AFM341 Chapter Notes - Chapter 2: Idef0, Business Process Model And Notation, Workflow

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM341
• Professor: Jee Hae Lim

Document Summary

In the past accountants focused on: stewardship and reporting functions, preparing financial reports, auditing. Now accountants also take active role in: helping enterprises optimize processes, achieving competitive advantage, maximizing shareholder value. Rapid changes in technology increase availability of data: business intelligence systems, erp systems. Information produced by systems must support the information requirements of the enterprise"s decision makers. Accountants involved in supporting evidence-based decision making: strategic planning, process improvement, compliance management. Process a defined sequence of business activities that use resources to transform specific inputs into specific outputs to achieve a business goal. Purposes of documentation: business process models, business rules, user manuals training manuals, product specifications, software manuals, schedules, organization charts, strategic plans. Importance of business process documentation: documentation supports the following: Internal control are controls working? and international laws and regulations. Value of business models: graphical representations present information more concisely and clearly than a written description.