Kudler Fine Foods opened its doors in 1998 and has been a growing company ever since. Kudler Fine Foods hired a firm for the amount of approximately $65,000 to help with the implementation and installing of a new Retail Enterprise Management System. The accounting system that is needed should be tied in to each and every department within the company. It should be included within all information systems within the company. Backup generators have been installed for each of Kudler Fine Foods locations and at the corporate office especially due to recent power failures in recent months. This will ensure that the finance and accounting systems are available 24 hours a day, 7 days a week. A General Ledger or what we can call A Retail Enterprise Management System (REMS), was put in place to keep track of all the accounts that Kudler Fine Foods uses. It tracks all the accounts transaction details from the accounts payable and the accounts receivables side of the business, also the payroll and all the other departments within the business. The financial data in the ledger is the assets, income, cost of goods sold, liabilities, and equity not necessarily in this order. This General Ledger tracks accounts like inventory and department sales also. By observing the intranet site, the General Ledger also provides financial reporting information such as Balance Sheet, Income Statement, Cash Flow, and Trend Analysis, Store Comparisons, and Department Comparisons.
The Accounts Payable Module contains vendor codes, check printing, freight allocations and bank accounts. While the Point of Sale (POS) module is used to capture and report sales of retail items, providing data to other modules and handles credit and debit transactions.
We also have the Bank Reconciliation Module which is used for account deposits, reconciling checks, assisting in cash flow analysis by obtaining data from accounts payable, accounts receivable, account balances and the Purchase Order Module.
The reason for needing to pursue a better accounting system is