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Accounting Best Practices
A best practice is really any improvement over existing systems, though
some consultants prefer to confi ne the defi nition to those few high-end and very
advanced improvements that have been successfully installed by a few world-
class companies. This book uses the broader defi nition of any improvement over
existing systems, since the vast majority of companies are in no position, in terms
of either technological capabilities, monetary resources, or management skill, to
make use of truly world-class best practices. Using this wider defi nition, a best
practice can be anything that increases the existing level of effi ciency, such as
switching to blanket purchase orders, signature stamps, and procurement cards
to streamline the accounts payable function.
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