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

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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 Chapter 11: Accounting Information Systems and Business Processes - Part II • • • • • • Introduction The Resource Management Process The Production Process The Financing Process Business Processes In Special Industries Business Processes Reengineering Copyright © 2015 John Wiley & Sons, Inc All rights reserved Introduction • Business Processes – Sales and Purchasing – Resource Management, Production, and Financing • Information Needs – Typical AIS requirements – Specialized information Copyright © 2015 John Wiley & Sons, Inc All rights reserved Human Resource Management • Personnel function – Hire, train, and employ appropriately qualified employees • Business Process Management Software Packages – Automate the core processes • Payroll Processing Information Systems – Process payroll activities and reporting Copyright © 2015 John Wiley & Sons, Inc All rights reserved 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 Copyright © 2015 John Wiley & Sons, Inc All rights reserved Personnel Function Flowchart Copyright © 2015 John Wiley & Sons, Inc All rights reserved Payroll Function Flowchart Copyright © 2015 John Wiley & Sons, Inc All rights reserved 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 Copyright © 2015 John Wiley & Sons, Inc All rights reserved Human Resource Management Outputs • Financial Statement Information • Employee Listings – Current employees – May contain employee-specific information • Paychecks – Final documents; subject to strict internal controls • Check Registers – Used to make journal entries for salary and payroll tax expenses Copyright © 2015 John Wiley & Sons, Inc All rights reserved Human Resource Management Outputs • Deduction Reports – Summaries of deductions for employees as a group • Payroll Summaries – Used to analyze expenses • Tax Reports – Government required information – Income tax, social security tax, unemployment tax 10 Copyright © 2015 John Wiley & Sons, Inc All rights reserved Production Process Summary 34 Copyright © 2015 John Wiley & Sons, Inc All rights reserved Study Break #4 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 35 Copyright © 2015 John Wiley & Sons, Inc All rights reserved Study Break #5 Lean accounting is: A An AIS that is generally considered low cost (i.e., an entrylevel system) 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 36 Copyright © 2015 John Wiley & Sons, Inc All rights reserved 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 37 Copyright © 2015 John Wiley & Sons, Inc All rights reserved The Financing Process 38 Copyright © 2015 John Wiley & Sons, Inc All rights reserved Financing Process Objectives • Effective cash management – Lockbox systems and electronic funds transfer • Cost of capital optimization • Earn maximum return on investments • Project cash flows 39 Copyright © 2015 John Wiley & Sons, Inc All rights reserved Benefits of a Lockbox System 40 Copyright © 2015 John Wiley & Sons, Inc All rights reserved Financing Process Inputs • Remittance Advices – Accompanies a customer’s payment on account • Deposit Slips – Documents account deposits • Bank Statements – Used to reconcile company balance with bank balance 41 Copyright © 2015 John Wiley & Sons, Inc All rights reserved Financing Process Outputs • Financial Statement Information • Cash Budget • Investment Reports • Debt and Interest Reports • Financial Ratios • Financial Planning Model Reports 42 Copyright © 2015 John Wiley & Sons, Inc All rights reserved Financing Process Summary 43 Copyright © 2015 John Wiley & Sons, Inc All rights reserved 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 44 Copyright © 2015 John Wiley & Sons, Inc All rights reserved Professional Service Organization Bill 45 Copyright © 2015 John Wiley & Sons, Inc All rights reserved 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 46 Copyright © 2015 John Wiley & Sons, Inc All rights reserved Mini-based Hospital System 47 Copyright © 2015 John Wiley & Sons, Inc All rights reserved 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 48 Copyright © 2015 John Wiley & Sons, Inc All rights reserved .. .Chapter 11: Accounting Information Systems and Business Processes - Part II • • • • • • Introduction The Resource... appropriately qualified employees • Business Process Management Software Packages – Automate the core processes • Payroll Processing Information Systems – Process payroll activities and reporting Copyright... 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
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