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The OMB maintains a central inventory of all approved information collections, which increases transparency and allows for better management of the collections across government agencies.

Agencies must receive OMB approval for collection requests, indicated by an OMB control number, which helps to track the collection and ensure it adheres to the standards set to reduce burden.

The Paperwork Reduction Act aims to minimize the paperwork burden for individuals, businesses, and governmental agencies imposed by the federal government and to ensure the maximum utility from the information collected.

Agencies must justify the need for information collection and provide opportunities for public comment, which helps to ensure the collection is necessary and to minimize the burden it imposes.

Agencies are required to establish processes to ensure the quality, utility, and integrity of the information collected, which helps in getting useful data and in turn reduces unnecessary follow-up and re-collection.

The act promotes interagency sharing of information to avoid redundant collection efforts and the cooperation between agencies to streamline information requests, which significantly impacts the reduction of paperwork.

The act requires the OMB to set an 'information collection budget' for each agency, limiting the total amount of burden that an agency can impose on the public, thus encouraging agencies to be judicious in their requests.