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The Accounting Month End Close Process: Challenges, Opportunities, and Best Practices
Author: Dr. Evelyn Reed, CPA, CMA, CGMA
Dr. Reed is a Professor of Accounting at the University of California, Berkeley, and a highly regarded expert in financial reporting and management accounting. She has over 20 years of experience in both academia and industry, including roles at Deloitte and KPMG.
Keywords: accounting month end close process, month-end close, financial close, accounting automation, financial reporting, reconciliation, accruals, accounting best practices
Abstract: This article provides a comprehensive examination of the accounting month-end close process, highlighting common challenges and exploring opportunities for improvement through technology and process optimization. We will delve into best practices to streamline the process, enhance accuracy, and reduce the time required for completion. Understanding the complexities of the accounting month end close process is crucial for maintaining financial health and compliance.
1. Introduction: Navigating the Complexity of the Accounting Month-End Close Process
The accounting month-end close process is a critical function for any organization, regardless of size or industry. It represents the culmination of a month's financial activity, culminating in the generation of accurate and timely financial statements. This process involves a complex series of tasks, ranging from data collection and reconciliation to financial reporting and analysis. The efficiency and accuracy of the accounting month end close process directly impact the reliability of financial information used for decision-making, regulatory compliance, and investor relations. An effective accounting month end close process is crucial for maintaining a healthy financial foundation.
2. Key Steps in the Accounting Month-End Close Process
The accounting month end close process typically involves these key steps:
Data Collection and Review: Gathering financial data from various sources, including general ledger, accounts receivable, accounts payable, and payroll systems. This stage often involves meticulous data validation to ensure accuracy.
Reconciliations: Matching internal records with external statements (e.g., bank reconciliations, credit card reconciliations) to identify and resolve discrepancies. This is a crucial step in the accounting month end close process to ensure data integrity.
Accruals and Deferrals: Recording transactions that have occurred but haven't been formally recorded yet (accruals) or transactions that have been recorded but relate to future periods (deferrals). Proper handling of accruals and deferrals is vital for accurate financial reporting.
Journal Entries: Recording adjusting journal entries to correct errors, reflect accruals and deferrals, and ensure the accuracy of the financial statements. These entries are a cornerstone of the accounting month end close process.
Financial Statement Preparation: Generating the income statement, balance sheet, and statement of cash flows. This involves careful review and analysis of the data collected throughout the process.
Reporting and Analysis: Disseminating the financial statements to management and other stakeholders and conducting analysis to identify trends and potential issues. This stage utilizes the output of the accounting month end close process for informed decision-making.
Close Confirmation: Formal documentation confirming the completion of all necessary steps and the accuracy of the financial statements. This is crucial for audit trail and compliance.
3. Challenges in the Accounting Month-End Close Process
Several challenges can hinder the efficiency and effectiveness of the accounting month end close process:
Manual Processes: Reliance on manual data entry and reconciliation can lead to errors, delays, and increased workload.
Data Silos: Data scattered across different systems makes it difficult to consolidate information and perform accurate reconciliations.
Lack of Automation: Absence of automation tools extends the close cycle and increases the risk of human error.
Inadequate Internal Controls: Weak internal controls can lead to fraud and inaccurate reporting.
Lack of Skilled Personnel: Shortage of experienced accounting professionals can impact the timely and accurate completion of the accounting month end close process.
Regulatory Compliance: Meeting ever-changing regulatory requirements necessitates meticulous attention to detail and robust processes.
4. Opportunities to Improve the Accounting Month-End Close Process
Despite the challenges, there are significant opportunities to improve the accounting month end close process:
Automation: Implementing accounting automation software can significantly reduce manual tasks, streamline workflows, and improve accuracy.
Data Integration: Consolidating data from different systems into a centralized platform improves data visibility and facilitates efficient reconciliation.
Cloud-Based Solutions: Cloud-based accounting systems enhance accessibility, collaboration, and scalability.
Improved Internal Controls: Strengthening internal controls, including segregation of duties and authorization procedures, reduces the risk of errors and fraud.
Process Optimization: Streamlining workflows through process mapping and re-engineering can reduce the time required for the accounting month end close process.
Continuous Improvement: Regularly evaluating and improving the accounting month end close process through feedback and performance analysis.
5. Best Practices for an Efficient Accounting Month-End Close Process
Establish Clear Roles and Responsibilities: Define clear roles and responsibilities for each step of the process.
Develop a Detailed Checklist: Create a comprehensive checklist to ensure all necessary steps are completed.
Implement Robust Internal Controls: Establish strong internal controls to prevent errors and fraud.
Utilize Technology: Leverage accounting software and automation tools to streamline the process.
Regularly Review and Update Processes: Continuously evaluate and improve the accounting month end close process.
Invest in Staff Training: Provide adequate training to accounting staff to improve their skills and knowledge.
