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Riordon Manufacturing Accounting Modules

Essay by   •  April 25, 2012  •  Case Study  •  761 Words (4 Pages)  •  1,271 Views

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Riordan Manufacturing

Riordan Manufacturing is an industry leader in the field of plastic injection molding. The company was founded in 1991 by a professor of chemistry, Dr. Riordan. Dr. Riordan has several patents related to the field of processing polymers into high tensile plastic substrates. Riordan Manufacturing began making plastic beverage containers in 1993 when the company purchased a manufacturing plant in Albany, GA. Before manufacturing these containers the company's focus was on research and development and the licensing of its existing patents. Today the majority of the manufacturing process in done in China and there is a facility in Pontiac, MI where only custom plastic parts are manufactured.

The Riordan corporate offices are located in San Jose, CA. All of the facilities provide their financial and accounting data to the corporate office where the data is consolidated. The company tracks historical sales information which includes dates of orders, payment, unit and dollar value of each manufactured product, and sales by customer including price paid, cost, margin, and any discounts given.

List of Software Accounting Modules

As a manufacturing company, there are several modules which will be integrated with accounting modules. For ex: Cost Management, Bank Reconciliation module...etc. Below are the most important modules and brief description.

General Ledger

The General Ledger module provides a real time compilation of money in and money out. Drawn from sources like accounts payable, payroll, and budgets, items are available for management, accountants and auditors to assess. The information is placed onto a spreadsheet, which can be exported into Excel, making it accessible on any computer. Many numerical discrepancies in the systems draw error messages and flags, which alert appropriate staffers to the problems.

Accounts Payable

This module provides information on goods and services used by the business. Also the amount used and cost per unit is assessed in this module. Receipts for goods and services along with payment orders. To expedite this process, payment information, including the provider name, address, payment form, time to clear payment, and other items of information are stored in this module.

Cash Management

The Cash Management module will allow for the accounts of the business to be managed and kept safe. This module allows for wire transfers, written checks, account balances, and other forms of banking are monitored and accounted for. This module also makes sure the appropriate amount of money is coming in and going out as another safeguard from tamper.

Accounts Receivable

The Accounts Receivable module also provides an effective and organized system for maintaining customer information, and, in turn, can lead to improved customer service and profitability. The easy to-use, yet comprehensive customer maintenance features allow you to maintain your customers' e-mail addresses, bill-to and ship-to addresses, month and year-to-date totals, current balance, open credits, deposits, and last payment information. You will also be able to automatically prepare customer statements on demand. Plus, with a series of additional time-saving features and reporting options, the Accounts Receivable module streamlines your entire receivables process

Taxes & Payroll

This module will provide various taxes information as per government rules for different geographical areas. The company can configure the tax information and payroll taxes accordingly and meet federal or government regulations to pay taxes accordingly.

Financial Reporting

Financial Reporting tool provides various reports to the management and compliance reports to meet governmental obligations. This tool will access financial transactions and prepare summary of the report. There are various levels of reports pertains to Executive management and some Senior level managers and some reports are required for 3rd party institutions.

These are the Suggested General Ledger Accounts according to the Business Owner's Toolkit (2012):

Balance Sheet Accounts

Assets:

 petty cash (if you maintain a petty cash fund)

 cash in checking (a separate ledger account for each bank account)

 cash in savings

 accounts receivable

 reserve for bad debts

 inventory

 prepaid

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