If you don't have time to do it right, when are you going to have time to do it over?
Consistent performance increases the reliability of operating transactions. Accounting operations are considered effective when they get the job done. Efficient procedures accomplish the objectives in an accurate and timely fashion using minimal resources. Best practices eliminate duplicated efforts, streamline processes, increase productivity and employ a variety of means to achieve consistent, efficient and effective processes.
Written departmental procedures document business processes, personnel responsibilities, and departmental operations. They promote uniformity in executing and recording transactions and serve as training tools for employees. When used effectively, they help to reduce processing errors, inconsistent practices among employees, inaccuracies and unreliable financial information.
While accuracy is important, timeliness is another key requirement to achieve efficiency. Employees should analyze their work flows and identify ways to work smarter and save time. Timely processing in the department helps the accounts payable and accounting services departments to work more efficiently.
The system of checks and balances that assists the complete and accurate recording of transactions is known as the system of internal control. This system provides assurance that recorded information is correct and complete.