...external influences on Riordan’s business; assesses the current financial state of Riordan Manufacturing, using standard tools to analyze the income statement, balance sheet and cash position; examines the financial and accounting systems in use, and their efficacy; and, recommends potential improvements to these systems and their integration to other systems. These improvements include additional accounting software modules to facilitate reporting, internal and external audits, and regulatory compliance. Influences Riordan Manufacturing is a corporation that has several influences affecting business processes and its financial state. Most organizations are affected by economic, government, and legal influences to varying degrees. The key economic influences affecting Riordan Manufacturing are real GDP growth, inflation, labor cost, interest rates, global monetary values, and fuel prices. These economic influences have an effect on the operational cost and liabilities of Riordan Manufacturing. Tax rates, environmental regulation, customs regulations, and employment regulations are some key government influences that affect Riordan's operational cost and income taxes paid. Riordan is a multi-national corporation, the government influences of each nation Riordan operates in have different affects. The key legal influences are tax laws, environmental laws, custom laws, employment, and labor laws, and civil litigation per country that Riordan operates in. Accounting System Modules ...
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...this project is to cover the following systems and subsystems and to explain how they all interact one with another. Finance & Accounting Identify and describe existing system: Riordan’s Manufacturing’s Accounting Services division is responsible for overseeing all financial processes within the company. Everything from AR, AP, payroll, General Ledger, purchasing, inventory controls, metrics, and employee payroll processing has been managed by team of well-qualified members who have demonstrated utmost professionalism for many years. In addition to these many time-consuming tasks, strict quarterly audits are also conducted throughout the company on a regular basis, most of which have met or exceeded industry standards. Therefore, the issue here the company faces is not one of quality, but rather one of efficiency. To date, many of the systems and procedures in place, while affective, are not as streamline or as consistent as they could be. Still others (e.g. audits), although effective, are taking weeks to complete when most similar operations today can finalize internal audits in a matter of days. Also, it should be noted that the financial team in the Michigan plant uses Microsoft Excel to track their warehouse’s inventory while the Georgia plant uses scanning and barcode applications. And for many accounting team members, the workflow is tedious and complex, involving a lot of “human intervention” which increases the chance of a human error...
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...growing emphasis on the role of human resources. Currently all of Riordan’s facilities are non union facilities, employee relations are part of the human resources department. Riordan Manufacturing’s business systems are outdated, most information like training, development, applicant information, analyses, and salary surveys are kept in an Excel spreadsheet. There is no central employee file area; managers are responsible for tracking FMLA absences or any other request accommodations under the ADA. Employee relations specialists are there to track information concerning complaints, grievances, and harassment, locked in files in their or managers offices. The company’s HRIS (human resource information system) was installed in 1992. HRIS system is a software or online solution for the data entry, data tracking, and data information needs of the human resources, payroll, management, and accounting functions within a business. It is a part of the company’s financial systems package and keeps track of the following employee information such as personal information, pay rate, tax exemptions, senority date, organizational information (department, managers’ name etc), and vacation hours. Any kind of changes to this information are submitted in writing then later entered into the system by a payroll clerk. The worker’s compensation is managed by a third-party administrator which keeps their own records. After reviewing Riordan’s HRIS system, HR organizations should be structured like their...
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...Service Request SR-rm-004, Part 2 BSA 375 November 15, 2010 Mary Burton Currently Riordan uses a very conventional, antiquated process for inventory management. Most inventory checks are done through a printed form and then handed off to an Inventory Clerk for data entry. This process consumes time and allows room for human error. To enhance the inventory management at Riordan Manufacturing, implementation of a barcode scanning system and Vendor Managed Inventory (VMI) system is recommended. This system will provide full automation of inventory tracking from the receipt of raw materials to the shipment of finished products. This will reduce human error, accelerate the movement of inventory, and reduce stock-out. In addition, it will solve Riordan’s supply chain problem by implementing a shorter and more efficient supply chain process. Riordan Manufacturing’s objective in implementing a new inventory management process is to increase revenue and financial stability. Automation of the inventory management system will lessen human discrepancies/errors thus minimizing lost revenue/cost. The system will also minimize the time the current staff would need to enter manually inventory data allowing the company to effectively use those resources in other areas of the organization. This proposal outlines the need for Riordan Manufacturing to implement a new system(s) that will enhance their current inventory and manufacturing processes. Suggested implementation...
