(a) The Revenue Cycle
The revenue cycle is a process the business will use to measure or describe the company’s financial progression of the accounts receivables. This process starts when the business first attains the product(s) and then tracks the account until the company is paid or if the company is paid in full. In every business they have to keep track of who the customer is, the customer invoices, the customer payments and any other information relevant to the customer and their account with the business. With Peachtree Accounting software is will help the business keep track of all this information stated above, along with the business would be able to run reports for information about the businesses. The accounting software will also run reports on key revenue cycle information like sales, accounts receivable and cash accounts.
Peachtree helps a business to create and maintain customers by having the business create a customer list in this list the software asks for everything from the customer id, the name of the customer/business, general information to include billing address, account number, phone numbers and so on. It also allows for the company to input a direct contact for the customer or business. Once the company has the general information and contact information in the company can also see when the last invoice date was, what the invoice amount is, the last date of payment and the amount of the payment; this call be found under the history tab of the customers information. Under the last tab (payment and credit) under the customers information will hold the information of the cardholder, address, card number and relevant information. It also has the terms of the account balance like the credit limit, any disco...
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...cle like sales, accounts receivable, and cash. Now those are just the overall reports under each of these areas you can run a variety of reports. For instance, under accounts receivable you can run all of the customer information reports along with invoice register, picklist report, and quote register. Under the sales category the company would be able to run reports like sales backorder report, sales journal, sales order journal, sales order register, sales order report, and sales rep reports. Lastly, under the cash categories the company can run reports like cash receipts journal, cash account register, budget, and account variance.
I have just covered what Peachtree can do to help keep customers information organized, and how it can help run reports to better understand the business’s revenue cycle. Let’s see what Peachtree can do to help a company track their
The Accrual basis of accounting is used for Peyton Approved. The Accrual basis of accounting records each transaction as it occurs. Revenues are recorded when earned and expenses are recorded when incurred. When using the Accrual basis of accounting a business is able to see a clear picture of its revenues and expenses. It is important that Peyton Approved keeps track of revenue and expenses, especially only when revenue is earned and expenses only when they have been incurred. When transactions are made, such as for baking supplies it is recorded in our ledgers. In an accounting cycle each step is important, if you were to miss a step then each step after will need to be adjusted. For a successful business each step needs to be completed with accuracy. If a
Kudler Fine Foods is a grocery food establishment that serves an upscale customer base. Kudler Fine Foods will start to focus in of how to expand upon their services and stream line the organizational process by improving the efficiency of the entire operations. The success will be measured by Kudler Fine Foods ability to integration a new system which will incorporate a database system. Kudler Fine Foods marketing should be able to easily see the most popular products purchased by customers depending on income levels, area of residence, gender, shopping location along with any other categories that marketing wants to add. The system should also automatically convert the purchases to points and add the point's totals to the customer information data base. "Analysis Phase is to understand and document the business needs and the processing requirements of the new system" (Satzinger, Jackson, Burd & Johnson 2004, p. 6)
RBC Financial Group uses a customer relationship management (CRM) strategy that provides a variety of services for a variety of clients. The strategy allows for individual customers to trust RBC and develop a personal relationship with each and every client. One major factor that allows CRM to operate effectively is the use of technologies and analytics to help classify each client’s financial situation. These customer profitability-based techniques allowed RBC to categorize their clients into A, B, and C groups so that the sales teams could optimize their efforts in catering to these different clients. This strategy holds the following strengths: optimizing sales efforts to different customers, easily accessible electronic sales leads, centralized and standardized financial decisions, and building personalized and sustainable customer relationships. There are a few weaknesses to the system though including the complexity in predicting future positions of companies despite the use of analytics as well as the complexity in creating consistency when using these
Cults have existed throughout history since the beginning of time. A cult is defined in Webster’s dictionary as a “system of religious worship with a devoted attachment to a person, principle, etc.” Over the past thirty years numerous religious cults have caused “ tens of thousands to abandon their families, friends, education’s, and careers to follow the teaching of a leader they will never meet”(Beck 78).
