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PROJECT INFORMATION:
Your family has owned and operated a landscaping business for many years. They were recently approached by a family friend who wants to invest in the company and help it grow to additional locations. The family friend has concerns that the company’s manual accounting system is outdated and should be more computerized. You have offered to help with this transition and research into what type of computerized accounting system or workflow might make sense for the company to switch to. They are currently looking to use QuickBooks Online but know that there are also other alternatives.
Based on this information, you have decided to break this project up into 4 stages and in an effort to keep everyone on the same page, you will circulate various memos and present your final findings to your family’s friend and the company in a few weeks.
Stage 3 – you will write a memo to the company addressing a major concern of yours that you wanted to be sure was covered in this process: internal controls. Be sure to include sources. Discuss the various changes, including reports that must be made when transitioning from a manual accounting system to a computerized accounting system. Provide an example of a report from the software. Consider what processes might need changed or if there are any new opportunities for fraud to take place given this change.
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