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...could charge other businesses simply for the use of their patented plastics. The initial business strategy revolved around research and development to take advantage of their patents and generate revenue through licensing. Riordan's business plan expanded and adopted production when the company opted to purchase a manufacturing plant. Riordan Manufacturing use this plant to produce plastic containers and custom plastic parts. The home page for Riordan Manufacturing provides a company overview as well as several links to important resources for employees. The company goals and expectations are clearly presented, as well as a brief history about the company. It could be seen as a human resources system to help employees find more information regarding their position. Additionally, it can be used to review the business plan for each aspect of the company to include: finance, sales, human resources, operations, legal or information technology. Riordan Finance Systems Riordan Manufacturing’s existing financial systems are varied and unorganized. The corporate office in San Jose has ERP (Enterprise Resource Planning) software, but this system does not extend to or draw data directly from any of the other facilities. The Finance and Accounting systems for both Michigan and Georgia need to be phased out and both of those facilities need to be linked into a company-wide ERP...
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...Background…………………………………………………………………………….4 Business Systems Overview...…………………………………………………………………….4 Riordan Business Systems……………………………………..………………………………….5 Accounting and Finance……………………………………………………………….….5 Sales and Marketing…………………………………………………………….…………8 HR……..………………………………………………………………………….……….9 Legal……………………………………………………………………………………..11 Operations………………………………………………………………………………..12 IT Security……………………………………………………………………………………….13 Conclusion……………………………………………………………………………………….14 References………………………………………………………………………………………..15 Appendices: Service Requests…………………………………………………………………...16 Appendix A: Accounting and Finance...…………………………………………………16 Appendix B: Sales and Marketing……………………………………………………….17 Appendix C: Human Resources - HRIS…………………………………………………18 Appendix D: Human Resources – CM...……………………………………...…………19 Appendix E: Operations – CAD...……………………………………………………….20 Appendix F: Operation – ERP…..……………………………………………………….21 Appendix G: Operations - Legal…...…………………………………………………….22 Appendix H: IT Security…………...…………………………………………………….23 Abstract This is a formal response to Service Request, SR-rm-012 Business Systems, which requests analysis and recommendation of Riordan Manufacturing’s current business systems. This paper evaluates the electronic and hard-copy information systems in each of Riordan’s departments. Each section contains a system overview and relationships with other systems. The descriptions include the system’s purpose, function, limitations...
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...Riordan has become the industries global plastics manufacturer leader. Riordan Manufacturing’s technology department continually grows and expands in order to remain competitive. The Operations Department of Riordan is in charge of all service requests. Operations define requests with detailed analysis before they are given to the Information Technology Department for implementation. Currently Operations is working on Service Request SR-rm-001 with the purpose of: • Suggest specific systems changes that improve our inventory or manufacturing processes. • We would like to use computer system utilization to become more efficient • Create a business requirements definition for system upgrades/improvement to be given to the IT department or information systems consultants This summary identifies business areas which need improvement, purpose of the project, and lists of stakeholders involved: Purpose of Project: Analyze IT systems at Riordan Manufacturing. Identify IT systems that are in need of upgrade in order to improve the inventory, shipping, accounting, finance, customer service, and manufacturing processes. Implement ideas on how to increase computer system utilization throughout the company to increase overall efficiency. DEPARTMENTS TARGETED FOR IMPROVEMENT: Shipping: Orders are received by shipping from customer service. Sales staff also place orders for customers. Riordan’s current shipping method needs to be computerized and integrated with...
