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Accounting

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Theproject will demonstrate your comprehension of accountingsystemsandyourabilitytoeffectively communicateinwriting.;Assumeyou are the owner of a small CPA practicein a major metropolitan area. You have six professionalemployees, of which 2 arerelativelynewCPAs(recentgraduatesfromUMUC), and an experienced office manager. In the past, your practice consists primarily of tax and advisory services, but you want to expandthepractice.Baseduponyourdesirestoexpandthepractice,youhavefoundapotential newclient. The client has a growinghomeowners'associationconsistingof 1000homeowners,whoisinthe process of acquiring withfourotherhomeownerassociationswithinthenext 90 days. This acquisition will increasethenumberof homeowners to 3000. Thenewclientis interested in using a single automated accounting information system that will be able to perform the following functions;1. Billing - Each month, the system will generate an itemized bill for each homeowner. The fees will vary from $100 to $200 per month, based upon the location of each home, and the type of home (townhouse or single family homes). Late feesare 20 percent per month of the unpaid balance. The bills are mailed the 25 th of each month and payment is due by the 10 th of the following month..;2. Collections? Payments can be made in person (at the HOA main office), via mail (via a PO Box), or electronically. Payments will be deposited to the client?s account.;3. Payments: It is expected that the system will generate a minimum of 100 checks / payments each month. These payments will cover a variety of services, such as expenses for;? office supplies;? rental space for the HOA;? utility expenses for the HOA office as well as for lighting for each of the 5 HOAs;? lawn care;? refuse & snow removal;4. Payroll: It is expect that the client will have roughly 20 full-time employees and 30 part-time employees. Employees will be paid on a bi-weekly basis. Payment will be made from the client?s payroll checking account, which is separate from the client?s primary account.;5. Reporting: It is expected that the system will be able to handle any and all reporting, including periodic financialstatements.;Currently two of the four HOAs (including the client) are using an automated accounting system (Sage and QuickBooks), while the others are using Microsoft Excel to perform its accounting functions. Per this, you can see why the client will want to move to a single system. The client is using QuickBooks, but is open to using another system.;As the owner o the CPA firm, you are excitedbythisopportunitybecauseitisawaytoexpandyourpractice, but this is an opportunity that is very new to you. As the result of this opportunity, you have asked your lead CPA to develop a document that will help you to determine if you should proceed with this opportunity. You have given your resources 4 weeks to complete this assignment.;Required: Usingthemethodologydevelopedinthiscourse,documentandillustrate the system from anautomatedfunctionviewpoint.Aspart of your documentation,youwillneedtoidentify the specific system requirements in the areasofinputs,outputs, and controls for each of the service areas. You will be also required to provide mock-ups of sample forms, documents, and reports. Your finish product will be a paper & a PowerPoint presentation (a summary of the paper), based upon the followi ng outline.;1. ExecutiveSummary;2. Introduction;o Purposeof NewSystem;3. ProposedSystemRequirements;o Billing;o InputRequirements;o Output Requirements;o Control Requirements;o Collection;o InputRequirements;o Output Requirements;o Control Requirements;o Payments;o InputRequirements;o Output Requirements;o Control Requirements;o Payroll;o InputRequirements;o Output Requirements;o Control Requirements;o Financial Reporting;o InputRequirements;o Output Requirements;o Control Requirements;4. Proposed Outsourcing Functions;5. System Selection;6. ChallengestoAutomation;7. Appendix;Listedbelowisasummaryofeachsection, including projected page lengths.;Paper Guidelines;? SectionI ? ExecutiveSummary: In this section, you will provide an executivesummary of SectionII?VI.Yoursummaryshould be limited to 2 pages.;? Section II ? Introduction: In this section, you will provide narrativeregardingthecurrentbusiness problemandhowautomationmay or may not address the problem.Thissectionshouldbe limited to 2 pages.;? Section III ? System Requirements: In this section, you will document the specific requirements (input,output, & control) asrequiredforeachoftherespective functions(collections, payments, etc.). In order to complete this, you will need to identify the following;? Key data you would need to collect in order to perform the function;? Key data & information that will need to be produced / generated when processing transactions;? Key controls to need to be implemented to support & secure the function.;? Section IV ? Outsourcing Considerations: In this section, you will identify functions that may be prime candidates for outsourcing. For those functions that are selected for outsourcing, you will need to explain why they are, the possible benefits, and potential concerns. Thissection shouldbe at least 2pageslong.;? SectionV ? System Selection: Inthis section, you will discuss which PC-based accounting system will be the best choice. You can need to select 3 PC-based systems to evaluate and determine which one is the best choice. In developing your recommendation, you should discuss each of the system?s relative strengths & weaknesses, and recommend a solution. Also, you will recommend a migration plan (parallel, phase, etc.) for implementing the solution. Thissectionshould a minimum of 4 pages.;? Section VI ?Challenges to Automation: In this section, you will identify and discuss the challengesto migrating to a new automated system. Thissectionshouldbe at least 3pageslong.;? Appendix: In this section, you will provide a mock-upoftwosamplereports, andtwosamplefinancialstatements.;Presentation Guidelines;? Introduction: Summary of Section II ? not to exceed 2 slides;? System Requirements: Summary of Section III - not to exceed 2 slides for each area (billing, collection, etc.);? Outsourcing Considerations: Summary of Section IV ? not to exceed 2 slides;? System Selection Summary of Section V ? not to exceed 4 slides;? Challenges to Automation: Summary of Section VI ? not to exceed 2 slides;Yourgradefor this project willbe based on the quality of both contentandpresentation,considering thefollowing;? Discussionofallrequiredpointsrelatedtotheoutlineabove.;? Ability to apply concepts from this course in order to design a solution.;? Ability to conduct the appropriate analysis based upon the limited information that has been provided.;? The creativeness of your solution.;? Formatting considerations, such as;o Well-written and free of grammaticalandtypographicalerrors;o Professional,neatappearance;o Abilitytousespecificformattingguidelines(aslistedbelow);Interms of formatting guidelines, you can rely ont

 

Paper#77760 | Written in 18-Jul-2015

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