Saturday, March 17, 2012

Financial Information Technology Requirements Definition

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The pending Initial Public Offering (IPO) of CMK Enterprises, Inc. has caused the initiation of its Enterprise Resource Planning (ERP) solution development and implementation. The solution will be deployed in stages based on the priorities developed during pre-IPO business planning. Initial priorities will include the finance and controller business processes.

These priorities are based on analyst estimates showing that more efficient financial supply chain management could reduce working capital tied up in a company by 0% to 5%. Because of several factors tending to disrupt cash flow in the customer-supplier relationship, such as price variance or incomplete or inadequate delivery, payments are often delayed or reduced. U.S. research shows more than 61% of all customer line items remain open for more than 50 days (SAP Info). CMK Industries will therefore make it a requirement to focus on electronic bill presentation and payment, dispute management, and credit management

Heightened awareness brought about by recent industry accounting scandals toppling high flying companies like Enron and WorldCom have brought about increased regulation, controls and procedures. The Sarbane-Oxley Act of 00 now requires that CEO, CFO, and auditor certifications be included in annual reports for form 10-K, and quarterly reports on form 10-Q. The system must include capability to support the Act.

Additional processes and sub-processes include

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· Financial Statements and Period End Closing

· General Ledger & Sub Ledgers

· Revenue and Cost Accounting

· Order and Project Accounting

· Product and Service Cost Calculation

· Cost Center Control and Planning

· Actual Cost and Revenue Calculations

· Electronic Bill Presentment and Payment

· Local and Remote Printing

· Sarbane-Oxley Act of 00 Compliance

· Ability to integrate Manufacturing Management, HR, and other modules

· .75% System Availability

· Network Locations Minimum

CMK Industries will focus on growing its business and has a corporate strategy to build shareholder value by focusing on its core competencies. This strategy leads the company to outsource many of its functions that do not add value. The mission critical nature of the finance and control processes require the highest availability of the new system. Therefore, an organization with a highly available infrastructure and skilled operations staff will be hired to perform the ongoing operations of the system.

The financial and control processes will be managed and run on a day to day basis by skilled personnel that are employees of CMK Industries. They will ensure that the system functions as defined and according to the business processes. Along with ensuring proper system functions, they will be expected to provide many services to the organization. These functions will include managing budgeting, forecasting and planning processes, complete reporting cycle close requirements, produce reports in the formats required, and keeping data up to date. These valuable employees will ensure that the benefits of enterprise resource planning data is available to all users as soon as it is entered or modified. A sample General Ledger process flow is shown in Figure 1 (Cox).

Figure 1.

These business requirements will ensure CMK Industries is able to fully operate with all the processes of the finance and controller functions. As a result, our shareholders will be confident their investments are protected. Full compliance of the Sarbanes-Oxley Act of 00 is assured. The cash flow of the new company will be maximized as well. CMK Industries will be off to a great start as a public company. Works Cited

Cox, Penelope. “SAP Project Management Experts.” Search June 00

http//,865,sid1_cid5178_tax 07,00.html

SAP Info. “Streamlining payment transactions with financial supply chain management

Bringing Cash Flows Under Control.” SAP Web Site. 16 June 00.


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