Best Practices Come to Best Practices Come to Florida Atlantic Florida Atlantic

UniversityUniversity

(aka – There Must be a Better Way)

What is a Best Practice?What is a Best Practice?

Accounting Best Practices Accounting Best Practices defines a defines a Best Practice as Best Practice as anyany improvement improvement over existing systemsover existing systems

SACUBO defines it as a creating SACUBO defines it as a creating better, more efficient and customer better, more efficient and customer friendlyfriendly business practice. business practice.

OurOur Definition Definition

A new or revised procedure that will –A new or revised procedure that will – Reduce costsReduce costs Improve efficiencyImprove efficiency Improve accuracyImprove accuracy Improve environmental conditionsImprove environmental conditions

In other words – In other words – Will make FAU’s operations betterWill make FAU’s operations better

BenchmarkingBenchmarking

Often the term “Often the term “BenchmarkingBenchmarking” is ” is interchanged with “interchanged with “Best PracticesBest Practices.” .”

BenchmarkingBenchmarking is an ongoing, is an ongoing, systematic process for measuring and systematic process for measuring and comparing the work processes over a comparing the work processes over a unit of time.unit of time.

What are Best Practice What are Best Practice Changes?Changes? The change can be incremental The change can be incremental

changes which are small changes or changes which are small changes or additions to the existing system or additions to the existing system or process - or reengineering changes process - or reengineering changes which are much larger. which are much larger.

Key ComponentsKey Components

Contingencies - Contingencies - Murphy’s LawMurphy’s Law

Dependencies – Dependencies – ““A” cannot be done until “B” is doneA” cannot be done until “B” is done

FundingFunding

Capacity - Capacity - People, equipment or spacePeople, equipment or space

Control Points - Control Points - Periodic formal reviewsPeriodic formal reviews

Risk assessments - Risk assessments - What factors can cause a failure?What factors can cause a failure?

Sufficient TimeSufficient Time

Reasons for FailureReasons for Failure

Lack of planning Lack of planning Inadequate time, money or personnelInadequate time, money or personnel Alterations of packaged softwareAlterations of packaged software Unexpected problems with custom Unexpected problems with custom

programmingprogramming Lack of control pointsLack of control points Inadequate testingInadequate testing

Reasons for Failure Reasons for Failure Cont.Cont.

Lack of support from top management Lack of support from top management Lack of cooperation by other Lack of cooperation by other

departmentsdepartments Lack of preparation for change due to Lack of preparation for change due to

poor communicationpoor communication Disgruntled personnel within departmentDisgruntled personnel within department Fear that the changes will result in lay Fear that the changes will result in lay

offs – or extra workoffs – or extra work

Sources of IdeasSources of Ideas

SACUBO / NACUBOSACUBO / NACUBO PublicationsPublications

Accounting Best PracticesAccounting Best Practices by Steven M. by Steven M. BraggBragg

Hundreds Web SitesHundreds Web Sites The Staff of FAU The Staff of FAU

Encourage suggestionsEncourage suggestions

Where to go from here….Where to go from here….

Periodically, several ideas will be given out Periodically, several ideas will be given out with the expectation that they will be with the expectation that they will be reviewed for feasibility and practicality.reviewed for feasibility and practicality.

If some appear promising, a proposal will be If some appear promising, a proposal will be put forth with a cost/benefit analysis for put forth with a cost/benefit analysis for further review.further review.

Move forward towards implementation.Move forward towards implementation. With luck and teamwork we will have …With luck and teamwork we will have …

SUCCESS!SUCCESS!

Handouts to DepartmentsHandouts to Departments

Handouts are real examples of Best Handouts are real examples of Best Practices that have been implemented Practices that have been implemented in other universities or have been in other universities or have been proven effective in business. proven effective in business.

The handouts list where additional The handouts list where additional information is available along with an information is available along with an abstract of the proposal.abstract of the proposal.

Implementation StatusImplementation Status

The proposals reviewed will be The proposals reviewed will be classified as: classified as: Current PracticeCurrent Practice New ImplementationNew Implementation In processIn process Possible ImplementationPossible Implementation Will not ImplementWill not Implement

DocumentationDocumentation

The next step will involve documenting the The next step will involve documenting the ones with a status of New Implementation, ones with a status of New Implementation, In process or Possible Implementation.In process or Possible Implementation.

A form is available from A form is available from Dianne Parkerson Dianne Parkerson 7-3946, this purpose.7-3946, this purpose.

If appropriate, proposals will be submitted to If appropriate, proposals will be submitted to SACUBO and/or other organizations. SACUBO and/or other organizations.

AssistanceAssistance

If assistance is needed in documenting If assistance is needed in documenting your actions or if you need a cost/ your actions or if you need a cost/

benefit analysis or additional benefit analysis or additional information, contact -information, contact -

Dianne ParkersonDianne Parkerson

parkerso@fau.eduparkerso@fau.edu

297-3946297-3946