In any organizational workflow, there are multiple stages where tasks are executed and decisions are made. In the context of accounting, we often come across the terms #approving and #posting. For anyone who isn’t familiar with accounting terminology, these two terms might sound interchangeable. However, there is a significant difference between these two concepts.
In this episode of #mondaybytes, Joanne explains the difference between approving and posting a transaction.
In any organizational workflow, there are multiple stages where tasks are executed and decisions are made. In the context of accounting, we often come across the terms ‘approving’ and ‘posting’. For anyone who isn’t familiar with accounting terminology, these two terms might sound interchangeable. However, there is a significant difference between these two concepts. In this blog post, we will explore the difference between approving and posting in detail.
Approval is the first step in any accounting workflow, whether it’s an invoice, purchase order, expense report, or timesheet. During the approval stage, the relevant stakeholders, such as managers, clients, or even auditors, review the transaction, verifying its accuracy, and ensuring that it complies with the organizational policies and guidelines. At this stage, they can either approve or reject the transaction, and most often, they can add comments or suggestions for improvements, which can be acted upon.
Once a transaction has been approved, it moves on to the posting stage. Posting refers to the process of recording the transaction to the accounting system, where it becomes a part of the general ledger. In simple terms, posting is akin to writing a check after getting approval from the bank. At this stage, a finance user examines the approved transaction and confirms that it is ready for recording. Once posted, the transaction is considered final, and it becomes available for financial reporting.
It’s important to note that approving and posting are not always sequential. Depending on the organization’s workflow, the two stages can overlap or occur simultaneously. For example, in a small business with a single finance person, that person might approve and post the transaction themselves. Alternatively, in a large organization with multiple approval levels, multiple people might approve the transaction at different stages before it gets posted by the finance team.
Another difference between approving and posting is that approval is often a manual process that involves human judgment and scrutiny, whereas posting can be automated once the transaction has been approved. In other words, approval requires human intervention, whereas posting can be done systematically based on a set of rules entered into a computer program. Typically, organizations use workflow automation software to manage the approval process and accounting software to automate the posting process. An integrated approval and posting workflow managed in a centralized platform is ideal.
Approving and posting are key gates in the financial operations workflow for any organization. For an agency, where the timing of client and vendor invoices and related transactions are almost always asynchronous, having a dynamic and flexible infrastructure to manage these key gates is essential. While approval involves verifying the transaction’s accuracy and compliance with organizational policies or client/vendor agreements,, posting is all about recording the transaction to the General Ledger for financial reporting. By understanding the difference between approving and posting, organizations can improve their financial operations and ensure transparency across stakeholders.
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Today’s fast-paced agency is characterized by constant changes, activities, and progress. Agility is essential for agencies of all sizes to stay ahead of the competition. In the creative services industry – where agencies cater to a wide range of clients, projects have varying scopes, priorities, and tight timelines – dynamic approval is critical.
Approval workflows are integral to project management, time management, and estimating costs. Workflow processes can be complicated, and decision-making needs to be fast. Traditional approval workflows or lack thereof, can lead to over or under estimated costs, incomplete tasks, and missed deadlines. With dynamic approval, the decision-making process is sequential and streamlined, ensuring that decisions are made quickly at the right time.. Throughout the process, alerts, notifications, and reminders are sent to stakeholders to ensure that nothing falls through the cracks.
Agencies often require tailored workflows to suit the client or project at hand. A flexible approval process can be modified to cater to specific transactions that need approval. A dynamic approval workflow will allow an agency to define exceptions and specific rules to direct the approval requests accordingly. More control over the workflow means increased efficiency and minimal errors.
A dynamic approval process can be integrated with existing software like project management, reviews, and asset management systems. With a dynamic approval workflow, agencies no longer rely on slow and inefficient manual processes, reducing the risk of errors, delays, and miscommunication.
A dynamic approval workflow creates transparency, encourages collaboration, and provides accountability. Every team member knows their role within the process, reducing the risk of missed deadlines or communication breakdowns. Additionally, dynamic approval workflows create traceability for compliance and audit purposes, while automatic monitoring ensures that workflows are followed correctly.
For agencies, client satisfaction is key. Dynamic approval workflows lead to faster delivery of projects, quicker response times, and more flexibility to accommodate urgent requests. A streamlined process improves client engagement and trust, producing better customer experiences and satisfaction rates.
