{"product_id":"fast-close-isbn-9780470465011","title":"Fast Close","description":"\u003cb\u003ePraise for\u003c\/b\u003e \u003ci\u003e\u003cb\u003eFast Close: A Guide to Closing the Books Quickly\u003c\/b\u003e\u003c\/i\u003e  \u003cp\u003e\"Steve captures the essence of the problems affecting the financial close process within corporations of all sizes; from the period close of subledgers and general ledger through financial reporting, and the relationship and interdependencies of governance, people and technology. A must-read for the corporate controller.\"\u003cbr\u003e —David Taylor, ACMA, MBA, VP Strategy, Trintech Inc.\u003c\/p\u003e \u003cp\u003e\"\u003ci\u003eFast Close: A Guide to Closing the Books Quickly\u003c\/i\u003e, Second Edition is a must-read for today's busy controllers. Steven Bragg points out everything that can be done outside the close that you just never realized didn't actually have to be part of the month-end close process! Very commonsensical approach!\"\u003cbr\u003e —Kathleen Schneibel, mba, cpa, Controller\/CFO for Hire, KMAS Consulting LLC\u003c\/p\u003e \u003cp\u003e\"A well-executed 'fast close' can bring many valuable benefits to any company, from improving organizational performance to transforming accounting executives from financial historians to trusted advisors. In Fast Close, Second Edition, Steve systematically breaks down the steps required to achieve a fast close in both public and private companies, providing financial executives with tips, checklists, and a cost-effective road map to implement fast close procedures in virtually any company.\"\u003cbr\u003e —Matthew Posta, Esq., CPA, Vice President of Finance, Key Air, LLC\u003c\/p\u003e \u003cp\u003e\u003cb\u003eFROM THE FIRST EDITION\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"This is an outstanding book in which Steve reveals his secrets to a fast close. Having personally experienced his (one-day) fast close for years and enjoyed the beneficial impact on my company, I highly recommend this book for all financial officers who desire to have a large, favorable impact on their company.\"\u003cbr\u003e —Richard V. Souders, President and CEO, Kaba Workforce Solutions\u003c\/p\u003e \u003cp\u003ePreface xv\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Introduction 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDifferent Types of Fast Close 1\u003c\/p\u003e \u003cp\u003eBenefits of the Fast Close 2\u003c\/p\u003e \u003cp\u003eLegal Issues Impacting the Fast Close 3\u003c\/p\u003e \u003cp\u003eSteps to Achieve a Fast Close 4\u003c\/p\u003e \u003cp\u003eSummary 6\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Your Current Closing Process 7\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTraditional Closing Process: Basic 7\u003c\/p\u003e \u003cp\u003eAdditional Closing Tasks for the Multidivision Company 11\u003c\/p\u003e \u003cp\u003eAdditional Closing Tasks for the Multinational Company 12\u003c\/p\u003e \u003cp\u003eAdditional Closing Tasks for the Public Corporation 12\u003c\/p\u003e \u003cp\u003eProblems with the Closing Process 13\u003c\/p\u003e \u003cp\u003eSummary 17\u003c\/p\u003e \u003cp\u003eEndnote 17\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Conducting a Review of the Closing Process 19\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSteps in the Process Review 19\u003c\/p\u003e \u003cp\u003ePayables Process Review 22\u003c\/p\u003e \u003cp\u003eBilling Process Review 22\u003c\/p\u003e \u003cp\u003eInventory Process Review 24\u003c\/p\u003e \u003cp\u003eCash Process Review 26\u003c\/p\u003e \u003cp\u003eFinal Closing Process Review 26\u003c\/p\u003e \u003cp\u003eTotal Duration of the Closing Process 29\u003c\/p\u003e \u003cp\u003eSummary 29\u003c\/p\u003e \u003cp\u003eEndnote 29\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Alter the Timing of Closing Activities 