within the accounting box for over 20 years, and that i was once nonetheless in a position to achieve perception into bettering approaches inside of 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 resources for Accounting Best Practices, Sixth edition
When deciding to use this best practice, it is useful to compare the savings from eliminating manual matching to the added cost of keying all the documents into the central database. There may also be an expense associated with installing the matching software in the system, though it is usually an integral part of the more advanced accounting packages. Low-end accounting packages do not normally contain the automated matching feature. Cost: Installation time: 3–11 Digitize Accounts Payable Documents When accounting files are sent to the archives at the end of the year, the portion taken up by the accounts payable documents usually exceeds that of all other documents combined.
Suppliers should always include on an invoice either the authorizing purchase order number or the name of the person who authorized the order, so the payables staff can then process the related invoice approval. If suppliers persist in sending invoices elsewhere than to the accounts payable department, then the payables staff should log in these invoices as they arrive from elsewhere in the company, and have the accounting manager contact his or counterpart in the supplier’s billing department to discuss the issue.
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. • Fewer purchasing transactions. A whole range of purchasing activities are reduced in volume, including contacting suppliers for quotes, creating and mailing purchase orders, resolving invoicing differences, and closing out orders. • Reduced supplier list. The number of active vendors in the purchasing database can be greatly reduced, which allows the buying staff to focus on better relations with the remaining ones on the list.