The Fast Close Toolkit

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This publication focuses on the critical methods that can be used to dramatically improve the fiscal closing process. The Record to Report (R2R) or Fiscal Closing Process is at the core of the controllership function. The process includes transaction processing, internal and external reporting, and...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Doxey, Christine H.
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Newark : John Wiley & Sons, Incorporated, 2019.
Colección:Wiley corporate F&A
Temas:
Business.
Affaires.
business (commercial function)
BUSINESS & ECONOMICS > Accounting > Managerial.
Business
Acceso en línea:Texto completo
Tabla de Contenidos:
  • Cover
  • Title Page
  • Copyright
  • Contents
  • Preface
  • How this Toolkit is Organized
  • Guide to Toolkit Organization
  • Table of Best Practices
  • Table of Policies
  • Table of Checklists
  • Table of Process Narratives
  • Table of Standards of Internal Control
  • Introduction
  • Improving the Fiscal Close
  • Best Practice 1: Consider the Use of a Single ERP System
  • Best Practice 2: Employ Cloud-Based Computing
  • Chapter 1 Why the Continued Focus on the Fiscal Closing Process?
  • An Overview of the Fiscal Close
  • 1. Establish a Closing Date
  • 2. Trial Balance Report
  • 3. Adjusting Entries
  • 4. Adjusted Trial Balance
  • 5. Reporting
  • Cycle Time to Monthly Close
  • Chapter 2 Key Pain Points and Bottlenecks
  • Chapter 3 The Components of the Fiscal Close
  • Cutoff Dates
  • Best Practice 3: Implement Cutoff Dates
  • 1. Transaction Accumulation, Reconciliation, and Sub-Ledger Close
  • 2. Corporate Close and Consolidation
  • 3. Analysis and Reporting
  • Chapter 4 Governing the Fiscal Close Process
  • Best Practice 4: Implement a Fiscal Close Governance Process
  • 1. Implement a Financial Close Architecture
  • 2. Standardize Templates and Processes
  • 3. Implement a Financial (GAAP) Hierarchy
  • Composition of GAAP
  • GAAP Hierarchy
  • Other Disclosure Standards
  • 4. Implement a Controlled Journal Entry Process
  • 5. Automate Variance Analysis
  • 6. Follow a Best-in-Class Documentation Philosophy
  • 7. Automate Manual Tasks
  • 8. Provide Frequent Training
  • 9. Implement a Communication Strategy
  • 10. Collaborate Across Organizations
  • 11. Involve Other Functional Areas
  • 12. Implement Metrics
  • Chapter 5 The Transaction Accumulation, Reconciliation, and Sub-Ledger Close
  • 1. Trial Balance
  • 2. The General Ledger (GL)
  • 3. The GL Account Reconciliation Process
  • Best Practice 5: Complete General Ledger Reconciliations
  • Accounting Bodies
  • Other Regulatory Requirements
  • About the Sarbanes Oxley Act of 2002 (SOX)
  • About the PCAOB
  • Rule-Based versus Principle-Based Accounting
  • Chapter 6 Introduction to the Standards of Internal Control
  • Best Practice 6: Implement an Internal Controls Program
  • Ensuring Success
  • Chapter 7 Roles and Responsibilities During the Fiscal Close
  • Tactical Responsibilities
  • Executive Responsibilities
  • Chapter 8 The General Ledger and Trial Balance
  • Chapter 9 The Common Chart of Accounts
  • Best Practice 7: Implement a Common Chart of Accounts
  • Sample Chart of Accounts
  • Chapter 10 Cost Centers
  • Best Practice 8: Define Business Rules for Establishing Cost Centers
  • Best Practice 9: Define Allocation Risks
  • Common Allocation Challenges
  • Best Practice 10: Implement an Indirect Cost Allocation Methodology
  • Chapter 11 The Journal Entry Process
  • Best Practice 11: Streamline Recurring Journal Entries
  • Chapter 12 Spreadsheet Controls
  • Best Practice 12: Address Spreadsheet Risks and Implement Controls
  • Risk 1: Unskilled Users

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