Average Reviews:
(More customer reviews)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 controller, in the real world, how to get your system(s) sorted out. I have seen many "instant pudding" or fad of the month cause real damage if it didn't really work. There is no downside to these techniques. This is motherhood and apple pie. You can't go wrong trying.
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Praise for Just-in-Time Accounting
How to Decrease Costs and Increase Efficiency
Third Edition
"Most books on business accounting focus only on the accounting process?and never address the operational issues that impact it. Steve Bragg has delivered the rest of the story-the valuable insight and detailed information accountants need to help?them not only properly account for business activities, but to streamline and improve the overall process. Whether the practitioner is just starting up or is working with a well-established business, the information in this book offers real benefits to both."-Joanie C. Mann, Executive Vice President, InsynQ e-Accounting; Business Development Consultant, The Sleeter Group
"Mr. Bragg delivers another essential reference for every CFO's bookshelf. Just-in-Time Accounting is full of specific guidance you can use right now to save money, improve processes, and make you more effective."-Luella Schmidt, President, Fine Point Consulting LLC
"Just-in-Time Accounting is the 'go-to' accounting department transaction and streamlining reference. Process improvement begins here."-Geoffrey Garland, Controller, Staco Systems
"Just-in-Time Accounting is an incredible toolkit for streamlining and simplifying the accounting process. Practical but intelligent approaches to the whole accounting cycle make this book so effective and unique that it is a must-read for accounting clerk and CFO alike, regardless of the company and accounting department size or the industry you are in. -Shan Staka, MBA, Controller, PGP International
"One of the critical goals for the CFO is to develop a Lean Finance Factory that is efficient, on time, reliable, and accurate. Steve Bragg's Just-in-Time Accounting does exactly that and more. It not only teaches how to set up a system that delivers, but also teaches how to optimize it and, as such, is a great resource for both new and established CFOs. In today's world of information and data overload, this book is invaluable in teaching how to focus on the urgent and important."-Arif Iqball, Executive Director and Board Member, Avon Products Co. Ltd., Japan
"The underlying theme of the book is working in a consistent and efficient manner. Topics discussed and suggestions presented often have a 'lean' feel to them. These methodologies and practices lead to higher efficiency, the elimination of waste, and an increase in quality. The examples on Value-Added Analysis are prime examples of 'lean' thinking. In a time when global competition requires faster response times and lower prices, having an accounting system in place to accurately and effectively support business operations is extremely important. Operational efficiencies lead to lower operating costs and higher operating margins, and Just-in-Time Accounting helps identify many potential candidates for increasing efficiency."-Chip Nickolett, MBA, PMP, Director, Consulting Services-Americas, Ingres Corporation;former president, Comprehensive Solutions (U.S. and UK)
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