Next, the procedure needs to define what timely manner means. The purpose is “to ensure that all outstanding customer invoices are paid”. In the Accounts Receivable Policy, you will notice that the customer here is the “Accounts Receivable personnel”. of Accounts Receivable Procedure POLICY : “ Accounts receivable personnel shall ensure that all outstanding customer invoices are paid in a timely manner.” A Policy in a Procedure acts as a mini-mission statement containing the customer of the policy, it’s purpose, and a key performance indicator (KPI) to communicate how users know if the procedure is working.Įg.

an Accounting Policy & Procedure Manual). Employee policy is focused on office rules that are used to support your management principles.īut a company policy can also be seen as a Mission Statement, as part of a business procedure (for eg. think about an employee policy from your Employee Handbook) like No Smoking Policy, Policy Against Drinking, or policies on how to dress for the job. Unfortunately, company policy is also used to make rules ( for eg. We use company policy as a guide to company decision making. Your policy on quality (Quality Policy), is a required element of an ISO 9001 Quality Management System.Ĭompany policy is used to influence decisions that employees must make. Accounting will have an Accounting Policy on how reimbursement is issued, depreciation is booked, or purchase decisions are made. For example, in Marketing there is the Pricing Policy on how customers will be charged for their products. Companies have many diffrent types of policies. Informal policy evolves from an organization’s culture and is undocumented, which makes them harder to learn and change.Ī policy communicates an organization’s principles. Formal company policy is developed by management and documented ina company policy manual.

Policies and procedures are all around us all the time. But are there differences between the two? We usually hear the term “ policy & procedure” together.

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