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Closing Cycle Best Practices

Closing Cycle Best Practices [Content adapted from the 2013 AICPA course, Redefining the Close Process, chapter 6. AICPA, 2013-14]] 2014. AICPA. All Rights Reserved Table of Contents Introduction Readiness to Transition to the Soft Close Best Practices When Transitioning to a Soft Close Best Practices in the Closing and Reporting Cycle Introduction Is the hard monthly close really necessary? The monthly close creates incredible costs in time and resources for most companies. At least one week is devoted to aggregating the numbers, one week to analyzing the results, one week to distributing the reports, and then it is time to prepare for the next month s close. A soft close allows an organization to tailor the numbers reported on a monthly basis to its key performance indicators. The soft close eliminates (or uses estimates for) a host of accrual, allocation, reconciliation, contingency, and reserve accounting entries.

• Train the warehouse and accounting staffs in inventory procedures Many of the best practices in this area are designed to keep inventory accuracy within reasonable limits, such as auditing inventory transactions or cycle counting. For those organizations with extremely expensive materials, daily comparisons of on-hand

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