With the implementation of the Sarbanes-Oxley Act (SOX), finance and accounting departments have scrambled to put in place internal control systems as required by SOX section 404. Compliance with SOX and SEC regulations are certainly good reasons for companies to create a financial control system.
The first two phases include project initiation and project planning. The final three phases of Project Management complete the Plan, Do, Check, Act (PDCA) cycle or process approach to business process management with Project Execution, Project Monitoring & Control, and Project Review & Close. Continue reading What Are the Final 3 Phases of Project Management?
Customers demand consistency and quality — they need it to make informed purchase decisions. Learn why consistent quality is important to the future of your business. Continue reading Why is Consistent Quality Important?
Have you ever wondered if your organizational structure is hurting your process improvement efforts? Well, chances are your organization chart is having a dramatic effect. It’s not so much your org chart or structure that is the problem but rather the issue is the evolutionary process that your organization has gone through to produce your chart. Continue reading Is Your Business Organized for Process Improvement?
The financial transactions of any accounting system can be grouped into four major accounting cycles: Revenue, Purchase, Payroll, and General Journal. Continue reading How Do Accounting Systems Work?
What is the purpose of a procedure? To decrease variability? To ensure product and process consistency? Well, as you decrease process variability, you increase process control. Management needs control: management control, process control, internal controls, and controlled outputs. Policies and procedures help provide controls that management wants and that regulators or auditors demand. Control is also a crucial element of corporate governance. Do you know the three types of processes that exhibit control? Continue reading What Types of Processes Exhibit Control?
The role of back-and-forth negotiations in global business has become more vital than ever, courtesy of the booming economy in China and the ever-growing influence she has on international consumers.
Control charts are really two time-based charts plotted on the same form. For simplicity’s sake, we will focus on control charts for variable individual readings because this chart is usually most useful in understanding and improving business processes. Continue reading How to Use Control Charts for Continuous Improvement
Document control is part of an effective system of internal controls, which is an essential requirement for compliance with standards such as ISO 9001, ISO 13485, IATF 16949, ISO 22000, the Joint Commission (formerly JCAHO), and a plethora of regulations (e.g., Sarbanes-Oxley, HIPAA). Continue reading Document Control, How to Improve it
The ISO 9001:2015 quality standard has a number of documentation requirements and specifically calls out 7.5 Documented information, which replaces 4.2.3 Control of Documents and 4.2.4 Control of Records in the previous ISO 9001:2008. To understand the difference, first let’s clarify the difference between documents and records. Continue reading What Is the Difference Between Document Control and Record Control?