Fast Close: A Guide to Closing the Books Quickly
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,Fast Close: A Guide to Closing the Books Quickly, Second Edition shrinks the closing interval down to just one day.The 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.Filled with flowcharts and checklists to help professionals avoid delays and bring accounting department closing procedures up to date,Fast Close, Second Edition straightforwardly illustrates how companies can close their financials quickly enough to issue statements within Sarbanes-Oxley's rigid time frame.The new edition features new coverage of:Closing Controls and Closing for the Public Company, with a new chapter for eachHow to close faster, with checklistsCommon areas of delay and how to overcome themFlowcharts for how to route closing tasks through the accounting departmentHow to handle information roll-ups from subsidiariesThose closing steps that can wait and those that need to be accelerated into the pre-closing periodOffering 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.