6. Conclusion
The accounting month end close process is a fundamental aspect of financial management. By addressing the challenges and leveraging the opportunities discussed above, organizations can create an efficient, accurate, and reliable accounting month end close process. Investing in technology, optimizing workflows, and fostering a culture of continuous improvement are key to success. A well-managed accounting month end close process provides timely and accurate financial insights, facilitating better decision-making and supporting the overall financial health of the organization.
FAQs:
1. What is the typical timeframe for the accounting month-end close process? The timeframe varies depending on the size and complexity of the organization, but it typically ranges from a few days to several weeks.
2. What are the key performance indicators (KPIs) for measuring the effectiveness of the accounting month-end close process? KPIs include close cycle time, error rate, cost per close, and staff satisfaction.
3. How can I improve the accuracy of my accounting month-end close process? Implement robust internal controls, utilize automation tools, and invest in staff training.
4. What are the legal and regulatory implications of an inaccurate accounting month-end close process? Inaccurate reporting can lead to penalties, legal action, and reputational damage.
5. How can technology help streamline the accounting month-end close process? Automation software can automate manual tasks, integrate data from different systems, and improve data accuracy.
6. What is the role of management in the accounting month-end close process? Management provides oversight, resources, and direction to ensure the process is efficient and effective.
7. How can I ensure compliance with regulatory requirements during the accounting month-end close process? Stay up-to-date on regulatory changes and implement robust internal controls.
8. What are the benefits of outsourcing the accounting month-end close process? Outsourcing can provide access to specialized expertise, reduce costs, and improve efficiency.
9. How can I measure the return on investment (ROI) of improving the accounting month-end close process? Measure improvements in KPIs such as close cycle time, error rate, and staff satisfaction.
Related Articles:
1. Automating the Month-End Close: A guide to implementing accounting automation software to streamline the process.
2. Best Practices for Bank Reconciliation: Strategies for efficient and accurate bank reconciliation within the month-end close.
3. Accrual Accounting and the Month-End Close: A detailed explanation of accrual accounting and its implications for the close process.
4. Internal Controls and the Month-End Close: Best practices for establishing strong internal controls to prevent errors and fraud.
5. The Role of Technology in the Month-End Close: An examination of various technologies that can improve efficiency and accuracy.
6. Month-End Close Challenges in Different Industries: A comparison of the month-end close process across various sectors.
7. The Impact of Cloud Computing on the Month-End Close: A discussion of the benefits of cloud-based accounting systems.
8. Improving Collaboration During the Month-End Close: Strategies for enhancing communication and teamwork during the close process.
9. Financial Reporting and the Month-End Close: How the month-end close process supports the generation of accurate financial reports.
Publisher: The Journal of Accountancy (a publication of the American Institute of CPAs - AICPA), a reputable journal known for publishing high-quality articles on accounting and finance topics.
Editor: John Smith, CPA, CA, a seasoned accounting professional with extensive experience in financial reporting and management.
This article aims to provide valuable information for accountants and finance professionals seeking to improve their month-end close processes. The information provided is for general knowledge and informational purposes only, and does not constitute financial or legal advice. Always consult with a qualified professional for advice tailored to your specific circumstances.
| accounting month end close process: Closing the Books Steven M. Bragg, 2013-05-01 Closing the Books gives you a complete understanding of how information is summarized into the financial statements, as well as the closing steps needed to create financial statements. It shows how to fine-tune the closing process to achieve a shorter close, and describes the variety of financial statement formats that are available. It even addresses financial statement disclosures, the soft close, public company reporting, and the controls and record keeping needed for the closing process. |
| accounting month end close process: Fast Close Steven M. Bragg, 2009-03-16 Praise for Fast Close: A Guide to Closing the Books Quickly Steve 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. —David Taylor, ACMA, MBA, VP Strategy, Trintech Inc. Fast Close: A Guide to Closing the Books Quickly, 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! —Kathleen Schneibel, mba, cpa, Controller/CFO for Hire, KMAS Consulting LLC A well-executed 'fast close' can bring many valuable benefits to any company, from improving organizational performance to transforming accounting executives from financial historians to trusted advisors. In Fast Close, Second Edition, Steve systematically breaks down the steps required to achieve a fast close in both public and private companies, providing financial executives with tips, checklists, and a cost-effective road map to implement fast close procedures in virtually any company. —Matthew Posta, Esq., CPA, Vice President of Finance, Key Air, LLC FROM THE FIRST EDITION This is an outstanding book in which Steve reveals his secrets to a fast close. Having personally experienced his (one-day) fast close for years and enjoyed the beneficial impact on my company, I highly recommend this book for all financial officers who desire to have a large, favorable impact on their company. —Richard V. Souders, President and CEO, Kaba Workforce Solutions |
