The accounting department contains a broad array of processes, all of which can be fine-tuned to improve their performance. In the Accounting Best Practices course, we cover hundreds of best practices and tips that can reduce costs, increase transaction speeds, and eliminate errors. The topics covered include billings, budgeting, cost accounting, payroll, and much more. This is an essential guide for the practicing accountant.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Identify the benefits of using best practices.
Specify how to improve upon a best practice.
Describe the dangers of using best practices too much.
Identify the quality considerations associated with credit activities.
Specify how customers should be informed about a firm's credit policy.
Identify the red flags indicating customer financial trouble.
Recall when a customized credit scoring system is most useful.
Specify the indicators of creditworthiness.
Describe how a check verification service works.
Specify how to enhance billing quality.
Specify how to avoid missed billings.
Recall how an electronic data interchange system works.
Recall how collector productivity can be improved.
Specify how a collections-sales working group can be used.
Identify the impact of stratifying invoices for collection purposes.
Recall the features of collection management software.
Recall the different types of collection policies and procedures.
Specify how cash application should be positioned within a business.
Identify when remote deposit capture should be used.
Recall when fewer bank accounts should be used, and the effects of doing so.
Specify the quality issues pertaining to accounts payable.
Identify how procurement cards should be used.
Recall how a supplier portal is used.
Specify how an automated payables matching system works.
Identify the advantages and disadvantages of an automated expense report submission system.
Recall the benefits of operating a payment factory.
Specify the different types of timekeeping solutions and when they should be used.
Identify how direct deposit functions.
Recall the different types of functions that can be added to a payroll system.
Specify how work is split with a payroll supplier when this function is outsourced.
Identify the organizational concerns associated with commission calculations.
Recall how the value of ending inventory can be made more accurate.
Specify how cycle counting works, and its impact on inventory record accuracy.
Identify why high-leverage allocations should be terminated.
State which variances should be reported to management, and which ones should not.
Recall why alphanumeric accounts should be used in the general ledger.
Specify the process used to consolidate financial statements.
Identify the spots in which budgets tend to contain calculation errors.
Recall the nature of block budgeting and line item budgeting.
Specify when a rolling forecast should be used, and what it should contain.
Identify the problems with a soft close.
Recall which closing activities should be conducted before month-end.
Specify how a workflow management system can improve the closing process.
Identify how the accounting organization can be optimized to improve the closing process.
Recall the filing solutions that can enhance file storage within the accounting department.
Specify the options for improving the layout of the accounting department.
Major Topics
Overview of Best Practices
Credit Best Practices
Billing Best Practices
Collections Best Practices
Cash Best Practices
Payable Best Practices
Payroll Best Practices
Commission Best Practices
Cost Accounting Best Practices
General Ledger Best Practices
Budgeting Best Practices
Financial Statements Best Practices
Records Management Best Practices
Accounting Management Best Practices
