...Kudler Accounting System BSA/10 May 24, 2014 Sharon Foreman, PhD. Kudler Accounting System Kudler Fine Foods has hired a consulting firm to assist in them with their selection and installation of a comprehensive Retail Enterprise Management System. Smith Systems Consulting had been selected for the contract. The analysis from Smith system recommended a scalable, modular Retail Management System was purchased, installed and determined to be a superior fit for Kudlers’ retail stores. Key Features “The key benefit of enterprise system is data integration. Integration enables the sharing or exchange of data” (Turban, Volonino, & Sipior, 2011, Chapter 10). They key feature that will come with Retail Enterprise Management System are general ledger module; accounts payable module; point of sales module; bank reconciliation module; asset management and accounting; and security. These modules provides account charts, detail transaction which can be itemizes down into specific categories. Financial reporting is extremely important; these reports are needed balance sheets, income statement, and cash flow, tread analysis. Kudler Fine Foods would even have the option to pull a store comparison report. Determine each department budget, along with sales, inventory which are listed as non-financial accounts. When it comes to purchasing large amounts of specific food items internationally, that would require penalty of paperwork and meeting the requirements. Through retail...
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...Kudler Accounting System Vu T. Ma University of Phoenix Kudler Accounting System Kathy Kudler developed a business plan and open the doors of Kudler Fine Foods in 1998 in San Diego, California. Part of the initial business plan involved developing an accounting system. Kathy outsourced a consulting company, Smith System Consulting, to help select and install a retail enterprise management system (REMS). Smith System Consulting decided to install a modular and scalable retail management system (RMS). The REMS system implemented during the opening of the store is too slow to stay up with today's demands. Kudler needs an upgrade or an implementation of a new system. Windward System Five is the new accounting system needed to stay up with today's demands. Key features, core technology, benefits, and costs of the new system will decide the value of this new system to the company. The Windward System consist of some up-to-date features, which are lacking in the current REMS. General ledger, accounts payable, accounts receivable, POS, inventory control, E-commerce, purchase orders, customers, and advance security system with real-time backup functions General Ledger * Journal entries; * Supports recurring entries; * Supports check writing; * Balance sheets, income statements, cash flow, and trend analyses are some of the financial reports offered; * Multiple month reporting helps analyze sales comparison of stores and department; * Fully integrated...
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...Kudler Accounting System To the Executives of Kudler Fine Foods, Today, I introduce to you an idea that will help revolutionize the accounting process at Kudler Fine Foods. Upon its implementation, Kudler Fine foods will be able to easily manage its portfolio of accounts and analyze all of its data, all at a moment’s notice. The ability to access reports, on a annually, bi-annually, quarterly, or any time therein, is completely up to the individual. The financial benefits will be instantaneous to the company. One of the key benefits Kudler Fine Foods will gain will be the ability to handle all the raw data that you did not have command of before. This new system not only allows you to improve your financial strategies, but you can also increase your management potential by forecasting future investments. By prompting these new strategies, you are able to access areas of information not easily accessible before, like cash flow and asset management, just to name a few. How can we achieve this level of satisfaction in one software product? Let’s take a look at some of the key features that are built in to the accounting software package. Key Features * Software Compatible – The software is fully integrated with the most popular of software technologies. It will work with the Microsoft Office Suite of applications seamlessly. This will allow Kudler Fine Foods to be able to integrate reports into documents, spreadsheets, or emails without any technical issues. ...
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...Accounting systems are a crucial part of the business operations system. The current accounting system at Kudler Fine Foods, while comprehensive, lacks some key features that can increase benefits and reduce loss. This system is modular in design, and is made to be scalable so additions or updates can be made and the new system can incorporate and build onto the existing system. The accounting information system is used to gather financial data and provide information for internal and external decision making. These decisions include marketing, purchasing, payroll, investments, sales, and accounts payable and receivable. The purpose of implementing a new accounting system is to take advantage of these key new features and core technologies that will help keep the company agile in its decision making. It will also make the company better prepared to compete in today’s economy and market. Key Features The key features for the proposed accounting system include integrating the accounting system with the enterprise system, auditing software, budgeting software, integrated accounting and finance software. The use of XBRL programming language for filing reports, ERP (Enterprise Resource Planning), SCM (Supply Chain Management), CPFR (Collaborative Planning, Forecasting and Replenishment), CRM (Customer Relationship Management), and KM (Knowledge Management) are also key elements of this system (Turban & Volonino, 2011) . Financial planning and budgeting, financial and economic forecasting...
