AFM341 Chapter Notes - Chapter 2: Business Analysis, Business Process

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM341
• Professor: Brian Ma

Document Summary

Role of accounting in business: financial close (completing period end accounts planning, budgeting, and forecasting) regulatory compliance (processes are in accordance with rules) Use it to make finance and accounting more efficient. Business process: sequence of activities to transform inputs to outputs to reach a goal. Business analysis: defining business process requirements and potential areas for improvements. Business model: abstract graphical representation of business processes. Managing complexity, planning, process improvement, reconciling viewpoints, specify requirements. Documentation: explains how business processes and business systems work. Good for training, auditing, accountability, standardization of processes, noticing areas for improvement, accountability. Ex. training manuals, org. charts, business process models)