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

By Steven M. Bragg | Go to book overview

Chapter 2
The Sales Cycle

This chapter discusses the entire sales cycle. A typical sales cycle has an extraordinary number of controls related to separating various duties in the process, all designed to ensure that no one can manipulate reported sales volumes or steal incoming payments for receivables. As transactions wend their way from one person to the next, it is very easy for a transaction to be halted for any number of reasons, each of which contributes to slowing the overall process.

This chapter describes a typical set of sales and accounting transactions and shows how to improve the overall transaction speed while still maintaining a proper level of control. We then review the modified system for control weaknesses, and follow with a detailed cost/ benefit analysis for several aspects of the modified system, which can be used as the basis for justifying conversion to the new system. The chapter concludes with a discussion of the most appropriate metrics and reports that can be used to support the system.


CURRENT SYSTEM

The traditional sales transaction begins when a customer purchase order arrives in the company mail room. The mail room staff forwards the purchase orders to the order processing clerk, who is normally located in the sales department.

-25-

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

Table of contents

  • Title Page iii
  • Contents vii
  • About the Author ix
  • Preface xi
  • Free Online Resources xiii
  • Chapter 1 - Setting Up and Improving the Accounting Department 1
  • Chapter 2 - The Sales Cycle 25
  • Chapter 3 - Cash 69
  • Chapter 4 - Inventory 87
  • Chapter 5 - Accounts Payable 139
  • Chapter 6 - Cost Accounting 183
  • Chapter 7 - Payroll 211
  • Chapter 8 - The Budget 245
  • Chapter 9 - Closing the Books1 271
  • Chapter 10 - Data Collection and Storage Systems 297
  • Chapter 11 - Process Documentation 317
  • Chapter 12 - Change Management 337
  • Index 349
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