By Steven M. Bragg
Sarbanes-Oxley calls for a speedier supply of the 10-Q, so everyone seems to be scrambling to discover how you can liberate monetary details and statements . additionally, it is a significant potency factor for the accounting division, which may get slowed down in financials issuance for weeks. This booklet will offer flowcharts and checklists to assist keep away from delays and produce accounting division ultimate techniques present, so businesses can shut the financials quick adequate to factor statements for the hot requirements. �Read more...
summary: Sarbanes-Oxley calls for a quicker supply of the 10-Q, so everyone seems to be scrambling to discover how one can free up monetary info and statements quicker. additionally, this can be a significant potency factor for the accounting division, that can get slowed down in financials issuance for weeks. This e-book will supply flowcharts and checklists to aid steer clear of delays and convey accounting division final tactics present, so businesses can shut the financials quick adequate to factor statements for the hot necessities
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Extra resources for Fast close : a guide to closing the books quickly
2 Cash Activities Bill for rebillable expenses Bill for prior month deliveries/ services Bill recurring invoices Invoicing Activities Closing Tasks for the Complex Enterprise Division-level reporting activities Determine lower of cost or market Complete payables journal entry Compile billable hours Accrue wages/ sick/vacation time Complete all employee/ contractor time records Payroll Activities Complete inventory journal entry Complete bank reconciliations Review uncashed checks and issue reminders Allocate overhead and post journal entry Calculate overhead bases Determine obsolescence reserve Calculate depreciation and post journal entry Reserve for bad debts Accrue commission expense Add new purchases to fixed asset ledger Accrue for unbilled revenue Complete payroll journal entry Create ancillary reports Complete footnotes/ discussion Obtain management approval Eliminate intercompany transactions Map division results to corporate chart of accounts Convert to reporting currency Issue 10-K or 10-Q report Issue financial statements internally Accrue income taxes Adjust errors at corporate and division levels Create preliminary financial statements Conduct variance analysis Problems with the Closing Process 15 closing steps!
Some controllers take this concept to the opposite extreme by requiring an update as part of every closing process. This is not necessary, as long as the review is completed at regularly scheduled intervals. Thus, make sure that the accounting department will formally address the issue periodically, but schedule it away from more critical closing steps. DETERMINE THE LOWER OF COST OR MARKET As was the case with the inventory obsolescence reserve, many controllers do not regularly review the lower of cost or market (LCM) valuation of inventory, which can result in large write-offs at year-end.
7 reveals that a company can take 11 business days to complete financial statements, although the closing of all underlying processes requires only about one-half of the total interval. Also, there are several activities in which substantial wait times are incorporated, such as the accrual of unbilled supplier invoices, completing bank reconciliations, and billing for rebillable expenses. The compression of these wait times will be a key topic in subsequent chapters. SUMMARY Through the use of closing analyses for each of the major functional areas within the closing process, this chapter has provided several clues for how to create a fast close.
Fast close : a guide to closing the books quickly by Steven M. Bragg