Janis Clemens Analysis by Lanora Hyden, Heidi Ticer, & Cliff Jonas.

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Presentation transcript:

Janis Clemens Analysis by Lanora Hyden, Heidi Ticer, & Cliff Jonas

“I truly believe that serving customers is one of the great factors that sets us apart from every other company” Mary Kay Ash

Janis Clemens Ind. Sr. Sales Director

Control Goals of the Cash Receipts Business Process Control Goals of the Operations Process Control Goals of the Information Process Recommended control plans Ensure effectiveness of operations Ensure efficient employment of resources (people, computers) Ensure security of resources (cash, accounts receivable master data) For remittance advice inputs (i.e., cash receipts), ensure: AB IVICIA Present Controls P-1: One for One checking of sales order with the goods P-1 P-2: Immediately endorse incoming checks P-2 P-3: Enter cash receipts close to where cash is received P-3 P-4: One for one checking of deposit slips and checks P-4 P-5: Compare input data with master dataP-5 P-6: Programmed edit checksP-6 Missing Controls M-1: Confirm customer accounts regularlyM-1 M-2: Reconcile Bank Statements M-2 Possible effectiveness goals include the following: A = Optimize cash flow by minimizing overdue accounts and reducing the investment in accounts receivable. B = Provide for query and reporting functions that support accountability and meet specific problem-solving requirements (e.g., accounts receivable listings by invoice due date, cash on deposit by bank). IV = input validity IC = input completeness IA = input accuracy