Dynamic approval workflows are a game-changer for agencies that require agility, flexibility, and quick decision-making on various projects. Automation and a configurable workflow increase efficiency, reduce errors, and improve accountability across all team levels.
Let’s chat about how dynamic approval workflow can improve your business. Click here to learn more about Accountability.
Today’s fast-paced agency is characterized by constant changes, activities, and progress. Agility is essential for agencies of all sizes to stay ahead of the competition. In the creative services industry – where agencies cater to a wide range of clients, projects have varying scopes, priorities, and tight timelines – dynamic approval is critical.
Working in New York City in the summer can be an exciting experience. There’s always something to do with so much going on, from outdoor concerts to festivals and events. However, the heat and humidity can be brutal, making working in the city challenging. In this blog post, we’ll discuss some tips on surviving the summer heat and making the most of your time working in New York City.
Working in New York City in the summer can be challenging, but with these tips, you can make the most of your time in the city while staying cool and comfortable. Remember to dress appropriately, stay hydrated, take breaks, use public transportation, and find indoor activities. With some planning and preparation, you can enjoy all New York City has to offer, even during the year’s hottest months. So, get out there and have some fun!
June is Pride Month when the LGBTQIA+ community celebrates and honors its journey towards equality. It’s a time for reflection, education, advocacy, and, more importantly, to amplify the voices of those pushing for progress. As part of this year’s Pride Month celebrations, we highlight Michael Miguel, our Marketing and Sales Operations director.
What does “pride” mean to you? How do you celebrate pride?
Pride has always been an essential part of being a part of the LGBTQIA+ community. Pride means embracing who you are and being confident in your skin. It’s about recognizing and celebrating the unique qualities and experiences that make us who we are.
When it comes to celebrating pride, there are many ways to do so. Some people attend pride parades and festivals, while others participate in community events or volunteer with LGBTQIA+ organizations. Celebrating love without fear of judgment or discrimination is incredibly important for a same-sex couple with a child. Pride represents the ability to embrace and express love in all its forms. It’s about holding hands with your partner in public without worrying about negative reactions. Celebrating pride can take many forms, from attending events to simply being proud and sharing it with others. Taking our son to show him off in public is a beautiful way to demonstrate our pride and love. Our family deserves to be celebrated and supported all year round.
What challenges do members of the LGBTQIA+ experience in the workplace, and what can companies/allies do to support the LGBTQIA+ community
It’s unfortunate that members of the LGBTQIA+ community still face challenges in the workplace. Discrimination, stereotypes, and a lack of inclusivity can make it challenging to feel comfortable being authentic. I remember having to hide who I was at work and conform to what was perceived as standard. It was even worse when I overheard negative remarks about the LGBTQIA+ community.
However, companies and allies can make a difference by promoting an inclusive work environment. This can be achieved through employee resource groups and training. It’s about making sure that everyone feels seen and heard and celebrating the uniqueness that diversity brings.
I feel lucky to work for a company like Accountability. Here, we embrace diversity and encourage authenticity. It’s a safe place where I feel supported every single day.
Connect with Michael on LinkedIn
May is Asian American and Pacific Islander (AAPI) Month when we celebrate the rich cultural heritage, history, and contributions of the AAPI community in the United States. It’s also a time to recognize members of the AAPI community in Accountability. We are shining the spotlight on Kristine Ty.
Can you tell us a little bit about yourself?
With respect to ethnicity, I’m Chinese and Filipino. My dad is half-Filipino and half-Chinese, while my mom is 100% Chinese. I was born and raised in the Philippines until I was eight, then moved to Toronto, Canada. Upon graduating from university and working in AdTech for a few years, I moved to NYC, where I met my (now) husband.
I grew up in a strict household where “children are seen but not heard”; However, children are also expected to be at the top of everything – school, piano, tennis, Kumon, etc. So if you’ve heard the term “Tiger Mom” before, it’s a very real occurrence in a typical Asian household, and my mom was and still is the textbook definition of a Tiger Mom.
It is sometimes perceived as negative, forcing and/or expecting your kids to be the best. However, it made me the person I am now… someone who is passionate about what they do and strives to be the best at what they do. I frequently tell my kids, “If you’re going to do something, do it to the best of your ability; otherwise, you’re just wasting your time.”
