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Successfully Complying with Lease Accounting Standard ASC 842

Introduction One important area from Record-to-Report that is often overlooked during the consolidation of core functions is that of Lease Accounting, which became more complex with the release of ASC 842 which went into effect at the end of 2018.  … Continue reading

Posted in General Accounting

Intercompany Accounting – Where it Reports and Biggest Challenges

Introduction Even with a decade or more of experience, performing Intercompany Accounting from within a Shared Services structure that includes a global scope (although often delivered through regional centers), the one process that is fully self-contained, Intercompany, continues to be … Continue reading

Posted in General Accounting

Simplifying the Intercompany Accounting Function through Automation and Process Design

Introduction Intercompany Accounting – the recording and reconciliation of accounts payable and accounts receivable activities that take place between separate legal entities of the same company – is often ripe for simplification and improvement.  Puzzling in a way, since unlike … Continue reading

Posted in General Accounting

Streamlining the Accounting Close Process

Introduction With so many different approaches companies can take to streamline the Accounting Close process, it can be difficult to determine where to best focus project resources.  This research abstract highlights a company that recently shared details about their Accounting … Continue reading

Posted in General Accounting

Consolidating the Account Reconciliation Process

Introduction For companies with operations in many locations domestically and around the globe, the number of accounting transactions to record every minute detail of business activity can be daunting, as can the process of reconciling those transactions for completeness and … Continue reading

Posted in General Accounting

Implementing Blackline’s Account Reconciliation Solution

Introduction BlackLine Account Reconciliations is one of the most popular solutions utilized by major corporations across the world that automates and standardizes the general ledger reconciliation process.  Some of the benefits of this type of solution include automated review and … Continue reading

Posted in General Accounting

Dramatically Improving the Manual Journal Entry Process

Introduction While there are many benefits to implementing integrated software systems and bolt-on technologies, significant performance improvements are often possible from a direct inspection and redesign of underlying work processes.  While it’s never a good idea to automate a bad … Continue reading

Posted in General Accounting

Implementing an Effective Risk Ranking Process for Balance Sheet Reconciliations

Introduction Being able to effectively evaluate the reconciliation frequency for balance sheet accounts can involve the review of a variety of factors, both quantitative and qualitative.  While the ultimate objective of balancing effective controls with process efficiency is the same … Continue reading

Posted in General Accounting

Account Reconciliation Standards and Quality Control Reviews

Introduction Applying advanced technology solutions to overly complicated and non-standard processes makes implementation more difficult, reduces the benefit, and complicates process improvement efforts by requiring modifications that require carefully coordinated changes in procedures and technology.  While there is almost always … Continue reading

Posted in General Accounting

Utilizing Lean Six Sigma to Optimize Record-to-Report

Introduction Lean Six Sigma (LSS) is a methodology utilizing a set of strategies & data-driven tools to improve processes in terms of cost, quality & time. Lean is a systematic method for the elimination of waste, while Six Sigma is … Continue reading

Posted in General Accounting