Best Practices Come to Florida Atlantic University (aka – There Must be a Better Way)

What is a Best Practice?  Accounting Best Practices defines a Best Practice as any improvement over existing systems  SACUBO defines it as a creating better, more efficient and customer friendly business practice.

Our Definition  A new or revised procedure that will –  Reduce costs  Improve efficiency  Improve accuracy  Improve environmental conditions In other words – Will make FAU’s operations better

Benchmarking Often the term “Benchmarking” is interchanged with “Best Practices.” Benchmarking is an ongoing, systematic process for measuring and comparing the work processes over a unit of time.

What are Best Practice Changes?  The change can be incremental changes which are small changes or additions to the existing system or process - or reengineering changes which are much larger.

Key Components  Contingencies - Murphy’s Law  Dependencies – “A” cannot be done until “B” is done  Funding  Capacity - People, equipment or space  Control Points - Periodic formal reviews  Risk assessments - What factors can cause a failure?  Sufficient Time

Reasons for Failure  Lack of planning  Inadequate time, money or personnel  Alterations of packaged software  Unexpected problems with custom programming  Lack of control points  Inadequate testing

Reasons for Failure Cont.  Lack of support from top management  Lack of cooperation by other departments  Lack of preparation for change due to poor communication  Disgruntled personnel within department  Fear that the changes will result in lay offs – or extra work

Sources of Ideas  SACUBO / NACUBO  Publications  Accounting Best Practices by Steven M. Bragg  Hundreds Web Sites  The Staff of FAU  Encourage suggestions

Where to go from here….  Periodically, several ideas will be given out with the expectation that they will be reviewed for feasibility and practicality.  If some appear promising, a proposal will be put forth with a cost/benefit analysis for further review.  Move forward towards implementation.  With luck and teamwork we will have …  SUCCESS!

Handouts to Departments  Handouts are real examples of Best Practices that have been implemented in other universities or have been proven effective in business.  The handouts list where additional information is available along with an abstract of the proposal.

Implementation Status  The proposals reviewed will be classified as:  Current Practice  New Implementation  In process  Possible Implementation  Will not Implement

Documentation  The next step will involve documenting the ones with a status of New Implementation, In process or Possible Implementation.  A form is available from Dianne Parkerson , this purpose. Dianne ParkersonDianne Parkerson  If appropriate, proposals will be submitted to SACUBO and/or other organizations.

Assistance If assistance is needed in documenting your actions or if you need a cost/ benefit analysis or additional information, contact - Dianne Parkerson