As a company grows and expands, so does its requirements. Riordan Manufacturing Inc. is no different; as it continues to provide support for customers across the world, it also needs to support itself with an effective means of recording, reporting, tracking and archiving financial and accounting data. This proposal identifies current issues with Riordan’s existing, antiquated systems and offers suggestions and recommendations for improving and replacing current processes and procedures.
Riordan Manufacturing Proposal
Introduction/Current Financial Status
Owned and operated by Riordan Industries, Riordan Manufacturing Inc. is a major player in the plastic injection molding industry with operations around the globe. Maintaining a workforce of over 500 personnel, Riordan’s main financial brain center is located at its corporate headquarters in San Jose, CA.
The San Jose headquarters also houses Riordan’s research and development program. Facilities in Albany, GA produce beverage containers, fan parts are produced in Hangzou, China and the Pontiac, MI plant fabricates custom parts.
Providing their plastic products to a wide variety of customers such as the Department of Defense, automotive parts manufacturers, aircraft manufacturers, beverage makers and distributors, Riordan requires a new, standardized, state of the art system to manage its finance and accounting records and transactions to maintain and improve the high level of productivity the corporation is known for.
According to the company Intranet, the current finance & accounting systems used by Riordan encompass the following:
• General Ledger central “books” of the organization, which includes all financial transactions made by the corporation. These records contain all current transactions, which are eventually archived for historical purposes. (Businesstown.com, 2003)
• Accounts Payable are current liabilities representing the money used to purchase products from outside...