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ACC 603 Controllership- Financial Information System

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Question

Management has decided that they want a top of the line financial information system. They need you to define the requirements that the system will need. How would you begin this process? Who might you need to talk with at the company and what questions might you need to ask them? What steps would you take to define the system requirements? What kind of items would be detailed in the RFP?

What details should be outlined in the implementation proposal?

Answer


Implementation of the financial information system

Development of top of the line financial information system can enhance the speed as well as efficiency of the process of recording business transactions, preparation of ledger, trail balance and analysis of financial assertions.  

Way to begin the process: However, the process starts with the purchase of a specific shared in software, planning of implementation, software installation, configuration of the accounting system and system training.

Need for consultation: In order to develop an effectual financial information system it is important to talk to both internal as well as external users. It is important to talk to an information analyst to recognize different sources of requisite information for collection of data, preparation of reports and preservation of reports (Peppard & Ward, 2016).

There is need to talk to the employees of the company for asking them questions and discussing about charts of accounts, defining account numbers of customers, information on inventory and vendor numbers. In addition to this, there is need to talk about planning the entire process of integration to undertaken, selecting the employees and deciding on specific information that need to be migrated (Laudon & Laudon, 2016).

Steps for defining the system requirements: The steps for defining the requirements of the system involve

  • Analysisof the necessary information, sources of information along with evaluation of the strength and weakness of the current system (Peppard & Ward, 2016). 
  • Design and development of the new information system that involves designing of diverse forms as well as documents, methods of sorting and processes of working, preparation of statements of activities, acquiring control techniques, preparing specific reports and selecting necessary equipments
  • Implementation of a new system of accounting require obligatory documentary evidences, procedures of various methods, installation of different equipments and activation of the entire process
  • Follow up is also necessary for properly monitoring the system of execution of the accounting information system and making the same workable (Peppard & Ward, 2016). 

References

Laudon, K. C., & Laudon, J. P. (2016). Management information system. Pearson Education India.

Peppard, J., & Ward, J. (2016). The strategic management of information systems: Building a digital strategy. John Wiley & Sons.

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