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

3. Our Definition A new or revised procedure that will – A new or revised procedure that will – Reduce costs Reduce costs Improve efficiency Improve efficiency Improve accuracy Improve accuracy Improve environmental conditions Improve environmental conditions In other words – Will make FAUs 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. 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 - Murphys Law Contingencies - Murphys Law Dependencies –A cannot be done until B is done Dependencies –A cannot be done until B is done Funding Funding Capacity - People, equipment or space Capacity - People, equipment or space Control Points - Periodic formal reviews Control Points - Periodic formal reviews Risk assessments - What factors can cause a failure? Risk assessments - What factors can cause a failure? Sufficient Time Sufficient Time

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

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

9. Sources of Ideas SACUBO / NACUBO SACUBO / NACUBO Publications Publications Accounting Best Practices by Steven M. Bragg Accounting Best Practices by Steven M. Bragg Hundreds Web Sites Hundreds Web Sites The Staff of FAU The Staff of FAU Encourage suggestions 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. 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. If some appear promising, a proposal will be put forth with a cost/benefit analysis for 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!

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

12. Implementation Status It is suggested that the proposals reviewed be classified as: It is suggested that the proposals reviewed be classified as: Current Practice Current Practice New Implementation New Implementation In Process In Process Possible Implementation Possible Implementation Will not Implement Will not Implement

13. Documentation The next step will involve documenting the ones with a status of New Implementation, In process or Possible Implementation. The next step will involve documenting the ones with a status of New Implementation, In process or Possible Implementation. If needed, search the web for appropriate Best Practice submission forms. If needed, search the web for appropriate Best Practice submission forms. If appropriate, proposals will be submitted to SACUBO and/or other organizations. 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 - Financial Affairs 297-3267