ACCT 326 Course Project\t\u00a0\tThe project will demonstrate your comprehension of accounting systems and your ability to effectively communicate in writing.\t\u00a0\tAssume you are the owner of a small CPA practice in a major metropolitan area.\u00a0 You have six professional employees, of which 2 are relatively new CPAs (recent graduates from UMUC), and an experienced office manager. In the past, your practice consists primarily of tax and advisory services, but you want to expand the practice. Based upon your desires to expand the practice, you have found a potential new client. The client has a growing homeowners’ association consisting of 1000 homeowners, who is in the process of acquiring with four other homeowner associations within the next 90 days. This acquisition will increase the number of homeowners to 3000.\u00a0 The new client is interested in using a single automated accounting information system that will be able to perform the following functions:\t\u00a0\t1.\u00a0 Billing – Each month, the system will generate an itemized bill for each homeowner. The fees will vary from $100 to $200 per month, based upon the location of each home, and the type of home (townhouse or single family homes). Late fees are 20 percent per month of the unpaid balance. The bills are mailed the 25th of each month and payment is due by the 10th of the following month.\u00a0 .\t2.\u00a0 Collections “\ufffd Payments can be made in person (at the HOA main office); via mail (via a PO Box); or electronically. Payments will be deposited to the client’s account.\u00a0\t3.\u00a0 Payments: It is expected that the system will generate a minimum of 100 checks \/ payments each month. These payments will cover a variety of services, such as expenses for\u00a0\t“\ufffd \ufffd \ufffd office supplies\t“\ufffd \ufffd \ufffd rental space for the HOA\t“\ufffd \ufffd \ufffd utility expenses for the HOA\u00a0 office as well as for lighting for each of the 5 HOAs\t“\ufffd \ufffd \ufffd lawn care\t“\ufffd \ufffd \ufffd refuse & snow removal\u00a0\t4.\u00a0 Payroll: It is expect that the client will have roughly 20 full-time employees and 30 part-time employees. Employees will be paid on a bi-weekly basis.\u00a0 Payment will be made from the client’s payroll checking account, which is separate from the client’s primary account.\t5.\u00a0 Reporting: It is expected that the system will be able to handle any and all reporting, including periodic financial statements.\t\u00a0\tCurrently two of the four HOAs (including the client) are using an automated accounting system (Sage and QuickBooks), while the others are using Microsoft Excel to perform its accounting functions.\u00a0 Per this, you can see why the client will want to move to a single system. The client is using QuickBooks, but is open to using another system.\t\u00a0\tAs the owner o the CPA firm, you are excited by this opportunity because it is a way to expand your practice, but this is an opportunity that is very new to you. As the result of this opportunity, you have asked your lead CPA to develop a document that will help you to determine if you should proceed with this opportunity.\u00a0 You have given your resources 4 weeks to complete this assignment.\u00a0\t\u00a0\tRequired: Using the methodology developed in this course, document and illustrate the system from an automated function viewpoint. As part of your documentation, you will need to identify the specific system requirements in the areas of inputs, outputs, and controls for each of the service areas. You will be also required to provide mock-ups of sample forms, documents, and reports.\u00a0 Your finish product will be a paper & a PowerPoint presentation (a summary of the paper), based upon the following outline.\t\u00a0\t1.\u00a0 Executive Summary\t2.\u00a0 Introduction\to \ufffd\u00a0\u00a0\u00a0\u00a0 Purpose of\u00a0 New System\t3.\u00a0 Proposed System Requirements\to \ufffd\u00a0\u00a0\u00a0\u00a0 Billing\to \ufffd\u00a0\u00a0\u00a0\u00a0 Input Requirements\to \ufffd\u00a0\u00a0\u00a0\u00a0 Output Requirements\to \ufffd\u00a0\u00a0\u00a0\u00a0 Control Requirements\to \ufffd\u00a0\u00a0\u00a0\u00a0 Collection\to \ufffd\u00a0\u00a0\u00a0\u00a0 Input Requirements\to \ufffd\u00a0\u00a0\u00a0\u00a0 Output Requirements\to \ufffd\u00a0\u00a0\u00a0\u00a0 Control Requirements\to \ufffd\u00a0\u00a0\u00a0\u00a0 Payments\to \ufffd\u00a0\u00a0\u00a0\u00a0 Input Requirements\to \ufffd\u00a0\u00a0\u00a0\u00a0 Output Requirements\to \ufffd\u00a0\u00a0\u00a0\u00a0 Control Requirements\to \ufffd\u00a0\u00a0\u00a0\u00a0 Payroll\u00a0\to \ufffd\u00a0\u00a0\u00a0\u00a0 Input Requirements\to \ufffd\u00a0\u00a0\u00a0\u00a0 Output Requirements\to \ufffd\u00a0\u00a0\u00a0\u00a0 Control Requirements\to \ufffd\u00a0\u00a0\u00a0\u00a0 Financial Reporting\to \ufffd\u00a0\u00a0\u00a0\u00a0 Input Requirements\to \ufffd\u00a0\u00a0\u00a0\u00a0 Output Requirements\to \ufffd\u00a0\u00a0\u00a0\u00a0 Control Requirements\t4.