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Riordan Finance And Accounting Essay

911 words - 4 pages

Finance and Accounting

Unfortunately, there are many problems with Riordan Manufacturing’s accounting system as well as their financial handling methods. The company has started on the right foot by having company wide systems put in place at each location. These systems include a general ledger, accounts payable, accounts receivable, order entry, procurement, sales and purchasing history, invoicing and shipping, payroll, financial reporting, EDI, bar code reading, and EDSS. However, the last three systems are only in place at the San Jose office. Michigan or George never received these systems because of the “diligence process in which Riordan acquired the operating entities.”
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Audits take time as well as money away from the company if a monthly audit was not required the companies financial employees could get their work down faster and they could be better organized. Using the new company wide financial system that is proposed will greatly reduce the need for audits and prevent monthly internal audits. Another way to decrease internal audits is to relieve employees that have a tendency to cause these audits and replace them with reliable employees that have better financial background.
Replacing employees and well as the system needs to happen first at customer level. The financial problems have been so bad lately that the customers and outside vendors have noticed with bad invoicing and payment handling. While it will take time for all the locations to get the upgrade to the new system, the areas that deal with customers directly such as invoices and accounts payable should be the first to receive the upgrade. A drop in income could be very well because customers and vendors have problems with invoicing and payments, therefore they will take their business elsewhere.
While replacing customer-based areas first the company should also incorporate a temporary fix for the areas that will not receive the upgrade right away. These areas would be the Michigan financial and accounting department and the Georgia financial and accounting department. To fix these locations temporarily they should send an employee from the main office in San Jose to each of these locations with a windows based laptop that has the newer system that San Jose uses. This will hopefully speed up financial processing and decrease the amount of data errors....

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