By Steven M. Bragg
Compliment for Accounting most sensible Practices 6th Edition"For a accomplished, but easy-to-read consultant to solving these all-too-common shortcomings on your accounting division, glance no additional than this wonderful booklet. Steve Bragg presents enormous quantities of fixes, lots of them requiring unusually little time or expense whereas delivering a convenient consultant to universal implementation pitfalls . . . i might suggest this helpful booklet to somebody who's trying to improve their current strategies, no matter if as a result of development of their company, compliance with Sarbanes-Oxley, or simply as a part of their ongoing development process."—Martyn Webster, CPA, Director of FinanceXenoPort, Inc."This booklet is necessary to operating a good and exact accounting division. using RFID expertise to trace files is one of the precious instruments during this newest version. A required learn for the tough accounting manager's role."—Jason Charet, CPA"I've used Steve Bragg's Accounting top Practices books for years as a resource of rules for development. just like the prior versions, the 5th variation has a couple of new, actionable top practices in addition to refinements of these rules mentioned in earlier variants. The books are vast adequate of their standpoint in order that approximately any association might locate principles that can pay again the price of the booklet time and again over."—John Temmerman, Controller, Evangelical Lutheran Church in America"What a good source! i've been within the accounting box for over 20 years, and that i used to be nonetheless capable of achieve perception into enhancing tactics inside my workplace. thank you for placing all of it in a single book!"—Tina M. Thomas, CPA, CTP, Controller, Goodman & corporation, LLP
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Another advantage to using digitization is that it avoids having to take out and replace files. Whenever someone removes a file and later returns it, there is a risk that the file will be misplaced. Every time a file is misplaced, it will be time-consuming to find it again. By accessing documents through a computer network, there is no need to take out or replace the document—it is always sitting in the same storage location in the computer, and cannot be lost. Yet another advantage is that multiple users can access the same file at the same time.
The process is labor-intensive—partially because there is such a large amount of matching to do, but also because the three documents almost never match. Either the purchase order quantities or prices do not match what the supplier is charging or else the amount received does not match the quantities on the other two documents. Because of these inaccuracies, the amount of labor required to issue a payment can be extraordinarily high. The best practices in this chapter fall into a few main categories, most of them designed to reduce the matching work.
For example, a document can be indexed by its purchase order number, date, or supplier number. A combination of several indexes is the best approach, since one can still recall a document, even if one does not remember the first index number. The document images are usually stored on an optical disk since it can hold enormous amounts of storage space (and digitized documents take up a lot of computer 3–11 Digitize Accounts Payable Documents 37 storage space). There will probably be many optical disks to provide a sufficient amount of storage, so the disks are usually stored in a “jukebox,” which gives the user access to all the data on all the storage disks.
Accounting Best Practices, Sixth edition by Steven M. Bragg