A way to make the revenue cycle run smoothly is by integrating hardware and software to assist in the setup of the various systems. This setup would make it easier for Riordan Manufacturing to access their financial information. We will discuss what hardware and software is needed, and will go on to identify who accesses this information. Another area to cover is the controls that need to be implemented based around the accounting procedures, and what information should be available through the corporate Internet and intranet.
Examining Hardware and SoftwareTo integrate cost of goods sold into the accounting process Riordan Manufacturing would need a system to work for all locations. Currently, the three locations have different systems. It would require software that is compatible for all locations as well. At the present time, each location uses different software as well.
Information Shared Between Different CyclesOne source of information to be shared would be the balance sheet.
It highlights the company's assets, liabilities, and stockholders equity. Another source of information to share is the income statement. The breakdown of revenue and expenses appear on this statement. The final results capture net profit or net loss.
Access to InformationWhile integrating this accounting process into an automated system there should be only a select few people who have access to the information contained in the database. Those people would include the database designer, the people or persons installing the hardware or software and database management. The database designer would need access to the information for obvious reasons along with the persons installing the hardware or software. Database management would need access to the information to insure that the information is being installed correctly and to insure breach of security is not an issue. When creating a database, there should be as few people...