Kudler Accounting System Paper Name BSA 310 Business Systems DATE INSTRUCTOR
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Kudler Accounting System Paper
BSA 310 Business Systems
INSTRUCTOR
Kudler Accounting System
The accounting system is a crucial part of the business operations systems. The current accounting systems, while comprehensive, are lacking some key features that could increase benefits and reduce losses. The accounting information systems are used to gather financial data and provide information for internal and external decisions. These decisions include marketing, purchasing, payroll, investments, sales, and accounts, both payable and receivable. The purpose of a new accounting information system is to take advantage of new key features and core technologies that will help to keep the company agile in its decision making and better prepared to compete in todays market and economy. The current system is modular in design and made to be scalable so the additions and updates can be made so that a new accounting system could incorporate and build on the existing system.
Key Features
The key features for the purposed accounting information system include integrating the accounting systems with the rest of the enterprise systems, auditing software, budgeting software, integrated accounting and finance software, the use of XBRL programming language for filing reports, ERP (Enterprise Resource Planning), SCM (Supply Chain Management), CPFR (Collaborative Planning, Forecasting and Replenishment), CRM (Customer Relationship Management) and, KM (Knowledge Management). Key features would also include financial planning and budgeting, financial and economic forecasting, as well as integrated accounting and business software. Industry specific software would be used tie in expenditures to program for accomplishment. IT systems will also make use of auditing to help track fraud and other harmful expenditures. Financial ratio analysis will become more accurate as they can be completed faster and with more information. Profitability analysis and cost control will be able to function at optimum performance levels with constant and additional data feeds.
Core Technology
The ERP system for the new accounting information system is software that will create an infrastructure that links the various areas of the enterprise system together to help facilitate internal applications and decisions as well as external business processes. The SCM systems oversee and manage the steps in the supply chain, such as transportation, manufacturing, inventory, and scheduling. CPRF systems have the ability to predict ordering needs, forecast supply demands and coordinate with supply chain partners to help fulfill the business needs. CRM software will help to manage customer relations by creating custom views that display customers with similar needs grouped together and improve potential sales. KM software would be used to order, share, and maximize information use across multiple systems. The use of XBRL as a programming language for report filling will allow for accounting processes to be completed faster and more accurately. Additional auditing and finance control software will allow for cash-flow monitoring to be performed in near real time to help reduce the risk of fraud, theft and system misuse.
Benefits
The benefits to integrated accounting and finance software include improved management of cash flow, assets, liabilities, and profit statements. Better regulation over business critical systems and the monitoring for the prevention, detection and investigation of fraud. Financial and economic forecasting and budgeting systems will help to predict availability of funds and optimize purchase times. Profitability analysis and cost control will provide insight into activity based cost analysis that will present increased opportunities for profit and what-if situations to help model business strategies. The enterprise resource planning systems will have the benefit of linking internal applications to make them more manageable and efficient. These systems are beneficial in managing costs and controlling inventory. This makes accounting information systems more powerful and profitable. ERP also links together human resources, finance, and operations into an authoritative data source.
Supply chain management systems will provide the benefit of increased management over the flow of materials, data, and money. SCM systems will increase efficiency in order fulfillment and help