| accounting month end close process: Principles of Accounting Volume 1 - Financial Accounting Mitchell Franklin, Patty Graybeal, Dixon Cooper, 2019-04-11 The text and images in this book are in grayscale. A hardback color version is available. Search for ISBN 9781680922929. Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. This book is specifically designed to appeal to both accounting and non-accounting majors, exposing students to the core concepts of accounting in familiar ways to build a strong foundation that can be applied across business fields. Each chapter opens with a relatable real-life scenario for today's college student. Thoughtfully designed examples are presented throughout each chapter, allowing students to build on emerging accounting knowledge. Concepts are further reinforced through applicable connections to more detailed business processes. Students are immersed in the why as well as the how aspects of accounting in order to reinforce concepts and promote comprehension over rote memorization. |
| accounting month end close process: Create Value As a Finance Business Partner Anders Liu-Lindberg, Henriette Fynsk, 2018-11-25 |
| accounting month end close process: Microsoft Dynamics GP 2010 Implementation Victoria Yudin, 2010-11-17 Manage a Flexible and Elastic Data Center with Oracle VM Manager using this book and eBook. |
| accounting month end close process: Implementing SAP S/4HANA Finance Anup Maheshwari, 2016 Preparation -- Installation and upgrade -- Customizing for the general ledger -- Customizing for new asset accounting -- Customizing for controlling -- Migration of house bank accounts -- Data migration -- Post migration -- Testing and migration results -- New cash management -- Sap integrated business planning for finance -- SAP Fiori applications -- Impact on general ledger accounting -- Impact on new asset accounting -- Impact on controlling -- Impact on cost center accounting -- Impact on profit center accounting -- Impact on profitability analysis -- Impact on period end closing -- Impact on cash and bank management -- Appendix |
| accounting month end close process: Accounting Policies and Procedures Manual Steven M. Bragg, 2012-06-19 Now in a fifth edition, Accounting Policies and Procedures Manual: A Blueprint for Running an Effective and Efficient Department is a how-to guide on creating an effective and efficient accounting department policies and procedures manual. Written by Steven Bragg, the foremost authority in accounting and controllership issues, the new edition includes: A new, complimentary Web site providing readers with the foundation for creating or enhancing their accounting department policies and procedures manual More coverage of accounting procedures including inventory, billing, cash receipts, pricing, order entry, credit, collections, sales returns, capital budgeting, cash forecasting, payroll, and closing the books Accounting Policies and Procedures Manual is the tool every accounting department needs to regularize and systematize its procedures to match the best in the industry. |
| accounting month end close process: Microsoft Dynamics GP 2013 Implementation Victoria Yudin, 2013-09-24 A step-by-step guide for planning and carrying out your Microsoft Dynamics GP 2013 implementation. Detailed descriptions and illustrations of setup screens and practical examples and advice are included for the Dynamics GP system and core modules.If you are a new or existing Microsoft Dynamics GP consultant or an end user who wants to implement, install, and set up core modules of Dynamics GP 2013, then this book is for you. A basic understanding of business management systems and either Dynamics GP or a similar application is recommended. |
| accounting month end close process: Fast Close Steven M. Bragg, 2005-06-14 Written for controllers, CFOs, accounting managers, and business managers, Fast Close incorporates Steven Bragg’s own personally tested guidelines to help professionals speed up the closing process, especially in response to Sarbanes-Oxley’s more time-sensitive requirements. Bragg outlines numerous key improvements that, when gradually implemented together, are guaranteed to shrink the closing process down to as little as one day. Chock-full of helpful flowcharts and checklists to help readers prevent delays and bring accounting department closing procedures up to date, Fast Close explores specific instructions for closing faster, common areas of delay and how to overcome them, required controls to keep financials accurate despite the fast close, and much more. Create financial statements faster . . . much faster . . . with the expert guidance found in Steven Bragg’s Fast Close. |
| accounting month end close process: Accounting Information Systems Leslie Turner, Andrea B. Weickgenannt, Mary Kay Copeland, 2022-12-20 In the newly revised fifth edition of Accounting Information Systems: Controls and Processes, a dedicated team of accounting professionals delivers an authoritative and comprehensive treatment of accounting information systems and internal accounting controls. You'll explore business accounting processes and related controls, as well as the ethics and corporate governance issues related to them. The authors, drawing on decades of combined experience studying and participating in the accounting industry, offer readers an appreciation for internal controls while maintaining an easy-to-follow style that doesn’t inundate students with technological and technical information. You'll find data flow diagrams and document flow charts, as well as process maps, that explain and highlight business processes used in real-world companies. |
