KB20230000/01: Best Practice Processes for general purposes

General Processes:

• Standardize processes as far as possible. The more transactions processed in the same manner will save time and reduce errors.
• Do not be resistant to change, better systems and processes could save time and improve the outcomes.
• Try and eliminate manual entries as far as possible.
• Try and eliminate manual approvals and have all approvals electronically on your ERP/Accounting system.
• If errors re-occur then one needs to identify the source of the problem and fix it from re-occurring again. Corrections should become less and less if this process is working properly.
• If you perform multi-currency transactions, ensure the currencies are captured daily, or use Sage X3 to integrate from XE.com.
• Ensure you have a place for everything. Attach all your working papers for journals on Sage X3 or Sage 200 Evolution, attach the supplier recon to each payment made, have a repository for all your special documentation needs such as proof of banking details or BBBEE certificate.
• Are there some checks and balances you can put in place to pick up mistakes before month-end or before a reconciliation is done. Reports, dashboards, email notifications can all assist with picking up potential problems, but they are identified when they occur. Each team should have a way to check their work to ensure it was done correctly.