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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

Developing General Accounting Personnel Toward a Higher-Contribution, Value-Added Role

Introduction General Accounting (GA) can be a great entry point and stepping stone into any number of roles within Finance and the company as a whole.  The challenge for companies is ensuring that the proper experience, training, and mentoring occurs … Continue reading

Posted in General Accounting

Consolidating the Fixed Asset Process into Shared Services

Introduction For manufacturing companies with large production facilities, many with more than $100 million USD in active asset valuation, making the decision for how to best complete the work steps in the end-to-end Fixed Asset property process becomes complicated.  While … Continue reading

Posted in General Accounting

Robotic Process Automation (RPA) for the Month-End Close

Introduction The impact of Robotic Process Automation (RPA) tools on Shared Services is rapidly increasing across many labor-intensive work processes where repetitive steps are required to access multiple systems to collect information by following defined and repeatable work steps to … Continue reading

Posted in General Accounting, Intelligent Automation

Key Practices Related to the Tagging of Fixed Assets

When dealing with fixed assets, the two keys to ensuring proper internal controls in this area are having an accurate fixed asset master file and being able to determine the location of the asset itself.  To accomplish this verification and … Continue reading

Posted in General Accounting

Intercompany Software for Global Recharges and Balancing

For companies with operations around the world, using a structure that includes a large number of legal entities, the process for properly booking transactions for activities that occur between entities can be a daunting task.  Having one Shared Services organization … Continue reading

Posted in General Accounting

Increasing the Scope of Shared Services Record-to-Report Processes

Record-to-Report (R2R) can cover a wide range of internally-focused accounting processes connected with the recording of transactions to comply with financial, legal and tax requirements, with outputs including performance reporting, plus management, legal, tax, and treasury reporting.  Unlike other common … Continue reading

Posted in General Accounting

Effectively Utilizing Materiality Thresholds in Intercompany Accounting

For a large number of companies, Intercompany Accounting processes have improved dramatically over the past decade, with the introduction of large-scale accounting systems capable of booking all sides of a transaction for business units with the same legal entity, in … Continue reading

Posted in General Accounting

Improving the Management of the SOX Compliance Process

While it has been well over a decade since the Sarbanes-Oxley Act of 2002 was put into law, the ability of companies to ensure their compliance in an efficient and effective manner can still be a challenge.  As is the … Continue reading

Posted in General Accounting

Making the Case to Increase Fixed Asset Capitalization Levels

How your company sets capitalization thresholds for fixed assets has a significant impact on how large your Fixed Asset department needs to be.  When you consider the volume of purchases, typically as the dollar amount increases the number of transactions … Continue reading

Posted in General Accounting