Application of Accounting Software to the Bakery Business
Added on 2020-02-24
22 Pages4846 Words83 Views
RUNNING HEAD: Use of Accounting Software in BusinessApplication of Accounting Software to theBakery Business
1Use of Accounting Software in BusinessExecutive SummaryThis report is about the functioning of bakery business which has considerable amount of revenue generated in earlier years and has hired only one accountant for the organisation but as the firm is of medium to large size it must invest in purchasing the suitable accounting software which can assist the firm in its financial reporting requirements as well as for the accounts handling function ( Murungi & Kayigamba, 2015). There are number of accounting software in the market these days which provides the required and advanced features to the business to grow and succeed. However, the firm is required to understand the system of the business it is in and specify its core requirements to the software vendor so as to get the best suitable solution with possible minimum investment. The firm must consider the relevant factors before investing in the accounting software as it will help it to avoid paying for the unnecessary features of the software.
2Use of Accounting Software in BusinessTable of ContentsExecutive Summary...............................................................................................................................1Introduction...........................................................................................................................................4Bakery Business.....................................................................................................................................5What a baker does?...........................................................................................................................5Business Processes Involved..............................................................................................................5Indispensable Bakery Business Processes..............................................................................................7Expected Outcomes from Business processes.......................................................................................8Accounting Software & its Features....................................................................................................10Accounting Software.......................................................................................................................10Key Features....................................................................................................................................10Levels of Accounting Software.............................................................................................................12Comparison between XERO and INTACCT features.............................................................................14Appropriate Accounting Software for Bakery Business.......................................................................15Conclusion...........................................................................................................................................17References...........................................................................................................................................18
3Use of Accounting Software in Business
4Use of Accounting Software in BusinessIntroductionB bakery is a firm with the family owned business which is in existence for over 50 years. The firm is involved in the business of bakery items with a workforce of on and around 70 people. B bakery has faced the ups and downs in the market for the several times however it has managed to grow and survive since last few years through the introduction of new and healthy bakery products. As the firm is medium to large sized it requires an implementation of proper accounting system to record and maintain all the data in an organised form related to the business functions so as to get effective information to run the bakery business efficiently (Mehldahl, 2004). A proper accounting system includes various elements which is not possible to be overlooked by a single accountant therefore the firm is required to purchasethe accounting software which can handle the major part of the accounting work without manual intervention. Accounting software provides the business with the excellent solution for the accounts management by performing the various accounting functions.
5Use of Accounting Software in BusinessBakery BusinessWhat a baker does?A Baker is the one who is engaged in the business of making bakery items such as cakes, breads, cookies etc. The person who undertakes the bakery business must have good knowledge and expertise in baking and preparing several items following different recipes. Business Processes InvolvedThe business processes for the bakery organisation are as follows:Requisition Process- The process of arranging for raw materials, tools and equipment from the suppliers i.e. the procurement of the ingredients and the moulds & machines to make bakery items to be supplied further to the willing customers.Production Process– The process of producing the bakery items for selling and distributing purpose in different market segments such as wholesale dealers, confectionary shops, restaurants etc.Cost Determination: This process involves the functions of cost calculation to identifythe prices of the products manufactured by the business.Packaging and Labelling: This process is undertaken to provide packages and containers to the manufactured products so as to make them available for selling and distribution purpose. This process also includes labelling of some product related information on the packages.Stores and Logistics Management – This process involves the storage of inventories of bakery items prepared and the raw materials purchased for the production purpose and also in determining the level of economic order quantity to be maintained so to bear possible minimum storage cost (Christopher, 2016).Marketing & Promotion Process- The process of marketing is assigned to the department which has the responsibility of promoting the baked items produced by
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