Accounting System

In: Business and Management

Submitted By kgc7
Words 562
Pages 3
Accounting System Paper

Kyle Davis
BSA/310
5/13/2013
William Zhang / Instructor

In the business world today, it is crucial to have some type of accounting system, a system that will coincide with all aspects of a business and can be integrated with all information systems. REMS which stands for Retail Enterprise Management System is a modular system that consists of a General ledger, Asset management and accounting, Accounts Payable, Bank Reconciliation and Point of Sale modules.

Kudler Fine Foods has will be hiring a firm (consulting) to help with the installation of this system. To be cost effective the Asset Management and Accounting module have not been purchased just as of yet. Reason being, all of their stores that they have are on long term leases therefore whatever remaining assets KFF has can be controlled by the use of a spreadsheet.

The purpose of a general ledger is to keep track of a company’s account, any transaction details from accounts receivable and payable, payroll as well as any other departments of KFF. This general ledger will have a dual purpose of keeping track of any non- financial accounts for KFF. These accounts consist of department sales and inventory, department and store headcount. Based on the intranet site of Kudler, the general ledger module has financial reports.

Balance Sheet, Cash Flow, Balance Sheets and Income Statement are just a few of the ledger modules that it has. With that in mind the module has what Kudler Fine Foods will need to provide its financial and budget reports for all stores.

The approximate budget to spend is $50,000 for the consulting firm; they will handle the installation and maintain the system once a year. With the implementation of the customer loyalty program the whole concept is to create new customers therefore creating more shopping from…...

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