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Finance and Accounting Essay

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Below is an essay on "Finance and Accounting" from Anti Essays, your source for research papers, essays, and term paper examples.

Currently the Financial and Accounting for each separate facility is handled at that respective location. As each location is using different software to maintain it’s books, there is no seamless compatibility between each. Also, complicating things further, data is not being entered in a consistent manner, some provided via data files and others via reports, and still others provided via data files but must be converted to match proper accounting codes. Since, all the F & A for each location is being handled as if that location is a separate entity, there are multiple ledgers, with varying and mismatched Accounts Receivables and Account Payables and all sales is recorded apart from the other factories. The existing software currently being used is outdated and the vendor that developed the software used in Michigan is no longer in business.
With all the data from each location being entered and re-entered, the opportunity for human error increases with each entry, overall affecting any generated cash flow reports, sales and order statuses or general financial information that is critically necessary for any corporate entity to survive. And since there is no consistency in the types of files being used, or protocol for actual data being entered, there is a significant amount of time and resources being used to convert information.
The ideal situation for a company of this magnitude would allow for each plant to operate with an application platform that is fully integrated throughout the entire company and accessible from each using VPN and permitting real time updates and record keeping. A company standard would need to be created for the entry of all data, with each employee being trained on the use and understanding of said standard. To further increase compatibility, hardware should be purchased from a single vendor, making sure there is adequate support to minimize complications and ensure up to date equipment. A suggested accounting software would be...

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"Finance and Accounting". Anti Essays. 17 Dec. 2018


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