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...the company that are in need of upgrades, the remainder of this paper will also address new systems as well as sub-systems needed and present a brief summary of why these systems would be advantageous to the future of Riordan Manufacturing. Finance and Accounting Overview Riordan manufacturing employs nine basic finance and accounting subsystems globally and three additional subsystems at the San Jose, California corporate headquarters. The atmosphere of interoperability between each of Riordan’s offices (California, Georgia, Michigan, and China) is at best hostile. At present, each operating entity has its own finance and accounting system resulting in a number of inefficiencies due to company-wide systems incompatibility, a lot of which stems from the Michigan and Georgia acquisition. To better establish potential interoperability between existing subsystems, it is first necessary to define the current subsystems of each Riordan office, existing software solutions, and how these resources fit within or address the challenges facing Riordan Manufacturing’s finance and accounting business system. Existing Finance and Accounting Subsystems There exist nine subsystems to the Riordan Manufacturing Finance and Accounting System (RMFAS) globally held in common: general ledgers, accounts payable and receivable, order entry, procurement, sales and purchasing histories,...
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...of its accounting and financial information. The objective of a good financial statement for the company is to provide information about the current financial position, or the performance and changes of the financial position of the enterprise that can be essential to making corporate economic decisions. Team A will provide Riordan Corporation with solutions to its accounting needs by proposing fully integrated accounting modules with a design specifically for the manufacturing industry. Riordan Manufacturing has the opportunity to use many accounting modules as there are several options available. Some of the resource tools available are: • General Ledger, helps to minimize, or possibly eliminate Journal posting errors, and results in real-time financial reporting. • Cash and Bank, assists a company to avoid unapplied payments and illegal or incorrect cash disbursements. • Cash Advance will allow the organization the ability to control and simplify cash advance requests and payment agreements by employees. • Account Receivables helps Billing Department create Invoices from sales, project the sales receipt, and monitor debt balances, which also includes their bad debt. • Account Payables allows the company to monitor outgoing payments and control their expense accounts. • Budgeting enables the company to compare their current transactions with their working budget. Finance and Accounting Each operating entity for Riordan Manufacturing has Finance and Accounting systems...
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...Riordan Manufacturing’s (Riordan) Chief Executive Officer has requested a review of all Riordan’s business systems issued on Service Request SR-rm-012 (University of Phoenix, 2013). The comprehensive review will provide management the information needed to determine any improvements to Riordan’s business systems. First, the review will assess Riordan’s existing business systems by department while noting any interrelationships between departments. The review will also provide any business system suggestions that will increase productivity in each department. The Accounting & Finance and Operation department’s two primary alternatives are consolidating the Enterprise Resource Planning (ERP) at San Jose and the Enterprise Application Integration (EAI). Other improvements are implementing Vendor Management Inventory (VMI), adding access control to the intranet, implementing both Customer Relationship and Management systems, and workstation upgrade at the Pontiac plant. Departments reviewed are Accounting & Finance, Human Resources, Legal, Sales & Marketing, and Operations. Accounting & Finance The accounting systems at Riordan’s 3 plants and headquarters operate completely independent of each other. Monthly accounting records from the 3 plants are all consolidated to the headquarters’ accounting system at San Jose by uploading files and manual entry. Because of amount of time required to update the San Jose accounting system, Riordan’s monthly accounting reports...
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...Manufacturing, Inc. is an industry leader in the manufacturing of polymer plastics. The company began as a research and development (R&D) company, which created innovative patents, but later expanded to plastic beverage containers and fan production. The information systems vary in each plant; which are antiquated and decentralized. Most information is manually recorded and transferred, allowing for input errors and indefinite data. The variety of legacy systems is labor intensive and unsecure; which affects the company revenue and stability. Operations Riordan Manufacturing completes numerous processes through operations. The procedures include the procurement of raw materials, tracking products while manufacturing, shipping and accounting of the finished product. Raw Material Receiving Process A truck from a supplier arrives with raw materials to the Riordan factory. It is directed to the designated receiving area, and a receiving team unloads the supply truck. The receiving area supervisor compares the truck manifest with the order received, and completes a raw materials form. The form is given to a receiving clerk, which is manually entered into the inventory database....