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...Kudler Fine Foods - Accounting System BSA/310 September 3, 2012 Dr. Marcia Reid Kudler Fine Foods - Accounting System The purpose of this paper is to describe the value of a new accounting system for Kudler Fine Foods. The author will cover the key features, core technology, benefits, and cost of the proposed system. In businesses today, it is imperative that the accounting system be tied into every aspect of a business and integrated within all of the information systems in use. Therefore, before any system is updated or changed, the accounting system must be considered and analyzed for compatibility and integration. Kudler Fine Foods hired a consulting firm to “assist in the selection and installation of a comprehensive Retail Enterprise Management System (REMS)”, according to the Kudler Fine Foods intranet. REMS is a modular system which contains a General Ledger, Accounts Payable, Point of Sale, Bank Reconciliation, and Asset Management and Accounting modules. To save money, the Asset Management and Accounting module was not purchased since the stores are all on long term leases and the remaining assets can be “controlled and amortized” by using spreadsheets. The General Ledger is the main module of the software and keeps track of all accounts, transaction details from accounts payable and receivable, payroll and all other departments of Kudler Fine Foods. The General Ledger also keeps track of Non-Financial accounts such as “department sales and inventory;...
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...Background Kudler Fine Foods set aside approximately $50,000 to hire a consulting firm to help with the selection and installation of a comprehensive Retail Enterprise Management System (REMS). After selecting Smith Systems Consulting as the consultant for this project, it was determined that a modular system should be selected and installed. The modules that were selected and installed are General Ledger, Accounts Payable, Point of Sale (POS) and Bank Reconciliation. The Asset Management and Accounting module was not acquired. Auxiliary generators have been installed at each location and the corporate offices, due to the frequent power issues in Southern California, to ensure that the accounting and finance system is available 24 hours a day, 7 days a week. General Ledger Module A general ledger is a record that stores balance sheet and income statement transactions (Averkamp, 2014). The financial data listed in the general ledger is the assets, liabilities, equity, income, cost of goods sold (COGS) and expenses in this order. A systematic numbering system is used to assign account numbers to each individual account under each section. At this point, the items are considered accounts. The account numbers that are assigned to each item can be found in the Chart of Accounts (COA). Accounts Payable Module Accounts payable (AP) are debts that must be paid off within a given period of time to avoid being in default (“Accounts Payable – Ap”, 2014). AP entries are...
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...overseeing its internal financial reporting integrity. This audit committee would oversees the audits, both internal and external. Once found evidence of fraudulent accounting, external auditors must communicate the findings within Apollo with the committee or other governing body. External auditors also report the effect that the fraud may result with Apollo. We would plan and conduct our audit with professional skepticism. We are required to recognize the condition or events that suggest if fraud may exist. Based on the audit risk assessment we conduct, we develop audit procedures to obtain reasonable assurance that substantial frauds have been found. It is expected that the auditor to implement procedures that will lead to the discovery of errors or fraud without significant impact on the financial statements can not be held responsible for undetected such irregularities. The auditor should communicate with the management of his client. He should ask the management information concerning any significant fraud or error has been detected in order to detect key problems that could lead to certain activities, the implementation of audit procedures more than usual However the auditor faces the risk inevitable that some significant errors to be detected, even if the audit is planned and done properly. Type accounting fraud The most common type of fraud, the audit found that revenue recognition errors. Revenue recognition is the earnings report, the company's revenue. Some companies...
