... 779777 Fax: (44) 1243 770638 cs-books@wiley.co.uk Jacaranda Wiley Ltd PRT Division P.O Box 174 North Ryde, NSW 2113 AUSTRALIA Phone: (02) 805 -110 0 Fax: (02) 805 -159 7 headoffice@jacwiley.com.au John ... use of direct deposit, because unbanked employees could not take advantage of electronic payments; instead, only by also implementing paycards for the unbanked employees could the company switch ... should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, 201-748-6 011, fax 201-7486008, or online at www.wiley.com/go/permissions Limit of...
... over them while they sign the checks, or else meekly leave piles of checks on their desks and hope to receive the completed checks back within not too many weeks Either approach is unacceptable, ... check-signing meetings, preferably immediately after scheduled check runs By doing so, managers will have already blocked out time for this work and will feel less compelled to drop other work ... all checks it issues each day and forwards the file to its bank The bank then compares the check information in this file to checks being presented for payment and refuses to accept any checks containing...
... the inflation rate, average pay raise, ch05_4773.qxd 12/29/06 8:59 AM Page 111 5–9 Include a Working Capital Analysis 111 average employee benefit percentage, seasonality percentage for revenues, ... once again, since they know in advance that there is no conceivable way they can meet their assigned tasks Setting attainable targets is key to making this best practice work correctly When implementing ... time someone makes a change to the estimated revenue level Revenue is far and away the most commonly tweaked number in a ch05_4773.qxd 12/29/06 8:59 AM Page 115 5–14 Incorporate Risk Analysis into...
... the funds more quickly by walking them to the nearest bank branch to deposit immediately Otherwise, all checks should be routed through the lockbox Consequently, one or more lockboxes can be a highly ... checks All these steps are needed if checks are received and processed directly by a company The answer is to have the bank receive the checks instead To so, a company’s bank sets up a lockbox, ... large check on the main bank account, this problem can be resolved by mandating a maximum amount for each check, above which the bank will not honor the check By limiting the amount per check and...
... Eliminate the Tracking of Work-in-Process Inventory One of the most complex and error-ridden tasks for the cost accountant is the tracking and accumulation of costs for work-in-process (WIP) ... he or she should have known about the problem The solution is adopting and sticking to a schedule of regular obsolete-inventory reviews This is an unpopular task with many employees because they ... obsolete inventory fall through the cracks and remain in both the warehouse and the inventory database The accounting staff should keep track of all acknowledged obsolete inventory and continue...
... more likely that they will want to take out loans against their invested funds, each of which calls for more paperwork Cost: Installation time: 1115GrantEmployeesImmediate 401( k) Eligibility ... ch11_4773.qxd 12/29/06 9:22 AM Page 255 11 16 GrantEmployeesImmediate 401( k) Eligibility 255 11 13 Use Internet-Based Options Pricing Services ... Some of the better-known members of CLS Bank are Bank of America, CitiBank, Goldman Sachs, JPMorgan Chase, Mellon Bank, Morgan Stanley, and State Street Bank and Trust Other banks can submit their...
... 15 7 Avoid overauditing of internal audits 15 8 Complete all internal audit work papers in the field 15 9 Create a control standards manual 15 10 Create an on-line internal audit library 1511 ... practices database 15 12 Outsource the internal audit function 15 13 Schedule a portion of internal audits on a just-in-time basis 15 14 Schedule internal audits based on risk 1515 Use workflow software ... recommended changes involve the use of workflow software to centralize paperwork-related issues, shifting some tasks to business unit employees, and creating an auditor skills matrix This chapter begins...
... is not possible, cross-docking may be an alternative Under this approach, items arrive at the receiving dock and are immediately shifted across to a shipping dock for immediate delivery By doing ... dock to another There is no quality review, putaway, or picking transaction at all Because of these missing transactions, the use of warehouse staff is kept to a minimum To make cross-docking ... clocks 17–10 Track time with mobile phones 17 11 Use honor system to track vacation and sick time Payments to Employees 17–12 Issue electronic W-2 forms to employees 17–13 Outsource W-2 form creation...
