Cookridge carpets essay

As no records keeping system is in place, no one knows where the money is going, this needs addressing.

However a full investigation should be carried out to find what software suits your organisation best. This will help to improve staff morale, in turn increasing productivity.

Some of the things that would be included in the produced reports are: There is personal data about other members of staff held on her computer, which if accessed by any third party could be seen to breach the Data Protection Act. The wages are also calculated by one of the members in the accounts department and put into pay packets.

Blank cheques should no longer be signed before hand and should be locked away securely. Some blank cheques are pre-signed in case the brothers are off, as these are the only people that can sign cheques. Margaret Peterson works 20 hours over 5 days in a week. She is the only person on the organisation that is trained to operate sage payroll.

Of the three members of the accounts department Sonja Douglas is by far the most highly qualified and she also has sufficient experience in working as a payroll clerk. Date and time, day and time 12 or 24 hour format.

These have also been identified in appendix 2 as part of the SWOT analysis. Finally Stefan Kalinowski, the youngest employee in the accounts department works There are only two sets of keys for the premises and these are held by both brothers.

All of the above frauds, the controls that are currently in place and the recommendations that will be used to improve can be found within a fraud matrix in appendix 3. This data is unsecure and all staff have access to her computer. All computers are on a standalone basis, these could be upgraded so that they all link up together.

Cost benefit analysis 9. Cash is held in the safe along with wage packets, there is no record of any kind in place to show who has collected their wage packet. There are many centralised packages on the market such as Sage 50 Accounts Professional.

A major benefit of implementing BACS will be that cash will no longer be calculated incorrectly, there will be no way to steal cash and the chance of fraud will be greatly reduced. Tills should be accounted for at the end of day and recorded. The system and structure that a company chooses to implement will depend on the nature and size of the business.

The Account receivable clerk Stefan Kalinowski is responsible for preparing sales invoices, manage credit accounts, ensuring all payments are made within 90 days, and prepare monthly management information.

This is a very big weakness and risk as the company is at risk of losing key data if systems were to go down. One example of fraud going undetected is the lack of confirmed information when processing the payroll.

There is a possibility for fraud to take place within Cookridge Carpets, as some of the controls within the accounting function are very weak.

Because new software will be purchased the staff would have to be appropriately trained. Cookridge Carpets Ltd currently runs their accounting system using Microsoft office applications. It is not a problem at the moment in the company as there are only 3 staff in the accounting department, but this may not be the same in the future if more staff are employed and more people have access to the accounts package.

Sonja Douglas prepares all payroll information and payments to staff. Controls within Cookridge Carpets Ltd are very informal. Only 2 licenses will be needed to install on a network housing all for computers.

Record keeping systems, all records are kept in Microsoft office documents, 4 A clocking in system could be used, a cost and benefits package is shown in appendix 4, this would enable the correct wages are calculated each week.

A cost benefit analysis which includes the recommendations to add a centralised accounting system and to train staff so that they are aware of the changes that have been made has been completed as follows: The wages clerk deals with the payroll for each member of staff.

Sonja completes the pay packets for all staff, there is no practice put in place to have then checked, verified or counter signed.

Cookridge Carpets Ltd Essay Sample

To estimate future wage packets on one weeks Rota is unacceptable practice. The rest of the staff are paid monthly by cheque on the last day of each month. Microsoft Excel which would mean that final statements and reports are error prone.

The SWOT analysis in appendix 2 analyses the weaknesses with the system as: The petty cash tin is lockable All computers can be password protected.Cash and Cookridge Carpets Essay.

that could lead to errors or potential fraud and to make recommendations for improvements. 2. Methodology Cookridge Carpets LTD is a large carpet, soft furnishings and bed dealership in Southampton.

It is a limited company and has been trading since It was set up by two brothers: Peter Cookridge and John Cookridge. The business has grown steadily since it has been established in In. Cookridge Carpets Ltd is a large carpet, soft furnishings and bed dealership. They are the main dealership for [email protected] foam beds and mattresses in the area of Southampton.

The payroll department will be the department to be reviewed. Accounting Information System - Essay. Related Documents: Cash and Cookridge Carpets Essay Cash Management Essay Cash management is a broad term that covers a number of functions that help individuals and businesses process receipts and payments in an organized and efficient manner.

Cookridge Carpets Ltd Essay Sample. 1. Terms of Reference This report investigates the accounting system in place within Cookridge Carpets Ltd with regard to making recommendations to improve the system and the controls in place to protect it and make it less exposed to fraud.

This report will look at the organisation as a whole and also. Cookridge Carpets Ltd A report analysing the Internal Controls in place and evaluating the Accounting Systems.

I testify that the following report is my own unaided work and a true reflection of the organisation.

Cookridge Carpets- Aat Internal Control Accounting System Essay Sample Download
Cookridge carpets essay
Rated 3/5 based on 76 review