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...Kudler Fine Foods Needs an Accounting System David Epperson BSA/310 October 30, 2012 Larry Valenzuela Kudler Fine Foods Needs an Accounting System For Kudler Fine Foods, it is important that an accounting system be tied into every department and included within all of the information systems the company uses. Kudler Fine Foods hired a consulting firm to “assist in the selection and installation of a comprehensive Retail Enterprise Management System (REMS)”, according to the Kudler Fine Foods Virtual intranet. A Retail Enterprise Management System is an interconnected system which contains a General Ledger, Accounts Payable, Point of Sale, Bank Reconciliation, and Asset Management and Accounting modules (Scribd, 2009). A General Ledger is the main module of the software and keeps track of all accounts, transaction details from accounts payable and receivable, payroll and all other departments of Kudler Fine Foods. The General Ledger also keeps track of Non-Financial accounts such as “department sales and inventory; department and store headcount. Looking at the description on the intranet site, the General Ledger module as-well provides Financial Reporting such as Balance Sheet, Income Statement, Cash Flow, and Trend Analysis with period over period, store comparisons, and department comparisons, this module provides everything Kudler Fine Foods needs to produce all of the necessary financial reports and even budget reports for each department, store, region, or for the...
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...Kudler Fine Foods Automation Process of Accounting Information System ACC/542 Accounting Information Systems March 27, 2012 Kudler Fine Foods Accounting Information Systems Kudler Fine Foods (Kudler) is an upscale specialty food store chain in the San Diego, CA area. It was established in 1998 by its current owner Kathy Kudler, and since has expanded to three locations, all focused on providing the best quality bakery products, fresh produce and meats, condiments, packaged foods, cheese, specialty dairy products and fine wine (Apollo Group, Inc., 2011). Kudler currently uses a retail management system that includes a point of sale (POS) module for cash sales, QuickBooks software for payroll functions, Microsoft Access as a customer database, an Excel spreadsheet as an inventory tracker, and several other specific-area modules required to operate the system. Although the current software addresses most of Kudler's accounting information system (ACI) needs, team A recommends installing a new system that would centralize major accounting functions and automate some processes the company currently performs manually (Apollo Group, Inc., 2011). When choosing new accounting software, most companies have several options. These include custom solutions, Enterprise Resource Planning (ERP) software, and industry specific AIS. Team A recommends Kudler purchases an industry specific solution for several reasons. There are numerous businesses, for...
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...Computer Information Systems Brief: Kudler Fine Foods Crystal Levine February 3, 2014 ACC/542 Facilitator Yasin Dadabhoy Introduction Kudler Fine Foods is an upscale specialty food store that provides the very best domestic and imported foods from all around the world. They have a wide variety of specialty baked goods, fresh produce, and fresh meat and seafood. Kudler Fine Foods currently has three locations in the San Diego metropolitan area, and prides themselves on pleasing their customers and providing them with a delightful shopping outing. Kudler’s Key Business and Accounting Needs Kudler Fine Foods has some important business and accounting needs in order to allow for their businesses to run smoothly. Their needs include things such as inventory control, accurate recording of accounting transactions, and efficient tracking of customer accounts. Currently Kudler Fine Foods uses a Retail Enterprise Management System (REMS) for their current accounting information system. This is currently being maintained by Smith Systems Consulting. Currently Kudler’s REMS provides them with many important financial modules. The general ledger module provides them with functions such as the ability to run financial reports, and transaction details and roll-ups. The accounts payable module allows them to do things such as print checks and also allows the purchase order module to post vendor orders directly to the AP module. What they do need in this module is the system’s ability...
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...Computer Information System Brief University of Phoenix Accounting Information Systems ACC 542 Jan 28, 2012 Computer Information System Brief Kudler Fine Foods a premier gourmet grocery store is considering the best methods to integrate technology into its business operations. Kudler currently has three store locations in southern California and is considering adding a fourth store in Carlsbad (Kudler Fine Foods Virtual Organization, 2011). Currently the organization uses Microsoft Retail Enterprise Management System (REMS), Quick Books, and Microsoft Excel for their software needs and has a system of microcomputers and server at each store. This brief will discuss an analysis of the company’s business and accounting information needs, the strengths, weaknesses, opportunities, and threats of the current computer system and technology use. Business and Accounting Information Uses The organization needs to record sales, transactions, human resources, and inventory data correctly and assist store managers in placing purchases order and efficiently using resources. The inventory system needs to be easily accessible and provide reports that would assist managers in minimizing inventory costs. Kudler needs to “…develop competitive strategies to counter the actions of the competitive forces they confront in the marketplace” (O’Brien & Marakas, 2008, p. 49). For future growth the business needs to explore the information system requirements to start the website for...
