| Description |
1 online resource (435 pages) |
| Series |
Wiley corporate F&A |
| Contents |
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 |
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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 |
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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) |
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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 |
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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 |
| Summary |
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 |
| Notes |
Risk 2: Lack of Guidelines for Spreadsheet Preparation |
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Print version record |
| Subject |
Business.
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business (commercial function)
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BUSINESS & ECONOMICS -- Accounting -- Managerial.
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Business
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| Form |
Electronic book
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| ISBN |
9781119554523 |
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1119554527 |
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9781119554448 |
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1119554446 |
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