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23 Nov 2019

Why is it important for an accounting system to force the user to add a vendor to the system instead of just typing out the vendor

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Reid Wolff
Reid WolffLv2
23 Nov 2019
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Peachtree allows you toadd vendors and process vendor invoices for payment. What would bethe transaction cycle? (hint: for sales cycle it was Sales- AR-CashReceipts. Why is it important for an accounting system to force theuser to add a vendor to the system instead of just typing out thevendors name on a check? Is there a potential for fraud using fakevendors?


Background:

There are a large number of accounting-system related vendors. All have websites that describe the company, their products, their target markets, their components, their strengths, their relative cost, etc.

Exercise:

· Pick two (2) separate ERP/EBS system vendors.

· Answer the following questions:

1. What is the name and address of the ERP vendor?

2. What are the Company’s products? Does the Company have a single product or multiple competing products?

3. What are the major parts of the product? (If the vendor has multiple products, pick the vendor’s primary product.)

4. What are the target market(s) for that product/vendor?

5. What are the product’s strengths according to the vendor?

6. What limitations does the vendor identify related to the product?

7. What is the approximate cost of the product? (If available)

8. Is a demo available?

9. Identify any other distinguishing information regarding the vendor and/or the ERP product.

Note:

Do not includeIntuit or Quicken or QuickBooks in your responses.

While Quicken and QuickBooks are extremely popular among small businesses, Quicken and QuickBooks are notrepresentative of this class of business software. For classification purposes, Quicken and QuickBooks are more aptly classified as automated bookkeeping systems although functionality has expanded significantly since its inception.

Chose of the different types of ERP business systems discussedin the text (HR, Asset Mgmt, etc) and do some research of somecommercial providers that create the software. Chose a vendor anddo some research and respond to the following questions:

1. Name of System

2. What does the system do?

3. How does the system promise to improve processes

4. Is this somthing you could see using?

5. How could this benefit an accounting role?

6. Do you see any downside to the system?

Cite Resources

(Textbook is Core Concepts of Accounting InformationSystems, 13th Edition )

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