| accounting month end close process: Practical Lean Accounting Brian H. Maskell, Bruce Baggaley, Larry Grasso, 2017-07-27 The methods and concepts presented in the bestselling first edition revolutionized the approach to the management and control of Lean companies. Enhanced with extensive end-of-chapter exercises and downloadable resources with Lean accounting tools, the second edition of this preeminent practitioner’s guide is now suitable for classroom use. Practical Lean Accounting: A Proven System for Measuring and Managing the Lean Enterprise, Second Edition explains exactly what it takes to transform a traditional accounting system to one that supports and enhances a company’s Lean efforts. Defining the fundamental principles of Lean accounting, it demonstrates how to use them to identify and eliminate wasteful transactions. The book includes coverage of cell performance measurement, use of the box score, operational and financial planning, cost targeting, Lean accounting diagnostics, and value stream mapping. Retaining the easy-to-use format that made the first edition a bestseller, this updated edition includes: A new section on the use of value stream performance measurements in continuous improvement A re-written Target Costing chapter that emphasizes a value-based approach to the management of the Lean value system A Lean Accounting Diagnostic tool to help you assess progress and develop a plan for implementing changes Cutting-edge examples that illustrate implementation in accounting departments Downloadable resources with data from the ECI Value Stream Cost Analysis case study included in the text, Excel templates, and end-of-chapter questions with solutions The book contains a wealth of tools that makes it ideal for company training sessions and advanced undergraduate and graduate-level courses. For each major example provided, two similar problems are included—one for instructors to guide students through and a second for students to work through on their own. An additional set of problems and questions for testing purposes are also available to instructors on the authors’ website. Unfortunately, during the publishing process mistakes can be made that are not caught before the book is printed. Productivity Press takes great care to catch any errors prior to the printing stage. |
| accounting month end close process: The Fast Close Toolkit Christine H. Doxey, 2019-12-24 This publication focuses on the critical methods that can be used to dramatically improve the fiscal closing process. The Record to Report (R2R) or Fiscal Closing Process is at the core of the controllership function. The process includes transaction processing, internal and external reporting, and the internal controls—the people, processes, and technology—that constitute the corporate organizational hierarchy. CFOs, controllers, and corporate finance departments require timely, accurate, and consistent data to make appropriate operational and strategic decisions and fulfill statutory, regulatory, and compliance requirements with accurate and timely data. The Fast Close Toolkit offers both strategic and tactical suggestions that can significantly improve the fiscal closing process and provides guidance on new legislation requirements, systems and best practice processes. Checklists, templates, process narratives, and sample policies are provided for every component of the fiscal close. Investors and shareholders expect fast and easy access to the data created by current business activities in the information-driven digital age. The Fast Close Toolkit provides the necessary tools and expert advice to improve the fiscal closing process. Authoritative and up to date, this book: Identifies the bottlenecks that can impact the and improvethe fiscal close process and provides best practices to help alleviate these challenges Defines the Record to Report (R2R) and recommends the roles and responsibilities for fiscal close processes flow Offers the internal controls to use for the end-to-end fiscal close process Describes approaches for risk management, R2R, and fiscal close benchmarking Identifies KPIs for all aspects of the R2R process Provides the mechanism for developing a financial close scorecard Recommends leading practices for both external and internal reporting Provides guidance on how strategic planning, the budget and forecast processes can be streamlined to enhance the fiscal close and internal reporting results Written by a respected expert on internal controls and the fiscal closing process, The Fast Close Toolkit is a valuable source of information for professionals involved in controllership and have responsibility for the fiscal close. |
| accounting month end close process: The Lean CFO Nicholas S. Katko, 2013-09-16 This book is not about debits, credits, or accounting theory. Instead, it describes how a chief financial officer (CFO) becomes a Lean CFO by leading a company in developing and deploying a Lean management system. The finance team, business executives, and Lean leaders will all benefit from its forward-thinking improvement approach. Explaining why the CFO role is so critical for companies adopting a Lean business strategy, The Lean CFO: Architect of the Lean Management System illustrates the process of building and integrating a Lean management system into the overall Lean business strategy. It describes why CFOs should move their companies away from performance measures based on traditional manufacturing practices and into a Lean performance measurement system. In addition, it explains how to integrate a Lean management system with a Lean business strategy to drive financial success. Describes the logic behind why a Lean management system must replace a traditional management accounting system Discusses how flow can drive the financial success of Lean Demonstrates the need for constructing a value stream capacity measurement system Explains how to break your company away from using standard costing to run your business The book explains why you must move your company into value stream accounting, which reports your internal financial information by the real profit centers of your business, your value streams. It describes the strategic aspects of making money from a Lean business strategy and also details how to modify your enterprise resource planning system to support Lean rather than hinder it. |
| accounting month end close process: The Ultimate Accountants' Reference Steven M. Bragg, 2006-11-28 The Ultimate Accountants’ Reference Including GAAP, IRS & SEC Regulations, Leases, and More, Second Edition updates you on the latest accounting regulations for all aspects of the financial statements, accounting management reports, and management of the accounting department including best practices, control systems, and the fast close. This is the perfect daily answer book for the practicing accountant. |
