Project description:
The assessment consists of a presentation to an internal panel (50% weighting) as well as a written explanation (50% weighting). It is a justification for a suggested accounting system and information needs to be implemented in a small business enterprise. The student will need to pitch the proposal to the panel and be prepared to respond to questions posed by the panel.
The word count for the write-up element of the assignment is 1,500.
The presentation will be of fifteen minutes (maximum). You should prepare slides/notes to support your work and prepare material for the panel. The presentation requires a demonstration of a range of communication skills as well as presenting appropriate facts and figures and there will also be a period of time where the panel members will have the opportunity to ask questions related to your presentation.
1. Describe the informational needs of a small business
2. Evaluate the information processes to the regulatory requirements of the country
3. Evaluate the information processes to the efficient operation of the business
4. Analyse the informational needs in relation to cost benefit analysis
5. Make recommendations for suitable small business accounting procedures
Scenario:
The small business entity management need to have access to information that allows them to make decisions about the performance of their business in relation to trading and profitability. At the same time, the management need to know about the daily routine business matters needed to be attended to and to have in place an appropriate information system to assist in the efficient and effective running of the business.
Definition:
Accounting is the process of identifying, measuring and communicating financial information about a business enterprise to provide for informed judgements and decisions by users of the information.
Assessment Tasks:
1. Recognising the variety of small and medium sized businesses, consider and describe the substantive advantages of using a computerised accounting system to meet the regulatory requirements of providing financial information. Comment on the value of three accounting software packages.
2. For the meaningful preparation of Financial Statements for the small or medium sized businesses, what is the accounting cycle and demonstrate your awareness of the appropriate international accounting standards by evaluating the processes involved to meet the identified standards.
3. Careful consideration is always given to the hiring of appropriately skilled staff by all business entities but operate different approaches to the prevention of fraud. Up to one fifth of business failures are as a direct result of fraud. In establishing risk, identify four types of internal fraud and comment on how control mechanisms could assist in the protection of assets and provide reliable records.
4. Technological innovation creates relative advantages, but how would the concept of cost benefit analysis support the two stock inventory systems normally operated by the small to medium enterprise?
5. In support of your recommendations, identify the information needed to be ready when setting up an appropriate computerised accounting system to meet the entity’s management information needs.