GER UMUC STAGE 2 PAPER v IFSM 301

GER UMUC is maintaining three different financial systems and each system has a different report format. Also when doing annual inventory there are three difference different systems and three different inventory procedures. As it stands, this affects the company because time is wasted on consolidating the information required for reports.
It takes the IT Staff and the executive management nearly 4 weeks to produce end of the quarter reports.
I recommend that we implement a web-based accounting system that includes an extensive database to help our accountants to do their quarterly report. This consolidation of information will help them tremendously in saving time on going through all of our financial information and creating reports.
The software that I suggest is called Intacct. Intacct is a Web-based financial accounting software system with that covers a large set of functionality. It can support applications for core accounting, time and expenses, revenue management, project accounting, order and billing, purchasing, global consolidations, multi-currency management, and financial reporting. It can also be accessed on demand through a browser over the Internet (cite). As well the database used for Intacct is oracle (About Us: Learn more about Intacct, 2013).
The web-based accounting system that we will implement will incorporate and combine the best of the 3 financial systems that we used before. It will hold all the necessary information needed for accounting (The cost, prices, etc.). We will eliminate repetitiveness amongst the three difference systems combine commonalities of certain terms and codes (for example if price is labeled as “pr” in one of our old systems and “p” in another one of our old systems we will have price labeled as “price” in this new web-based accounting system). We will also allow exceptions