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    Strategic Business Assignment help

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    Strategic Business Assignment help


    Strategic Business Assignment help

    Introduction

    In the present day, the strategic information management is one of the key tools that is being used in the industry of information technology and helps the business entities to enhance the efficiency and growth opportunities of the firm. In this respect, the tool is being used in order to categorize, store, process, transfer and protect the informations of the company.

    In the following parts, an effort will be made in order to explain certain parts of the strategic information of the company named Bell Studio along with their purchase, distribution and payroll system with regards to the strategic information management of the entity. Beside this, certain implication of the different types of measures in order to deal with the internal issues of the organisation will also be evaluated in this given respect of the report.

    Data flow diagram of purchases and cash disbursement systems

    In order to visually depict the flow of informations of a system process, the data flow diagram is being used. This diagram is being designed in order to fulfil the requirements of the system in terms of executing and accomplish the process of certain programs which is being operated within a system. In this respect, the diagram works as a connector between the analyst and the individual responsible for the initiating the system redesigning procedure (De Simone, Ege and Stomberg 2014). The data flow diagram indicates the flow of the data from external sources to the internal sources of an organisation.

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    Data flow diagram of payroll system

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    System flowchart of purchases system

    The key significance of implementing the flowchart system in a business organisation is due to the execution of certain system with step by step breakdown of the action. In this regard, the steps are being taken into consideration in order to monitor and visualise the affectivity of the action and measuring the associated risks inclined with the operation (Cassidy 2016). In the following respect, the flowchart given for the purchase system will evaluate the key significances which should be prioritized by the management for effective efficiency in their operations.

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    In the given flowchart, the process of purchase system has been portrayed with the discussions of the major components of expenditure cycle of the entity. In this respect, the key consideration was to keeping the track over the inventory of the entity by a clerk as their initial steps for measuring the quantity of the products which is being purchased by the entity. In this respect, the key consideration is related to the generation of the purchase order and a hard copy related to it. These hard copies have two distinguished significances, the first one is used for sending the receipt to the vendor for the supply of items and the second one is being kept at the file in order to track the purchase orders (Galliers and Leidner 2014). Beside this, certain inspections are also being done in this respect with regards to the arrived goods keeping parity by the receiving department. In this respect, the digital purchase order and the receiving report are also being inspected by the receiving department. The copies of the purchase order has two significances, one is for keeping in the selves of the bed house and another is for the accounts payables departments. The entries of receiving the items are being enlisted in the digital ledger account and each of the prepared report is sent for the cash disbursement procedure.

    Internal control weakness and associated risk factors

    The key consideration related to this diagram is the lack of independent checking by the responsible clerks of purchased items. Due to the fact that the clerks are not total obliged with the power of controlling the inventory items, it may cause the overstock in the inventory and the displacement of orders. Due to such actions, a negative impact can be shown in the audit and revenue report of the entity. Beside this, certain considerations related to the factors of the delivery timing, product quality, prices, creativity and accountability of the products can also be generated in this respect which can harm the reputation of the entity. Certain issues can also be generated in respect of the tracking of the purchased items due to the failure of the clearance of inventory items by the receiving departments.

    Measures of control

    In order to reduce the risks associated with the purchase system, a daily or regular reporting should be maintained by the receiving departments, and this report should exactly put the orders in sequence in order to enhance the efficiency of the organisation. In this respect, the assurance for the shipment will be enhanced (Arvidsson, Holmström and Lyytinen 2014). Beside this, while choosing the suppliers, certain factors related to the efficiency of the operation such as the quality, timing, price, creativity should also be considered in order to carry on the system in an effective way. Beside this, the maintenance of the hard copies should also be done in an efficient manner in terms of the purchase order and receive reports.

    System flowchart of cash disbursements system

    The cash disbursement procedure is being used in order to manage the funds of the entity. In this respect, due to the fact that the funding is both used by the departments and the individual employees, the process of cash disbursement needs to be strictly executed by implying the internal controls and certain framework implemented by the authority.

    From the given flowchart, certain evaluations related to the cash disbursement procedure of an entity can be stated. In this regard, the primary responsibility of the clerk is to send the documents related to the payment of the received goods to the accounts payable department. After this, such documentations are kept safely and arranged with their due dates (Galliers and Leidner 2014). Beside this, when the due date arrives, the check is being prepared by the accounts payable clerks in order to pay the suppliers. The issuing of the check is registered and an entry is also being made in the ledger of the entity. Beside this, the check is being signed by the treasurers in respect of the acceptance of the payments to the suppliers.

    Internal control weakness and associated risk factors

    Certain weaknesses related to the management of the risks related to the documentations of the cash disbursement can also be generated within the entity. In this respect, the issues can be generated with regards to the payment, approval, modification, timing and execution of the action and make certain impact upon the outcomes of the procedure. In this respect, the key issues which can be generated in this respect are related to the error, misplaced and deleted entries. In this case, if the entries are not accounted or enlisted in proper sequence, the organisation can incur a huge loss related to its resources and data (Pearlson, Saunders and Galletta 2016). In order to reduce the impact of error in accounting as well as the threat of fraudulence, the entity must assign multiple staffs for the management of the data and the proper training should also be provided in this respect with regards to the proper management of the financial resources for the cash disbursement procedure of the company. In case of any negligence made by the staffs of the entity, certain financial troubles can be incurred during the operations of the entity in this given respect. The documentations such as the inventory report, purchase order, invoices and the copies of check should also be accounted in order to practice the cash disbursement system in a cost effective way.