31\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAltering the Closing Mindset 31\u003c\/p\u003e \u003cp\u003eReview and Correct Subledger Transactions Throughout the Month 32\u003c\/p\u003e \u003cp\u003eComplete the Bank Reconciliation Every Day 32\u003c\/p\u003e \u003cp\u003eReview Uncashed Checks 33\u003c\/p\u003e \u003cp\u003eUpdate the Inventory Obsolescence Reserve 33\u003c\/p\u003e \u003cp\u003eDetermine the Lower of Cost or Market 33\u003c\/p\u003e \u003cp\u003eCalculate Overhead Allocation Bases 33\u003c\/p\u003e \u003cp\u003eBill Recurring Invoices 34\u003c\/p\u003e \u003cp\u003eConduct a Preliminary Comparison of the Shipping Log to Invoices Issued 35\u003c\/p\u003e \u003cp\u003eReview Preliminary Rebillable Expenses 35\u003c\/p\u003e \u003cp\u003eUpdate the Bad Debt Reserve 35\u003c\/p\u003e \u003cp\u003eReview Preliminary Billable Hours 36\u003c\/p\u003e \u003cp\u003eAccrue Interest Expense 36\u003c\/p\u003e \u003cp\u003eDetermine Pension Plan Funding 36\u003c\/p\u003e \u003cp\u003eDetermine Flexible Spending Account Funding 37\u003c\/p\u003e \u003cp\u003eAccrue Unpaid Wages 37\u003c\/p\u003e \u003cp\u003eAccrue Unused Vacation Time 38\u003c\/p\u003e \u003cp\u003eAccrue Travel Expenses 38\u003c\/p\u003e \u003cp\u003eReconcile Asset and Liability Accounts 39\u003c\/p\u003e \u003cp\u003eCalculate Depreciation 39\u003c\/p\u003e \u003cp\u003eCompile Preliminary Commissions 40\u003c\/p\u003e \u003cp\u003eReview Financial Statements for Errors 40\u003c\/p\u003e \u003cp\u003eComplete Selected Financial Reports in Advance 41\u003c\/p\u003e \u003cp\u003eDeferred Closing Activities 42\u003c\/p\u003e \u003cp\u003eSummary 46\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Revise the Contents of the Financial Statements 47\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAlter the Mode of Report Delivery 47\u003c\/p\u003e \u003cp\u003eStandardize Reports 48\u003c\/p\u003e \u003cp\u003eEliminate Cost Reporting from the Reporting Package 49\u003c\/p\u003e \u003cp\u003eSeparate Metrics from the Financial Reporting Package 49\u003c\/p\u003e \u003cp\u003eSummary 50\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Optimize the Use of Journal Entries and Chart of Accounts 51\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEliminate Immaterial Journal Entries 51\u003c\/p\u003e \u003cp\u003eStandardize Journal Entries 52\u003c\/p\u003e \u003cp\u003eConvert to Recurring Journal Entries 53\u003c\/p\u003e \u003cp\u003eCentralize Use of Journal Entries 54\u003c\/p\u003e \u003cp\u003eUse Journal Entries to Accrue Expenses Delaying the Close 54\u003c\/p\u003e \u003cp\u003eAutomate Journal Entry Postings 55\u003c\/p\u003e \u003cp\u003eUse Accruals Only for External Reporting 55\u003c\/p\u003e \u003cp\u003eDefine Accounts 55\u003c\/p\u003e \u003cp\u003eStandardize the Chart of Accounts 56\u003c\/p\u003e \u003cp\u003eAutomate Eliminations of Intercompany Transactions 57\u003c\/p\u003e \u003cp\u003eSummary 57\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Standardization and Centralization 61\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eImpact of Standardization on the Closing Process 61\u003c\/p\u003e \u003cp\u003eImpact of Centralization on a Multilocation Accounting Department 63\u003c\/p\u003e \u003cp\u003eImpact of Centralization on a Single-Location Accounting Department 65\u003c\/p\u003e \u003cp\u003eIncorporating Standardization and Centralization into Acquisition Activities 66\u003c\/p\u003e \u003cp\u003eSummary 68\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Closing the Inventory Function 69\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCreate an Inventory Tracking System 69\u003c\/p\u003e \u003cp\u003eImplement Cycle Counting 73\u003c\/p\u003e \u003cp\u003eReduce the Amount of Inventory 77\u003c\/p\u003e \u003cp\u003eProperly Record the Lower of Cost or Market Rule 84\u003c\/p\u003e \u003cp\u003eReviewing Obsolete Inventory 85\u003c\/p\u003e \u003cp\u003ePreventing Obsolete Inventory 87\u003c\/p\u003e \u003cp\u003eSummary 89\u003c\/p\u003e \u003cp\u003eEndnotes 91\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Closing the Billing Function 93\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBill Recurring Invoices in the Preceding Month 93\u003c\/p\u003e \u003cp\u003eComputerize the Shipping Log 94\u003c\/p\u003e \u003cp\u003eEliminate Rebillable Expense Processing from the Core Closing Period 95\u003c\/p\u003e \u003cp\u003eEliminate Month-End Statements 96\u003c\/p\u003e \u003cp\u003ePrint Invoices Every Day 96\u003c\/p\u003e \u003cp\u003eTransmit Transactions via Electronic Data Interchange 97\u003c\/p\u003e \u003cp\u003eSummary 97\u003c\/p\u003e \u003cp\u003eEndnote 99\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Closing the Payroll Function 101\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAutomatically Calculate Commissions in the Computer System 101\u003c\/p\u003e \u003cp\u003eSimplify the Commission Structure 102\u003c\/p\u003e \u003cp\u003eInstall Incentive Compensation Management Software 103\u003c\/p\u003e \u003cp\u003ePost Commission Payments on the Company Intranet 103\u003c\/p\u003e \u003cp\u003eAvoid Adjusting Preliminary Commission Accrual Calculations 104\u003c\/p\u003e \u003cp\u003eUse a Bar-Coded Time Clock 105\u003c\/p\u003e \u003cp\u003eUse a Web-Based Timekeeping System 106\u003c\/p\u003e \u003cp\u003eAutomate Vacation Accruals 107\u003c\/p\u003e \u003cp\u003eMerge Sick Time into Vacation Time 108\u003c\/p\u003e \u003cp\u003eCap the Amount of Vacation Time to Be Carried Forward 108\u003c\/p\u003e \u003cp\u003eSummary 110\u003c\/p\u003e \u003cp\u003eEndnote 110\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Closing the Payables Function 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAutomate the Month-End Cutoff 111\u003c\/p\u003e \u003cp\u003ePay Based on Receiving Approval Only 112\u003c\/p\u003e \u003cp\u003eAutomate Three-Way Matching 114\u003c\/p\u003e \u003cp\u003eReduce Required Approvals 115\u003c\/p\u003e \u003cp\u003eUse Negative Assurance for Invoice Approvals 117\u003c\/p\u003e \u003cp\u003eUse Procurement Cards 117\u003c\/p\u003e \u003cp\u003eHave Suppliers Include Their Supplier Numbers on Invoices 122\u003c\/p\u003e \u003cp\u003eReceive Billings Through Electronic Data Interchange 123\u003c\/p\u003e \u003cp\u003eRequest That Suppliers Enter Invoices Through a Web Site 124\u003c\/p\u003e \u003cp\u003eAudit Expense Reports 125\u003c\/p\u003e \u003cp\u003eAutomate Expense Reporting 127\u003c\/p\u003e \u003cp\u003eLink Corporate Travel Policies to an Automated Expense Reporting System 128\u003c\/p\u003e \u003cp\u003eIssue a Standard Account Code List 129\u003c\/p\u003e \u003cp\u003eLink Supplier Requests to the Accounts Payable Database 130\u003c\/p\u003e \u003cp\u003eAutomate Payments for Repetitive Processing 131\u003c\/p\u003e \u003cp\u003eEliminate Manual Checks 132\u003c\/p\u003e \u003cp\u003eUse a Signature Stamp 133\u003c\/p\u003e \u003cp\u003eIgnore Supplier Invoices and Pay from Statements 134\u003c\/p\u003e \u003cp\u003eIssue Standard Adjustment Letters to Suppliers 135\u003c\/p\u003e \u003cp\u003eSummary 135\u003c\/p\u003e \u003cp\u003eEndnote 135\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Closing the Cash Processing Function 137\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAccess Bank Account Information on the Internet 137\u003c\/p\u003e \u003cp\u003eAvoid Delays in Check Posting 138\u003c\/p\u003e \u003cp\u003eCollect Receivables Through Lockboxes 138\u003c\/p\u003e \u003cp\u003eInstall a Lockbox Truncation System 140\u003c\/p\u003e \u003cp\u003eAccess Online Check Images from a Lockbox 141\u003c\/p\u003e \u003cp\u003eConsolidate Bank Accounts 141\u003c\/p\u003e \u003cp\u003eSummary 142\u003c\/p\u003e \u003cp\u003eEndnote 142\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 Impact of Automation on the Closing Process 143\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePrinciples of Fast Close Automation 143\u003c\/p\u003e \u003cp\u003eImplement Minor Programming Changes on an Ongoing Basis 144\u003c\/p\u003e \u003cp\u003eAutomate General Ledger Interfaces 145\u003c\/p\u003e \u003cp\u003eInstall a Web-Based Timekeeping System 145\u003c\/p\u003e \u003cp\u003eInstall a Workflow Management System 147\u003c\/p\u003e \u003cp\u003eInstall Consolidation Software 148\u003c\/p\u003e \u003cp\u003eInstall a data Warehouse 148\u003c\/p\u003e \u003cp\u003eInstall an Enterprise Resources Planning System 149\u003c\/p\u003e \u003cp\u003eSummary 151\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 Closing the Books of a Public Company 153\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 153\u003c\/p\u003e \u003cp\u003eConstructing the SEC Filing 153\u003c\/p\u003e \u003cp\u003eQuarterly Auditor Reviews and Audits 157\u003c\/p\u003e \u003cp\u003eQuarterly Legal Review 160\u003c\/p\u003e \u003cp\u003eOfficer Certification 160\u003c\/p\u003e \u003cp\u003eAudit Committee Approval 161\u003c\/p\u003e \u003cp\u003eEDGARizing 162\u003c\/p\u003e \u003cp\u003eSummary 162\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15 Controls for Financial Reporting 165\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 165\u003c\/p\u003e \u003cp\u003eControls for Financial Reporting 165\u003c\/p\u003e \u003cp\u003eSummary 176\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16 Ongoing Improvements in the Closing Process 177\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOngoing Improvement Process 177\u003c\/p\u003e \u003cp\u003eImprovement Measurements 179\u003c\/p\u003e \u003cp\u003eSummary 180\u003c\/p\u003e \u003cp\u003eAppendix A Comprehensive Closing Checklist 181\u003c\/p\u003e \u003cp\u003eAppendix B Fast Close Policies and Procedures 185\u003c\/p\u003e \u003cp\u003eAppendix C Soft Close Checklist 197\u003c\/p\u003e \u003cp\u003eAppendix D Year-End Close Checklist 201\u003c\/p\u003e \u003cp\u003eIndex 205\u003c\/p\u003e \u003cb\u003eSTEVEN M. BRAGG\u003c\/b\u003e, CPA, has been the chief financial officer or controller of four companies, as well as a consulting manager at Ernst \u0026amp; Young and auditor at Deloitte \u0026amp; Touche. He received a master's degree in finance from Bentley College, an MBA from Babson College, and a bachelor's degree in economics from the University of Maine. He has been the two-time president of the Colorado Mountain Club, is an avid alpine skier and mountain biker, and is a certified master diver. Mr. Bragg resides in Centennial, Colorado. He is also the author of \u003ci\u003eAccounting Best Practices\u003c\/i\u003e and \u003ci\u003eAccounting Policies and Procedures Manual\u003c\/i\u003e, both published by Wiley.  Closing the month-end books followed by the issuing of financial statements as fast as possible is one of the most common—and time-consuming—challenges controllers face. Depending on the company, the process can take anywhere from four days to as long as five weeks. Finally, help is here! Now fully revised and updated, \u003ci\u003eFast Close: A Guide to Closing the Books Quickly\u003c\/i\u003e, Second Edition shrinks the closing interval down to just one day.  \u003cp\u003eThe new edition of this hands-on guide presents the successful, field-tested principles of accounting guru Steven Bragg—using the same techniques he has personally used for years to issue financial statements for multidivisional companies.\u003c\/p\u003e \u003cp\u003eFilled with flowcharts and checklists to help professionals avoid delays and bring accounting department closing procedures up to date, \u003ci\u003eFast Close\u003c\/i\u003e, Second Edition straightforwardly illustrates how companies can close their financials quickly enough to issue statements within Sarbanes-Oxley's rigid time frame.