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Define Business Requirements

Autor:   •  August 25, 2017  •  1,094 Words (5 Pages)  •  357 Views

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6) Sy’s current business processes involve manually inputting inventory, purchases, and sales into the larger Excel system. As the final step for each process involves sending the information to Sy, Sy ultimately handles the information to track his business.

B1) Advice on identifying and managing risks as his business grows

There are many risks involved in Sy’s growing business. For one, as his business grows, there will be more purchase orders, inventory, accounts, etc to keep track of. In order to minimize employee theft, it is important he manages this risk by ensuring that purchases, inventory, refunds, checks, and other financial information is handled by multiple employees, rather than one designated employee for each department (ie ONE payroll clerk). This will also minimize the risk of error. For example, Sy could consider creating a human resources department to handle refunds and payroll information, so that it is more organized.

Sy should also recognize the risk with not having proper employee training. The accounts receivable clerk(s) should be trained to understand the amount each customer owes, because this is something that could potentially cause losses for the company.

In order to minimize errors, waste, miscommunication, and better track inventory, it is important that Sy implements proper employee training-with both technology/computer training (once these are installed) and individual jobs training.

Internal controls will also need to be installed, either by hiring an internal audit team or creating a hierarchy of supervisors to oversee transactions and time cards on a daily basis. By waiting till the end of the month for time cards and delivery payments, there is more risk for error and theft. This can be avoided by being sure that information is input on a daily basis.

B2) Advice on better using IT to make his business more efficient

The new Access based accounting system should be tried and tested before put into effect. Also, installing computers and ipads in the individual stores will enhance IT use as well as create stronger internal controls. It is important, as noted earlier, that the employees are properly trained in using the new technology and internet based system. This may require professionals (or the proposed HR department above) to come in and train employees and individual stores. Another enhancement to Sy’s IT system that could make his business more efficient is developing an ERP system that allows customers to put in fish orders ahead of time so that SY Fish can have specific fish available on time (less waste, less inventory in stock). Sy can also develop electronic time cards rather than manually filling out each card. This will make his business more efficient and allow room for less theft/miscalculations.

Finally, Sy should develop a centralized database, involving one phone number/call center that can be given on the back of the customers receipt so that all refund authorizations are sent to one central office and are handled immediately. This is efficient both in time and minimizes risk for error.

Remittance

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