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

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

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

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

Synopsis

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)

Excerpt

This third edition of Just-in-Time Accounting is designed for anyone who wants to streamline an accounting system so that transactions can be processed with minimal errors and staff time. The book uses a multi-step approach to improving accounting systems. First, we describe and chart an existing process, focusing on the inputs, processing steps, and outputs associated with each transaction. In many cases, this includes an analysis of wait times and paper flow among employees and departments, in order to differentiate non value-added from valueadded activities. Second, we list a number of suggestions for reducing or streamlining the workload. This can include the application of new technology, eliminating redundant or unnecessary control points, reducing the number of people involved, and compressing some activities.

Each chapter outlines the effects on accounting controls of the suggestions for improvement. This includes a discussion of which controls can be eliminated, how to bolster remaining controls, and which new controls should be added.

Each chapter contains samples of cost/benefit analyses that can be used as models when creating actual cost/benefit analyses for justifying the implementation of revised systems. Special problems with identifying some costs and associated savings are also noted.

Streamlining the accounting function eliminates some of the old accounting reports. In many cases, this requires their replacement with new reports that are more useful for the revised system. Consequently, sample reports are described in each chapter, which can be used as templates. In addition, the chapters include new metrics that monitor the revised systems.

This multi-step approach applies to Chapters 2 through 8, covering transactions in the following areas: the sales cycle, cash, inventory, accounts payable, cost accounting, payroll, and the budget. Chapters 9 through 12 discuss improvements to other accounting areas that either . . .

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