Information Gathering Techniques Essays and Term Papers

Riordan Financial and Accounting System

The Riordan manufacturing company has asked team A to come up with a new type of business system that would encompass all aspects of the Riordan manufacturing company, within all of their operating sites. They have three operating plants within the United States and a joint venture in China. The plants are located in Georgia, Michigan, and California. The company's corporate headquarters are in San Jose, California.

At this time the company has a vast array of different systems used for their plant operation, financial, and accounting purposes. During the time that Riordan acquired the operating facilities in Michigan and Georgia the matter of their F & A system compatibility was not considered. None of the financial and accounting systems would inter react with the other system; this is why we have been tasked to create a new business system for the company.

Some of the major problems that the company is having with the present system are that there income and balance statements must have someone input the information into the computer. Since this is time-consuming process information is often 15 to 20 days after the end of the month. The system presently utilized does not have an audit feature within it, because of that they must utilize an external auditor which is expensive.

Other situations that would mandate a new system would be in compliance with government reporting requirements, and to ensure that the security of the company and its customer's information is being taken care of.

There are many aspects of the business systems and subsystems, of these, the accounting and financial main system should be able to integrate with each one of the entities of Riordan manufacturing company. There would be many subsections of the company that would be able to be linked to the main system. Some of the other departments that will be able to be linked with the main system are: general ledger, accounts payable, accounts receivable, order entry, sales and purchasing history, invoicing and shipping payroll and financial reporting. With the use of one main business system and the many subsystems all being linked together the company will be able to streamline its accounting and financial departments and be able to get them all under one roof, subsequently with all of the departments linked together it will be both a cost-saving and laborsaving windfall for the company.

In conclusion with the outdated business system that Riordan has now, the company is spending time and money needlessly. With the recommendation of bringing all aspects of the financial, accounting, plant operations, and all the other departments within the company being able to be integrated into one system will make the company more streamline and cost-effective. In that way they can pass those savings to their present customers and future customers. The end