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Accounting information systems development - Essay Example

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The company in this scenario is a small, local CPA firm. The personnel at the organization include three new CPAs and an office manager. Primarily, the company's business consists of tax and write-up work. …
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Accounting information systems development

Download file to see previous pages... The company in this scenario is a small, local CPA firm. The personnel at the organization include three new CPAs and an office manager. Primarily, the company's business consists of tax and write-up work.However, recently the company has required a new client: a homeowner's association with a total of 150 homeowners.The firm has agreed to provide the homeowner's association with several services. There are six service areas that the company has agreed to service the homeowner's association with: billing, collection, payments, reporting, tax, and advisory. With billing, each homeowner will be sent an itemized bill each quarter, dues being payable by the month. Late fees accumulate at one percent of the unpaid balance each month that passes. On the first day of the last month of the quarter, bills are mailed out to the homeowners, and payment is expected by the quarter's end.With collection, the accounting firm is responsible for collecting the payments from the post office box that it has rented specially for the homeowner's association. They are also responsible for depositing the checks they collect.With the large, new client, the company is hoping to expand that area of their practice by computerizing the main functions of their system. The goal of the company is to computerized the system's main functions. The main focus of the computerization will be on billing and reporting. Other than the actual interface of the new system, the checking account, financial statements, and tax preparation parts will not be computerized at this time. Instead, the billing and collections portions of the system will be computerized.
The System and Manual Functions (Inputs, Outputs, and Controls)
BusinessTown (2008) tell us to "Think of the accounting system as a wheel whose hub is the general ledger (G/L). Feeding the hub information are the spokes of the wheel. These include accounts receivable, accounts payable, order entry, inventory control, cost accounting, payroll, and fixed assets accounting." Each of these items is a subledger of the general ledger, and each summarizes the entries and then feeds that information to the general ledger.
There are a few differences between manual and automated ledgers. In order to consider this, think of the general ledger as a piece of paper that shows assets, liabilities, income, and expenses where all transactions are recorded by hand in a manual fashion. While some of the entries from the different subledgers flow upwards, others are entered manually through the utilization of a general journal entry. "The same concept of a sheet of paper holds for each subledger that feeds the general ledger. A computerized accounting system works the same way, except that the general ledger and subledgers are computer files instead of sheets of paper. Entries are posted to each and summarized, then the summary is sent up to the G/L for posting" (BusinessTown, 2008).
Billing is the first component that will be computerized at the firm. This will be highly beneficial to the organization since "Accounting firms can improve their profitability and relations with clients by automating client billing with computers. Accounting firms c ...Download file to see next pagesRead More
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