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...Accounting System Rosemarie Blakley BSA/310 April 28, 2013 Anastasia Jakubow Accounting System Although Kudler Fine Foods currently has an accounting system that they are using that seems to be adequate, the goal in the future is for the organization to continue to grow, and along with this growth is going to come the need for a more comprehensive system that can support their growing changes. We all know that proper accounting practices are one of the most important things in any business, and Kudler is no exception. After careful review of different accounting software that is out there on the market today, I personally think that QuickBooks by Intuit would be a logical solution to their growing needs. Key Features: The key features for this new accounting system should include all of the things that are necessary for the growth of a smaller enterprise. The software should be able to keep track of all of the company’s financial transactions. It should be a financial accounting and reporting system all in one. The software should also have the capability to record all of their transactions as well as report all of the operating data at the end of each quarter or month, whichever the organization prefers, and it also needs to help analyze all of their financial data. QuickBooks accounting software does well to allow for journal entries by debiting and crediting the financial accounts, such as liabilities, assets, revenues, and expenses. Kudler can even use this software...
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...Computer Information System Brief Tina Monteverdi Accounting Information Systems ACC/542 July 15, 2013 Milan Havel Computer Information System Brief Kudler Fine Foods prides their selves on providing an upscale environment with all of the very best domestic and imported foods and wines. They have an experienced and knowledgeable staff that is able to assist customers. The founder, Kathy Kudler developed a business plan and obtained a financing and was able to open a store all within a six month time a turn that business into a profitable business in the first year. Over the next five years 2 more stores were opened and continuing to thrive. In order to continue growing Kudler’s is evaluating their accounting information system needs and determine if there are changes that can be made to improve their systems with either system changes or technology upgrades, as well as identify an potential technology threats that may need to be addressed. Identify Kudler’s Key business and Accounting Information Needs Kathy Kudler and her management team understand the benefits of a system that would meet the needs of this business and help to continue to thrive. Kudler’s computer system will be used to integrate their point of sale (POS) systems along with their asset management and accounting, accounts payable modules, general ledger, bank reconciliations, and lastly one of the most important systems the security systems. “The initial business plan for Kudler’s included...
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...Kudler Fine Foods, a specialty food store, is expanding. The company should ensure an effective and efficient accounting information system is installed enabling continued growth. An accounting information system (AIS) involves six main components. The components are people, procedures and instructions, data, software, information technology infrastructure, and internal controls (Kte’pi, 2009). The role of information systems in business is to support business processes, decision making, and competitive advantage (O’Brien & Marakas, 2008). Kudler has an AIS in place that has been examined to help determine if the system provides these roles and helps meet the company’s needs. Recognizing the key business and accounting operation needs are important when developing and upgrading an AIS. An examination of Kudler’s AIS revealed that even though software programs are currently in use, an all-encompassing, seamless, secure accounting information system will provide better inventory tracking and streamlined purchasing methods, help with the integration of e-commerce, and help provide a higher level of customer service. Key business and accounting operation needs There are key business and accounting operation needs specific to the business of Kudler Fine Foods. The tracking of inventory and efficient purchasing methods are important for accounting operations, as well as customer service. An effective, accurate inventory tracking system allows management to determine popular...
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...transactions of a business entity in a chronological order. Accounting Accounting is the process of recording, classifying, reporting, analysing, interpreting and communicating of financial information to the stake holders. Accounting is the combination of all the 6 fields while bookkeeping is only a part of the accounting process. Double Entry System According to this system, every business transaction has a two-fold effect and that it affects two accounts in opposite directions. One of the two aspects is the benefit receiving aspect or “incoming aspect” (termed as Debit) and the other is the benefit giving aspect or “outgoing aspect” (termed as Credit). For every transaction, one account is to be debited and another account is to be credited in order to have a complete record of the transaction. The basic principle under this system is that for every debit, there must be a corresponding and equal credit and for every credit there must be a corresponding and equal debit. Following this principle, the arithmetical accuracy of the accounts can be checked by preparing a Trial Balance, where the total of Debits and Credits should tally. It is a scientific system maintaining a complete record of transactions which helps in the ascertainment of profit/loss and financial positionof the business while maintaining the accuracy of accounts Accounting Cycle The entire accounting cycle is based on the double entry system. Once a transaction occurs, it is recorded in the form of a...
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