Can you tell us what Asian American and Pacific Islander Heritage Month means to you?
For me, AAPI Heritage Month means that our cultures and traditions are shared and celebrated with members outside our community.
Given the past political climate and with COVID, the Asian community has been targeted rather than celebrated. I hope May will bring to light the positives of the various Asian cultures.
I wish it wasn’t limited to just one month and that it’s recognized and celebrated throughout the year. I think we are getting there, though – there are now more Asian influences in music (BTS anyone?), entertainment (look at how many won the Golden Globes this year!), food (sushi is now one of the most expensive cuisines), technology, etc.
Asian exports are no longer considered the “cheap junk from China” but have led the global economy for the past decade.
What is your favorite cultural tradition?
Within the Chinese and Filipino cultures, there is a strong emphasis placed on family and food. It’s expected to “go home” during holidays to celebrate with family. There is always lots of food, and it’s our way of catching up with long-lost relatives and spending time with our loved ones. Our love is evident through the food – the best dishes are always made, and you can guarantee that everyone’s favorites are considered. Also, there is never NOT enough food. Everyone goes home with at least a few food containers to tide them over for a few days.
What do you hope to see for the Asian community in the future?
Acceptance – acceptance by other races and acceptance within the Asian community. Unfortunately, even within the Asian community, some races are looked down upon. I’d like to see a world where minority groups aren’t forced against each other. It isn’t a competition. We all had struggles and hardships. One person’s struggle does not make another’s struggle insignificant. We all should treat each other with respect and dignity regardless of our skin color or which country in Asia we came from.
What is one activity or dish that everyone should try?
This dish isn’t common, but it’s one of my favorites from childhood– Lumpiang Sariwa or Fresh Lumpia. It’s a Filipino dish and could be akin to a Mexican burrito. The Fresh Lumpia is probably one of the healthiest Filipino dishes and is made with a fresh crepe wrapper, filled with lots of vegetables and protein such as shrimp and ground pork, topped with crushed peanuts, and served with a sweet and savory peanut sauce. With this dish, you will experience a little bit of everything – sweet, savory, crunchy, soft, and spicy, if you add hot sauce. So it’s healthy, delicious, and filling!
Do you have a role model in your life? If so, who are they, and how have they helped you in your journey?
Yes, my mom. She is one of the most resilient and loving people I know. She’s determined and fearless. I vividly recall when we first moved to Canada, my mom was single. She worked two full-time jobs and would probably sleep 4 hours a day to spend time with us in the evenings. Then she’d work from midnight to 8 am at one job, and right after, she’d go to her other job from 9-5. She did this for about five years to establish herself and eventually worked only one full-time job. My mom is my hero, as her sacrifices show how much she loved us and cared for our family.
Connect with Kristine on LinkedIn.
Memorial Day is an annual holiday that honors the courageous military personnel who have made the ultimate sacrifice while serving in the United States armed forces. By honoring their memory, we preserve their legacies and ensure that their heroic efforts are never for gotten.Memorial Day is not just another day off, but it’s an opportunity to pay tribute to the heroes who have fought for our freedom. It is an important day to recognize the sacrifices made by brave men and women who have served our country. In this blog post, we will discuss the meaning behind Memorial Day and why it is so important.
The origin of Memorial Day dates back to the Civil War when Americans honored the fallen soldiers. At that time, it was known as Decoration Day, as people would decorate the graves of their loved ones with flowers. After World War I, the holiday was renamed Memorial Day and expanded to include all war soldiers.
Memorial Day is celebrated every year on the last Monday of May. It’s a time for families to gather and reflect upon the ultimate sacrifice made by their loved ones. Many cities hold parades, ceremonies, and other events to commemorate the day. It’s a solemn day when the nation comes together to pay homage to those who died fighting for their country.
On Memorial Day, the American flag is hoisted to half-staff until noon to show respect for the fallen soldiers. At noon, the flag is raised to full-staff, symbolizing the resurrection of the fallen souls. It is tradition to observe a moment of silence at 3 PM local time to honor all the brave men and women who lost their lives serving our country.
