... 1:33 PM Page 22
Chapter 2
How to Use Best Practices
This chapter is about implementing best practices. It begins by describing the
various kinds of bestpractices and goes on to cover those situations ... 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 ... the third edition of AccountingBest Practices.
This book is compiled from the author’s lengthy experience in setting up and
operating a number of accounting departments, as well as by providing...
... 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 sixthedition of AccountingBest Practices, which contains 406 accounting
best practices, of which 57 are new to this edition.
This book is compiled from the ... Mr. Bragg resides in Centennial, Colorado. He has written the following
books published by John Wiley & Sons:
Accounting and Finance for Your Small Business
Accounting Best Practices
Accounting...
... 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. ... volume is minimal. In all cases, some continuing over-
sight by the remaining accounting staff is necessary.
52 Accounts Payable Best Practices
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3–37 Incorporate...
... 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 ... 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 ... 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...
... Page 131
Total Impact of BestPractices on the Cash Management Function 143
Exhibit 6.3 Impact of BestPractices on the Cash Management Function
this scenario, the bestpractices with the greatest ... 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 ... quote the best price. In many cases, the accounting staff simply does
not have time to make a number of calls, and so chooses by default to deal with
the same bank every time, thereby sidestepping ... 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...
... 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 ... 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 ... to implement any best practices.
350 General Ledger Best Practices
Exhibit 14.2 Impact of BestPractices on the General Ledger Function
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By storing computer-based...
... 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 ... 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 ... convinced of the efficacy
of the change.
370
1
Selected bestpractices in this chapter are adapted with permission from Steven M.
Bragg, Inventory BestPractices (Wiley, 2004).
ch16_4773.qxd 12/29/06...
... followed by a
description of each one.
414
1
Selected bestpractices in this chapter were adapted with permission from Steven M.
Bragg,
Payroll BestPractices (Wiley, 2005).
ch17_4773.qxd 12/29/06 ... 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 staffing of the accounting department by
examining each step of the payroll process and streamlining it to reduce the overall
workload. This chapter contains a number of bestpractices that assist...
... 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 ... controller by ensuring that obsolete inventory is located and valued on a
regular basis.
Impacted best practices:
ãã Follow a schedule of inventory obsolescence reviews
187 Filing Policies for BestPractices ... reduce the clutter caused by excessive paper storage.
Impacted best practices:
ãã Adopt a document-destruction policy
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Impacted best practices:
ãã Reduce required...
... Payable Best Practices
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Chapter 2
How to Use Best Practices
This chapter is about implementing best practices. It begins by describing the
various kinds of bestpractices ... 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 ... the third edition of AccountingBest Practices.
This book is compiled from the author’s lengthy experience in setting up and
operating a number of accounting departments, as well as by providing...