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ACCT6001 Accounting Information Systems

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ACCT6001 Accounting Information Systems

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Course Code: ACCT6001
University: Laureate International Universities

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Country: United States

a) Analyse and articulate business processes and recognise the role of accounting information systems in enhancing business process design.
b) Communicate with IT professionals, stakeholders and user groups of information systems.

The strength and inefficiencies of the present system are stated below:

The entire system of purchasing is very organized and very compact. There are only four people who are working for the purchasing department that includes a purchasing manager, two buyers and one clerk. So, there is proper segregation of duty and responsibility in the system as we see that one purchasing manager is authorizing all the purchases and the buyers are placing the order and the clerk is authorizing the same(Abdullah & Said, 2017). Thus, we see that there is proper segregation of duties between all the members of the purchasing department. The company is placing an order off AU$15 million in inventory items, or approximately 3,000 parts each year. An additional AU$6 million in purchases in MRO per year is also made.
There is a limit to the amount of purchase requisition that can be send, there are two ways in which the order can be placed and that includes the MRO card or the purchase requisition and all the purchases are made in a sequential manner and once the limit is crossed, the higher-level authority discretion is required in that case. Thus, this helps in keeping a track on the total amount of purchase that is being made by the company and the purchasing department. The sequential manner helps in keeping a track also(Boghossian, 2017).
It has also been mentioned that many times the purchase requests are for products that have become obsolete or are for replacement of old parts and thus in this case we see that major time of the purchasing department goes in researching for the same. Thus, now we know that they are putting in the efforts to make sure that the products that they are buying are genuine and not obsolete and thus saving cost.

The inefficiencies of the system are-

There is no proper segregation of duty and responsibility as we see that there are so few people who are working for the purchasing departments and thus all the authority is in their hand. The clerk can pass any invoice and the buyers can buy any products till they don’t cross the limit, so this makes the system inefficient and the limit that is imposed is not correct as most of the time the orders are placed through MRO when the limit is crossed, hence making the system inefficient as proper invoicing in that case is not possible(Charles H, et al., 2015).
It has also been mentioned that in case of emergency the sequential numbers are not followed and the products are bought randomly, there are high chances of misstatement in this case as buyers can manipulate the data and since no sequencing is there it cannot be tracked also. This might lead to great loss for the company and hence should be avoided at all cost. Hence it makes the system inefficient. Also, the system is complex as there are two methods of making any purchase that includes the P/O and the MRO and the treatment for both of this are different and hence it becomes difficult to comprehend and account for it on easy terms without any financial issues(Cundill, et al., 2017).

There are many ways in which IT can play an important role in changing the way the current system work and make the business model more composite and easy to use.
Instead of two ways of placing an order the company can opt for one organized method of placing the order so that there is proper authentication when the order is placed and also instead of going for higher level of authentication when the limit is crossed, each order in bulk should be authorized by competent authority. This would help in reducing errors and also reduce chances of misstatement in the financial statements of the company.
Automation should be included and whenever any order is placed automatic sequencing should be done so that proper trail is there and this would also help the auditors in case any order number is missing. It is also important that urgent orders and regular orders should be bifurcated so that officers can manage the orders as per their importance and not mismanage them(Henriksen, 2018).
Software like XERO that is meant mostly for management of inventories and can also be customized as per the needs of the management of the company should also be used and trained professionals should be hired to manage the accounts instead of manual accounting methods, this will help in making the process more accurate and easy and also reduce chances of errors(Norberg, 2018).

IT would help in reducing the cost and increase the efficiency of the system that would help in better management of the accounts of the company in many ways and help in generating best results (Kaufmann, 2017).
Abdullah, W. & Said, R., 2017. Religious, Educational Background and Corporate Crime Tolerance by Accounting Professionals. State-of-the-Art Theories and Empirical Evidence, pp. 129-149.
Boghossian, P., 2017. The Socratic method, defeasibility, and doxastic responsibility. Educational Philosophy and Theory, 50(3), pp. 244-253.
Charles H, C., Giovanna, M., Dennis M, P. & Robin W, R., 2015. CSR disclosure: the more things change…?. Accounting, Auditing & Accountability Journal, 28(1), pp. 14-35.
Cundill, G., Smart, P. & Wilson, H., 2017. Non?financial Shareholder Activism: A Process Model for Influencing Corporate Environmental and Social Performance. International Journal of Management Reviews, 20(2), pp. 606-626.
Henriksen, L., 2018. Public orchestration, social networks, and transnational environmental governance: Lessons from the aviation industry. Regulation and Governance, 12(1), pp. 23-45.
Kaufmann, W., 2017. The Problem of Regulatory Unreasonableness. First ed. New York: Routledge.
Norberg, P., 2018. Bankers Bashing Back: Amoral CSR Justifications. Journal of Business Ethics, 147(2), pp. 401-418.

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