{"product_id":"fast-close-9780470465011","title":"Fast Close","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cb\u003ePraise for\u003c\/b\u003e \u003ci\u003e\u003cb\u003eFast Close: A Guide to Closing the Books Quickly\u003c\/b\u003e\u003c\/i\u003e  \u003cp\u003eSteve captures the essence of the problems affecting the financial close process within corporations of all sizes; from the period close of subledgers and general ledger through financial reporting, and the relationship and interdependencies of governance, people and technology. A must-read for the corporate controller.\u003cbr\u003e David Taylor, ACMA, MBA, VP Strategy, Trintech Inc.\u003c\/p\u003e \u003cp\u003e\u003ci\u003eFast Close: A Guide to Closing the Books Quickly\u003c\/i\u003e, Second Edition is a must-read for today''s busy controllers. Steven Bragg points out everything that can be done outside the close that you just never realized didn''t actually have to be part of the month-end close process! Very commonsensical approach!\u003cbr\u003e Kathleen Schneibel, mba, cpa, Controller\/CFO for Hire, KMAS Consulting LLC\u003c\/p\u003e \u003cp\u003eA well-executed ''fast close'' can bring many valuable benefits to any company, from improving organizational performance to tra\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003c\/p\u003e\u003cp\u003ePreface xv\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Introduction 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDifferent Types of Fast Close 1\u003c\/p\u003e \u003cp\u003eBenefits of the Fast Close 2\u003c\/p\u003e \u003cp\u003eLegal Issues Impacting the Fast Close 3\u003c\/p\u003e \u003cp\u003eSteps to Achieve a Fast Close 4\u003c\/p\u003e \u003cp\u003eSummary 6\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Your Current Closing Process 7\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTraditional Closing Process: Basic 7\u003c\/p\u003e \u003cp\u003eAdditional Closing Tasks for the Multidivision Company 11\u003c\/p\u003e \u003cp\u003eAdditional Closing Tasks for the Multinational Company 12\u003c\/p\u003e \u003cp\u003eAdditional Closing Tasks for the Public Corporation 12\u003c\/p\u003e \u003cp\u003eProblems with the Closing Process 13\u003c\/p\u003e \u003cp\u003eSummary 17\u003c\/p\u003e \u003cp\u003eEndnote 17\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Conducting a Review of the Closing Process 19\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSteps in the Process Review 19\u003c\/p\u003e \u003cp\u003ePayables Process Review 22\u003c\/p\u003e \u003cp\u003eBilling Process Review 22\u003c\/p\u003e \u003cp\u003eInventory Process Review 24\u003c\/p\u003e \u003cp\u003eCash Process Review 26\u003c\/p\u003e \u003cp\u003eFinal Closing Process Review 26\u003c\/p\u003e \u003cp\u003eTotal Duration of the Closing Process 29\u003c\/p\u003e \u003cp\u003eSummary 29\u003c\/p\u003e \u003cp\u003eEndnote 29\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Alter the Timing of Closing Activities 31\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAltering the Closing Mindset 31\u003c\/p\u003e \u003cp\u003eReview and Correct Subledger Transactions Throughout the Month 32\u003c\/p\u003e \u003cp\u003eComplete the Bank Reconciliation Every Day 32\u003c\/p\u003e \u003cp\u003eReview Uncashed Checks 33\u003c\/p\u003e \u003cp\u003eUpdate the Inventory Obsolescence Reserve 33\u003c\/p\u003e \u003cp\u003eDetermine the Lower of Cost or Market 33\u003c\/p\u003e \u003cp\u003eCalculate Overhead Allocation Bases 33\u003c\/p\u003e \u003cp\u003eBill Recurring Invoices 34\u003c\/p\u003e \u003cp\u003eConduct a Preliminary Comparison of the Shipping Log to Invoices Issued 35\u003c\/p\u003e \u003cp\u003eReview Preliminary Rebillable Expenses 35\u003c\/p\u003e \u003cp\u003eUpdate the Bad Debt Reserve 35\u003c\/p\u003e \u003cp\u003eReview Preliminary Billable Hours 36\u003c\/p\u003e \u003cp\u003eAccrue Interest Expense 36\u003c\/p\u003e \u003cp\u003eDetermine Pension Plan Funding 36\u003c\/p\u003e \u003cp\u003eDetermine Flexible Spending Account Funding 37\u003c\/p\u003e \u003cp\u003eAccrue Unpaid Wages 37\u003c\/p\u003e \u003cp\u003eAccrue Unused Vacation Time 38\u003c\/p\u003e \u003cp\u003eAccrue Travel Expenses 38\u003c\/p\u003e \u003cp\u003eReconcile Asset and Liability Accounts 39\u003c\/p\u003e \u003cp\u003eCalculate Depreciation 39\u003c\/p\u003e \u003cp\u003eCompile Preliminary Commissions 