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eThe new edition features new coverage of:\u003c\/b\u003e\u003c\/p\u003e \u003cul\u003e \u003cli\u003eClosing Controls and Closing for the Public Company, with a new chapter for each\u003c\/li\u003e \u003cli\u003e \u003cp\u003eHow to close faster, with checklists\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eCommon areas of delay and how to overcome them\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eFlowcharts for how to route closing tasks through the accounting department\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eHow to handle information roll-ups from subsidiaries\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eThose closing steps that can wait and those that need to be accelerated into the pre-closing period\u003c\/p\u003e \u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eOffering a compelling case for ending slavery to the month-long closing process, this invaluable resource shows accountants how to get it done efficiently, with authoritative discussion of shifting the timing of closing activities out of the core closing period; reducing the contents of the financial statements; standardizing the chart of accounts; centralizing accounting functions; streamlining the commission calculation process; and much more.\u003c\/p\u003e  \u003cb\u003ePraise for\u003c\/b\u003e \u003ci\u003e\u003cb\u003eFast Close: A Guide to Closing the Books Quickly\u003c\/b\u003e\u003c\/i\u003e  \u003cp\u003e\"Steve captures the essence of the problems affecting the financial close process within corporations of all sizes; from the period close of subledgers and general ledger through financial reporting, and the relationship and interdependencies of governance, people and technology. A must-read for the corporate controller.\"\u003cbr\u003e —David Taylor, ACMA, MBA, VP Strategy, Trintech Inc.\u003c\/p\u003e \u003cp\u003e\"\u003ci\u003eFast Close: A Guide to Closing the Books Quickly\u003c\/i\u003e, Second Edition is a must-read for today's busy controllers. Steven Bragg points out everything that can be done outside the close that you just never realized didn't actually have to be part of the month-end close process! Very commonsensical approach!\"\u003cbr\u003e —Kathleen Schneibel, mba, cpa, Controller\/CFO for Hire, KMAS Consulting LLC\u003c\/p\u003e \u003cp\u003e\"A well-executed 'fast close' can bring many valuable benefits to any company, from improving organizational performance to transforming accounting executives from financial historians to trusted advisors. In Fast Close, Second Edition, Steve systematically breaks down the steps required to achieve a fast close in both public and private companies, providing financial executives with tips, checklists, and a cost-effective road map to implement fast close procedures in virtually any company.\"\u003cbr\u003e —Matthew Posta, Esq., CPA, Vice President of Finance, Key Air, LLC\u003c\/p\u003e \u003cp\u003e\u003cb\u003eFROM THE FIRST EDITION\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"This is an outstanding book in which Steve reveals his secrets to a fast close. Having personally experienced his (one-day) fast close for years and enjoyed the beneficial impact on my company, I highly recommend this book for all financial officers who desire to have a large, favorable impact on their company.\"\u003cbr\u003e —Richard V. Souders, President and CEO, Kaba Workforce Solutions\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989198651621,"sku":"NP9780470465011","price":89.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470465011.jpg?v=1761783176","url":"https:\/\/k12savings.com\/products\/fast-close-isbn-9780470465011","provider":"K12savings","version":"1.0","type":"link"}