Overview of Finance and Accounting System Case Assignment
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
Overview of Finance and Accounting System Case Assignment
An Overview of Finance & Accounting Systems
NOTE: All finance and accounting systems applications support (as are all other Huffman Systems) to include hardware, modifications, version updates, etc., are performed under contract by Smith Systems Consulting.
By design and necessity, Huffman Finance & Accounting Systems are tightly integrated with the Fleet Maintenance System and the Enterprise Transportation Application.
The Fleet Maintenance System is integrated to capture financial and accounting data/information relative to:
Fuel management and costing
Materials inventory management
The Enterprise Transportation Systems is integrated to capture financial and accounting data/information relative to:
Fuel Tax reporting
Driver management (cost & settlements)
Payroll (driver only)
Freight Billing (LTL & Truckload)
The Finance & Accounting Application is licensed on an annual per user basis from a vendor specializing in F & A systems for the transportation industry. While functionality is tailored to the needs of the transportation industry…the modules are fairly standard for an F & A Software Package:
(Unaudited) December 31st 2011 2010 (In Thousands) Assets Current Assets Cash & Cash Equivalents $89,664 $58,003 Accounts Receivable 51,869 81,557 Prepaid Expenses & Supplies 6,267 5,529 Total Current Assets $147,800 $145,089 Carrier Operating Property (at cost) $85,306 $81,461 Less: Allowance for Depreciation (69,536) (67,119) Net Carrier Operating Property $15,770 $14,342 Assets of Discontinued Operations 7,516 8,739 Goodwill (net) 49,852 49,852 Other Assets 46,327 37,306 Total Assets $267,265 $255,328 Liabilities and Shareholders’ Equity Current Liabilities Accounts Payable $40,843 $45,381 Salaries & Wages 37,299 33,014 Current Portion of Long-Term Debt 1,752 1,343 Freight & Casualty Claims Payable 10,389 9,697 Total Current Liabilities $90,283 $89,435 Long-Term Liabilities Accrued Pension & Post-Retirement Health Care $64,058 $58,672 Long-Term Debt 7,307 6,562 Total Long-Term Liabilities $71,365 $65,234 Shareholders’ Equity Common Stock ($1.00 par value Authorized: 20,000,000 shares) $3.882 $3.882 Treasury Shares (1.952) (1.952) Retained Earnings 105,615 100,657 Total Shareholders’ Equity $105,617 $100,659 Total Liabilities and Shareholders’ Equity $267,265 $255,328
Statement of Income
(Unaudited) December 31st 2011 2010 (In Thousands) Revenue $1,109,295 $969,240 Operating Expenses Salaries, Wages & Benefits $406,191 $367,993 Fuel Expense 318,737 258,904 Operating Supplies and Expenses 117,670 105,875 Purchased Transportation 138,140 114,250 Operating Taxes & Licenses 19,033 17,753 Insurance & Claims 11,995 12,493 Provision for Depreciation 3,009 2,773 Total Operating Expenses $1,014,775 $880,041 Operating Income form Continuing Operations $94,520 $89,199 Interest Expense $466 $768 Tax Expense 34,887 32,923 Net Income $59,167 $55,508
2003 Wages and Benefits Analysis – Drivers Over the Road Drivers Rate Avg. Miles Driven Per Year Avg. Weekly Wage Avg. Annual Wage # of Drivers Annual Cost for Drivers (000s) % of Annual Wages % of Sales ($620,000,000) Wages (per mile driven) $0.50 110,000 $ 1,058 $ 55,000 3,400 $187,000 30.2% Paid Vacation (based on seniority) $ 1,058 $ 2,115 $ 7,192 3.8% 1.2% Paid Holidays $ 1,058 $ 2,115 $ 7,192 3.8% 1.2% Paid Sick Days $ 1,058 $ 1,058 $ 3,596 1.9% 0.6% Health & Welfare Contributions $ 9,194 $ 31,258 16.7% 5.0% Pension Fund Contributions $ 8,840 $ 30,056 16.1% 4.8% FICA Match $ 3,738 $ 12,709 6.8% 2.0% Medicare Match $ 874 $ 2,972 1.6% 0.5% FUTA Contributions $ 434 $ 1,476 0.8% 0.2% SUTA Contributions $ 585 $ 1,989 1.1% 0.3% Workers’ Compensation $ 12,400 6.6% 2.0% Average annual cost $ 83,953 $ 297,841 59.3% 48.0%
Total Payroll (000s) Less Drivers (000s) Remaining Salaries (000s) # of remaining employees Avg. per employee $ 386,896 $ 297,841 $ 89,055 1,800 $ 49,475
Huffman Trucking – HRIS
The company has an HRIS system that was developed by in-house programmers prior to the decision to outsource all IT services. Smith Consulting is recommending that Huffman convert to a new system that was developed by Smith for its clients.
The current system is integrated to track employees from an operational and financial perspective. Data is organized into several major categories.
Employee Personal Information
This part of the database includes information needed to prepare payroll and maintain employee “census” information, such as:
- Personal information, such as name, address, marital status, birth date, etc.
- Pay rate
- Personal exemptions for tax purposes
- Hire date
- Seniority date (which is sometimes different than the hire date)
- Organizational information (department for budget purposes, manager’s name, etc.)
- Vacation hours accrued and used (for non-exempt employees)
Employees can go online through the company’s intranet and update this personal information as necessary. An employee without access to the company intranet may submit changes in writing to his/her supervisor, who will forward the information to Human Resources for processing.
For each employee, a separate part of the database contains information required for complying with federal and state highway standards. This information includes:
- Drug testing results
- Hours/miles driven
- Safety records – all violations and corrective actions
- Attendance at mandatory training workshops
- Injuries, workers compensation history
- Licenses and training certifications
Employee/Labor Relations Information
- Grievances filed
- Resolution of grievances
- Any investigations of employees
Each recruiter maintains applicant information for open positions. Résumés and applications are filed in a central storage area. Basic applicant tracking statistics required for compliance reporting are entered into an in-house applicant tracking system, which can be accessed by all recruiters. Applicants may also apply via the company’s internet site, a recent systems addition by Smith Consulting.
Official employee files are kept by the HR department. Individual managers may not maintain copies for their personal use, however selected information for each subordinate may be accessed via the intranet. Supervisors are expected to send originals of performance reviews, disciplinary actions, etc. to HR for permanent record storage.
HR personnel are also responsible for tracking FMLA absences and any requests for accommodation under the ADA. Employees who request FMLA accommodation must fill out a request and send it to HR, where the request is investigated and approved or denied. HR staff members will work with the employee and manager to determine whether accommodations are feasible.
The compensation manager keeps an Excel spreadsheet with the results of job analyses, salary surveys, and individual compensation decisions. The labor relations department keeps a separate
Overview of Finance and Accounting System Case Assignment
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
Do You Have Any Other Essay/Assignment/Class Project/Homework Related to this? Click Here Now [CLICK ME] and Have It Done by Our PhD Qualified Writers!!
Tired of getting an average grade in all your school assignments, projects, essays, and homework? Try us today for all your academic schoolwork needs. We are among the most trusted and recognized professional writing services in the market.
We provide unique, original and plagiarism-free high quality academic, homework, assignments and essay submissions for all our clients. At our company, we capitalize on producing A+ Grades for all our clients and also ensure that you have smooth academic progress in all your school term and semesters.
High-quality academic submissions, A 100% plagiarism-free submission, Meet even the most urgent deadlines, Provide our services to you at the most competitive rates in the market, Give you free revisions until you meet your desired grades and Provide you with 24/7 customer support service via calls or live chats.