Sam Walton and John Walton are two brothers who run their father’s 20-year-old business “Walton Brothers Auto Solutions”. They have two divisions in their business. Sam looks after the workshop, where they service new and used cars. Second division of business is retail of automotive parts, which is looked after by John. Retail shop is located just 20 minutes away from car service workshop. Both sites are located in Sunshine suburb of Melbourne. From last 2-3 years their business has been growing at a very fast pace.
Their business continues to use traditional means of reporting and heavily relies on paper based reporting mechanism. However, as business is expanding fast so it is becoming difficult to keep up with the pace of reporting requirements, need of timely information primarily in relation to costing, pricing and sales revenue for their business. Margaret Jones is their bookkeeper; she spends considerable time for just maintaining the books and journalising transactions in a traditional way. Many a times payments to suppliers are delayed and payments from customers are not received by due date. On some occasions customers do not make payment and Walton Brothers do not even chase all overdue payments in a timely manner due to using traditional recording and reporting mechanism. In last couple of years business revenue has grown by more than 80%, which then lead to increase in many expenses and other costs. Walton Brothers are facing cash flow issues and are finding it hard to maintain a reputation of reliable operators.
Margaret advised Walton Brothers that they needed to improve their accounting systems and not using computerised accounting software was one of the issues.
Select any Technology driven company, which has gone from very small scale to Large-scale organization through Technology driven approach. Do some research on their past and present business processes, which have made a significant contribution in the revenue growth within their organisation? Also discuss and make a list of benefits in using Technology driven approach.
Why do you think Technology plays an important role in Accounting Professions? How can use of Information systems eliminate the data error possibilities?
Why is it important in todays accounting profession to focus on paper less work processes? Support your answers with some existing practises in Accounting profession.
Conduct a web search for some examples of companies/organisations where internal controls have Failed to operate effectively. You can also look at some of the corporate collapses including failures of Any banking institutions. Examples can also be a non-profit organisation such as football club or Hospital etc. Your selected case would have received media publicity or there would have been some Government investigation.
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