The Lean Accounting Guidebook

14 Credits: Accounting


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The Lean Accounting Guidebook

Course Level
CPE Credits

14 Credits: Accounting

Course Description

There are massive differences between the efficiency and effectiveness of average accounting departments and those that operate at a world-class level. The key difference is having a lean focus on how the operation is constructed and operated. The Lean Accounting Guidebook reveals how to restructure the department to take advantage of lean principles and catapult it into the realm of world-class organizations. This course reveals how to streamline the accounting department with over 150 improvement tips for billing, collections, cost accounting, fixed assets, payables, payroll, and more. You’ll find answers to many questions about lean accounting in this comprehensive course, including the following:

  • Can a revised invoice layout improve the speed of collections?
  • What impact does a bank lockbox have on my cash controls?
  • How does a reduction in the number of suppliers impact accounts payable?
  • Can I completely automate the collection of timekeeping information?
  • Which actions should I take to compress the time needed to issue financial statements?
  • Which behavioral triggers by a customer should initiate a credit review?
  • What level should be used for smaller account write-offs?
  • What is the easiest way to locate obsolete inventory?
  • What types of variance reports should the accounting department issue?
  • How can adjusting the capitalization limit impact fixed asset record keeping?
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Learning Objectives

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

Chapter 1

  • Cite the tools used to create a lean accounting system.

Chapter 2

  • Identify the techniques used to reduce billing problems.

Chapter 3

  • Note the steps in the processing of cash receipts.

Chapter 4

  • Cite the techniques used to streamline the processing of payables.

Chapter 5

  • Note the methods available for creating a leaner payroll process flow.

Chapter 6

  • Recognize the revisions used to accelerate the closing process.

Chapter 7

  • Cite the types of protections available for mitigating credit losses.

Chapter 8

  • Recognize the tools used to manage the collections function.

Chapter 9

  • Note the methods used to increase inventory record accuracy.

Chapter 10

  • State the types of traditional cost accounting reports, and the situations in which these reports can be used or avoided.
  • Recognize the characteristics of lean production environments, pull systems, and bottleneck-focused systems.
  • Note the situations in which work-in-process tracking is not required.

Chapter 11

  • Cite the effects of interest capitalization and the capitalization limit on fixed asset recordation.

Chapter 12

  • State the effects of an acquisition on the general ledger.
  • Recognize the arguments favoring a reduction in the number of general ledger accounts.

Chapter 13

  • Recognize the methods used to streamline and verify the budget model.

Chapter 14

  • Note the techniques available for minimizing employee movement within the accounting department.
  • Recognize the available solutions for minimizing record misfilings and locating missing records.

Chapter 15

  • Identify the situations in which weak controls are acceptable.
  • Cite the situations in which separation of duties is needed.
  • Describe how the outlier analysis concept can be used.
  • Recognize how controls can fail in special situations, such as during acquisitions, employee turnover, and rapid growth.
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Course Specifics

Course ID
Revision Date
October 25, 2023

There are no prerequisites.

Advanced Preparation


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 Headshot

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 250 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 …

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