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1、Best Practice Financial Processes: General Ledger,General Ledger - Best Practice Objectives,General Ledger Objectives,Organisation,People,Processes,Controls,Measures,Information Systems,To be the primary source of financial information To ensure the integrity of financial management information To a
2、pply period end (e.g. monthly) disciplines and routines to produce periodic financial and management accounts To support the preparation of statutory accounts and comply with fiscal reporting requirements (e.g. VAT),Centralised processing Economies of scale,Maintain cost codes Maintain standing data
3、 Record & validate financial data Carry out period end ? and reporting Prepare cashflow reports Prepare status report and tax report Answer queries,Procedures manual Calendar timetable Quality of data Monthly routines,Days to produce accounts Manual Journal entries per period. (i.e. not system - aut
4、omated) JVs per head,Single source Integrated with other ledgers Data accurate and timely,Control awareness Legal framework awareness Provision of quality information to business,General Ledger - Best Practice Features,Establish and maintain standing data,Establish and apply accounting controls,Appl
5、y and allocation rules,Produce periodic financial reporting and information,Produce statutory accounts,Process Features,Common chart of accounts Minimal number of accounts to meet information needs Regulated control of new account creation Periodic check of inactive accounts,All users of financial s
6、ystems fully trained in standards and controls Clearly defined procedures cover reconciliation of control accounts Standard journal and authorised input forms are used Clear month end cut off process Electronic approval of journals Clear authority levels,Management accounting information is sourced
7、from GL (no reconciliation to financial accounts required) Level of detail is driven by business requirements Allocation rules are based on agreed rates or service level agreements Consistent use of account codes across business allowing comparison of costs,Rigorous period end and year end routines
8、to ensure accuracy of data Detailed procedures applied to reconciliations, accruals and prepayments Period and financial reports produced within 5 working days of period end Flash results within 1 day Cyclical reconciliation of balance sheet accounts Balance sheet accounts allocated to GL staff Soft
9、 close for non quarter months,Regular liaison with auditors to minimise ad hoc trail and reporting requirements for statutory reports Corporation disallowable and allowable tax data controlled through use of chart of accounts Period end timetable communicated to all relevant staff,General Ledger - B
10、est Practice Features,Establish and maintain standing data,Establish and apply accounting controls,Apply and allocation rules,Produce periodic financial reporting and information,Produce statutory accounts,System Features,Integrated system eliminates duplication of maintenance Local variation to com
11、mon core chart of accounts Comprehensive security and access controls Efficient copy and editing facilities Extra segment (s) provided for future expansion of requirements (fundamental change to business),System allows control prior period posting Variable journal input types such as standard, rever
12、sal, recurring System controlled month end procedures and processes On line training and help facilities,System provides control over combination of accounts and cost centres Controls applied for use of balance sheet and profit and loss accounts Real time allocation to cost centres Automatic reconci
13、liation of management and financial accounts,Automatic period end reports produced Comprehensive report writer facilities to provide user defined reports One line reporting of information and drill down On line graphical display or links to EIS system Screenbased exception reporting,System allows pr
14、ior year postings and automatic balances carried forward System is sole source of consolidated statutory reporting requirements and holds non financial data Drill down facilities provides full audit trail on financial data Additional period used solely for year end accounts Multi-currency, multi-cou
15、ntry consolidation,General Ledger - Measures/Cost Drivers,Number of reporting periods Number of manual interfaces Number of accounts and cost centres Complexity of costing and reporting structure Approval process for journals Mechanism to calculate accruals and prepayments,Median,8 days,90 percentil
16、e,16 days,90 percentile,Median,10 percentile,Number of journal entries per FTE,486,000,66,600,3,200 or less,General Ledger cost per Business Unit FTE (in s),10 percentile,Median,90 percentile,32,157,574,10 percentile,3 days,Days to produce monthly management accounts,Cost drivers,Source: Statistics taken from Benchmarking database: 21 January 1997,
