| STEVEN M. BRAGG, CPA, CMA, CIA, CPIM, has been the Chief Financial Officer or Controller of four companies, as well as a consulting manager at Ernst & Young. He is the author of more than nineteen Wiley titles.
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| Preface Chapter 1 Introduction Different Types of Fast Close Benefits of the Fast Close Legal Issues Impacting the Fast Close Steps to Achieve a Fast Close Chapter 2 Your Current Closing Process Traditional Closing Process: Basic Additional Closing Tasks for the Multidivision Company Additional Closing Tasks for the Multinational Company Additional Closing Tasks for the Public Corporation Problems with the Closing Process Chapter 3 Conducting a Review of the Closing Process Steps in the Process Review Payables Process Review Billing Process Review Inventory Process Review Cash Process Review Final Closing Process Review Total Duration of the Closing Process Chapter 4 Alter the Timing of Closing Activities Altering the Closing Mindset Review and Correct Subledger Transactions Throughout the Month Complete the Bank Reconciliation Every Day Review Uncashed Checks Update the Inventory Obsolescence Reserve Determine the Lower of Cost or Market Calculate Overhead Allocation Bases Bill Recurring Invoices Conduct a Preliminary Comparison of the Shipping Log to Invoices Issued Review Preliminary Rebillable Expenses Update the Bad Debt Reserve Review Preliminary Billable Hours Accrue Interest Expense Determine Pension Plan Funding Determine Flexible Spending Account Funding Accrue Unpaid Wages Accrue Unused Vacation Time Accrue Travel Expenses Reconcile Asset and Liability Accounts Calculate Depreciation Compile Preliminary Commissions Review Financial Statements for Errors Complete Selected Financial Reports in Advance Deferred Closing Activities Chapter 5 Revise the Contents of the Financial Statements Alter the Mode of Report Delivery Standardize Reports Eliminate Cost Reporting from the Reporting Package Separate Metrics from the Financial Reporting Package Chapter 6 Optimize the Use of Journal Entries and Chart of Accounts Eliminate Immaterial Journal Entries Standardize Journal Entries Convert to Recurring Journal Entries Centralize Use of Journal Entries Use Journal Entries to Accrue Expenses Delaying the Close Automate Journal Entry Postings Use Accruals Only for External Reporting Define Accounts Standardize the Chart of Accounts Automate Eliminations of Intercompany Transactions Chapter 7. Standardization and Centralization. Chapter 8. Closing the Inventory Function. Chapter 9. Closing the Billing Function. Chapter 10. Closing the Payroll Function. Chapter 11. Closing the Payables Function. Chapter 12. Closing the Cash Processing Function. Chapter 13. Impact of Automation on the Closing Process. Chapter 14. Ongoing Improvements in the Closing Process. Appendix A: Comprehensive Closing Checklist. Appendix B: Fast Close Policies and Procedures. Appendix C: Soft Close Checklist. Appendix D: Year-End Close Checklist. Index. |
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