\u00a0 Proposed Outsourcing Functions\t5.\u00a0 System Selection\u00a0\t6.\u00a0 Challenges to Automation\t7.\u00a0 Appendix\t\u00a0\t\u00a0\tListed below is a summary of each section, including projected page lengths.\t\u00a0\tPaper Guidelines\t“\ufffd \ufffd \ufffd Section I “\ufffd Executive Summary: In this section, you will provide an executive summary of Section II “\ufffd VI. Your summary should be limited to 2 pages.\t“\ufffd \ufffd \ufffd Section II “\ufffd Introduction: In this section, you will provide narrative regarding the current business problem and how automation may or may not address the problem. This section should be limited to 2 pages.\t“\ufffd \ufffd \ufffd Section III “\ufffd System Requirements: In this section, you will document the specific requirements (input, output, & control) as required for each of the respective functions (collections, payments, etc.). In order to complete this, you will need to identify the following:\t\u00a0\t“\ufffd \ufffd \ufffd Key data you would need to collect\u00a0 in order to perform the function\t“\ufffd \ufffd \ufffd Key data & information that will need to be produced \/ generated when processing transactions\t“\ufffd \ufffd \ufffd Key controls to need to be implemented to support & secure the function.\u00a0\t\u00a0\t\u00a0\t“\ufffd \ufffd \ufffd Section IV “\ufffd Outsourcing Considerations: In this section, you will identify functions that may be prime candidates for outsourcing.\u00a0 For those functions that are selected for outsourcing, you will need to explain why they are; the possible benefits; and potential concerns. This section should be at least 2 pages long.\t\u00a0\t“\ufffd \ufffd \ufffd Section V “\ufffd System Selection:\u00a0 In this section, you will discuss which PC-based accounting system will be the best choice. You can need to select 3 PC-based systems to evaluate and determine which one is the best choice. In developing your recommendation, you should discuss each of the system’s relative strengths & weaknesses, and recommend a solution. Also, you will recommend a migration plan (parallel, phase, etc.) for implementing the solution.\u00a0 This section should a minimum of 4 pages.\t\u00a0\t“\ufffd \ufffd \ufffd Section VI “\ufffdChallenges to Automation: In this section, you will identify and discuss the challenges to migrating to a new automated system. This section should be at least 3 pages long.\t\u00a0\t“\ufffd \ufffd \ufffd Appendix: In this section, you will provide a mock-up of two sample reports; and two sample financial statements.\t\u00a0\tPresentation Guidelines\t“\ufffd \ufffd \ufffd Introduction: Summary of\u00a0 Section II “\ufffd not to exceed 2 slides\t“\ufffd \ufffd \ufffd System Requirements: Summary of Section III – not to exceed 2 slides for each area (billing, collection, etc.)\t“\ufffd \ufffd \ufffd Outsourcing Considerations:\u00a0 Summary of Section IV “\ufffd not to exceed 2 slides\t“\ufffd \ufffd \ufffd System Selection\u00a0 Summary of Section V “\ufffd not to exceed 4 slides\t“\ufffd \ufffd \ufffd Challenges to Automation: Summary of Section VI “\ufffd not to exceed 2 slides\t\u00a0\tYour grade for this project will be based on the quality of both content and presentation, considering the following:\t\u00a0\t“\ufffd \ufffd \ufffd Discussion of all required points related to the outline above.\t“\ufffd \ufffd \ufffd Ability to apply concepts from this course in order to design a solution.\t“\ufffd \ufffd \ufffd Ability to conduct the appropriate analysis based upon the limited information that has been provided.\t“\ufffd \ufffd \ufffd The creativeness of your solution.\t“\ufffd \ufffd \ufffd Formatting considerations, such as\to \ufffd\u00a0\u00a0\u00a0\u00a0 Well-written and free of grammatical and typographical errors\to \ufffd\u00a0\u00a0\u00a0\u00a0 Professional, neat appearance\to \ufffd\u00a0\u00a0\u00a0\u00a0 Ability to use specific formatting guidelines (as listed below)\t\u00a0\tIn terms of formatting guidelines, you can rely on the APA writing style.<\/p>\n","protected":false},"excerpt":{"rendered":"
ACCT 326 Course Project \u00a0 The project will demonstrate your comprehension of accounting systems and your ability to effectively communicate in writing. \u00a0 Assume you are the owner of a small CPA practice in a major metropolitan area.\u00a0 You have Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-200849","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200849","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=200849"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200849\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=200849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=200849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=200849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}