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Accounting 326




ACCT 3 26 Course Project;Theproject will d e mo n strate your c o m preh en sion of accountingsy s te m sa n dyourabilitytoeffectively c o mmuni ca teinwriting.;Assumeyou are the owner of a small CPA practicein a major metropolitan area. You have six professionalemployees, of which 2 are relativelynew C PAs(recentgraduatesfromUMUC), and an experienced office manager. In the past, your practice consists primarily of tax and advisory services, but you want to expandthepractice. B aseduponyourdesirestoe x pandthepract i ce,youhavefounda potential newclient. The client has a growinghomeowners'associationconsistingof 1000 homeowners,whoisin t he process of acquiring withfourotherhomeownerassociationswithinthene x t 90 days. This acquisition will increasethenumberof homeown e rs to 3000. Thenewclientis interested in using a single automated accounting information system that will be able to perform the following function s;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 rem o val;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 excitedbythisopportun i tybecauseitisawaytoexpandyourpractice, 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: Usingthemethodologydevelopedinthis c ourse,documentandillustrate t h e system from anautomatedfunctionviewpoin t.Aspart of your documentation,youwillneedtoidentify the specific system r e quirements in the areasofinputs,outputs, and controls for each of the serv i ce areas. You will be also required to provide mock-ups of sample forms, documents, and reports. Your f i nish 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 Billi n g;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 Finan c ial Reporting;o;InputRequirements;o;Output Requirements;o;Control Requirements;4. Proposed Outsourcing Functions;5. System Selection;6. ChallengestoAutomation;7. Appendix;Listedbelowisasummaryofeachsec t ion, including p r ojected page lengths.;Paper Guidelines;?;SectionI ? ExecutiveSumma r y: In this section, you will provide a n executi v esummary of SectionII?VI.Yoursummaryshould be limited to 2 pages.;?;Section II ? Introduction: In this section, you will provide narrativeregardingthecurrentbusiness problemandhowautomationm a y or may not address the problem.Thissectionshouldbe limited to 2 pages.;?;Section III ? System Requirements: In this section, you will do c ument the specific requirements (input,output, & control) as requiredforeachoftherespective 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 i dentify 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 2 pageslong.;?;SectionV ? System Selection: Inthis section, you will d i scuss 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. Thiss e ctionshould a minimum of 4 pages.;?;Section VI ?Challenges to Automation: In this section, you will i d entify and discuss the challengesto migrating to a new automated system. T hissectionshouldbe at least 3 pageslong.;?;Appendix: In this section, you will provide a mock-upoftwosamplereports, andtwosamplefinan c ialstatements.;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 thefollowi n g;?;Discus s ionofallrequiredpoin t srelatedtotheoutlineabove.;?;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 gramm a ticalandtypographicalerrors;o Professional,neatappearance;o Abilitytousespecificform a ttingguidelines(aslistedbelow);Interms of formatting guid e li n es, you can rely ont ;heAPAwritingstyle.;

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