Just-In-Time Accounting: How to Decrease Costs and Increase Efficiency

This book is the best in the market so far for accounting process improvements. The author did a great job in outlining the traditional and revised accounting procedures. Lots of opportunities available to streamline the work process and enhance the information flow. There are lots of useful flowcharts and tables that you can apply to your company right away.

I wish this book existed during the turbulent 80's and early 90's. Outmoded accounting system's, corporate reorganizations, high employee turnover, pressure to do more, faster with fewer resources. As a Controller, most of my biggest headaches involved the amount of time required to close the books. The original closing schedule was 10 days into the new period. Then it was 8 days. Then 5, then 4 days.I can't even guess at the time I could have saved had I known the techniques the author demonstrates in Just-In-Time Accounting. This is not your usual accounting tome, based on statistics and theory. This is real stuff. Built out of scar tissue, experience and real world solutions. They are not necessarily easy solutions but lasting solutions worth the effort to implement.The content deals with streamlining some basic areas:Cash - How to speed up the process but still keep control. Some very interesting ideas about corporate credit cards, using your bank and lock boxes to save time and money. Sales & Accounts Receivable - Some good ideas about redundant approvals, and minimizing paper.Inventory - With hundreds of physical inventories under my belt I can vouch for the absolutely necessity of doing what the author recommends. This area was one of my great bugaboo's. Nothing affects the balance sheet like an inventory error. This involves bills of material, suppliers, production records, and computer system's. This is a whole world in itself but the problem(s) and solutions are concisely described here. Get your inventory under control and the rest is cake.Accounts Payable - Good stuff that took me a long time to discover on my own.Cost Accounting - Mostly about why you need it and how it allows you to spot P & L problems before the month ends. This is one of the critical areas to review since it is necessary for faster closes. Get the major variances identified early in the month instead of wasting time digging it up 4 or 5 weeks after the events occurred. One comment I have is the need for weekly staff meetings to review what happened last week, how will it affect this week and what is being done about it. These meeting will point out problem areas for the controller to preempt delusional variance explanations after monthend.Payroll - Many good ideas that work. I have used the barcode system's.The Budget - You probably know about these already but there are some time-saving techniques to minimize constant re-casting and interations.EDI - I'm not too familiar with this.The Quick Close - It can be done. This tells you how and I can vouch for the soundness of the concept. I actually set a corporate-wide benchmark of 1-1/2 days using these techniques. In my view that is the real payoff since it is the realization and payoff of all the other hard work. Gives you more time to do yet another iteration of the budget.Some of the examples apply to huge corporations but most of the principles are universal. I really can't find fault in this book. It tells the

I wish this book existed during the turbulent 80's and early 90's. Outmoded accounting system's, corporate reorganizations, high employee turnover, pressure to do more, faster with fewer resources. As a Controller, most of my biggest headaches involved the amount of time required to close the books. The original closing schedule was 10 days into the new period. Then it was 8 days. Then 5, then 4 days.I can't even guess at the time I could have saved had I known the techniques the author demonstrates in Just-In-Time Accounting. This is not your usual accounting tome, based on statistics and theory. This is real stuff. Built out of scar tissue, experience and real world solutions. They are not necessarily easy solutions but lasting solutions worth the effort to implement.The content deals with streamlining some basic areas:Cash - How to speed up the process but still keep control. Some very interesting ideas about corporate credit cards, using your bank and lock boxes to save time and money. Sales & Accounts Receivable - Some good ideas about redundant approvals, and minimizing paper.Inventory - With hundreds of physical inventories under my belt I can vouch for the absolutely necessity of doing what the author recommends. This area was one of my great bugaboo's. Nothing affects the balance sheet like an inventory error. This involves bills of material, suppliers, production records, and computer system's. This is a whole world in itself but the problem(s) and solutions are concisely described here. Get your inventory under control and the rest is cake.Accounts Payable - Good stuff that took me a long time to discover on my own.Cost Accounting - Mostly about why you need it and how it allows you to spot P & L problems before the month ends. This is one of the critical areas to review since it is necessary for faster closes. Get the major variances identified early in the month instead of wasting time digging it up 4 or 5 weeks after the events occurred. One comment I have is the need for weekly staff meetings to review what happened last week, how will it affect this week and what is being done about it. These meeting will point out problem areas for the controller to preempt delusional variance explanations after monthend.Payroll - Many good ideas that work. I have used the barcode system's.The Budget - You probably know about these already but there are some time-saving techniques to minimize constant re-casting and interations.EDI - I'm not too familiar with this.The Quick Close - It can be done. This tells you how and I can vouch for the soundness of the concept. I actually set a corporate-wide benchmark of 1-1/2 days using these techniques. In my view that is the real payoff since it is the realization and payoff of all the other hard work. Gives you more time to do yet another iteration of the budget.Some of the examples apply to huge corporations but most of the principles are universal. I really

A great reference on aspects of operational accounting -- easy to read and use format.