Accreditation is both a status and a process!

Accreditation is a status symbol that shows an organization is up to the standards of the accrediting body. For most accrediting bodies, there is a lengthy process in order to get accredited. 

Accreditation is important because it means organizations are using current best practices in all categories from employee management, financial management, and customer interactions. When an accrediting organization is recognized by other organizations or the government, the high standards that they keep become validated.

-Noel

Link: http://coanet.org/accreditation/accreditation-overview/

Source: https://www.shaw.af.mil/News/Article-Display/Article/664330/afrc-unveils-accreditation/