Page 237 - Accounting Best Practices

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Financial Statements Best Practices
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Exhibit 12.1 Summary of Financial Statements Best Practices
Best Practice Cost Install Time
Financial Reports
12–1 Move operating data to other reports
12–2 Post financial statements in an Excel
PivotTable on the Internet
12–3 Restrict the level of reporting
12–4 Write financial statement footnotes
in advance

Work Automation
12–5 Automate recurring journal entries
12–6 Automate the cutoff

Work Elimination
12–7 Avoid the bank reconciliation
12–8 Defer routine work
12–9 Eliminate multiple approvals
12–10 Eliminate small accruals
12–11 Reduce investigation levels

Work Management
12–12 Assign closing responsibilities
12–13 Conduct transaction training
12–14 Continually review wait times
12–15 Convert serial activities to parallel ones
12–16 Create a closing schedule
12–17 Document the process
12–18 Restrict the use of journal entries
12–19 Train the staff in closing procedures
12–20 Use cycle counting to avoid
month-end counts
12–21 Use internal audits to locate transaction
problems in advance
12–22 Use standard journal entry forms