... 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. These are
concentrated in ... Installation time:
24 Accounts Payable Best Practices
c03.qxd 7/31/03 1:33 PM Page 24
Accounting
Best Practices
Third Edition
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a best practice and told to “go do it.” ... successful best practice
implementation that will result in increased levels of efficiency in the accounting
department.
TYPES OF BEST PRACTICES
This section describes the two main types of best practices, ...
... Sons:
Accounting and Finance for Your Small Business
Accounting BestPractices
Accounting Control BestPractices
Accounting Policies and Procedures Manual
Billing and Collections Best Practices
Business ... additional best prac-
tices not found in AccountingBest Practices. These include the author’s Inventory
Best Practices (John Wiley & Sons, 2004), Billing and Collections BestPractices
(John ... improvements. Hence the need for
the sixth edition of AccountingBest Practices, which contains 406 accounting
best practices, of which 57 are new to this edition.
This book is compiled from the...
... Installation time:
76 Accounts Payable Best Practices
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82 Billing Best Practices
Exhibit 4.1 Summary of Billing BestPractices
Best Practice Cost Install Time
Invoice ... 9:11 AM Page 82
Chapter 4
Billing Best Practices
This chapter covers the bestpractices that can be used to create a more efficient
billing operation. The bestpractices fall into three main categories. ... ensures that customers receive invoices almost at once.
Implementation Issues for Billing Best Practices
The bestpractices in this chapter comprise a broad mix of issues that are easily
put in place...
... paid. Though it seems
96 Billing Best Practices
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104 Budgeting Best Practices
Exhibit 5.1 Summary of Budgeting BestPractices
Best Practice Cost Install Time
Budget ... all of the
best practices, followed by a discussion of individual best practices, each one being
presented in a separate section. The chapter finishes with a review of how these
best practices ... bestpractices result in a significant improvement in the effi-
ciency of the billing function.
For more information about billing best practices, please refer to Billing and
Collections Best Practices...
... Account Structure Using Best Practices
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Total Impact of BestPractices on the Cash Management Function 143
Exhibit 6.3 Impact of BestPractices on the Cash ... connection, such as a DSL, cable, or T1 phone
130 Cash Management Best Practices
Exhibit 6.1 Summary of Cash Management BestPractices
Best Practice Cost Install Time
6–1 Access bank account information ... Installation time:
Total Impact of BestPractices on the Cash Management Function
An accounting department is well advised to implement nearly all of the best
practices advocated in this chapter,...
... more information about collections best practices, please refer to Bragg,
Billing and Collections BestPractices (Wiley, 2005).
186 Credit and Collections Best Practices
ch07_4773.qxd 12/29/06 ... Installation time:
Total Impact of BestPractices on the Commissions Function
This section describes the overall impact of bestpractices on the commissions
function. The bestpractices noted in this chapter ... Data 189
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188 Commissions Best Practices
Exhibit 8.1 Summary of Commissions BestPractices
Best Practice Cost Install Time
Commission Calculations
8–1 Automatically...
... 12/29/06 9:21 AM Page 241
Chapter 10
Filing Best Practices
This chapter covers the bestpractices that can be used to create a more efficient
filing system for an accounting department. Though this may ... be.
Implementation Issues for Filing Best Practices
This section discusses the relative ease or difficulty of implementation of the
best practices to be covered later in this chapter. Each best practice is noted ... 2003).
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Implementation Issues for Finance BestPractices 245
Exhibit 11.1 Summary of Finance BestPractices
Best Practice Cost Install Time
Financing and Investment Activities
11–1...
... Statements Best Practices
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Implementation Issues for Financial Statements BestPractices 267
Exhibit 12.1 Summary of Financial Statements BestPractices
Best ... 275
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Chapter 12
Financial Statements
Best Practices
This chapter covers the bestpractices that can be used to issue financial state-
ments more rapidly. This ... process.
Implementation Issues for Financial Statements Best Practices
This section notes the relative level of implementation difficulty for all of the best
practices that are discussed later in this chapter....
... of BestPractices on General Accounting Functions
This section covers the impact of the bestpractices described in this chapter on
the general administration of the accounting department.
Accounting ... the
internal auditing best practices, followed by a discussion of individual best practices,
each one being presented in a separate section. The chapter finishes with a review of
how these bestpractices ... deal of confusion and a complete
failure to implement any best practices.
350 General Ledger Best Practices
Exhibit 14.2 Impact of BestPractices on the General Ledger Function
ch14_4773.qxd 12/29/06...
... Installation time:
Total Impact of BestPractices on the Internal Auditing Function
Many of the bestpractices discussed in this chapter are noted in Exhibit 15.2,
where bestpractices are clustered into ... inventory best practices, followed by a detailed discussion of each one, and
ends with notes on the impact of bestpractices on the inventory function.
Implementation Issues for Inventory Best Practices
This ... Auditing 367
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372 Inventory Best Practices
Exhibit 16.1 Summary of Inventory BestPractices
Best Practice Cost Install Time
Bill of Material Accuracy
16–1 Audit...
... 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 Disallow ... the item’s bar code and the loca-
396 Inventory Best Practices
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Summary 413
Exhibit 16.2 Impact of BestPractices on the Inventory Function
Reduce ... 405
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Implementation Issues for Payroll Best Practices
For the reader to understand which of these bestpractices is the right one for a spe-
cific situation, it is useful...
... of training programs within the
accounting department.
Impacted best practices:
ãã Create accounting training teams
ãã Create an ongoing training program for all accounting personnel
ãã Create ... subsequent to the initial hiring process.
Impacted best practices:
ãã Grant employees immediate 401(k) eligibility
189 General Policies for BestPractices (Chapter 13)
ã The company supports a formal ... themselves, with no need for any data entry
434 Payroll Best Practices
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188 Finance Policies for BestPractices (Chapter 11)
ã The company shall periodically...