Best Practices Come to Florida Atlantic University

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

2. 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.

3. 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

4. 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.

5. 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.

6. 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

7. 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

8. 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

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

10. 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!

11. 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.

12. Implementation Status • The proposals reviewed will be classified as: • Current Practice • New Implementation • In process • Possible Implementation • Will not Implement

13. 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 7-3946, this purpose. • If appropriate, proposals will be submitted to SACUBO and/or other organizations.

14. Assistance If assistance is needed in documenting your actions or if you need a cost/ benefit analysis or additional information, contact - Dianne Parkerson parkerso@fau.edu 297-3946