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Bragg, Steven M. Just-in-Time Accounting: How to Decrease Costs and Increase Efficiency eBook

Just-in-Time Accounting: How to Decrease Costs and Increase Efficiency

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eBook Publisher: John Wiley & Sons
Imprint: John Wiley & Sons

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Praise for Just-in-Time Accounting

How to Decrease Costs and Increase Efficiency

Third Edition

"Most books on business accounting focus only on the accounting process?and never address the operational issues that impact it. Steve Bragg has delivered the rest of the story—the valuable insight and detailed information accountants need to help?them not only properly account for business activities, but to streamline and improve the overall process. Whether the practitioner is just starting up or is working with a well-established business, the information in this book offers real benefits to both."
—Joanie C. Mann, Executive Vice President, InsynQ e-Accounting; Business Development Consultant, The Sleeter Group

"Mr. Bragg delivers another essential reference for every CFO's bookshelf. Just-in-Time Accounting is full of specific guidance you can use right now to save money, improve processes, and make you more effective."
—Luella Schmidt, President, Fine Point Consulting LLC

"Just-in-Time Accounting is the 'go-to' accounting department transaction and streamlining reference. Process improvement begins here."
—Geoffrey Garland, Controller, Staco Systems

"Just-in-Time Accounting is an incredible toolkit for streamlining and simplifying the accounting process. Practical but intelligent approaches to the whole accounting cycle make this book so effective and unique that it is a must-read for accounting clerk and CFO alike, regardless of the company and accounting department size or the industry you are in.
—Shan Staka, MBA, Controller, PGP International

"One of the critical goals for the CFO is to develop a Lean Finance Factory that is efficient, on time, reliable, and accurate. Steve Bragg's Just-in-Time Accounting does exactly that and more. It not only teaches how to set up a system that delivers, but also teaches how to optimize it and, as such, is a great resource for both new and established CFOs. In today's world of information and data overload, this book is invaluable in teaching how to focus on the urgent and important."
—Arif Iqball, Executive Director and Board Member, Avon Products Co. Ltd., Japan

"The underlying theme of the book is working in a consistent and efficient manner. Topics discussed and suggestions presented often have a 'lean' feel to them. These methodologies and practices lead to higher efficiency, the elimination of waste, and an increase in quality. The examples on Value-Added Analysis are prime examples of 'lean' thinking. In a time when global competition requires faster response times and lower prices, having an accounting system in place to accurately and effectively support business operations is extremely important. Operational efficiencies lead to lower operating costs and higher operating margins, and Just-in-Time Accounting helps identify many potential candidates for increasing efficiency."
—Chip Nickolett, MBA, PMP, Director, Consulting Services—Americas, Ingres Corporation;former president, Comprehensive Solutions (U.S. and UK)

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Title of Business & Economics eBook: Just-in-Time Accounting: How to Decrease Costs and Increase Efficiency
Release Date: 03-25-2009
Publisher: John Wiley & Sons

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Just-in-Time Accounting: How to Decrease Costs and Increase Efficiency


Chapter One

Setting Up and Improving the Accounting Department

Before we can dig into the minutia of how to improve each of the various accounting functions, it is first necessary to set up the infrastructure to ensure that the accounting department will function in a reliable manner. These basic tasks are ignored all too frequently when first setting up an accounting department.

In many instances, accountants are given a pile of work to complete, with no hint as to the priority of each item or how they interrelate. The result is a daily scramble to complete whatever is "hot" on that day. Assignments of accounting staff members are often changed with excessive regularity, so that no one acquires an area of expertise in which he or she can improve skills and overall level of confidence. As a direct result of this unstructured work pattern, the number of transactional errors is extremely high; employees do not have the expertise to "lock in" the procedures and related training that will keep errors from occurring. Once errors are found, considerable staff time must be reallocated to fixing them. Thus, we enter into a vicious circle of constant daily problems, with the department always struggling to keep up with the workload. The simple organizational techniques outlined in this chapter can resolve many of these problems.

FORECAST CASH

The single most important priority is forecasting the flow of cash. Without money to pay employees or suppliers, a company will very quickly find itself out of business. All other considerations are secondary to this issue. Accordingly, there should be a weekly cash forecast, su

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