Kudler Fine Foods initial business plan was to hire a consulting firm to assist in the selection and installation of a comprehensive Retail Management System (REMS). A consulting firm named Smith Consulting Firm was selected for the contract and after an in-depth analysis of the RMS; a modular and scalable RMS was selected. The REMS was installed in the first and subsequent Kudlers retail stores. An accounting system is very important to a business because the company needs to know how the business is doing; you want to have professional looking financial statements for your bank, potential vendors, or other interested parties. An account system is also important to process sales, purchase orders, invoices, payroll, and other business functions manually. The accounting system must be scalable, secure and gather data feed from other business systems to collect up-to-date business finances. The installed REMS came with the following Finance and Accounting Financial Modules: General Ledger Module, Accounts Payable Module, POS module, Bank Reconciliation Module, Asset Management and Accounting, and Security.
The current General Ledger Module contains: charts accounts, transaction detail, financial reporting, multiple year reporting, Budgets and budget reporting and non financial accounts. The accounts payable module contains: Vendor codes and master files, check printing, tax and freight allocations, multiple bank accounts, purchase order module vendors order directly to the AP module and handles international addresses. The POS module contain: Captures and reports all sale in detail, provides data directly to several modules and handles all debit and credit card transaction. The Bank Reconciliation module: Handles reconciling checks, account deposits, and account balances. It also assists in cash flow analysis by collecting data from AP, AR and the purchase order module. Asset Management and Accounting: Module not acquired, stores are on long term leases, and remaining asset is control and amortized using spreadsheet software. Security: There are no written policies relative to security of the finance and accounting systems.
The REMS has imbedded security features; passwords, dollar limits, limited access features; however there are no formal company policies or audits regarding the same. The current account system focuses on most of the necessary aspects of accounting but there are some features that is missing from the system. Some of these key features that are missing can be found in a more vigorous accounting system such as Unit 4 business software. Unit 4 offers a range of key software products and one of those products I recommend to Kudler Fine Foods is called Coda Financials. In this accounting software there are a few key features that will improve the way Kudler handles their budgets, payrolls, inventory, and other financial situations. The functions of CODA Financials include: Accounting, Spend Management, Consolidation and Cash Management, Budgeting, Planning and Forecasting, Reporting and Business Intelligence, Process and Control Automation, Integration and Web Services, Coda Link Architecture, and Supported Platforms and Languages.
Accounting has a few key features that include General Ledger: this is a large area that many components in the accounting system can connect to. Accounts Payable: this department handles accounts that the company owes money toward; if the company is in debt they will handle that debt. Accounts Receivable: this area handles accounts that need to be paid by customers who owe the company money; they contact this department to handle any debts. Fixed Assets: accounting handles fixed assets that the company has and never changes, these fixed assets include stocks, trade debtors, and cash. Project Accounting: any projects that Kudler has underway can be monitored financially by this department, financial reports are specifically created to track the project process.
Spend Management also has some features that will benefit Kudler Fine Food such as Requisitioning, Purchasing, Cataloging, Receiving, and Invoice Matching. Spend management would help Kudler establish controls and consolidate purchasing activity, and positions it to control the full buying power of the company. The cost of the accounting system is hard to determine because the price is not advertised on the website but the cost can be a combination of the geographic location as well as the retailer. Different markets, requirements, technologies, and the type of organization seeking the accounting system can all factor in the cost of the system. All of these features of Coda financial can greatly benefit Kudler Fine Foods and will support them in the future; however the business changes or grows.