Riordan Manufacturing Financial State Essay
Riordan Manufacturing Financial State
Riordan Manufacturing (RM) is a global organization that specializes in the manufacture of molded plastic products. With revenues in excess of $1 billion, RM employs 550 people and has projected annual earnings of $46 million. The organization operates three separate manufacturing facilities located in Albany, Georgia, Pontiac, Michigan, and a joint venture in Hangzhou, China. With such a broad base, the company faces some challenges with the current infrastructure of its accounting system.
Its three distinct entities in Georgia, Michigan, and China employ their own independent finance and accounting systems providing input for consolidation at the corporate headquarters in San Jose. As a result of incompatibilities, the data format the home office receives requires time and effort for processing (Apollo Group Inc., 2011). RM can benefit from the integration of several of its financial and accounting subsystems into one ERP system.
This system will provide the company with the capability to consolidate information from data sources in its three operating units and make it accessible in real-time company-wide In today’s business climate, staying on the cutting edge and at the forefront of information technology has become imperative. Integrated enterprise business systems have become the gold standard for successful businesses. Linking each functional vertical via enterprise software permits streamlined and consistent communication between business units in virtual companies. This paper summarizes Riordan Manufacturing’s financial state, and discusses major components of its financial and accounting system and modules. List of Accounting Software Modules (Collins)
1. General Ledger
2. Accounts Payable
3. Accounts Receivable
6. Sales and Purchasing History
7. Invoicing and Shipping
9. Financial Reporting
10. EDI* (Electronic Data Interchange)
11. Bar Code Reading*
12. EDSS (Executive Decision Support System) (Apollo Group Inc., 2011).
E-commerce Modules 1. Web Based Requisitioning (allows employees to order supplies via the web) 2. Web Commerce Catalog (allows company to publish a web catalog) 3. Web Customers (allows customers to log in to their account history via the web) 4. Web Employee (allows employees to maintain personal data & investments via the web) 5. Web Financial Statements (allows executive to access financial statements via the web) 6. Web Orders (allows the company to accept orders via the web) 7. Web Tools (allows company to create web sites and integrate their data) 8. Web Portal (allows user to operate accounting system from remote locations via the web)