| accounting month end close process: Using Oracle 11i Jim Crum, BOSS Corporation, 2002 Annotation The must-have reference for users and implementers of Oracle Release 11i. This book provides the critical information required to configure and operate the Release11i applications in one book. Several readers have told us they saved tens of thousands of dollars after reading the previous edition of this book. Special Edition Using Oracle 11i has about 40% new content over the previous version including a new projects chapter, a new order management chapter, screen shots, tips, and, Release11i specific material. This book is the most complete reference available for the latest release of the Oracle financial, manufacturing, HRMS, and projects applications. Part 1 introduces the Oracle ERP applications and Release11i concepts. Part 2 educates the reader on proven techniques for implementing these complex and integrated systems. Part 3 discusses configuration and usage of each of the financial, distribution, manufacturing, HRMS, and project applications. Part 4 discusses working with Oracle Support, consulting firms, and compatible software vendors. The appendixes review the employment market, consulting opportunities, and provide the reader with an implementation checklist. All of Release11i's new features are covered in-depth and in practical terms. Not only will readers understand Oracle's new capabilities, they will be able to apply them right away. The authors are highly respected consultants from BOSS Corporation. They have worked with the Oracle Applications for over eight years since Release 9. Each chapter is written and edited by an expert consultant on that topic. The authors have published many white papers and newsletters about the Oracle Applications. BOSS Corporation is an active sponsor of the Oracle Applications User Group (OAUG). The authors have attended the last 14 national conferences, presented more than a dozen white papers at OAUG conferences, participated in the vendor exhibit hall, identified key words for white paper classification, and edited articles that are included in OAUG publications. |
| accounting month end close process: In Quest of That Elusive Thing Called a J O B Solari Jenkins, 2016-01-08 In Quest of That Elusive Thing Called a J.O.B. is a book written from an insiders perspective for intergenerational job seekers. It includes suggestions to properly construct and write a professional resume; how to prepare for job interviews, both one-on-one and panel (including questions that you should be ready for and questions you should ask); how to respond to rejection; and ways to work effectively with search firms and insiders in the staffing/employment arena. Youll learn to avoid the common mistakes candidates make during and after an interview, youll be privy to what companies base their hiring decisions upon, and youll know how to overcome the obstacles placed in your path while on your quest for finding and securing that most important goal of your desireajob! |
| accounting month end close process: Lean Office Ade Asefeso MCIPS MBA, 2012-07-03 Are you losing money due to wasted effort and low productivity of your knowledge workers? Is your office inefficiency leading to low worker morale and high workforce turnover? Are you losing customers or irritated due to disorganized office practices? Applying Lean principles to your office operations can solve these problems and create efficient knowledge workers that are a real competitive advantage. Given the success that Lean Manufacturing has shown in cleaning up production processes, why not achieve a Lean Enterprise by driving Lean Office practices into the front office where inefficient procedures, paperwork and bureaucracy in one area can stall the leanest efforts of other operations. Lean is not about cutting staff and resources. Instead, it is about: • Focusing people’s efforts creating value for the customer and eliminating waste. • Speeding up the operation by eliminating idle time created by paperwork and bureaucracy. |
| accounting month end close process: Preventing and Detecting Employee Theft and Embezzlement Stephen Pedneault, 2010-06-28 If you don't think that some employees have figured out ingenious ways to steal from businesses, read this book. The real-life examples will change your mind. Joseph T. Wells, CFE, CPA, founder and Chairman, Association of Certified Fraud Examiners An easy-to-read, but comprehensive step-by-step approach that covers every potential area for employee fraud and embezzlement. Great checklists at the end of each chapter show what steps to put into place for controls and protection. Includes real-life examples that really 'bring the story home.' Jean L. Conover, CPA, past CEO/CFO, Jefferson Radiology PC This book is a must-read for seasoned entrepreneurs as well as those considering entering their own business venture. While developed for small business, the risk detection and prevention methodologies presented by Mr. Pedneault are universal to all businesses. The concise checklists provide ready guidance for establishing a complete system of controls. Denise H. Armstrong, CPA, Chief Financial Officer, Sea Research Foundation, Inc. d/b/a Mystic Aquarium and Institute for Exploration This book is a must for every individual owning their own business. Mr. Pedneault clearly articulates the fraud risks that occur in each business system. In the book, he offers practical advice for internal controls and illustrates the risks with real-life examples. Leonard W. Vona, President, Fraud Auditing, Inc. |
| accounting month end close process: Oracle 11i - The Complete Reference Rashami Anandi, 2009 |
| accounting month end close process: Cost Reduction and Control Best Practices Institute of Management and Administration (IOMA), 2012-07-03 Cost Reduction and Control Best Practices provides financial manages with no-nonsense, balanced, and practical strategies that are being targeted and used nationwide for controlling costs by thousands of companies in areas such as human resources, compensation, benefits, purchasing, outsourcing, use of consultants, taxes, and exports. These best practices are based on the trenches experience, research, proprietary databases, and consultants from the Institute of Management and Administration (IOMA) and other leading experts in their fields. * Provides best practices and techniques for controlling costs within a company * New chapters focus on outsourcing costs, downsizing, consultants' costs, and business tax costs * Provides the latest strategies companies re using to control costs |
