Integrated Accounting Final Report Essay

In nightspot to assist in the situated up of Riordan Manufacturings revenue musical rhythm, almost commutes be requisite. Riordan Manufacturing is going to incorporate the governances maturation life metre cycle to their administration. Along with this, some enlarge on how participants in the explanation do entrust assist in the reading of the trunk lead be menti whizzd as well. there provide be study on how the changes yield impacted the aras of sum and say-so that tie to operational performance.Riordan Manufacturing sells pliant bottles, fans, heart valves, medical stints and custom charge card parts. The companys clientle include automotive parts manufacturers, The incision of Defense and appliance manufacturers. This cover pass on outline how to integrate the cycle into an enterprise-wide chronicle discipline frame, the hardw be leaded and leaven how the invoice remains agreement flows through Riordan Manufacturing.Riordan Manufacturing is possess by Riordan with annual revenue in excess of one billion dollars. Riordan uses the income tilt to show investors what the income is, and how management is controlling expenses.Riordan Manufacturing does non have an integrated business relationship dodging at this time. All locations have disunite systems and the reading is sent to headquarters. The company admits that the present-day(prenominal) accounting system fails in numerous argonas and needs to be re fundamentd.In assure to price of goods, the company has a putting green set of procedures for stock management. Each edge is explained thoroughly to insure everyone involved understands. A mutual set of procedures is necessary to check up on that altogether cost of goods is reported properly.A main failing for Riordan is many portions of the accounting process atomic number 18 still manual(a) where electronic devices could be apply. other weakness is one throughout the entire company. The locations a re not interconnected and headquarters aver on specific locations to send in the proper tuition and they combine the data into one system.Riordan Manufacturing watercoursely houses its F and A data from the different locations by a data file. Some of the files is reported by hard copy and has to be reborn to the proper account codes. All these reports are then combined into one pecuniary report. The company needs to come up with one international accounting system.The sucker parcel is one of the highest recommended international accounting bundle that is used and has the strongest international features send for SAP. It provides multiple currency support. From a equaliser sheet perspective, accounting for fluctuations in trade rates has become easier. This software program program is overly in compliance with FASB 52 (Collins, J., 1999-2003).There will need to be global performance of the software from our I/T department, and training through with(p) on the accoun ting software however, this will save time in compiling reports and the reports will be more accurate.Many different types of learning systems exist that will be unavoidable in order to integrate write out and demand into the enterprise wide accounting breeding system. The inaugural system would be Management Information remains (MIS) which would compose information for monitoring the performance and maintaining coordination surrounded by purchasing and accounts payable (Introduction of Information dodgings, n.d.) another(prenominal) information system that would be proficient to Riordan would be the Office Automation System (OAS).The OAS would be beneficial to Riordan because this system is utile for general office work when manipulation and managing documents. OAS also assists in improving communion within the workplace. Fin just nowy, transaction processing systems (TPS) are also an excellent system to have within a company. TPS records daily subprogram transactio ns such as gross sales orders from customers, or bank deposits and withdrawals (Introduction of Information Systems, n.d.). intimately organizations have these three types of information systems in place, even though others that could be used.A government agency to get at the revenue cycle run smoothly is by integration hardware and software to assist in the setup of the various systems. This section of the paper will discuss what hardware and software is take, and will go on to key who accesses this information.In order to integrate cost of goods into the accounting process Riordan Manufacturing will need a system that works for completely locations. This would require software that is compatible for in all locations. This would also make it possible to fortune reports such as the income statement and quietus sheet.There should only a take up few that should have access to the information in the database. These people would include the database designer, the persons put i n the hardware or software and database management. This will keep the information contained in the database as secure as possible. This would be the prototypic res publica of inbred controls. The second area deals with transactions and is k this instantn as an act control. Application controls are vital to escort accuracy and legitimacy of the data. Two common input internal controls that would be needed are feedback mechanism and edit judges. affect data controls deals with the data by and by input. The first internal control needed is an scrutinize trail. This control allows a person to go with the route the data has taken.The final measure in application control is the takings controls. One area of concern in this area is control of company forms. In the area of revenue specifically, cost of goods interchange, the forms that should be managed are purchase orders and inventory control sheets.As a way to make the accounting process easier for all involved, Riordan Manu facturing must(prenominal) brainstorm on how to provide information through the corporate intranet or Internet. In order to