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BFA504 Accounting Systems And Processes

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Question:

Lola’s Pet Supplies is a small to medium sized business (SME). The business has a good reputation for high quality pet food and enjoys long-standing arrangements with many pet shops for the provision of food, toys and accessories. Lola’s Pet Supplies has traditionally used a small accounting package to manage its operations, with Make Your Business Profitable ‘MYBP’ being the package currently in use. Recently, however, a few of the staff in the administration team have complained that MYBP has become slow in processing transactions. The computer that runs the program is also fast approaching its capacity, having not been updated for several years and now also handling the business’s inventory management system. As a result of the strained system, Lola’s Pet Supplies is considering the possibility of an upgrade. However, it is concerned that, should it go ahead with an upgrade, it would have to employ a programmer to develop its new system, as well as a full-time IT specialist to keep the system running. It is also unsure of what needs to be done in managing the systems development process.

One of the things particularly troubling Chris Steward, the part owner of Lola’s Pet Supplies, is the possibility of investing capital now and having to do so again in a couple of years’ time as technology changes. However, Chris does not mind spending a large sum now if the system is a long-term answer, since, as Chris said, ‘Once the system is acquired then the business can get back to normal and do what it does best — make great pet products — without having to spend money on IT.’

Required - Oral Presentation

You work for a professional accounting firm as Chris’s accountant, and Chris has asked for your advice on a new system. Chris is concerned that their business partner may not understand the technicalities of the new system so would like a short (5 min max) video presentation summarising and explaining your viewpoint in simple terms. Note that this should be a professional presentation to your manager based on the following questions:

  • Discuss the advantages and disadvantages of making or buying a new system
  • Discuss the security risks associated with both making or buying a new system, and ways of mitigating those risks
  • Provide a recommendation to Lola’s Pet Supplies as to whether making or buying a new system is most appropriate for their business, with a justification
  • Evaluate Chris’s claim that: ‘Once the system is acquired then the business can get back to normal and do what it does best — make great pet products — without having to spend money on IT’? Explain your reasoning, using examples.

You should not use PowerPoint slides or other similar presentation tools. The recording should be of sufficient quality for the assessors to clearly hear your voice and see your facial expressions. This can be done through most e-devices however if you feel that you lack access to the appropriate resources please advise your unit coordinator (Dr Claire Horner) so that she can assist you.

BFA504 Accounting Systems And Processes

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