If you need it accurately sized and placed down to a tenthousandth of an inch and you can do that in 2 steps, consider yourself lucky.
Usually, I spot drill, then drill undersized, maybe drill with another larger bit, and finally ream to size. Bonus points if you add in a step to chamfer.
2 things about drills. They walk around, and they cut oversized. If you are not spot drilling, you may be putting a lot of effort into very precisely sized holes, but they are not precisely where you wanted them to be, because the drill flexed and walked on you.
One thing you may look at are center cutting endmills. They are somewhere in between drilling a hole with a harbor freight drill and making 5 separate operations. They will get you closer to your wanted dimension than the drill alone, which could be close enough.