40\u003c\/p\u003e \u003cp\u003eReview Financial Statements for Errors 40\u003c\/p\u003e \u003cp\u003eComplete Selected Financial Reports in Advance 41\u003c\/p\u003e \u003cp\u003eDeferred Closing Activities 42\u003c\/p\u003e \u003cp\u003eSummary 46\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Revise the Contents of the Financial Statements 47\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAlter the Mode of Report Delivery 47\u003c\/p\u003e \u003cp\u003eStandardize Reports 48\u003c\/p\u003e \u003cp\u003eEliminate Cost Reporting from the Reporting Package 49\u003c\/p\u003e \u003cp\u003eSeparate Metrics from the Financial Reporting Package 49\u003c\/p\u003e \u003cp\u003eSummary 50\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Optimize the Use of Journal Entries and Chart of Accounts 51\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEliminate Immaterial Journal Entries 51\u003c\/p\u003e \u003cp\u003eStandardize Journal Entries 52\u003c\/p\u003e \u003cp\u003eConvert to Recurring Journal Entries 53\u003c\/p\u003e \u003cp\u003eCentralize Use of Journal Entries 54\u003c\/p\u003e \u003cp\u003eUse Journal Entries to Accrue Expenses Delaying the Close 54\u003c\/p\u003e \u003cp\u003eAutomate Journal Entry Postings 55\u003c\/p\u003e \u003cp\u003eUse Accruals Only for External Reporting 55\u003c\/p\u003e \u003cp\u003eDefine Accounts 55\u003c\/p\u003e \u003cp\u003eStandardize the Chart of Accounts 56\u003c\/p\u003e \u003cp\u003eAutomate Eliminations of Intercompany Transactions 57\u003c\/p\u003e \u003cp\u003eSummary 57\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Standardization and Centralization 61\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eImpact of Standardization on the Closing Process 61\u003c\/p\u003e \u003cp\u003eImpact of Centralization on a Multilocation Accounting Department 63\u003c\/p\u003e \u003cp\u003eImpact of Centralization on a Single-Location Accounting Department 65\u003c\/p\u003e \u003cp\u003eIncorporating Standardization and Centralization into Acquisition Activities 66\u003c\/p\u003e \u003cp\u003eSummary 68\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Closing the Inventory Function 69\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCreate an Inventory Tracking System 69\u003c\/p\u003e \u003cp\u003eImplement Cycle Counting 73\u003c\/p\u003e \u003cp\u003eReduce the Amount of Inventory 77\u003c\/p\u003e \u003cp\u003eProperly Record the Lower of Cost or Market Rule 84\u003c\/p\u003e \u003cp\u003eReviewing Obsolete Inventory 85\u003c\/p\u003e \u003cp\u003ePreventing Obsolete Inventory 87\u003c\/p\u003e \u003cp\u003eSummary 89\u003c\/p\u003e \u003cp\u003eEndnotes 91\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Closing the Billing Function 93\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBill Recurring Invoices in the Preceding Month 93\u003c\/p\u003e \u003cp\u003eComputerize the Shipping Log 94\u003c\/p\u003e \u003cp\u003eEliminate Rebillable Expense Processing from the Core Closing Period 95\u003c\/p\u003e \u003cp\u003eEliminate Month-End Statements 96\u003c\/p\u003e \u003cp\u003ePrint Invoices Every Day 96\u003c\/p\u003e \u003cp\u003eTransmit Transactions via Electronic Data Interchange 97\u003c\/p\u003e \u003cp\u003eSummary 97\u003c\/p\u003e \u003cp\u003eEndnote 99\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Closing the Payroll Function 101\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAutomatically Calculate Commissions in the Computer System 101\u003c\/p\u003e \u003cp\u003eSimplify the Commission Structure 102\u003c\/p\u003e \u003cp\u003eInstall Incentive Compensation Management Software 103\u003c\/p\u003e \u003cp\u003ePost Commission Payments on the Company Intranet 103\u003c\/p\u003e \u003cp\u003eAvoid Adjusting Preliminary Commission Accrual Calculations 104\u003c\/p\u003e \u003cp\u003eUse a Bar-Coded Time Clock 105\u003c\/p\u003e \u003cp\u003eUse a Web-Based Timekeeping System 106\u003c\/p\u003e \u003cp\u003eAutomate Vacation Accruals 107\u003c\/p\u003e \u003cp\u003eMerge Sick Time into Vacation Time 108\u003c\/p\u003e \u003cp\u003eCap the Amount of Vacation Time to Be Carried Forward 108\u003c\/p\u003e \u003cp\u003eSummary 110\u003c\/p\u003e \u003cp\u003eEndnote 110\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Closing the Payables Function 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAutomate the Month-End Cutoff 111\u003c\/p\u003e \u003cp\u003ePay Based on Receiving Approval Only 112\u003c\/p\u003e \u003cp\u003eAutomate Three-Way Matching 114\u003c\/p\u003e \u003cp\u003eReduce Required Approvals 115\u003c\/p\u003e \u003cp\u003eUse Negative Assurance for Invoice Approvals 117\u003c\/p\u003e \u003cp\u003eUse Procurement Cards 117\u003c\/p\u003e \u003cp\u003eHave Suppliers Include Their Supplier Numbers on Invoices 122\u003c\/p\u003e \u003cp\u003eReceive Billings Through Electronic Data Interchange 123\u003c\/p\u003e \u003cp\u003eRequest That Suppliers Enter Invoices Through a Web Site 124\u003c\/p\u003e \u003cp\u003eAudit Expense Reports 125\u003c\/p\u003e \u003cp\u003eAutomate Expense Reporting 127\u003c\/p\u003e \u003cp\u003eLink Corporate Travel Policies to an Automated Expense Reporting System 128\u003c\/p\u003e \u003cp\u003eIssue a Standard Account Code List 129\u003c\/p\u003e \u003cp\u003eLink Supplier Requests to the Accounts Payable Database 130\u003c\/p\u003e \u003cp\u003eAutomate Payments for Repetitive Processing 131\u003c\/p\u003e \u003cp\u003eEliminate Manual Checks 132\u003c\/p\u003e \u003cp\u003eUse a Signature Stamp 133\u003c\/p\u003e \u003cp\u003eIgnore Supplier Invoices and Pay from Statements 134\u003c\/p\u003e \u003cp\u003eIssue Standard Adjustment Letters to Suppliers 135\u003c\/p\u003e \u003cp\u003eSummary 135\u003c\/p\u003e \u003cp\u003eEndnote 135\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Closing the Cash Processing Function 137\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAccess Bank Account Information on the Internet 137\u003c\/p\u003e \u003cp\u003eAvoid Delays in Check Posting 138\u003c\/p\u003e \u003cp\u003eCollect Receivables Through Lockboxes 138\u003c\/p\u003e \u003cp\u003eInstall a Lockbox Truncation System 140\u003c\/p\u003e \u003cp\u003eAccess Online Check Images from a Lockbox 141\u003c\/p\u003e \u003cp\u003eConsolidate Bank Accounts 141\u003c\/p\u003e \u003cp\u003eSummary 142\u003c\/p\u003e \u003cp\u003eEndnote 142\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 Impact of Automation on the Closing Process 143\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePrinciples of Fast Close Automation 143\u003c\/p\u003e \u003cp\u003eImplement Minor Programming Changes on an Ongoing Basis 144\u003c\/p\u003e \u003cp\u003eAutomate General Ledger Interfaces 145\u003c\/p\u003e \u003cp\u003eInstall a Web-Based Timekeeping System 145\u003c\/p\u003e \u003cp\u003eInstall a Workflow Management System 147\u003c\/p\u003e \u003cp\u003eInstall Consolidation Software 148\u003c\/p\u003e \u003cp\u003eInstall a data Warehouse 148\u003c\/p\u003e \u003cp\u003eInstall an Enterprise Resources Planning System 149\u003c\/p\u003e \u003cp\u003eSummary 151\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 Closing the Books of a Public Company 153\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 153\u003c\/p\u003e \u003cp\u003eConstructing the SEC Filing 153\u003c\/p\u003e \u003cp\u003eQuarterly Auditor Reviews and Audits 157\u003c\/p\u003e \u003cp\u003eQuarterly Legal Review 160\u003c\/p\u003e \u003cp\u003eOfficer Certification 160\u003c\/p\u003e \u003cp\u003eAudit Committee Approval 161\u003c\/p\u003e \u003cp\u003eEDGARizing 162\u003c\/p\u003e \u003cp\u003eSummary 162\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15 Controls for Financial Reporting 165\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 165\u003c\/p\u003e \u003cp\u003eControls for Financial Reporting 165\u003c\/p\u003e \u003cp\u003eSummary 176\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16 Ongoing Improvements in the Closing Process 177\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOngoing Improvement Process 177\u003c\/p\u003e \u003cp\u003eImprovement Measurements 179\u003c\/p\u003e \u003cp\u003eSummary 180\u003c\/p\u003e \u003cp\u003eAppendix A Comprehensive Closing Checklist 181\u003c\/p\u003e \u003cp\u003eAppendix B Fast Close Policies and Procedures 185\u003c\/p\u003e \u003cp\u003eAppendix C Soft Close Checklist 197\u003c\/p\u003e \u003cp\u003eAppendix D Year-End Close Checklist 201\u003c\/p\u003e \u003cp\u003eIndex 205\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49402338607447,"sku":"9780470465011","price":61.75,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780470465011.jpg?v=1730480111","url":"https:\/\/bookcurl.com\/products\/fast-close-9780470465011","provider":"Book Curl","version":"1.0","type":"link"}