Topics: Accounts receivable, Accounting software, Generally Accepted Accounting Principles Pages: 2 (727 words) Published: January 15, 2013
Kudler Fine Foods initial business plan was to hire a consulting firm to assist in the selection and installation of a comprehensive Retail Management System (REMS). A consulting firm named Smith Consulting Firm was selected for the contract and after an in-depth analysis of the RMS; a modular and scalable RMS was selected. The REMS was installed in the first and subsequent Kudlers retail stores. An accounting system is very important to a business because the company needs to know how the business is doing; you want to have professional looking financial statements for your bank, potential vendors, or other interested parties. An account system is also important to process sales, purchase orders, invoices, payroll, and other business functions manually. The accounting system must be scalable, secure and gather data feed from other business systems to collect up-to-date business finances. The installed REMS came with the following Finance and Accounting Financial Modules: General Ledger Module, Accounts Payable Module, POS module, Bank Reconciliation Module, Asset Management and Accounting, and Security. The current General Ledger Module contains: charts accounts, transaction detail, financial reporting, multiple year reporting, Budgets and budget reporting and non financial accounts. The accounts payable module contains: Vendor codes and master files, check printing, tax and freight allocations, multiple bank accounts, purchase order module vendors order directly to the AP module and handles international addresses. The POS module contain: Captures and reports all sale in detail, provides data directly to several modules and handles all debit and credit card transaction. The Bank Reconciliation module: Handles reconciling checks, account deposits, and account balances. It also assists in cash flow analysis by collecting data from AP, AR and the purchase order module. Asset Management and Accounting: Module not acquired, stores...
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