Virtual Organization Memo (Riordan Manufacturing) Essay

647 words - 3 pages

Riordan Manufacturing's finance and accounting department has been unable to achieve anything remotely resembling "seamless compatibility" as far as their operating systems are concerned. Some Riordan finance and accounting information is provided to corporate via data files. Some data is provided via hardcopy reports and must be re-entered. Other data is provided via data files but must be converted (redirected) to the proper account codes. Subsequently, Riordan has experienced some situations regarding finance and accounting system outputs at the consolidated level.The consolidated close of the General Ledger and subsequently the Income Statement and Balance Sheet is labor intensive and normally not completed until 15-20 days after month end. An audit (to include external auditors) is required each month and is costly and labor intensive. Compliance with new government required reporting requirements at the consolidated level is difficult at best. Riordan Enterprises finds the situation unacceptable and has mandated a solution or alternative be recommended, which is where I can be of assistance. While this situation is transparent to customers and suppliers, it still has to be resolved.Riordan Manufacturing currently has an after tax net profit of $1,990,495. Their total operating expenses totaled $5,318,115. Their sales totaled $46,044,288. Riordan Manufacturing has three operating entities, Georgia, Michigan, and California, plus a joint venture in the People's Republic of China. Basically, the operating entities each have their own finance and accounting systems and they provide input that is consolidated at Corporate in San Jose. During the due diligence process in which Riordan acquired the operating entities in Michigan and Georgia the matter of financial and accounting system's compatibility was not addressed. A project could be created to address all of the issues that the company is facing. The primary goals of the project are to document the current environment, forecast business technology needs, and provide recommendations on the company's systems integration, acquisitions, and consolidations....

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