Riordan Manufacturing Accounting Systems Analysis
Running head: Riordan Manufacturing Accounting Systems Analysis
Riordan Manufacturing Accounting Systems Analysis
GreenEnergy
University of Phoenix
Riordan Manufacturing Accounting Systems Analysis
Accounting practices and systems provide the tools managers need to understand the state of the business. Similarly financial reports provide the tools for interested parties to assess the condition of the business. This paper will review four accounting functions; accounts payable, accounts receivable, inventory and general ledger, three accounting software systems; Microsoft Dynamics formerly Great Plains, SAP and Oracle with a view to the approaches the systems take to the four accounting functions, the accounting software systems currently in use at Riordan Manufacturing, two financial reports; balance sheet and income statement, and finally an analysis of Riordan’s current state.
In traveling to any destination a person can easily become lost. In such cases the individual is usually not aware of the process of becoming lost. By the time one comes to the realization that she is lost the realization is too late. The person is already lost, even before she has come to realize it. One must depend on landmarks or a map when traveling. These are used in order constantly to evaluate the current location or status and proximity to the desired destination. The same holds true for running a business. The business owner must have a way to determine where she is at any moment in time, or she runs the risk of becoming lost. The business owner uses three main landmarks to do just that. These landmarks make up the accounting system of a business: accounts payable, accounts receivable, and inventory. The business owner will also use something called the general ledger. These are used in order to make evaluations of the current business status.
This section will define...
View Full Essay