Operations and Finance – Allies or Foes?

Let’s take a simplistic view of the Postal Service by dividing it into two groups: Operations and Finance. Operations’ main concern is to make sure mail is delivered and other services are rendered to satisfy customers’ needs. On the other hand, Finance’s responsibility is to ensure that all the information stemming from the Operations side is captured for billing/payment and financial statement reporting purposes. After all, the Postal Service needs to be paid for their good work, doesn’t it?

 

The High Cost of Low-Cost Mail

The past few years have been tumultuous for the U.S. Postal Service. Mail volume has dropped 20 percent to 171 billion pieces from its peak in 2006, and over the last four years experienced unprecedented financial losses totaling $20 billion. In 2010 alone, the Postal Service experienced its largest 1-year net loss of $8.5 billion.

 

Too Much Management Turnover?

[dropcap style="font-size: 60px; color: #9b9b9b;"] T [/dropcap]he Postal Accountability and Enhancement Act of 2006 requires the Postal Service to comply with specific sections of the Sarbanes Oxley Act of 2002 (SOX). Among other financial reporting requirements, SOX mandates internal control compliance – making sure that financial transactions are reasonably and fairly presented in the accounting records - and places the responsibility on postal management.

 

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  • 4 hours 15 min ago
    I live in Laguna Woods, Ca 92637. We have a small sub-station in our gated community..the lady there is extremely helpful,friendly and efficient. I would like to commend her for a job well done....
  • 5 hours 12 min ago
    I don't believe ease of shipping is the issue. Ease of delivery is and should be the focus. As a millennial who is busy, lives in a major city and in an apartment complex - my focus is on what...

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