| accounting month end close process: The Complete Lean Enterprise Beau Keyte, Drew A. Locher, 2004-07-30 Winner of the 2005 Shingo Prize for Excellence in Manufacturing Research Most lean initiatives conducted by manufacturers are focused mostly on shop-floor activities — mapping the value stream of raw material to the shop-floor customer. Much of the untapped potential for productivity improvements lies, however, in non-production areas — where the value stream is administrative (i.e., order to cash). These office value streams directly support the daily production needs of an enterprise. Beau Keyte and Drew Locher's new book, The Complete Lean Enterprise: Value Stream Mapping for Administrative and Office Processes, offers a step-by-step approach to applying lean initiatives to the administrative and office environment. It's a must read for leaders looking to improve their production support activities within their order-to-cash value stream. The Complete Lean Enterprise is a valuable tool in applying value stream mapping (VSM) to non-production areas, identifying office wastes, establishing performance metrics, speeding up administrative workflow, and improving office efficiency. |
| accounting month end close process: Making the Numbers Count Brian H. Maskell, 2009-06-18 The first edition of Brian Maskell‘s now classic work proved that when given the chance, accountants would prefer not to serve out their working days as number crunching automatons. With its energetic tone and common sense approach, the book inspired numbers people at all levels to become true allies in their companies lean revolutions. It enco |
| accounting month end close process: Lean Leadership for Healthcare Ronald Bercaw, 2017-07-27 Healthcare organizations that have already applied Lean thinking to their processes, with the diligence of effective management and strong leadership support, are now realizing the benefits of their efforts. And, many of those benefits surpass what was thought possible just a few years ago. To be successful, these organizations had to provide the l |
| accounting month end close process: Audit Guide AICPA, 2016-11-07 Want to ensure effective and efficient execution of the Risk Assessment Standards? AICPA has the resources you need: Audit Risk Assessment Tool (available online only) Assessing and Responding to Audit Risk in a Financial Statement Audit - AICPA Audit Guide The Audit Risk Assessment Tool walks an experienced auditor through the risk assessment procedures and documents those decisions necessary to prepare an effective and efficient audit program. Designed to be used in lieu of cumbersome checklists, it provides a top down risk-based approach to the identification of high risk areas to allow for appropriate tailoring of audit programs which will result in audit efficiencies. The tool is available in the Online Subscription format and includes access to the full Risk Assessment Guide. The AICPA Audit Guide Assessing and Responding to Audit Risk in a Financial Statement Audit is the definitive source for guidance on applying the core principles of the risk-based audit methodology that must be used on all financial statement audits. This guide is written in an easy-to-understand style that enables auditors of all experience levels to find answers to the issues they encounter in the field. Unique insights, examples and a comprehensive case study clarify critical concepts and requirements. Disclaimer This Audit Risk Assessment Tool is designed to provide illustrative information with respect to the subject matter covered and is recommended for use on audit engagements that are generally smaller in size and have less complex auditing and accounting issues. It is designed to help identify risks, including significant risks, and document the planned response to those risks. The Audit Risk Assessment Tool should be used as a supplement to a firm's existing planning module whether in a firm-based or commercially provided methodology. The Audit Risk Assessment Tool is not a complete planning module. The AICPA recommends the Audit Risk Assessment Tool be completed by audit professionals with substantial accounting, auditing and specific industry experience and knowledge. For a firm to be successful in improving audit quality and efficiencies, it is recommended that a 5+ years experienced auditor completes the Audit Risk Assessment Tool or the engagement team member with the most knowledge of the industry and client (often Partner in small/medium firms) provides insight to whomever is completing the ARA Tool. The AICPA recommends this should not be delegated to lower-level staff and just reviewed – it should be completed under the direction of the experienced auditor (if you delegate to inexperienced auditor you will be at risk for less effectiveness and efficiencies because the tool is intended to be completed by an experienced auditor). The Audit Risk Assessment Tool does not establish standards or preferred practices and is not a substitute for the original authoritative auditing guidance. In applying the auditing guidance included in this Audit Risk Assessment Tool, the auditor should, using professional judgment, assess the relevance and appropriateness of such guidance to the circumstances of the audit. This document has not been approved, disapproved, or otherwise acted on by a senior committee of the AICPA. It is provided with the understanding that the staff and publisher are not engaged in rendering legal, accounting, or other professional service. All such information is provided without warranty of any kind. |
| accounting month end close process: Financial Accounting and Reporting Barry Elliott, Jamie Elliott, 2011 Financial Accounting and Reporting is the most up to date text on the market. Now fully updated in its fourteenth edition, it includes extensive coverage of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS). This market-leading text offers students a clear, well-structured and comprehensive treatment of the subject. Supported by illustrations and exercises, the book provides a strong balance of theoretical and conceptual coverage. Students using this book will gain the knowledge and skills to help them apply current standards, and critically appraise the underlying concepts and financial reporting methods. |
