JUST IN TIME ACCOUNTING

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Series: NA
Publisher:Md.Bakhtiar Chowdhury
Genres:Accounting
Authors:
Pages:354 pages
Binding: Softcover
ISBN13:9780470403723

This third edition of Just-in-Time Accounting is designed for anyone who wants to streamline an accounting system so that transactions can be processed with minimal errors and staff time. The book uses a multi-step approach to improving accounting systems. First, we describe and chart an existing process, focusing on the inputs, processing steps, and outputs associated with each transaction. In many cases, this includes an analysis of wait times and paper flow among employees and departments, in order to differentiate non value-added from value- added activities. Second, we list a number of suggestions for reducing or streamlining the workload. This can include the application of new technology, eliminating redundant or unnecessary control points, reducing the number of people involved, and compressing some activities. Each chapter outlines the effects on accounting controls of the suggestions for improvement. This includes a discussion of which controls can be eliminated, how to bolster remaining controls, and which new controls should be added. Each chapter contains samples of cost/benefit analyses that can be used as models when creating actual cost/benefit analyses for justifying the implementation of revised systems. Special problems with identifying some costs and associated savings are also noted. Streamlining the accounting function eliminates some of the old accounting reports. In many cases, this requires their replacement with new reports that are more useful for the revised system. Consequently, sample reports are described in each chapter, which can be used as templates. In addition, the chapters include new metrics that monitor the revised systems. This multi-step approach applies to Chapters 2 through 8, covering transactions in the following areas: the sales cycle, cash, inventory, accounts payable, cost accounting, payroll, and the budget. Chapters 9 through 12 discuss improvements to other accounting areas that either require streamlining or are needed in the streamlining effort: closing the books, data collection and storage systems, process documentation, and change management. The introductory chapter contains an overview of how to properly organize a new accounting department to achieve maximum levels of efficiency. The activities addressed include the creation of job descriptions, performance reviews, work calendars, policies and procedures, training programs, and work flow analysis—all basic ‘‘blocking and tackling’’ issues that are all too frequently ignored. This book is intended for accounting managers who want to improve the performance of the accounting department. It describes how to integrate best practices into accounting systems, resulting in remarkable gains in operating efficiencies

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