Policy and procedures importance of updating
A procedure tells members of the organization how to carry out or implement a policy.
Policy is the "what" and the procedure is the "how to". Procedures are written as instructions, in logical steps.
Policies are based on the self-interest of the pharmacy team who is responsible for the dispensing of prescriptions.
Policies benefit the pharmacy team even more than the pharmacy owner because they keep the pharmacy operations running efficiently.
What’s more, documented accounting policies and procedures can be used as a training tool for new staff and can play an important role in the event that key financial and administrative employees retire or otherwise depart from your government.
While a manual has been the traditional method of documenting a government’s accounting policies and procedures, technology may allow new and innovative ways of documenting policies and procedures.
A policy is a formal statement of a principle or rule that members of an organization must follow.
Each policy addresses an issue important to the organization's mission or operations.
Typically, policy development will follow the following steps: You want to be sure that any policies you bring into the organization address a real need and are in line with what your company values and how work should be accomplished.
Thus, policy development and implementation should involve all team members in order for the process to work smoothly.
A procedure is simply a course of action intended to achieve a result; it is a manner of proceeding or acting.
While the initial development of an accounting policies and procedures manual can be time consuming, it will benefit the government greatly in the future.
For more information on this topic, or to learn how Baker Tilly state and local government specialists can help, contact our team.
In recent years, the internal control environment for governments has experienced an increased level of scrutiny.