Core concepts of accounting information systems 13 by simkin norman chapter 11

• The Resource Management Process• The Production Process • The Financing Process • Business Processes In Special Industries • Business Processes Reengineering... Human Resource Manageme

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Prepared by Paula Funkhouser University of Nevada, Reno

Core Concepts of Accounting Information Systems, 13th Edition

Mark G Simkin ● Jacob M Rose ● Carolyn S Norman

Accounting Information Systems

and Business Processes - Part II

Chapter 11

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• The Resource Management Process

• The Production Process

• The Financing Process

• Business Processes In Special Industries

• Business Processes Reengineering

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Introduction

• Business Processes

– Sales and Purchasing

– Resource Management, Production, and Financing

• Information Needs

– Typical AIS requirements

– Specialized information

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Human Resource Management

– Automate the core processes

• Payroll Processing Information Systems

– Process payroll activities and reporting

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Human Resource

Management Objectives

• Hiring, training, and employing workers

• Maintaining employee earnings records

• Complying with regulatory reporting requirements

• Reporting on payroll deductions

• Making timely and accurate payments to

employees

• Providing an interface for personnel and payroll

activities

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Personnel Function Flowchart

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Payroll Function Flowchart

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Human Resource

Management Inputs

• Personnel Action Forms

– Documents hiring or changes in employee status

• Time Sheets

– Tracks hours worked

• Payroll Deduction Authorizations

– Authorization to deduct certain amounts

• Tax Withholding Forms

– Authorization to withhold appropriate tax amounts

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– Government required information

– Income tax, social security tax, unemployment tax

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Human Resource

Management Summary

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All of the following activities are common to the Human Resource Management function except:

A Hiring, training, and employing workers

B Reporting on payroll deductions

C Maintaining employee earnings records

D Certified financial planning for employees

Study Break #1

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Fixed Asset Management

• Fixed Asset Management Function

– Long-term Assets

– Purchase, maintenance, valuation, disposal

• Enterprise Asset Management System

– Automate management of assets

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Objectives

• Tracking purchases of fixed assets

• Recording fixed asset maintenance

• Valuing fixed assets

• Allocating fixed asset costs (recording depreciation)

• Tracking disposal of fixed assets

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Fixed Asset Management Function

Flowchart

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Inputs

• Construction Work Order

– If asset is built by company

• Fixed Asset Change Form

– Transfer of fixed asset

– Locations, sale, trade, or retirement

• Repair and Maintenance Form

– Notification to update expense and asset accounts

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Outputs

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Outputs

• Repair and Maintenance Reports

– Current period expenses

– Historical expenses

• Report on Retired Assets

– Disposal of fixed assets

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Summary

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What is the objective of the fixed asset management function?

A To track purchases of fixed assets

B To manage the purchase, management, valuation, and

disposal of an organization’s fixed assets

C To record maintenance and depreciation of fixed assets

D To keep a current listing of approved vendors

Study Break #2

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Why do companies use BPM solutions for the fixed asset management function?

A Decrease machine downtime and maintenance costs

B Reduce inventory

C Integrate data and coordinate logistics

D All of the above

Study Break #3

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The Production Process

• Process

– Begins with request for raw materials

– Ends with transfer of finished goods to warehouses

• Primary Objectives

– Converting raw materials to finished goods efficiently – Collecting and reporting of information

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Production Process Flowchart

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Production Process Objectives

• Track purchases and sales of inventories

• Monitor and control manufacturing costs

• Control inventory

• Control and coordinate the production process

• Provide input for budgets

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Cost Accounting Subsystem

• Job Costing Information System

– Tracks costs for specific “jobs”

– Raw materials, labor, and overhead

• Process Costing Information System

– Used for manufacturers of homogeneous products

– Produced on a regular and continuous basis

• Activity-based Costing Systems

– Emphasis on cost drivers of business processes

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Just-in-Time Inventory Systems

– Timely and accurate processing of information

– Ensure continuous work flow by providing adequate raw materials

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Lean Production/ Manufacturing

• Concept

– Eliminate waste throughout the organization

– Focus on reduction of non-value-added waste

• Lean Accounting

– Necessary in order to have lean manufacturing

– Data collection

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Non-Value-Added Waste

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Production Process Inputs

– Request to acquire materials from storeroom or

warehouse

– Identifies types and quantities of parts needed

• Master Production Schedule

– Displays quantities of goods needed to meet sales

demands

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Production Process Inputs

• Production Order

– Authorizes the manufacture of goods

– Incorporates data from sales projections and inventory

levels

– Dictates the production schedule

• Job Time Card

– Identifies the distribution of labor costs to specific jobs or production orders

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Production Process Outputs

• Financial Statement Information

– Details of the costs and pricing

• Materials Price List

– Prices charged for raw materials

• Periodic Usage Report

– Provides information on use of raw materials

• Inventory Reconciliation Report

– Reconciles physical inventory with book balances

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Production Process Outputs

• Inventory Status Report

– Allows managers to monitor inventory levels

• Production Cost Report

– Details the actual costs for production items

– Production operation, cost element, and/or separate jobs

• Manufacturing Status Report

– Provides information about the status of various jobs

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Production Process

Summary

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Which of the following automated systems help minimize inventory costs?

A JIT systems

B ABC systems

C Job order costing systems

D Process costing systems

Study Break #4

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Lean accounting is:

A An AIS that is generally considered low cost (i.e., an level system)

entry-B Designed to support traditional financial performance

measures

C New performance measures that support decision-making

by managers and operational improvement leaders

D None of these

Study Break #5

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The Financing Process

• Process

– How a company acquires and uses financial resources – Cash, other liquid assets, investments

• Acquisition

– Sales of goods and services

– Borrowing cash or selling ownership shares

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The Financing Process

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Financing Process Objectives

• Effective cash management

– Lockbox systems and electronic funds transfer

• Cost of capital optimization

• Earn maximum return on investments

• Project cash flows

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Benefits of a Lockbox System

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Financing Process Inputs

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Financing Process Outputs

• Financial Statement Information

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Financing Process Summary

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Business Processes in

Special Industries

• Professional Service Organizations

– Accounting, Law, Engineering, Consulting

– Utilize time and billing information systems

– Tracks billable hours and creates client bill

• Not-for-Profit Organizations

– Provide services for the betterment of society

– Emphasize fund accounting systems

– Utilize budgetary AIS for evaluation measures

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Professional Service Organization Bill

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Business Processes in

Special Industries

• Health Care Organizations

– Provide health care to patients

– Emphasize third-party billing

– Standardized codes provide efficiency in billing

– Rely on AIS to maintain patient information

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Mini-based Hospital System

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Business Process Reengineering

• Purpose

– Inefficient or ineffective processes exist

– Redesign to improve efficiency and effectiveness

• Potential Failure of Reengineering

– Unrealistic expectations

– Employee resistance to change

– Lack of top management support

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