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Streamlining Accounting Processes for Borger Management

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Added on  2019-09-22

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This research paper discusses the challenges faced by Borger Management in creating financial statements due to the use of different accounting systems. It proposes a solution to streamline the accounting processes and save time and money. The proposed system will have different modules for accounts payable, accounts receivable, and general ledger, all stored in different files yet on the same server and using the same software. The paper also outlines the functional and non-functional requirements of the new system, hardware and software requirements, and benefits of the new process.
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Markeeda Guest-SpencerResearch Paper Week 8July 11, 2016Professor I emailed you about a late submission. My computer wouldn’t power and I was out of town on work travel. Turns out the charger shorted out. I arrived back home from the audit and ordered from Amazon. It arrived today.
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Original ProposalThe Property Management Company I worked for a number of years ago used many different accounting systems that didn’t communicate with one another. The 1 person accounts payable department used Timberline Software. The 2 person accounts receivable department (as well as the 40 on-site property managers) used Rentroll Software. The General Ledger and Financial Statements were maintained on MRI. None of the software was compatible to the other.Preparing monthly financial statements for the property owners was a tedious week-long process. Outside consultants were hired to convert the data from all of the various software packages so that it could then be imported into MRI. This process resulted in manyerrors every month. The monthly expenses for the consultants were massive and continued to grow. The system errors became more frequent and the 1 person IT departments was unable to handle the increased system problems. Additionally, due to the multiple systems---true and accurate financial data was never available until month end.The challenge of the final system will be to streamline processes with the goal of saving time and money. Additionally the system would ideally provide more useful and accurate accounting data/information as well as address the IT department shortcomings.“TO BE”As it has been described, Borger Management faces a problem of gathering information from different platforms and converting them to a single platform to create the financial statements. So instead of converting the data from varied sources, encountering large errors, hiring expensive consultants etc., one can rather create a single system which will have different modules yet in the same format. In other words, the new process will have different modules like:
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1.Accounts payable2.Accounts receivable3.General ledger Data will be stored in different files yet on the same server and using the same software. This will help in reducing:a.Errorsb.Manpowerc.Overall costd.Result creation timee.Report creation timeThe data will always be available and the users will not have to wait for the end of the month.The backups can also be taken up and also reports can be created anytime and the data willbe simultaneously updated in all files every day with the increasing amount of data. This is a viable means for lessening the load on the IT department as well. This is possible because they will only have to maintain the hardware and software devices rather than handling all the conversion, merging and generation processes of the accounting system. FUNCTIONAL AND NON-FUNCTIONAL REQUIREMENTSThe functional requirements of the new system are:1.Interface requirementsa.There will be screens for adding accounts payable, receivable and preparing ledger.b.There will be interface to prepare financial reports.c.There will be interface to generate required report at any point of time.d.There will be options to print data, edit data and even delete with permissions.
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