66control, they seem to be looking for ways in which to improve the situation.
They are doing so by integrating the sales records; requiring training not only for new employees but also for new supervisors; and by open communication. The revenue cycle is an essential part of an accounting cycle in any enterprise. Accounting information systems are essential, especially when keeping accountability of sales orders, accounts receivables, and cash receipts. Intuit is a large company that provides services to organizations in which the revenue cycle is not only easy to rack for the company itself but also for the organizations clients.Chicago press released an update on how medical bills can be viewed online by clients and clients can also make payments into their own account.
This is a good accounting information system as it avoids employees of the company to process manually information as intuit registers it and does the Job. Chicago and Mountain View says "Designed to work together, the physician's office views, tracks and posts the payments online through their Intuit Patient Payments interface, while their patients iew and pay bills with Quicken Health Bill Pay.Because billing clerks now see the same view of the bill that the patient sees, it is easy to answer patient questions. "(, 2009, p. 1). Such services can be applied or integrated to the revenue cycle as it accelerates processing of revenues and is reliable.
The same information viewed by the company is available to the clients and transactions are made with the blink of an eye. The best part of integrating such accounting information system into a company's revenue cycle is that information can be viewed around the whole world, s it is an online supported company.Intuit and organizations of such information accounting systems are good and can work for either small enterprises or big worldwide organizations. The revenue aspect of business operations is the activities and related information processing operations related with providing goods or services to customers and collection cash or payments for those sales. These activities may include sales orders, shipping, billing, and payment collections (Marshall B.
Romney & Paul John Steinbart, 2009). Riordan Manufacturing, Inc. has 15 to 20 major ustomers and 12 minor customers.Each member of sales currently maintains a different set of customer records using different tools, which is not practical for an enterprise to maintain an integrated or accurate set of records to plan for the future (Riordan Manufacturing, Inc.
(Apollo Group, Inc. ), 2004). Riordan is considering a new integrated system that will better assist the sales team and increase customer satisfaction. An enterprise resource planning system is to be considered, which integrates the financial system with all other aspects of the organization including uman resources, manufacturing, and sales at a central data base (Bagranoff, Simkin, & Norman, 2008).
To optimize costs, Riordan can keep current systems for manufacturing, human resources, etc, and adopt a program that integrates revenue solutions into what the organization currently has. Softrax by AFS Financial Solutions offers an enterprise integration software program that uses data from an organization's original financial systems to provide the revenue management it offers. Softrax transfers and synchronizes data between existing enterprise systems.It also offers an open, non- roprietary system that permits easy customization and the ability to exploit external web services to complement existing systems (AFS Financial Solutions, 2001-2009). Sales orders and billings are processed into this system, warehouse and productions are further optimized, and the current basic financial data available; all systems currently used in the revenue aspect of the organization are integrated so that all information matches and management can better plan for future needs. Riordan Manufacturing is made up of three operating entities each with its own Finance and Accounting Systems.
These are in Georgia, Michigan, and California, along with a Joint venture in the People's Republic of China (Riordan Manufacturing, Inc. Apollo Group, Inc), 2004). Finance and Accounting information data is provided in different ways from each of these places to the corporate office in San Jose. The San Jose office will combine all the information for the system.
Some is provided by data files, some data is provided via hardcopy reports and must be re-entered, and some data is provided via data files but must be converted (redirected) to the proper ccount codes (Riordan Manufacturing, Inc.
