Human Individuals and Human Society Chapter

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Technology/Course Project

Technology / Course Project: Solving the Automation Issue at Company B

Abstract (if needed)

System Requirements

Input Requirements

Output Requirements

Control Requirements

Collection Requirements

Input Requirements

Output Requirements

Control Requirements

Payment Requirements

Input Requirements

Output Requirements

Control Requirements

Proposed Outsourcing Functions

System Selection

Challenges to Automation

Technology / Course Project: Solving the Automation Issue at Company B

Company B has had their own type of payment arrangements for years. However, there is a new client that wants to switch the payment over to a new way of giving out payments which is through automation. The problem is that this is an automated payment procedure. Nevertheless, Company B firm has to transfer over and accept this automation if they want to keep the new company on as a new client. This new type of payment plan has its disadvantages and advantages. However, in order to keep the client and do good business, Company B firm needs to make a quick decision that will be beneficial to not just the company but to everyone else. Company B firm needs to start getting their affairs in order to start implementing this new program. The system that they will adopt for the automation payment is called the QuickBooks. This new automation does not come without the challenges. Some of the challenges for the company resides in the tedious, manual steps of invoice capture. Other challenges reside in the review, and other things such as the coding, and approval. Below is a brief summary of all the difficulties faced by AP specialists in each step of the process. Some of these challenges have a lot to do with the multi-format and decentralized receipt. The Company has to deal with other problems such as collating invoices that come from dissimilar suppliers or even the cost centers that come in numerous different layouts and delivery formats such as email, mail, EDI, and fax. The company will need to learn how to master the errors that are associated with manual data entry in accounting systems. In order for everything to be successful, they will need to understand that the labor intensive processes. The company has to recognized that in order to input data additional compounded if linked to different costs centers and possibly concerning currency conversion.

Introduction

Each month, Company B system generates an itemized bill for each land owner. The dues usually vary from $100 to $200 for each month, founded upon the location of every home, and the kind of home (townhouse or single family homes). Company B policy is that there are late fees that will be at 20% for each month of the balance that is unpaid. The bills are the mailed out on the 25th of each month and later on the payment is owed by the 10th of the next month. However, there is a new client that wants to switch the payment over to a new way of giving out payments which is through automation. However, Company B firm has to transfer over and accept this automation if they want to keep the new company on as a new client. However, Company B firm is not all that familiar with this new automation or pay method. At the moment, it appears that two of the four HOAs as well as the new client are also utilizing an automated accounting system (Dormhel, 2015). These systems are the Sage and QuickBooks, even though the others are using Microsoft Excel to accomplish its accounting purposes. However, as the owner it is clear as to why the client will desire to want to move to a single system (Engineering, 2014). At the moment, the new client is using the QuickBooks software, but they are still is open to using another type of system is necessary.

As the owner of Company B firm, there is a huge advantage of switching over to the automation system. For one, it provides the chance for the organization to be able to expand their practice, but then again there is a disadvantage. This drawback is the fact this is an occasion that is very new to them. As the result of this occurrence, after discussing everything with the lead CPA to put together a document that will aid in helping the company figure out if we need to go ahead and continue with this chance. It is clear that an automated or computerized accounting systems could be important to Company B firm in numerous ways. The use of computers is time-saving for the organization and could keep financial data well-ordered.

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System Requirements

Input Requirements

Create invoices that will be automatically recorded in the customer's account. With this data, it will be able to do other things such as flag late payments. It will also be able to send overdue reminders, which will help in getting paid faster. Also, purchasing forms will be needed. With these, they will be able to submit purchase applications that will routed for approval through a workflow and then authorized against an available financial plan. Route invoices will be created through a workflow process and then they will be matched to the purchase order. Key data that would be used on these forms are the exact numbers of the purchases. Also, other key data that it will show is the customer name, telephone number and address.

Output Requirements

Financial reporting will be developed. Here a schedule of reports will be done in order to run. Also, and e-mail to a list of recipients will be created in this report. This will be done to give decision-makers 360-degree reflectivity into operational information that they will need in order to stay agile and responsive to business chances (Ward, 2015). Mechanically generate, submit, approve, track, and settle expense reports -- and gain understandings into customers and projects.

Control Requirements

One of the ways the firm will secure / control the process is by using the Segregation of Duties. In the past, old-style systems of internal control would depend on conveying definite responsibilities to diverse individuals or segregating incompatible purposes. The general premise of SOD for Company B firm is to stop one individual from having both admission to possessions and duty for upholding the accountability of those properties.

Another one to use is the system development life cycle (SDLC). With the aim of having an effective automated control implementation, Company B firm must have the SDLC. To prove an automated control from its foundation, Company B firm must display that the control was applied properly and there is a clear and recognized history of change management. The last control requirement would be those that make sure that Company B firm delegation of authority policy is being followed. Company B firm main accounting system will have a routine inside which, founded on formerly described limits, permits individuals with the necessary authority to approve particular transactions.

Collection Requirements

Input Requirements

Company B firm will need to make sure that the core financial system provides the capability in order to recognize legal and administrative limitations on funds in operating/economic strategies. Budget plans based on future date or retrieval function will be needed as far as the process in concerned. Other forms that would be needed are the record revenues, expenditure reductions, or other suitable offsets linked with collections. Also credit card and cash forms are needed to be used. The key data on these budget plans will be the overall plan that will be executed month to month, stating expenses such as the equipment and even travel costs.

Output Requirements

The reports that will be needed in order to be generated from the process are the monthly deposit and the debit voucher. Other reports that are needed in this process are those that are from the treasury and the banking system for comparison to the agency general ledger. Also, the capability to consist of both the TAS/TAFS(s) and the related amount(s) are other things that will needed to be reported. Also the accumulation of nonfinancial data relating to cost objects, for instance output units, to permit the computation of both total and unit prices.

Control Requirements

There are many ways they will secure / control the process one of these ways is the Segregation of Duties. This is important when it comes to the collection requirements because in this case, segregation of duties is serious to real internal control. For instance, it reduces the risk of both inappropriate and erroneous actions. On the whole, the approval function, the accounting/integration purpose, and the asset custody function should be separated among staffs. Another process is called the preventative controls and those such as requiring dual signatures on checks or even having the best password-protected type of files. This type of control protects and limits admission to business properties. The third type of control is the Detective controls that involve settling the bank or inventory counts. Typically these internal controls are achieved occasionally to see if any need to be modified.

Payment Requirements….....

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