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...upgrade their IT infrastructure and implement a distance learning solution that will cut down or eliminate the need for trainers to travel around the United States and to China. Riordan Manufacturing needs to upgrade their computer systems because the competitive nature of business has created demands for continuous advances in computer technology and system design. The declining prices of computer systems and their increasing power and utility have led more enterprises to invest in computer systems to widen their range of business functions. The most common business uses of a computer system are for database management, financial management and accounting. Databases may be to help make strategic decisions through the use of software based on artificial intelligence. The database will include records and statistics of products, services and clients. By Riordan upgrading their computer system with a windows server they could save money and heighten productivity by enabling the remote desktop protocol to provide a great experience over wide area of networks that will provide dramatic cost saving in the area of storage for a virtual machine or session based desktop deployment. This will drive the business to save on travel expenses and training purposes because of the remote conferences/training programs. The upgrade of the server and network will make it faster for the server to analyze all of the data it...
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...operations in China. Riordan Manufacturing is the industry leader in using polymer materials with future goals of achieving and maintaining reasonable profitability to ensure and sustain growth (Apollo, 2005). In response to Hugh McCauley’s, Riordan Manufacturing Chief Operations Officer‘s (COO) concern about the antiquated processes and his requirements the team analyzed the manual and redundant processes of the current Human Resources System Integration (HRIS). The team has determined with the use of state-of-the art information technology system the current manual intensive, multi-functional processes can be integrated into a single system. The team has kept in consideration that the integrated HRIS has to be accessible by all of Riordan’s plant locations. Based on the request the new system should be completed and available for use by the second quarter of next year. The team along with Hugh McCauley will determine how to develop the project test plan, determine resources, and how best to acquire the staff to meet the needs of the project. From initiation to lifecycle management will allow flexibility and future growth modification to the HRIS system. The HRIS...
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...Riordan Finance and Accounting Process Improvement Proposal CIS/207 December 04, 2012 Executive Summary Riordan Manufacturing, Inc. is composed of three primary facilities in the United States, with locations in Georgia, Michigan, and California. Headquarters is located in San Jose, California. In addition to the core entities, Riordan Manufacturing has a joint business venture located in Hangzou, China. Investigation into the company’s operating procedures and expenses revealed several shortfalls requiring immediate attention. The implementation of a streamlined Enterprise Resource Plan (ERP) and Electronic Database Interchange (EDI) is expected to reduce operational costs by 10% while improving cycle time by 15%. The finance and accounting departments are struggling with their existing record keeping and database configuration. The resources identified at each facility are made up of disparate and antiquated equipment. Current operations for the consolidated close of the General Ledger are completed, at a minimum, 15-20 days past deadline. Additionally, the current system adds unnecessary administrative costs for personnel re-adding documents that are manually written or not compatible with HQ IT systems. Monthly audits are daunting, costly, and labor intensive. Additionally, there is an immediate need for government compliance to meet the specific demands of that customer base. The entire financial and accounting focus can benefit greatly and exceed current...
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...The Goal of this summary is to provide Riordan Manufacturing the ability to facilitate business needs for the four divisions within Riordan Manufacturing; Finance and Accounting, Internet Site, Sales and Marketing, Human Resources and Legal, and Operations. Finance and Accounting Presently, all four locations use finance and accounting systems to collect, analyze and generate financial data for the company’s sales and revenue reports. This requires the company to manually generate reports, re-enter data and convert this data to compatible formats for the corporate headquarters to process. Each manufacturing entity uses similar subsystems such as procurement, order entry, invoice and shipping. The invoice subsystem will need to interface with the accounts receivable component. These systems feed into the sales and purchasing history, accounts receivable and accounts payable. The procurement, accounts payable and accounts receivable then are provided to the general ledger. Payroll is a separate subsystem that connects to the general ledger. Procurement is the obtaining of the necessary raw materials and supplies and this system needs to keep track of what is on order and in house. The order entry system records all of the customer’s orders. Order entry then provides data to the invoice system for correct billing. Accounts payable keeps tabs on making payments obtained via the procurement system while accounts receivable records customer payments on their invoices. The general...
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