ACC 250 Week 1 Assignment Accounting Software Memo 1

Memorandum

To:         
From:     

cc:         
Date:      
Re:         Accounting software

Right now the software we use is out dated. This being the case, I am referring to you the task of implementing the new accounting software for this organization.

Sometimes cash Flow statements need to be presented forcibly along with profits and loss account and balance sheet. The present system is not capable of producing these statements. The new system to be purchased needs to be able to generate these statements. If the present software is continued, it is not possible to adhere to the legal requirements.

The company might diversify their operations thus enabling us to purchase major stock of another company. The company becomes holding company and the holding company has to present the consolidated balance sheet and profit and loss account. The existing software cannot cater the new demands.
 
Our current software is old it creates issues resulting in frequent shutdown which in turn creates more work for employees, i.e. duplication of work. This consumes the valuable time of employees and the result is low productivity. Frequent troubles in the operation of existing software reduce the morale of the employees. This trouble can be solved by the installation of new software. If it is not installed, it will definitely result in low productivity, low morale of the employees, high employee turnover etc.

Issue of materials and receipt of materials in the each department are done manually by the employees and the present software does not aid to this requirement .The new accounting software will need to incorporate this feature which will help the company to decide quickly the economic order quantity etc., thereby reducing the number of hours of work and as a bonus will reduce the cost of employing staff.

Analytical statements like, ratio analysis are not built in to the the existing accounting software. New accounting software will have this ability and thereby enable the Company to evaluate the real financial strengths and weaknesses of the Company.

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