Financial Systems

Systems to be connected to a financial system
BSA 500
September 23, 2013Systems to be connected to a financial system
There are three systems at Riordan Manufacturing that should be connected to any accounting system the company chooses to implement. Those systems are Sales and Marketing, Human Resources and Operations. Justifications for those system connections will follow.
The Sales and Marketing functions should be connected to the accounting system once those systems are consolidated. This will allow for increased efficiencies gained from seamless electronic communication between the accounting and sales systems; as sales are entered into the system, that data is patched through to the accounting system where that transaction is recorded under accounts receivable. That transaction is also added to the historical record. Transactions stored this way can be queried up and reported later when it is time to prepare next year’s budget or for forecasting or planning purposes. Marketing information, particularly the expenses laid out in support of marketing functions, should be recorded, as with any other business expense captured by the accounting system. Combining this information with Sales allows Return on Investment types of analysis to be conducted.
The Human Resources functions should be connected to the accounting system because the company needs to keep a very close eye costs in order to remain profitable. Human resources is rarely a revenue-generating function but is still critically necessary to the continued existence of the company. Costs to be tracked would include employee benefits and compensation, training, bonuses, monetary awards or incentives or any other relevant or necessary data, The hiring, promotion, retirement and or termination of employees needs to be properly documented and accounted for; seamless integration with the accounting system streamlines the overall operations, reducing the need for multiple data systems,…

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