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Riordian

In: Miscellaneous

Submitted By jayth28
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The Goal of this summary is to provide Riordan Manufacturing the ability to facilitate business needs for the four divisions within Riordan Manufacturing; Finance and Accounting, Internet Site, Sales and Marketing, Human Resources and Legal, and Operations. Finance and Accounting Presently, all four locations use finance and accounting systems to collect, analyze and generate financial data for the company’s sales and revenue reports. This requires the company to manually generate reports, re-enter data and convert this data to compatible formats for the corporate headquarters to process. Each manufacturing entity uses similar subsystems such as procurement, order entry, invoice and shipping. The invoice subsystem will need to interface with the accounts receivable component. These systems feed into the sales and purchasing history, accounts receivable and accounts payable. The procurement, accounts payable and accounts receivable then are provided to the general ledger. Payroll is a separate subsystem that connects to the general ledger. Procurement is the obtaining of the necessary raw materials and supplies and this system needs to keep track of what is on order and in house. The order entry system records all of the customer’s orders. Order entry then provides data to the invoice system for correct billing. Accounts payable keeps tabs on making payments obtained via the procurement system while accounts receivable records customer payments on their invoices. The general ledger combines all the other subsystems along with additional income, debt payments, and expenses. Data from the general ledger will then contain the information required for financial reporting and for auditing needs. All financial reporting will also have to comply with current government reporting regulations including the Sarbanes-Oxley Act (PCAOBUS, 2002). It is recommended that Riordan…...

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