Kudler Fine Foods is a gourmet chain that strives to have the freshest ingredients and offers a wide variety from all over the world carrying imported and domestic goods. Being first introduced by Kathy Kudler in 1998, with the Kudler Fine Foods website, and three locations opened to the public later. With the company still growing and expanding it will need to keep upgrading to run more effectively and efficient. Adding a new accounting system to Kudler Fine Foods will help the company to run more efficiently and continue to make Kudler Fine Foods one of the best gourmet chains for its customers.
Adding a new accounting system with allow Kudler Fine Foods to have key features like core accounting, revenue management, time and expenses, order and billing, project accounting, purchasing, multi-currency management, global consolidations and financial reporting. Also financial management, risk analysis, compliance and receivables management. Receivables management is effective in that it will allow the company to investigate the causes of behind late payments to claim revenue faster, and decrease day’s sales outstanding. The management accounting functionality, will allow managers and analysts to interact with the same information as the Kudler Fine Foods accountants, this will improve financial communication throughout the company, also included the standards of an accounting system, financial statements, parallel valuations, fast close functions, and general ledger support. Adding a new accounting system to Kudler Fine Foods will give the company many new key features to run the company more efficiently.
Core technology of a new accounting system may be developed by someone within the company already, or can be purchased from a third party or a third party and application software with Kudler Fine Foods modifications added. The accounting software is composed of various modules, with different section for the accounting. For example core modules will have sections like, accounts payable, accounts receivable, billing, general ledger, purchase order, stock/inventory, bookkeeping and purchase order. Non-core modules will have electronic payment, debt collection, payroll, expense, purchase requisition, timesheet, and reconciliation.
Creating a new accounting system could take more than a few months to integrate, configure and customize to Kudler Fine Foods accounting needs, but will be well worth the wait. Being designed and customized to Kudler Fine Foods business requirements, could also being a bit costly depending on the complexity of the software needed. But in terms of money and the implementation of time, taking the time and money to create this software for Kudler Fine Foods will benefit the company greatly allowing for more revenue, which will pay for the process in creating the software and will benefit the customers greatly allowing more revenue from that also.
Benefits for Kudler Fine Foods, with a new accounting system it will have the company running more efficiently than before. With all the key features listed, there will