Accounting Best Practices

11 Credits: Accounting


Webcasts are available for viewing Monday – Saturday, 8am – 8pm ET.
Without FlexCast, you must start with enough time to finish. (1 Hr/Credit)

 Secure Transaction

Accounting Best Practices

Course Level
CPE Credits

11 Credits: Accounting

Course Description

The accounting department contains a broad array of processes, all of which can be
fine-tuned to improve their performance. In the Accounting Best Practices course, we cover hundreds of
best practices and tips that can reduce costs, increase transaction speeds, and eliminate errors. The topics
covered include billings, budgeting, cost accounting, payroll, and much more. This is an essential guide
for the practicing accountant.

Show More
Show Less

Learning Objectives

Upon successful completion of this course, participants will be able to:

  • Identify the benefits of using best practices.
  • Specify how to improve upon a best practice.
  • Describe the dangers of using best practices too much.
  • Identify the quality considerations associated with credit activities.
  • Specify how customers should be informed about a firm’s credit policy.
  • Identify the red flags indicating customer financial trouble.
  • Recall when a customized credit scoring system is most useful.
  • Specify the indicators of creditworthiness.
  • Describe how a check verification service works.
  • Specify how to enhance billing quality.
  • Specify how to avoid missed billings.
  • Recall how an electronic data interchange system works.
  • Recall how collector productivity can be improved.
  • Specify how a collections-sales working group can be used.
  • Identify the impact of stratifying invoices for collection purposes.
  • Recall the features of collection management software.
  • Recall the different types of collection policies and procedures.
  • Specify how cash application should be positioned within a business.
  • Identify when remote deposit capture should be used.
  • Recall when fewer bank accounts should be used, and the effects of doing so.
  • Specify the quality issues pertaining to accounts payable.
  • Identify how procurement cards should be used.
  • Recall how a supplier portal is used.
  • Specify how an automated payables matching system works.
  • Identify the advantages and disadvantages of an automated expense report submission system.
  • Recall the benefits of operating a payment factory.
  • Specify the different types of timekeeping solutions and when they should be used.
  • Identify how direct deposit functions.
  • Recall the different types of functions that can be added to a payroll system.
  • Specify how work is split with a payroll supplier when this function is outsourced.
  • Identify the organizational concerns associated with commission calculations.
  • Recall how the value of ending inventory can be made more accurate.
  • Specify how cycle counting works, and its impact on inventory record accuracy.
  • Identify why high-leverage allocations should be terminated.
  • State which variances should be reported to management, and which ones should not.
  • Recall why alphanumeric accounts should be used in the general ledger.
  • Specify the process used to consolidate financial statements.
  • Identify the spots in which budgets tend to contain calculation errors.
  • Recall the nature of block budgeting and line item budgeting.
  • Specify when a rolling forecast should be used, and what it should contain.
  • Identify the problems with a soft close.
  • Recall which closing activities should be conducted before month-end.
  • Specify how a workflow management system can improve the closing process.
  • Identify how the accounting organization can be optimized to improve the closing process.
  • Recall the filing solutions that can enhance file storage within the accounting department.
  • Specify the options for improving the layout of the accounting department.
Show More
Show Less

Course Specifics

Course ID
Revision Date
February 5, 2024

There are no prerequisites.

Advanced Preparation


Number of Pages

Compliance Information

NASBA Provider Number: 103220

CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

Meet The Experts

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 300 business books and courses. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and …