    Measures of control

    In order to deal which the issues that can be generated from the system of cash disbursement, certain preventive actions should be taken by the entities. In this respect, the key consideration which is needed to be taken into consideration is related to the inclusion of the supporting documents related to the system. This will help the management to make certain verification tests which will ensure the integrity of transactions related to the cash disbursement. Beside this, such procedure will also reduce the risks of data tampering in the future occasions of the entity (Aramide and Bashir 2015). Beside this, the digital and cash receipts should also be reviewed in order to ensure the security of the system. The control over the digital and manual procedure should also be formulized by the company in order to ensure the safeguard of the informations. The access of the information should also be limited for the employees in terms of reducing the risks of data breaching.

    System flowchart of payroll system

    Payroll system is one of the key considerations of the entities which is needed to be taken into utter consideration in order to reduce the risks of cost inefficiency and the unethical payments made to the employees. In this respect, certain steps should be followed by the organisation in order to implement an efficient payroll system within the operations of the entity in this respect.

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    The first consideration which is needed to be implemented in this respect is related to the recording of the amount of work and the time invested of the employees in the operation of the entity. Beside this, certain review by the supervisors and managers is needed to be implemented before submitting the report to the payroll department. Along with this, the payroll clerk needs to evaluate the payroll slips in order to print the pay check for the employees. This pay check should also go through another review in order to check for any kinds of error and mistakes. Two copies of the payroll register should be prepared out of which, one is needed to be submitted to the account payable department and another copy to the payroll department. A check is being issued by the account payable clerk and the voucher is sent to the general ledger department. The disbursement documents are needed to be prepared by the accounts payable clerk and the copy should be saved in the department for future references.

    Internal control weakness and associated risk factors

    The management of proper data regarding the working of the employees can be a difficult task for the management of the company in terms of the internal control process. In this respect, certain errors can occur which can damage the reputation or the resources of the entity. Even with the implementation of digital programs, certain significant information related to the time card of the employees can be neglected by the management which can lead towards the misinterpretation of the data and as a final outcome, affect the business of the entity.

    There are certain issues which can be emerged in this respect in the work efficiency of Bell Studio. In the first consideration, the segregation and allocation of charges over the employees is essential in order to avoid the falters of an individual in order to reduce the impact of the error. Beside this, the security of data can be another growing concern for the company which can result in the breaching of the personal data consideration (Gissel 2014). This is also another key factor which can harm the reputation of the entity. Certain consideration can also be generated in this respect with regards to the management of the documents such as the cheques, stamps, copies of the payroll in which, the negligence can cause serious issues related to the security and end in the course of theft and financial loss for the company. The issues related to the privacy of the data of the company can also be emerged in this respect which can result due to the poor security of the digital software. Certain errors can also occur while making the audit report of the company which in return, can cause several damages to the internal resources or the accounting informations of the company. Due to the facts that such informations are very hard to recover, in order to make a sustainable and efficient operation, the entity must imply certain provisions in order to reduce the chances of such impact.

    Measures of control

    In order to imply certain controls over the payroll operations of the entity, the management needs to imply certain regulation over the whole procedure. First of all, the whole access of the data related to the payroll system should only be implied upon the owner of the entity or the specialist with proper ethical background. Beside this, the regular inspection of the payroll is also important (Guo, Huang, Zhang and Zhou 2015). The monthly overview of the payroll can reduce the chances of any risks and thus, can avoid any serious risks related to the upcoming operations of the entity. The entity should also use multiple bank accounts in order to reduce the risks of safeguarding the financial resources of the business. The time cards of the employees should also be regularly overviewed by the management in order to enhance the accuracy of the payroll system (Gissel 2014). Beside this, the management can also implement digital time cards through the biometric procedure in order to enhance its accuracy. Beside this, proper security of the used software is also necessary in this respect.

    Conclusion

    By evaluating several factors of effective management of the strategic information, the implication and affectivity of the software based management has been clarified in this respect. Such procedures are being discussed in order to suggest the organisation regarding a way where the management of the entity can perform the tasks more accurately with a reduced risks of incurring any kind of errors due to their operations. 

    Reference:

    Altameem, A.A., Aldrees, A.I. and Alsaeed, N.A., 2014, October. Strategic information systems planning (SISP). In Proceedings of the World Congress on Engineering and Computer Science (Vol. 1, pp. 22-24).

    Aramide, S.F. and Bashir, M.M., 2015. The effectiveness of internal control system and financial accountability at Local Government level in Nigeria. International Journal OfResearch in Business Management, 3(8).

    Arvidsson, V., Holmström, J. and Lyytinen, K., 2014. Information systems use as strategy practice: A multi-dimensional view of strategic information system implementation and use. The Journal of Strategic Information Systems, 23(1), pp.45-61.

    Cassidy, A., 2016. A practical guide to information systems strategic planning. Auerbach Publications.

    De Simone, L., Ege, M.S. and Stomberg, B., 2014. Internal control quality: The role of auditor-provided tax services. The Accounting Review, 90(4), pp.1469-1496.

    Galliers, R.D. and Leidner, D.E., 2014. Strategic information management: challenges and strategies in managing information systems. Routledge.

    Gissel, J.L., 2014. Fraud examination case: Crafty cash theft? Issues in Accounting Education Teaching Notes, 29(2), pp.14-36.

    Guo, J., Huang, P., Zhang, Y. and Zhou, N., 2015. The effect of employee treatment policies on internal control weaknesses and financial restatements. The Accounting Review, 91(4), pp.1167-1194.

    Pearlson, K.E., Saunders, C.S. and Galletta, D.F., 2016. Managing and using information systems, binder ready version: a strategic approach. John Wiley & Sons.

    Peppard, J., Galliers, R.D. and Thorogood, A., 2014. Information systems strategy as practice: Micro strategy and strategizing for IS. J. Strategic Inf. Sys., 23(1), pp.1-10.

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