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Accounts receivable

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This paper will analyze techniques used for requirements determination, collection, and organization. It will also summarize effective communication techniques with various organizational stakeholders to collect information by using a variety of techniques that conveys proposed solution characteristics. Analyze and present methods to initiate, specify, and determine various aspects of feasibility of these projects. This paper will also develop a solution to proposed business problem using structured systems analysis and design methods.

Finally, this paper will be written clearly and concisely about advanced yester analysis and design using proper writing mechanics and technical style conventions.

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Introduction Especially for You Jeweler’s is a small jewelry company in a college town. Over the last couple of years, it has experienced a tremendous increase in its business. However, its financial performance has not kept pace with its growth. The current system, which is partly manual and partly automated, doesn’t track accounts receivables sufficiently, and the company is finding it difficult to determine the reasons why the receivables are so high.

The company runs frequent specials to tract customers but has no idea whether these efforts are profitable or if the benefit?if there is one?comes from associated sales. Especially for You Jeweler’s wants to increase repeat sales to its existing customers; thus, it needs to develop a customer database. It also wants to install a new direct sales and accounting system to help solve the outlined problems. The new direct sales and accounting system for Especially for You Jeweler’s will be an important element in the growth and success of the jewelry company.

The direct sales portion must track every sale, be able to link to the inventory system or cost data, and provide a daily profit and loss report. The customer database must be able to produce purchase histories to assist management in preparing special mailings and special sales to existing customers. Detailed credit balances and aged accounts for each customer would help to solve the problem with the high balance of accounts receivables. Special notice letters and credit history reports would help management reduce accounts receivable.

Suggest at least five (5) expected business benefits that Especially for You Jeweler’s company might derive from a new system. Provide a rationale for your suggestions. In today’s world, technology has become a very important tool in the business environment. Businesses today depend upon automated technologies for both everyday tasks and designed planning. Due to the rapid progression of technology development and innovation, one of the biggest decision-making expenses organizations are often faced with today is deciding what to do when computer technology becomes outdated.

The use of a new system by Especially for You Jeweler’s will allow the company to access the information system and generate all types of information like balance sheets, performance reports, asset values and invoices. Some features of the new system will have libraries consisting of standard reports that can guide accounts payable and receivable in the preparation of financial data. As with most business decisions, the decision to replace servers, software and computers rather than upgrading, comes down to a question of cost vs.. Benefit.

Strategic planning and consideration of scalability and compatibility is critical when it comes to technology expenditures. The challenge with Especially for You Jeweler’s is that they are operating with a reasons why the receivables are so high. The system that best suit the needs of Especially for You Jeweler’s is a Collections Workouts with SAP OFFS Here are five expected business benefits that Especially for You Jeweler’s Company need to consider: 1. Uniformity of process: Within SAP Collections Management there is a clear organizational structure that allows you to put customers into different segments and groups.

These usually align to legal entities and teams within an Accounts Receivable team. A Collections Workouts is easy to use and if a member of the Accounts Receivables team was on holiday or off sick a different team member could pick up another Workouts without needing a formal handover. . Parameterization of Accounts: One of main benefits of the prioritize Workouts is that the team member does not have to work out which customers to contact on a specific day, it is done for them. This will disallow low risk customers from being contacted, and put more focus on higher risk customers.

The benefit of this is that the parameterization is fully customizable allowing a client to make up its own rules. This is a massive benefit when comparing it to a standard Aged debt report in SAP Accounts Receivable, which can only be sorted by Name of Customer, or amount of outstanding debt. . Performance Management: It is one thing providing your Accounts Receivable team a new tool to help collect cash but to see the true worth of the change of process and solution you need to report on the benefit.

With SAP Collections Management you have the ability to record the number of customers contacted by an Accounts Receivable team member over a period of time. You can then use this data to compare that team member against their peers. This will allow the Accounts Receivable Manager to track the performance of the team members and make informed decisions based on those findings. . Ability to record and report on notes made: One of the biggest gripes regarding the existing SAP Accounts Receivable solution related to the notes that a team member would make.

Some used to print of reams of Aged Debt, and make hand written notes regarding the customer contact. This is K for the team member, but it does not help the Manager or a replacement that is thinking about contacting a customer. By having the ability within the Collections Workouts to record, and therefore report on the notes made by the Accounts Receivable team member provides a single reference mint, which can be easily accessed by any authorized user. 5. Integration to Dispute and Credit Management with SAP OFFS: Collections Management has been built so it is easily integrated with the other modules of SAP OFFS.

From the Collections Workouts, a user can raise, change and display customer Disputes that may have been raised. On the front screen of the Workouts there is a specific column to detail the value of outstanding debt currently under “Dispute”. Further to the integration with SAP Dispute Management, is the integration with SAP Credit Management within SAP OFFS. Within SAP OFFS Credit Management s the ability to calculate a “credit score” against a customer. This in turn can influence the “risk class” of the customer.

This is what makes SAP OFFS Credit Management a better proposition that its standard relation in core SAP Accounts Receivables is the benefit of using actual SAP data to “score” a customer. The traditional method as standard was to either use offline methods, or third party scoring. The Collections Workouts can be prioritize by a number of different criteria, including the value of customer disputes and the risk class that is derived from SAP OFFS Credit Management. Propose at least five (5) system capabilities for the company. Provide a rationale for your proposals.

The new direct sales and accounting system for Especially for You Jeweler’s is an important element in the future growth and success of the jewelry company. The direct sales portion of the system needs to track every sale and be able to link to the inventory system for cost data to provide a daily profit and loss report. The customer database needs to be able to produce purchase histories to assist management in preparing special mailings and special sales to existing customers. Detailed credit balances and aged accounts for each customer would help solve the problem with the high balance of accounts receivables.

Special notice letters and credit history reports would help management reduce accounts receivable. -Track individual sales -Report on cost data for inventory items -Produce daily profit and loss reports -Track purchase histories of individual customers -Produce special mailings -Maintain accounts aging with reporting Ascertain the three (3) possible scenarios in this new direct sales and accounting system. The accounting branch has the responsibility of recording all financial activities of business operations in a specified trading period.

Cite this Accounts receivable

Accounts receivable. (2018, Jul 06). Retrieved from https://graduateway.com/accounts-receivable/

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