Early adopters of CRM technology were banks and telecommunications companies. In the U.S during the 1990s, billions of dollars were spent by businesses in efforts to organize information and resources. CRM came into being due to the centralization of customer records through target market research. CRM owes its development to advances in technologies such as data management and middleware software that enabled disparate data resources to operate as a standalone integrated database. Companies began to realize that they could service customers better if their understanding of their customers were to improve. This awareness or epiphany was what fueled the technology which has made modern CRM a reality. CRM was not always as dynamic as it is today.
Accounts Receivable has good separation of duties and strong internal controls such as control numbers and reconciliations to sales and bank statements. One weakness in the Accounts receivable system is the accounting supervisor approves summary entries and reconciles the general ledger account, which could indicate a weakness with segregation of duties. We recommend that the controller approves of summary entries to segregate these duties.
To counter this problem, computer assisted audit techniques have been developed. These systems are able to provide a more in depth analysis of the utilized billing systems. Computer assisted audit techniques also enable highly efficient assessment of transactions. By utilizing this system, an auditor could gain a clearer picture of the revenue reporting mechanisms that are being utilized by the business office. Once the information is derived, however, its interpretation, while simpler, will still require an individual that is knowledgeable in regard to the revenue cycle
QuickBooks software packages are very affordable and proven to be very simple to use for small business owners. Besides offering simple and basic software packages, QuickBooks offers a wide range of packages for larger growing firms also. Many of QuickBooks competitors that were in the market when QuickBooks launched are no longer around. In the past, Microsoft attempted to launch accounting software products (Microsoft Money and Microsoft Profit) in QuickBooks market with no success. Leading accounting software, Peachtree, is generally designed more from the accountant's perspective than QuickBooks is which leaves QuickBooks a market leader in small business accounting software. Intuit, Inc had annual revenue of nearly $1.9 billion in its fiscal year 2004.
Revenue cycle. For revenue cycle recording, Sage 50 allows the user to go through a pipeline of stages which need to be accomplished. The user enters customers into the system. The system keeps track of customers individually. This information may be updated in the future. The user may then walk through the revenue cycle by entering sales orders, sending customers invoices, and entering the receipt of payment into the system. All of these steps are neatly organized in order in the software window.
The Six stages of the revenue cycle are provision of service, documentation of service, establishing charges, preparing claim/bill, submitting claim, and receiving payment. The first step consist of providing the ...
Companies are beginning to move their CRM application out of data centers and onto the cloud making CRM less expensive and easier to expand. (Shein, 2009) Technology advances are also allowing companies to begin to take better advantage of big data, combing internal data with social media and mobile to deliver more business value. (Goodwin, 2013) In the future, more devices will be connected to the Internet. Cars, buildings, bodies and many other things will be connected through sensors and it is expected that this increase in information will continue to drive the changes in CRM and how it is used to support sales, marketing and customer service. (Sartain,
The statement of cash flows reports a firm’s major cash inflows and outflows for a period. This statement provides useful information about a company’s ability to generate cash from operations, maintain and expand its operating capacity, meeting its financial obligations, and pay dividends. There are three types of activities to look at in this statement, which are cash flows from operating activities, investing activities, and financial activities (3, 2005).
The revenue/cost period-: Revenue and the cost period in accounting that the company get income from normal business activities. It’s referred to normal business income that the company got by selling their product and service.
Today, there is a range of computerised systems in the market that business can use to keep track of their finances; few of the most recognised for their performance are Sage, Microsoft Dynamics, Oracle, QuickBooks, SA...
All accounting reports are shared by all levels of accounting managers. The management of the information which at the accounting department is one of the most important factors in determines the effectiveness and efficiency of the department. The information that gathers included the invoice, account document, payment, draft, banking document and etc. It is important to ensure the validity and the accuracy of the information that provided to the department.