| accounting month end close process: Just-in-Time Accounting Steven M. Bragg, 2002-04-08 Moderne Unternehmen haben auf die jüngsten Veränderungen der Marktumgebung, z.B. technologischer Wandel und anspruchsvolle, preisempfindliche Verbraucher, entsprechend reagiert. Sie streben eine Verbesserung ihrer Unternehmensleistung an, die sich u.a. in umfassendem Qualitätsmanagement, Reduzierung des Arbeitszyklus und fertigungssynchroner Materialwirtschaft niederschlägt. So basiert z.B die fertigungssynchrone Materialwirtschaft, auch Just-in-Time Inventory Management genannt, auf einer Minimierung bzw. Eliminierung von Lagerbeständen als potentielle Verursacher von Schwund, Überschuss und Kosten. Just-in-Time Accounting greift diese revolutionären Methoden für das Rechnungswesen auf. Autor Steven Bragg erläutert detailliert, wie Controller und Manager im Rechnungswesen künftig schneller Berichte erstellen, wichtige Information von unwichtiger unterscheiden und dadurch Abrechnungsfunktionen mit geringerem Personalaufwand durchführen können. Hier lernen Sie, wie Sie den gesamten Abrechnungsprozess beschleunigen, Kosten senken und dabei gleichzeitig mögliche Fehler eindämmen können, die sich in diesen Prozess einschleichen. Mit zahlreichen Checklisten für eine sequentielle Prozessimplementierung. Jetzt erscheint dieser praktische Leitfaden in der 2. aktualisierten Auflage. |
| accounting month end close process: Tax Calendar for Small Businesses , 2001 |
| accounting month end close process: Winning CFOs David Parmenter, 2011-02-16 Better practices that today's CFOs can employ to bring value and efficiency to the teams that report to them Helping corporate accountants from the CFOs to the management accountant implement better practices that will make a difference to their finance team's performance, Winning CFOs shows corporate accountants how to create permanent improvements in their organization's processes. Provides better practice solutions the author has learned from more than 4,000 finance teams worldwide A to Z guidance on how to be an effective CFO Includes templates, checklists and implementation programs for process improvement Abundance of tools to ensure implementation of better practices Tips on how to develop winning leadership traits Winning CFOs shows corporate accountants how to radically transform their contribution to their organization, enhance their job satisfaction and profile, and leave a legacy of efficiency and effectiveness in every organization for which they work. |
| accounting month end close process: Accounting in the Lean Enterprise Gloria McVay, 2017-07-27 Despite the obvious need for transparency, a company‘s Lean results can continue to hide behind the mask of traditional accounting and dilute the benefits of a Lean implementation. When your organization opts to go Lean, you must empower your accountants with Lean tools that serve the Lean mission.Winner of a Shingo Research and Professional Public |
| accounting month end close process: Sage 50 Accounts For Dummies Jane E. Kelly, 2015-06-15 Sage 50 Accounts is one of the most popular small business accounting software packages available. With this comprehensive and friendly guide in hand, you'll discover how to set up and install this software, create a chart of accounts, invoice customers, run VAT returns and produce monthly accounts. |
| accounting month end close process: Management Report: Improvements Needed in SEC’s Internal Controls and Accounting Procedures , |
| accounting month end close process: Financial Account in SAP David Burns (Financial accounting specialist), 2016 |
| accounting month end close process: Microsoft Dynamics GP For Dummies Renato Bellu, 2008-10-13 If you’re accountable for accounting in a mid-level business, Microsoft Dynamics GP accounting software can be your best friend. Microsoft Dynamics GP For Dummies improves the friendship by highlighting the most useful and practical features, dispelling the most common misconceptions, and letting you in on the best tips and tricks — all in plain English! Microsoft Dynamics GP For Dummies shows you how to set up and use this modular accounting program. You’ll learn to customize Dynamics Great Plains, get around the program, create a company, build an effective chart of accounts, and maintain a general ledger. You’ll find out how to: Create invoices and bill your customers, manage receipts, and easily match payments to invoices Set up vendors quickly and easily Customize GP fit your business perfectly and make the home page more efficient Work with the modules you’ll use most often in the Purchasing, Sales, Inventory, and Financial series Safeguard your database and set up a disaster recovery plan containing all the right steps Use Professional Services Tools and utilities to find and fix data discrepancies Get inventory under control Close your books at year end and use shortcuts to easily print reports from all the data you’ve collected Save keystrokes with Quick Journal and batch frequency Leverage the interoperability between Dynamics GP and Microsoft Office applications Make upgrading hassle-free Microsoft Dynamics GP For Dummies helps you make this sometimes-complex program do your bidding, which might account for your rising popularity in the office! Note: CD-ROM/DVD and other supplementary materials are not included as part of eBook file. |
| accounting month end close process: Practical Guide to SAP CO-PC (Product Cost Controlling) in SAP S/4HANA - 2nd edition Tanya Duncan, 2024-03-19 Because of its complex integration, Product Cost Controlling (CO-PC) has often been regarded as the most challenging module in SAP ERP. In this 2nd edition, the most important concepts, business processes, and configuration settings have been updated to cover SAP S/4HANA, including how Material Ledger has evolved in S/4HANA. There is also a new chapter on sales order costing. By concentrating only on the essentials, this book can be easily used as a supplementary guide for readers who are implementing or supporting SAP CO-PC. Transaction and configuration screenshots have been included to illustrate processes and concepts covered in this book, and Fiori app names and GUI transaction codes have also been provided. In addition, this guide examines the integration of CO-PC with other modules, and offers helpful tips to consider during implementation. - Introduction to value flows in SAP S/4HANA Controlling - Step-by-step examples - Configuration for make-to- stock and make-to-order costing - Detailed month-end closing processes |
