Wednesday, December 11, 2019
Accounting Information ERP System
Question: Discuss about the Accounting Information ERP System. Answer: Introduction B Bakery is a very prominent name in the field of bakery business. They have more than fifty years of experience in the bakery industry and as a result, they earned more than $13.5 million during the past business year. To run their business in more professional and efficient way they are tried to integrate accounting software into their organization. The desired criterias and norms for the B Bakery are discussed in below. Possible features and functionalities to achieve the IT investment objectives For making a successful business accountancy policy, it is important to take some measurement over the implementation of righteous accounting software. In broad case scenario it is notable that all the accounting software's have some great features to represent their uniqueness but in the case of B bakery, it is essential that the selected application must have some computation power to meet their organization requirements. For a better evolution of desired requirements, some possible features and functionalities are listed below- Features and Functionalities Online Accounting The rate of online accessibility is increased day by day and to compete with the other organization it is essential to create some online presence of their existing business. Online Accounting gives flexibility towards the organization users for making an efficient and effective business process. Using of Online accounting features, B. bakery can integrate their all branches in a single platform. This possible change can maximize the overall throughput towards the accounting problem. The online accounting process also eliminates the burden of the overbearing process which is caused due to the transaction between two geographic areas. Real-time Process Tracking Real time process tracking is an advancement of the online accounting. This process is used to boost the overall performance of online cash flow transactions. By using of Real time Tracing or tracking process B. Bakery can monitor and record their account transaction in time driven approach. High level Security System Security is an important term for any organization, and if the organization is making their business over web world, then it becomes a serious concern for the organization. Security Module is set to prevent any unauthorized access from unknown sources. B. Bakery has an influence over the bakery industry, so it is oblivious that they have many competitors in the market. To avoid any circumstantial practice over the B. Bakery's online presence, it is necessary to install some multi-level security system. Banking Network Integration To collect the amount from customer side and feed them to the B. bakery's bank account it is necessary to integrate a banking network with the proposed counting system, and it will be helpful if the accounting software can configure them automatically (KuÃâ¦Ã ¼dowicz KuÃâ¦Ã ¼dowicz, 2012). The connection of banking network not only reduce the time span of a single cash flow it also eliminates the time complexity ratio over the manual procedure. Apart from this desired requirements there some extra features needed to manage the banking network and these are like customized cash-flow rule creation, multiple and simultaneously cash transaction, etc. Inventory Management bakery business runs by maintaining their production in spite of their supply and demands (Svobodova Cerna, 2016). For making fully functional and stable accounting system, it is necessary to attach some inventory management system. By implementing these possible features over their accounting process, they actualized their business scenario (Grossman Johnson, 2015). Integration of proper inventory management module helps them to track their daily wages and income from the buyers. It also helps B. bakery to identify their most available resource and less usable resources. By using this aspect they could take some action over this ambiguous threat and run their business in a more authentic way. Automated invoice creation Automated invoke creation functionality give an enhancement over the utilization of the accounting software (Tamoradi, 2014). For B. Bakery it will be very useful to make an automated solution for invoice generation because it will help them to maximize their productivity. Automated Invoice creation also eliminates the chance of type error. Conclusion In the market there are several tools and software's are present to provide some automation over the enterprise accounting system. They all have some distinctive features but to accommodate all of them is not the right way to achieve the organization goal. For this, they have to make a checklist of requirements which very essential for organizational growth. To make a selection among the multiple applications, they have to measure their functionalities. After completion of the analysis, they could make a selection on the best and optimum solution. References Grossman, A. Johnson, L. (2015). Faculty Perceptions Of Online Accounting Coursework.AJBE,8(2), 95. https://dx.doi.org/10.19030/ajbe.v8i2.9131 KuÃâ¦Ã ¼dowicz, P. KuÃâ¦Ã ¼dowicz, D. (2012). Application of cost accounting systems in an enterprise.Management,16(2). https://dx.doi.org/10.2478/v10286-012-0064-y Svobodova, L. Cerna, M. (2016). Accounting, Economic and ERP Systems on the Czech Scene.Adv Sci Lett,22(5), 1170-1174. https://dx.doi.org/10.1166/asl.2016.6683 Tamoradi, F. (2014). Factors influencing the alignment of accounting information systems of accepted manufacturing firms in Tehran Stock Exchange.Management Science Letters, 429-438. https://dx.doi.org/10.5267/j.msl.2014.1.028.