... the inflation rate, average pay raise, ch05_4773.qxd 12/29/06 8:59 AM Page 111 5–9 Include a Working Capital Analysis 111 average employee benefit percentage, seasonality percentage for revenues, ... once again, since they know in advance that there is no conceivable way they can meet their assigned tasks Setting attainable targets is key to making this best practice work correctly When implementing ... time someone makes a change to the estimated revenue level Revenue is far and away the most commonly tweaked number in a ch05_4773.qxd 12/29/06 8:59 AM Page 115 5–14 Incorporate Risk Analysis into...
... the funds more quickly by walking them to the nearest bank branch to deposit immediately Otherwise, all checks should be routed through the lockbox Consequently, one or more lockboxes can be a highly ... checks All these steps are needed if checks are received and processed directly by a company The answer is to have the bank receive the checks instead To so, a company’s bank sets up a lockbox, ... large check on the main bank account, this problem can be resolved by mandating a maximum amount for each check, above which the bank will not honor the check By limiting the amount per check and...
... the account for up to a month • Review lockbox on-line If the bank handling your lockbox posts check images on-line, then treat it just like a daily bank account review—don’t wait a couple of extra ... sent to a lockbox, which is a mailbox that is maintained by a company’s bank The bank opens all incoming envelopes, cashes all checks contained therein, and forwards copies of the checks to a single ... if it is authorized to grant a guarantee—if not, the guarantee is unenforceable If the guarantee is granted, be sure to store it in a locked file for safekeeping, and make note of the guarantee...
... An example is Imaginatik’s Idea Central, which can be accessed at the Imaginatik Web site at www.imaginatik.com Cost: Installation time: 13 15 Scan Fingerprints at User Workstations Security is ... reporting 13 11 Track function measurements 13–12 Use Balanced Scorecard reporting Systems 13–13 Create a contract terms database 13–14 Install a knowledge management system 13 15 Scan fingerprints ... issue it quickly with procedures that cover the bulk of accounting activities and address the remaining procedures at a later date This approach gets the key information to those employees who...
... problems may lurk A simple way to revise this scheduling process is to base all audits on the concept of risk to the company To schedule based on risk, a company must devise a ranking for risk levels, ... could place the com- ch15_4773.qxd 12/29/06 9:30 AM Page 363 1515 Use Workflow Software for Internal Audits 363 pany in grave financial danger, while lower levels of risk can be assigned a lesser ... managers that their requested audits will not occur quite so quickly as they would like Cost: Installation time: 1515 Use Workflow Software for Internal Audits Larger companies with many internal...
... is not possible, cross-docking may be an alternative Under this approach, items arrive at the receiving dock and are immediately shifted across to a shipping dock for immediate delivery By doing ... dock to another There is no quality review, putaway, or picking transaction at all Because of these missing transactions, the use of warehouse staff is kept to a minimum To make cross-docking ... clocks 17–10 Track time with mobile phones 17 11 Use honor system to track vacation and sick time Payments to Employees 17–12 Issue electronic W-2 forms to employees 17–13 Outsource W-2 form creation...
... the funds more quickly by walking them to the nearest bank branch to deposit immediately Otherwise, all checks should be routed through the lockbox Consequently, one or more lockboxes can be a highly ... checks All these steps are needed if checks are received and processed directly by a company The answer is to have the bank receive the checks instead To so, a company’s bank sets up a lockbox, ... large check on the main bank account, this problem can be resolved by mandating a maximum amount for each check, above which the bank will not honor the check By limiting the amount per check and...
... Eliminate the Tracking of Work-in-Process Inventory One of the most complex and error-ridden tasks for the cost accountant is the tracking and accumulation of costs for work-in-process (WIP) ... he or she should have known about the problem The solution is adopting and sticking to a schedule of regular obsolete-inventory reviews This is an unpopular task with many employees because they ... obsolete inventory fall through the cracks and remain in both the warehouse and the inventory database The accounting staff should keep track of all acknowledged obsolete inventory and continue...
... more likely that they will want to take out loans against their invested funds, each of which calls for more paperwork Cost: Installation time: 1115GrantEmployeesImmediate 401( k) Eligibility ... ch11_4773.qxd 12/29/06 9:22 AM Page 255 11 16 GrantEmployeesImmediate 401( k) Eligibility 255 11 13 Use Internet-Based Options Pricing Services ... Some of the better-known members of CLS Bank are Bank of America, CitiBank, Goldman Sachs, JPMorgan Chase, Mellon Bank, Morgan Stanley, and State Street Bank and Trust Other banks can submit their...