| accounting month end close process: BASIC ACCOUNTING CONCEPTS Michael Pingle, CGA, 2013-05-17 Basic Accounting Concepts is a book written for people who desire or need to understand accounting terminology and processes without all of the complexities and technical language often associated with such a study. Readers will learn, in simple, everyday language the main concepts of accounting including the accounting cycle process and other accounting functions used by a business. The concepts learned in this book will also help the reader in organizing their own personal finances. Among the topics discussed in this book are budgeting, bank reconciliations, and preparing a simple Balance Sheet that may be required by the bank if you are applying for a loan or mortgage. The reader will also learn the complete accounting process involved in “keeping the books” for a small business. |
| accounting month end close process: Hospital Reimbursement Kyle Herbert, 2012-06-05 Due to the countless variables that affect revenue and cost, the hospital reimbursement process is by far the most complex of any industry. Requiring only a basic financial background and a working knowledge of accounting, Hospital Reimbursement: Concepts and Principles supplies a clear understanding of the concepts and principles that drive the re |
| accounting month end close process: Big Career in the Big City Vicki Salemi, 2010 According to a poll by Time Out New York, 80 percent of young people say they want to live in New York City. The vast majority of these people, however, don't know how to make this goal a reality. Those who do are often surprised at how difficult living and working can be in the city that never sleeps. Big Career in the Big City spotlights what to expect from life in New York, written in a hip, conversational tone that young people will appreciate and relate to. After completing worksheets to assess whether they're cut out for life in the Big Apple, readers will learn how to score great jobs, meet new people, and develop their career brand. Plus, readers are given advice straight from New York recruiters about how to overcome the distance barrier and stand out from native applicants. This one-of-a-kind guide also deals with the logistics of moving to a new city; reveals how to cope with unfamiliar and sometimes stressful living arrangements; and offers suggestions on how to stick to a budget and stretch the almighty dollar. |
| accounting month end close process: Sage 50 Accounts For Dummies Jane Kelly, 2012-03-20 Get to grips with Sage 50 Accounts in simple steps This comprehensive guide walks you through every aspect of setting up and using Sage 50 Accounts, from installing the software to running VAT returns and producing monthly and yearly accounts. Inside you′ll discover the quickest way to complete tasks and how to customise Sage to suit your specific business needs. Packed with step-by-step instructions and fully illustrated with screenshots, this book is the easiest way to get the most from Sage 50 Accounts and take control of your business finances. Completely up-to-date for the 2014 edition of Sage 50 software Set up and start using Sage 50 Accounts with minimum fuss Fully illustrated with the latest screenshots to help you every step of the way Guidance on going mobile - with the new Sage 50 app Details on the new Sage Quicksearch feature |
| accounting month end close process: M&A Information Technology Best Practices Janice M. Roehl-Anderson, 2013-09-23 Add value to your organization via the mergers & acquisitions IT function As part of Deloitte Consulting, one of the largest mergers and acquisitions (M&A) consulting practice in the world, author Janice Roehl-Anderson reveals in M&A Information Technology Best Practices how companies can effectively and efficiently address the IT aspects of mergers, acquisitions, and divestitures. Filled with best practices for implementing and maintaining systems, this book helps financial and technology executives in every field to add value to their mergers, acquisitions, and/or divestitures via the IT function. Features a companion website containing checklists and templates Includes chapters written by Deloitte Consulting senior personnel Outlines best practices with pragmatic insights and proactive strategies Many M&As fail to meet their expectations. Be prepared to succeed with the thorough and proven guidance found in M&A Information Technology Best Practices. This one-stop resource allows participants in these deals to better understand the implications of what they need to do and how |
| accounting month end close process: Match Dan Erling, 2010-12-28 Hire the right person-every time! Why is it that so many companies accept mediocre hiring results as the norm? The answer is simple. It doesn't occur to them that, in fact, there is a process that virtually guarantees hiring the right person every time. To repeat: there is a process that virtually guarantees hiring the right person every time. That's what MATCH is about. Based on author Dan Erling's experience with best practices from over a thousand companies, MATCH gives you a rock solid, practical process for hiring. MATCH takes you step-by-step through the lifecycle of hiring, from developing a job description through interviewing and making the decision, to negotiating salary and onboarding the new hire Applicable tools, stories, and foolproof techniques are woven throughout to insure your mission critical objective is accomplished The author is well-known in the hiring and recruiting industry With MATCH, your hiring team will develop a systematic process that fits with the company's overall mission, giving your company the people it needs to succeed every time! |
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