Unit 6 - Critical Thinking Assignment - Ibarra6

docx

School

Park University *

*We aren’t endorsed by this school

Course

422

Subject

Accounting

Date

Apr 3, 2024

Type

docx

Pages

Uploaded by Dimples24281711

WCSI ACCOUNTING DEPT. PAST DUE INVOICES 1 Critical Thinking Essay Week 6 Amanda Ibarra Park University

WCSI ACCOUNTING DEPT. PAST DUE INVOICES 2 Abstract Work redesign would be the best intervention for the accounting department’s issues with collecting past due invoices. The process in place was not effective nor efficient and it is costing the organization to fail regarding profit. It is also keeping the organization from growing and hiring the needed assistance each department needs. Without redesigning the process in invoice collections, WCSI will lose and record high amounts of loss for the past three years record.

WCSI ACCOUNTING DEPT. PAST DUE INVOICES 3 WCSI Accounting Department Redesign Redesigning how a department within an organization is run is a challenge for WCSI. For years the accounting department has been run by one person who has their way of collecting invoices. In recent organization auditing, there is an overwhelming amount of services that have been invoiced yet have not been collected on. There is no real procedure in place for collecting and the loss recorded for the past three years has brought concern as to how this organization will succeed and grow, all while in need of assistance to each department as it grows. Redesigning the procedures, processes, and record tracking of invoices is important and a priority entering the new year. With the growth of the company, there are not enough funds to budget for hiring new personnel, upgrading outdated systems, or offering pay increase and/or incentives for the employees and their success in bringing in new case files. Redesigning Procedures in Collecting Past Due Invoices The procedures previously in place included sending an invoice and hoping it was paid. This clearly is no way to run an organization that has the potential to grow and become number one amongst its competitors. Setting procedures is vital in assuring invoices are paid in a timely manner and limiting the time and resources it takes to collect on past due invoices. Redesigning the Policies in Collecting Past Due Invoices Redesigning the policies that are the accounting department is important as this is how the company pays its employees, its bills, licenses, systems used, and how money is collected and recorded. These policies need to be set in stone so that the procedures completed can lead to the policies succeeding and collections limited with the goal of removing having to collect on past due invoices. An assessment needs to be made regarding how the work is designed and structured, as well as the policies that are to be adhered to in order for its succession.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

WCSI ACCOUNTING DEPT. PAST DUE INVOICES 4 Work redesign plan of action . WCSI will implement procedures such as a time frame to send reminders of invoices due soon. These procedures will include a two-week follow-up reminder, a one-week-follow-up reminder, and the inclusion of past due fees on invoices not paid within the 30 days’ time frame. The policies to be followed regarding collections and assuring invoices do not pass the 45 days from issuance will land in the hands of the accounting manager. He will be responsible for assuring he is following the policies and procedures set in place to avoid having recording a loss such as that within the past three years. Conclusion Implementing a work redesign of the accounting department, policies, and procedures will allow WCSI to succeed in profit and minimize the loss of profit from services rendered for the years forthcoming. WCSI is struggling financially and there is no room for further loss due to lack of collecting invoices. Work redesign will allow WCSI accounting department to improve and collect so that the funds accrue accordingly and allow WCSI to expand in services, hiring, structure, and profit wins for the organization. The intent is to determine the required tasks needed to develop an efficient process flow and to eliminate any inefficiencies that exist or existed prior to the new processes in place.

WCSI ACCOUNTING DEPT. PAST DUE INVOICES 5 References Van Vulpen, E. (2020, September 2). Job Redesign: A Practical Guide to Redesigning Jobs & Roles . Academy to Innovate HR. https://www.aihr.com/blog/job-redesign/#:~:text=Job %20redesign%20%28also%20referred%20to%20as%20work%20redesign%29,align %20them%20with%20the%20changing%20reality%20of%20work . WCSI 2023 Financial Records HSD Metrics (2023, May 20). How to Improve Employee Productivity with Work Redesign . https://hsdmetrics.com/blog/employee-engagement/how-to-improve-employee- productivity-with-work-redesign/#:~:text=Work%20redesign%20is%20a%20workplace %20flexibility%20initiative%20that,and%2For%20inefficiencies%20that%20exist%20in %20the%20current%20process .