decide on where to diagnose information, some details on the heart and soul of the intranet and Internet are provided. The intranet is for internal communications purposes. These computer ne iirks use the same software as the Internet, but are internal to the organization that created them (Bagranoff, 2008, p. 7). A good way to use the intranet would be to have all locations connected.This would allow all information to be accessible to each location. At the same time, it saves time trying to get information forwarded to corporate. The Internet is a collection of topical anesthetic and wide area networks that are now connectedtogether via the Internet horse sense that is, the main electronic connections of the system (Bagranoff, 2008, p. 5). The profits is a good place to provide customers with information on the history of Riordan Manufacturing. Anothe r area of interest is diping some information on the products that are be s obsolescent.Integrating a impudentlyfound accounting system into the company will greatly improve internal controls for Riordan Manufacturing. With hardware and software run throughed, the company will have more consistent and accurate financial reports. Riordan Manufacturing will always know where they stand financially if the new system is implemented.The goal is to change the current process for maintaining, recording, and billing of inventory as related to cost of goods sold (COGS). An entire new accounting information system is not required only additional software program in this one area. Waterfall is the oldest form of systems education life cycle (SDLC) and is the one that is used for this project. The waterfall SDLC includes multiple measurements in the life of a project. The steps include project planning with feasibility study, systems abridgment that defines the projects goals, system de sign, implementation, integration and testing, acceptance, episode and deployment and eventually maintenance of the accepted system (Kay 2002).The system is already proposed so the first two steps of the waterfall SDLC have already occurred in some form. The SDLC will be used as check list to ensure all the proper processes are completed when implementing the new system. The steps in the waterfall SDLC should be followed with the creation of a system design as the adjoining step. Once the system design is created with all the required features including operational details the near step can be started. This step is the implementation of the system design into the current accounting system.Once the code is indite for this step integration and testing will be required to ensure that the new work is compatible with the old system. In this step the company should also test the hardware involved so when the system is live all is in order. at long last the last step is installation and deployment if the new design has beenaccepted. Once the new system and hardware are in place the company can begin replacement the old processes. Maintenance is included in the Waterfall SDLC but as a company maintenance is automatic to ensure good life of the companys assets.The participants to contribute to the system design of the systems maturement life cycle would be the database designers. This enables the system to have the needed logical and somatic design to have an operational database. In order to make this process successful, one must determine the data to be stored, and determine the relationships of the different data fields. check into the way the old system is set up and see if improvement is needed to make the new system better.The implementation stage would probably involve database management. It marrow that testing has been done and implementing the system is the next step. Some comparisons have been made with the old and new systems and things are bein g authenticated where possible issues may occur later.With the installation and deployment step, the departments involved would be IT and accounting. This step occurs because the system has been approved to go live. IT is assigned to installing the system. It would involve installing the software applications as well.The accounting departments lineage would be to make sure after IT installs everything to test their processes now that the system is up and running. This would involve doing actual work and reviewing the results of the work. restrain comparisons to how the results of the processes of the old system worked versus the new system. story would be required to review the software applications as well. Again, testing would be needed to see if the applications are running smoothly.The improvements for Riordan if they implement a new accounting system are vast. Some of those include less(prenominal) clerical errors, more efficient for retentivity track of inventory, faster because after initial set up everything goes quicker, better tracking of access to information and no document to losebecause all the work is done electronically.ReferencesBagranoff, N. A., Simkin, M. G., and Strand, C. (2008). Core Concepts of news report Information Systems (10th ed.). Electronic Version. brand-new York Wiley. Retrieved July 10, 2008 from University of Phoenix, ACC/340, rEsource Web site https//mycampus.phoenix.edu/login.aspBagranoff, N. A. (2008). Accounting on the Internet. University of Phoenix CustomEdition e-text.John Wiley & Sons, Inc. Retrieved July 12, 2008, from University ofPhoenix, ACC340 Web site.Collins, J. certified public accountant (1999-2003). Accounting Software Advisor remote Currency. Retrieved July 6, 2008 from http//www.accountingsoftwarenews.com/charts/currency.htmlIntroduction to Information Systems (n.d.). Types of Information Systems. Chapter 2.Retrieved July 5, 2008 from http//www.ii/metu.edu.tr/ion501/demo/index.htmlKay, Russell (2 002). Quickstudy System Development Life Cycle. Computer founding. May 14, 2002. Retrieved July 24, 2008 from the World Wide Web at http//www.computerworld.com/developmenttopics/development/story/0,10801,71151,00.htm