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.