You are working as an accountant in a local accounting firm. You have been approached by Sam and Kiera, the owner of “Swim Things”, a brand new swimming accessory supply business. They have chosen Xero as their cloud-based accounting system and have employed you to set up their company in Xero and enter the first month’s transactions. You are required to enter a range of transactions and generate some reports to assist with the business start-up. All information has been supplied by the business owner for you to input. The setup and transactional data is provided in Interact Resources.
Process your clients’ transactions for November 2017. Generate and submit the following reports to your client for the month of November 2017;
1. Profit & Loss
2. Balance Sheet
3. Trial Balance
4. Aged Payables (detail)
5. Aged Receivables (detail)
6. Inventory Item Summary.
It is now June 2019 and Swim Things has been highly successful, experiencing rapid growth in the local region. Sam and Kiera now employ 8 staff with shop fronts in 3 different locations and a large online business. They presently hold a range of stock at each location and have a large storage area in a central location to hold their inventory. Their 5-year plan includes expanding their business even further and to become the top supplier of swimming products in Australia. As part of their strategic plan, they are contemplating the implementation of an Enterprise Resource Planning (ERP) System. They have reservations, however, about spending that amount of time and money implementing a new system when using Xero over the cloud provides them with all the functionality they currently require.
Provide Sam and Kiera with a 1-page executive summary regarding the implementation of an ERP system. Your executive summary needs to include:
1. What is an ERP system?
2. A clear recommendation to ‘Swim Things’ regarding whether you believe they should implement an ERP.
3. Justification for your recommendation including the key benefits and potential disadvantages of Swim Things implementing an ERP when compared to their current system, Xero (which you used for Part A of this assignment)
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