Accounting Software Example

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Table of Contents
OBJECTIVES3
BUSINESS INTRODUCTION3
ACCOUNTING SOFTWARE3
ADVANTAGES4
COMMUNICATION4
FINANCIAL MANAGEMENT4
SALES MANAGEMENT5
INVENTORY CONTROL (IC)5
HUMAN RESOURCES (HR)5
DISADVANATGES5
ANALYSIS OF DATA6
SUMMARY6
Bibliography7

OBJECTIVES

In this assignment I will review the accounting software appropriate to the outlined hypothetical company. On the one hand, I will consider advantages and disadvantages of the software which are relevant to the proper management of the company. On the other hand I will demonstrate the relevant connection of the accounting software to the financial management of the company.

BUSINESS INTRODUCTION

Emfibia Limited is a medium size manufacturing company. The main objectives of the business are developing, manufacturing and distributing new mobiles phones, computers and other electronic equipment. However, the company has to cooperate with private designers. All the designs are analyzed and tested before producing and distributing. Emfibia Limited operates under UK regulation and supplies within United Kingdom sector. The annual profit exceeds 1 million GBP. Emfibia Limited receives finance from the investors and shareholders. It is managed by company director who has to provide detailed financial information and analysis on the weekly basis to the investors. Within the company operates few different teams, for example: financial control, internal quality control, stock control, production managers. What is more, the company employs 240 workers on a different level of salaries, provisions and contracts. There always will be a huge demand for new technologies and computer equipment, such as mobile phones. Another important factor for the business is to compete with growing competitors in the UK sector. Therefore, Emfibia Limited has to focus on the future investments to meet the increasing demand.

ACCOUNTING SOFTWARE

The manufacturing company requires fast, easy to use and flexible system, which would cover all of the areas within the company. I have considered many software packages, such as: SAP Manufacturing, Microsoft Dynamics AX and Plex Systems. However the most appropriate accounting system would be to implement SAGE ERP X3. This package supports all of the business areas with convenient tools designed to optimally evaluate, compile, and present all of the data. It covers: manufacturing, finance, sales, purchasing, inventory and many more (Figure 1).

ADVANTAGES

The cost-efficient Enterprise Resource Planning (ERP) system is a set of applications that allows integrates all of the management process into single information system. In most cases ERP systems are very complicated to use but Sage ERP X3 has friendly layout for the users with provided temples and wide range of support.

Figure 1

COMMUNICATION

The key factor for the company’s performance is the exchange of information between relevant users. Sage ERP X3 gives choice to use a WEB-native solution and/or as a desktop application. It is possible to select certain information for employees, distributors, customers and suppliers to access it wherever they are over the Web browser. What is more, the access is secure and selection of relevant employees will receive password.

FINANCIAL MANAGEMENT

This is the core function of the company. This sector is responsible for financial, personal, cost and budget accounting. It also needs to be able to provide the statements to the investors, managers and customers. Sage ERP X3 is able to produce fast and reliable analysis. Financial Control team will use tools such as: up-to-date cash balance reports, budgeting; process accounting and financial reporting that cover the United Kingdom law and regulations.

SALES MANAGEMENT

It is a part of the business responsible for distribution of the products to United Kingdom and in future to other countries. Sage software provides applications that automates...
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