Download Accounting Best Practices, Seventh Edition by Steven M. Bragg(auth.) PDF
By Steven M. Bragg(auth.)
Praise for prior variants of Accounting top Practices
"For a entire, but easy-to-read consultant to solving these all-too-common shortcomings on your accounting division, glance no extra than this wonderful ebook. Steve Bragg presents thousands of fixes, lots of them requiring strangely little time or expense whereas supplying a convenient consultant to universal implementation pitfalls. . . . i'd suggest this precious ebook to somebody who's trying to improve their latest tactics, no matter if because of progress of their enterprise, compliance with Sarbanes-Oxley, or simply as a part of their ongoing development process."
?Martyn Webster, CPA, Director of Finance, XenoPort, Inc.
"This e-book is necessary to operating a good 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 challenging 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. Like earlier versions, this version has a couple of new, actionable top practices in addition to refinements of these rules suggested in prior versions. The books are large adequate of their point of view in order that approximately any association may perhaps locate principles which could 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 enhancing techniques inside of my place of work. thank you for placing all of it in a single book!"
?Tina M. Thomas, CPA, CTP, Controller, Goodman & corporation, LLP
Content:
Chapter 1 evaluation of most sensible Practices (pages 1–3):
Chapter 2 tips on how to Use top Practices (pages 5–18):
Chapter three bills Payable most sensible Practices (pages 19–70):
Chapter four Billing most sensible Practices (pages 71–89):
Chapter five Budgeting most sensible Practices (pages 91–116):
Chapter 6 money administration most sensible Practices (pages 117–133):
Chapter 7 Collections top Practices (pages 135–168):
Chapter eight credits top Practices (pages 169–190):
Chapter nine Commissions top Practices (pages 191–202):
Chapter 10 Costing most sensible Practices (pages 203–223):
Chapter eleven submitting most sensible Practices (pages 225–245):
Chapter 12 Finance top Practices (pages 247–269):
Chapter thirteen monetary Statements top Practices (pages 271–298):
Chapter 14 normal most sensible Practices (pages 299–333):
Chapter 15 normal Ledger top Practices (pages 335–349):
Chapter sixteen inner Auditing most sensible Practices (pages 351–368):
Chapter 17 stock top Practices (pages 369–416):
Chapter 18 Payroll most sensible Practices (pages 417–448):
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Extra info for Accounting Best Practices, Seventh Edition
Sample text
Their adherence to this list can be tracked by comparing actual purchases to the yellow pages list and giving them feedback about the issue. Paying sales and use taxes. Occasionally, a state sales tax auditor will arrive on a company’s doorstep, demanding to see documentation that proves it has paid a sales tax on all items purchased. This is not easy to do when procurement cards are used, not only because there may be a multitude of poorly organized supplier receipts but also because the sales tax noted on a credit card payment slip shows only the grand total sales tax paid, rather than the sales tax for each item purchased; this is an important issue, for some items are exempt from taxation, which will result in a total sales tax that appears to be too low in comparison to the total dollar amount of items purchased.
Managers no longer have to review a considerable number of invoices for payment approval, nor do they have to sign so many checks addressed to suppliers. No cash advances. Whenever an employee asks for a cash advance, the accounting staff must create a manual check for that person, record it in the accounting records, and ensure that it is paid back by the employee. This can be a very time-consuming process in proportion to the generally meager advances given to employees. A credit card can avoid this entire process, because employees can go to an automated teller machine and withdraw cash, which will appear in the next monthly card statement from the issuing bank— no check issuances required.
It also happens when an original invoice is not paid on time, so the supplier floods the company with extra copies of the invoice, hoping that one of the copies will eventually be paid. There is no perfect solution to this problem, but the basic approach is to adopt a standard invoice numbering convention for the data-entry staff to follow, thereby introducing some consistency into this aspect of invoice data entry. It can include some of the following rules: Drop leading zeros. It is also possible to reverse this rule and always use leading zeros, but the extra characters may overflow the computer field for invoice numbers.