Wendy Reese started to see an increase in errors for transactions being recognized as a Capitalized Asset. When transactions are not recorded appropriately, the corrections are extremely time consuming for all parties involved. It is better for the organization to record them right the first time. Through her research, she found most transactions could be avoided with improved training tools and follow-ups. She partnered with Annie Rajaei in KUCR Financial Services to mimic their Capital Asset Training tipsheet to share with the Share Service Centers.
In addition to the tipsheet, when transactions are improperly recorded, she takes the opportunity to make all individuals in the approval workflow aware to catch the errors in the future. These two steps will help provide the educational tools for our teams to succeed and improve the accountability of all workflow steps to catch errors before they are approved.
Fellow Change Agents: Annie Rajaei
Impact of idea:
$2,500 annually in efficiency savings with 50% reduction in correction entries
