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3.

0 Recommendation

There are several weaknesses found in this case study and our group has
analyzed and would recommend these solutions which to help the company in making
improvements.

3.1 Computerized Accounting System

Computerized is operating by using computer system while computerized


accounting system is a software program that is installed in company’s computer
which required network servers and access via internet (Tara,2015). Due to all data
and reports are generated manually in Premier Sports Memorabilia, the financial
reports might be affected at the end of financial year. However, adopting computerized
accounting system allows the company in managing income and expense accounts.
The employees only have to key in the basic data and therefore the system will
generate the data and reports by itself with accurate information which will help the
management of the company in making better progress and correct decisions.

3.2 Reduce Office Paper Usage

Premier Sports Memorabilia should practice reduction of paper usage in their


office which can help in recycling as well as reducing office expenses. The simplest
way to reduce paper usage is printing on both sides with adjustments of smaller fonts,
margins and spacing which can actually fit more text on a standard size of paper
(Johnson, 2011). Moreover, the company can practice sending or exchanging
documents through e-mails instead of printing out number of copies to different
departments. This way of transmitting document saves more time and also could
reduce office paper usage, with no doubt, the company will see a significant reduction
in office expenses at the end of the financial year.

3.3 Strengthen Transaction Approval and Authorization

Although Premier Sports Memorabilia has automated system in creating open


purchase records which is efficient, the company should always ensure these
transactions or records are authorized and approved by related departments or
individuals before it proceeds to next process. It will help in reducing the chances of
creating false entries and records. Moreover, the company should retain
administration right to the company’s system to avoid file being edited or deleted. The
company may restrict user access to only files necessary for their departments and
adopt a system which could keep tract with edited and deleted transaction.

3.4 Document Management Solution

Document management solution is a software that creates an electronic central


point for all of the documents and these information will be stored and captured in
system (Zilkry,2012). Premier Sports Memorabilia should install this software because
it has the ability in converting, storing and sharing of digital documents through internet.
Instead of printing and transporting physical documents to following departments, the
process of using online software enables to reduce the burdens of clerk which help in
printing and distributing. Besides, it reduces hours that were wasted in the printing,
distributing, locating and managing of paper files (Ellymie,2016). By using document
management solutions, it can avoid missing of files too.

3.5 Division of labour

Division of labour is splitting of tasks among different people and groups (Citlali,
2012). Although there are some companies are depending one employee to process
all files and transaction, Premier Sports Memorabilia should not only having one clerk
in handling these transaction because the company is growing and more transactions
are coming in. Cash receipts and payments have to be separated with different
employees in handling invoices, prepare payments as well as reconcile bank
transactions. One clerk handles all transaction might help in saving cost but it might
increase the chance of fraud (Ryan, 2015). Segregation of duties will help in ensuring
the data or information is correct and also help the company in making everything on
track and complete with high efficiency.

2.6 Computer and Software Training

Training and development is a series of activities that aimed to increase


organizational effectiveness in organizational or system settings (Henry, 2014). If
Premier Sports Memorabilia could adopt a computerized accounting system, it would
benefit to its business. Computer and software training should be provided to their
employees to ensure they are familiar with how the system runs. By having training,
employees will get to know more and every departments will work online and there will
decrease number of doing works manually. Especially for accounting department, if
every document is uploaded online and calculations are automated by system,
mistakes will be decreases and employees will not need to worry when physical
documents are spoiled or disappeared. Training helps business in operate better and
once the employees are equipped with IT knowledge, it will be more efficient and
effective in long run.
References

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& Lesson Transcript | Study.com. Study.com. Retrieved 6 May 2017, from
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Ellymie, K. (2016). Document Management Best Practices | elcom. Elcomcms.com.
Retrieved 6 May 2017, from
https://www.elcomcms.com/resources/blog/document-management-best-
practices
Henry, P. (2014). What is Training and Development?. Penn State Harrisburg.
Retrieved 6 May 2017, from https://harrisburg.psu.edu/behavioral-sciences-and-
education/training-and-development/what-is-training-development
Johnson, F. (2011). How To: Reduce Office Paper. Rethink Recycling. Retrieved 6
May 2017, from https://www.rethinkrecycling.com/businesses/how-guides/how-
reduce-office-paper
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http://signatureanalytics.com/5-ways-to-improve-internal-controls-and-oversight-
in-your-business/
Tara, S. (2015). What Is a Computerized Accounting System? - Types, Advantages &
Disadvantages - Video & Lesson Transcript | Study.com. Study.com. Retrieved 6
May 2017, from http://study.com/academy/lesson/what-is-a-computerized-
accounting-system-types-advantages-disadvantages.html
Victoria, D. (2014). How to Set Up an Accounting Filing
System. Smallbusiness.chron.com. Retrieved 6 May 2017, from
http://smallbusiness.chron.com/set-up-accounting-filing-system-17899.html
Zilkry, M. (2012). What is Document Management Software? | Business Solutions |
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management/#.WQ32uYiGNPZ