Memorial Day is a significant holiday that reminds us of the sacrifices made by brave men and women who have served our country. It’s a day to reflect on the tremendous contribution made by these heroes, who have given their lives so that we could live in peace, freedom, and security. This Memorial Day, let us honor and pay tribute to all the fallen soldiers and express our gratitude for the brave soldiers who risked their lives for us. Let’s never forget the sacrifices they have made in the name of patriotism, courage, and freedom.
May is Asian American and Pacific Islander (AAPI) Month when we celebrate the rich cultural heritage, history, and contributions of the AAPI community in the United States. It’s also a time to recognize members of the AAPI community in Accountability. We are shining the spotlight on Maria Heredia.
Please tell us a little bit about yourself.
I am currently a learning and development coordinator for Accountability. I was born in the Philippines and immigrated to the U.S. in 1989 when I was 11. In 1985, my Mom came to the U.S. looking for better opportunities. As soon as she could afford it, she sent the rest of the family to come and join her. I can still remember experiencing the different seasons. Coming from a tropical island, the concept of seasons changing was new to me. My Mom and I enjoyed summer trips to the Jersey shore, long walks in Verona Park, fall activities like pumpkin and apple picking, and playing in the snow. Those first experiences left a lasting impression on me, and I can’t see myself living elsewhere.
Can you tell us what Asian American and Pacific Islander Heritage Month means to you?
AAPI Heritage Month is a great reminder to celebrate our beautiful differences as humans. It celebrates accomplishments and also highlights the need for the AAPI community to collaborate more with each other. Everyone is unique, and it’s important to embrace those differences and have the opportunity to share our stories. It’s also a time to remind people that we come from different backgrounds, cultures, and experiences. Still, ultimately, we all want the same things – happiness, success, love, safety, and security.
What is your favorite cultural tradition?
Filipinos are big on food. Social gatherings, eating, and feeding people are just ways of life for us. Spending time with each other and sharing stories enables us to teach one another, especially the newer generation, the pride, experiences, and expectations of being Filipino. Eating together is a way of showing each other love and respect. I’m especially fond of the Filipino dishes that my Mom used to make for us. The flavors are just so unique, and they all bring back wonderful childhood memories.
What do you hope to see for the Asian American Pacific Islander community in the future?
Seeing that the AAPI community is now being represented well in different industries is exciting. I would like to see this amplified more in the future. I look forward to more collaboration within the AAPI community. We should use our collective skills and talents to support each other. I also hope that more AAPI organizations will be created and supported to have a stronger voice, access to resources, and visibility in mainstream media. Finally, I’d like to see the AAPI community gain more significant influence in policymaking to ensure our diverse community’s unique needs are addressed.
What is one activity or dish that everyone should try?
My favorite dish and something that everyone should try is chicken Arroz Caldo. Arroz caldo is a Filipino rice and chicken porridge with ginger, toasted garlic, scallions, and black pepper. It is served with calamari or fish sauce (patis) as condiments and a hard-boiled egg. It is warm and comforting and reminds me of my childhood. It is like a warm hug from my Mom. Everyone should try it!
Do you have a role model in your life? If so, who are they, and how have they helped you in your journey?
I would have picked my Mom. She was strong-willed and worked so hard to make ends meet. She wanted to give her family opportunities for a better life, and she never stopped until we did. She is always with me, guiding me to do and be better. Her strength, resilience, and courage have inspired me in my journey. She taught me the importance of taking action and never giving up on your dreams. I am so thankful for all that she has done for us.
More about Maria
Connect with Maria on Linkedin
To celebrate Stress Awareness Month, Accountability took the opportunity to conduct a series of activities to help decrease daily stress and promote a positive work environment. We understand the negative effects of stress on our physical, emotional, and mental health, which is why we encourage our employees to prioritize their self-care.
Research shows that individuals with access to effective stress relief techniques tend to be happier, healthier, and more productive — which is why we’re excited to share some of our favorite stress-reducing activities we’ll implement throughout the month.
Employee wellness and mental health should be a top priority for companies looking to build a happier and healthier workplace. During Stress Awareness Month, Accountability took steps towards promoting stress-reducing activities among its employees.
We aim to provide stress-reducing tools and techniques to help our team members feel happy, healthy, and productive. By creating a positive work environment, our employees will feel more empowered to achieve their goals and become better professionals.
