Christine H. Doxey

The Fast Close Toolkit (eBook, PDF)

• Format: PDF

Produktbeschreibung

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 the internal controls--the people, processes, and technology--that constitute the corporate organizational hierarchy. CFOs, controllers, and corporate finance departments require timely, accurate, and consistent data to make appropriate operational and strategic decisions and fulfill statutory, regulatory, and compliance requirements with accurate and timely data. The Fast Close Toolkit offers both strategic and tactical suggestions that can significantly improve the fiscal closing process and provides guidance on new legislation requirements, systems and best practice processes. Checklists, templates, process narratives, and sample policies are provided for every component of the fiscal close. Investors and shareholders expect fast and easy access to the data created by current business activities in the information-driven digital age. The Fast Close Toolkit provides the necessary tools and expert advice to improve the fiscal closing process. Authoritative and up to date, this book: * Identifies the bottlenecks that can impact the and improvethe fiscal close process and provides best practices to help alleviate these challenges * Defines the Record to Report (R2R) and recommends the roles and responsibilities for fiscal close processes flow * Offers the internal controls to use for the end-to-end fiscal close process * Describes approaches for risk management, R2R, and fiscal close benchmarking * Identifies KPIs for all aspects of the R2R process * Provides the mechanism for developing a financial close scorecard * Recommends leading practices for both external and internal reporting * Provides guidance on how strategic planning, the budget and forecast processes can be streamlined to enhance the fiscal close and internal reporting results Written by a respected expert on internal controls and the fiscal closing process, The Fast Close Toolkit is a valuable source of information for professionals involved in controllership and have responsibility for the fiscal close.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 432
• Erscheinungstermin: 18. Dezember 2019
• Englisch
• ISBN-13: 9781119554523
• Artikelnr.: 58582614

Autorenporträt

CHRISTINE H. DOXEY, CAPP, CCSA, CICA, CPC, is president of Doxey, Inc., a consultancy that has brought vast improvements to the finance departments of leading organizations worldwide. Doxey is on the Advisory Boards of The Exchange Summit and The Institute for Internal Controls. Previously, Christine was a financial executive at Hewlett Packard and Verizon Business. She has authored several books and speaks on a range of financial processes and internal controls best practices at global conferences.

Inhaltsangabe

Preface xiii

How This Toolkit is Organized xiv

Guide to Toolkit Organization xv

Table of Best Practices xvii

Table of Policies xviii

Table of Checklists xviii

Table of Process Narratives xviii

Table of Standards of Internal Control xix

Introduction 1

Improving the Fiscal Close 3

Best Practice 1: Consider the Use of a Single ERP System 4

Best Practice 2: Employ Cloud-Based Computing 5

Chapter 1: Why the Continued Focus on the Fiscal Closing Process? 7

An Overview of the Fiscal Close 9

Cycle Time to Monthly Close 10

Chapter 2: Key Pain Points and Bottlenecks 13

Chapter 3: The Components of the Fiscal Close 15

Cutoff Dates 16

Best Practice 3: Implement Cutoff Dates 16

Chapter 4: Governing the Fiscal Close Process 19

Best Practice 4: Implement a Fiscal Close Governance Process 20

Composition of GAAP 21

GAAP Hierarchy 22

Other Disclosure Standards 22

Chapter 5: The Transaction Accumulation, Reconciliation, and Sub-Ledger Close 27

Best Practice 5: Complete General Ledger Reconciliations 30

Accounting Bodies 31

Other Regulatory Requirements 31

Chapter 6: Introduction to the Standards of Internal Control 33

Best Practice 6: Implement an Internal Controls Program 34

Ensuring Success 36

Chapter 7: Roles and Responsibilities During the Fiscal Close 39

Tactical Responsibilities 40

Executive Responsibilities 43

Chapter 8: The General Ledger and Trial Balance 45

Chapter 9: The Common Chart of Accounts 47

Best Practice 7: Implement a Common Chart of Accounts 47

Sample Chart of Accounts 49

Chapter 10: Cost Centers 53

Best Practice 8: Define Business Rules for Establishing Cost Centers 54

Best Practice 9: Define Allocation Risks 55

Common Allocation Challenges 57

Best Practice 10: Implement an Indirect Cost Allocation Methodology 59

Chapter 11: The Journal Entry Process 63

Best Practice 11: Streamline Recurring Journal Entries 64

Chapter 12: Spreadsheet Controls 65

Best Practice 12: Address Spreadsheet Risks and Implement Controls 65

Balancing Risks with Controls 67

Chapter 13: Checklists for the Transaction Accumulation, Reconciliation, and Sub-Ledger Close 69

Checklist 1: Transaction Accumulation and Fiscal Close Checklist 69

Checklist 2: Fiscal Year-End Close Sample Schedule 72

Checklist 3: Accounts Payable Roles and Responsibilities Year-End Checklist 73

Checklist 4: Reconciliation Template 74

Chapter 14: Sample Policies for the Transaction Accumulation, Reconciliation, and Sub-Ledger Close 75

Policy 1: Account Reconciliation Policy 75

Policy 2: Accounts Payable Accruals 78

Policy 3: Spreadsheet Controls 81

Controls Standards 83

Best Practice Guidelines 84

Chapter 15: Process Narratives for the Transaction Accumulation, Reconciliation, and Sub-Ledger Close Process 87

Process Narrative 1: Journal Entry (JE) Process 87

Process Narrative 2: Management Approval of Journal Entries 88

Process Narrative 3: Other Current and Long-Term Assets 89

Process Narrative 4: Other Current and Long-Term Liabilities 92

Chapter 16: Standards of Internal Control for the Transaction, Accumulation, Reconciliation, and Sub-Ledger Close Process 97

Standards of Internal Control 1: Journal Entry (JE) Process 97

Standards of I