By Steven M. Bragg
Compliment for Accounting most sensible Practices 6th Edition"For a entire, but easy-to-read advisor to solving these all-too-common shortcomings on your accounting division, glance no additional than this glorious publication. Steve Bragg presents hundreds of thousands of fixes, a lot of them requiring strangely little time or fee whereas delivering a convenient advisor to universal implementation pitfalls . . . i'd suggest this necessary e-book to a person who's seeking to increase their present methods, no matter if as a result of progress of their enterprise, compliance with Sarbanes-Oxley, or simply as a part of their ongoing development process."—Martyn Webster, CPA, Director of FinanceXenoPort, Inc."This ebook is necessary to operating an effective and exact accounting division. using RFID know-how to trace files is one of the useful instruments during this newest variation. A required learn for the tough accounting manager's role."—Jason Charet, CPA"I've used Steve Bragg's Accounting top Practices books for years as a resource of principles for development. just like the past versions, the 5th version has a couple of new, actionable top practices in addition to refinements of these rules suggested in earlier variations. The books are extensive sufficient of their viewpoint in order that approximately any association may well locate rules which can pay again the price of the e-book time and again over."—John Temmerman, Controller, Evangelical Lutheran Church in America"What an excellent source! i've been within the accounting box for over two decades, and that i was once nonetheless capable of achieve perception into bettering tactics inside my place of work. thank you for placing all of it in a single book!"—Tina M. Thomas, CPA, CTP, Controller, Goodman & corporation, LLP
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Additional info for Accounting Best Practices, Sixth edition
One 3–8 Split Payables Processing Based on Discounts 33 of the best such deals is to obtain a rebate percentage that is tied to the volume of payments made with a specific procurement card. This best practice is not available for smaller procurement card programs, but if a company can surpass about $5 million per year in card purchases, then it can bargain for a small rebate percentage that can increase as its purchases increase. 5 percent for very large procurement card programs. Cost: Installation time: 3–7 Route All Invoices Directly to Accounts Payable The accounts payable department is constantly faced with supplier complaints that they are not being paid on time, usually because the payables staff has never received the supplier’s invoice.
For example, automating expense reporting is listed as requiring a long implementation period and being moderately expensive (all because of the programming required). If the reader has a large staff of traveling employees who constantly submit expense reports, this may be a viable option, despite the projected implementation barriers. However, if only a few expense reports are submitted, then perhaps this is a best practice that should be passed over in favor of more practical opportunities. 1 lists all of the best practices in this chapter.
This section describes what EDI is, how it works, why more companies should use it, and why so many do not. EDI involves the transfer of electronic documents between companies. These documents are sent in strictly defined formats, of which there are over a hundred, one for each type of standard company transaction, including a supplier billing. These formats tend to be very large and complex because they are designed for use by multiple industries; most companies only need to fill out a small portion of each EDI message.
Accounting Best Practices, Sixth edition by Steven M. Bragg