Concepts of Customer Relationship Management †MyAssignmenthelp

Question: Discuss about the Concepts of Customer Relationship Management. Answer: Introduction: This part of the report depicts the processing of client transactions through the use of cloud based accounting system. The financial reports developed through the use of computerized based accounting system for July 2017 are as follows: As depicted, the use of cloud based computing system has aggregated all the sales and expenditure in a small number of rows for enhancing the visibility of major issues. The cloud computing system has enabled the grouping of accounts of sales and expenditure thus streamlining the preparation of financial statements. The sales and expenses are divided into separate categories for ensuring that each row is easily understood by the end-users. The use of cloud based system has enabled the development of an effective reporting structure for depicting the profit and loss statement that can be used at customer, department or a business unit level. The accounting software system also proves to be largely useful in fostering the changes in the reporting structure due to restructuring, new product lines or mergers and acquisitions (Terkper, 2008). As depicted from the balance sheet developed through the use of cloud based computing system, the accounting software system has helped in developing the structural make-up of the current asset accounts. The balance sheet developed through the use of cloud computing system has helped in realizing the accurate amount of accounts receivables and inventories. The Goodie Gumdrops is an accounting firm and thus need to determine accurately the financial figures of its accounts receivable. The accounts receivable accounts help the business firms to analyze and examine its credit policies or determining the use of leasing for replacing the accounts receivables (Mageto, 2017). The trail balance developed through the use of cloud computing devices will provide an online platform to the Goodie Gumdrops for verifying the client balances and sending the tax return. The software features helps in handling of import and export accounts easily with instant onscreen validation. Also, the software enables to develop multiple journal types and multiple views of trail balance within a short-span of time. Thus, the use of cloud-based system will provide an easy platform to the firm and enable it to attain superior tax results with its trial balance report (Liguo, 2014). Aged Payables Aged Receivables The use of cloud based computing system for developing the aged payable and receivables account will enable the firm to get rid of manual tasks such as maintaining a general ledger and calculating the amount of fixed assets, inventory and other accounting data. The software provides advanced features for automating the routine tasks and provide single-entry to double-entry program that help in calculating accurate information about the fixed assets, invoicing, inventory and other features. The software enables the accountants to increase their efficiency by connecting the ledger to the clients and thus synchronizing the information flow. Also, it enables to gain a complete control over financial transactions related to the accounts receivable and payable for ensuring accuracy through working with clean and timely data (Hall, 2015). The cloud based accounting system help in gathering reliable information about the products in hand by providing an adequate knowledge of the warehouse items and thus helps in maintaining optimum level of inventory. As such, the system is highly beneficial for reducing the unnecessary capital expenditures by providing a proper match between demand and need of products. The management can make decisions about the inventory processing very easily by the accurate information obtained from cloud based computing system about the inventory items. It helps in inventory management though accessing the daily needs of products and thus enabling the management to plan for future by maintaining an adequate inventory level (Curtis, 2015). The Goodie Gumdrops can benefit from cloud based accounting system through integrating its various functions such as demand planning, financial and logistics and thus providing real-time visibility for inventory level. The accounting software system provides the function of using spreadsheets that helps in better managing of inventory through providing solutions related to inventory problems through providing scalability. Also, it improves the speed and precision required for reporting the inventor level by providing features such as quantity-based pricing, lot and bin management and landed cost calculations. It also provides improved visibility through depicting seasonal or unexpected changes in demand of inventory (Buttle and Maklan, 2015). Conclusion Thus, it can be said from the overall discussion held in the report that cloud based accounting system will help in improving the efficiency of business operations of Goodie Gumdrops. It will help in achieving accurate financial figures thus reducing the chances of error occurrence. Also, the improved visibility and flexibility provided by this system will help the firm to better manage its resource and expenditures and thus achieve increase profitability. The Goodie Gumdrops is an accounting firm and thus the sue of accounting software will enable the firm to integrate and co-ordinate the functions of its various department thereby streamlining its business processes. References Buttle, F. and Maklan, S. 2015. Customer Relationship Management: Concepts and Technologies. Routledge. Curtis, V. 2015. MYOB Software for Dummies Australia. John Wiley Sons. Hall, J. 2015. Accounting Information Systems. Cengage Learning. Liguo, Y. 2014. Overcoming Challenges in Software Engineering Education: Delivering Non-Technical Knowledge and Skills: Delivering Non-Technical Knowledge and Skills. IGI Global. Mageto, J. 2017. Accounting Softwares in Australia. An Overview. GRIN Verlag. Rangaraju, M.S. and Kennedy, H. 2012. Innovation in Management Challenges and Opportunities in the next decade. Allied Publishers. Terkper, S.E. 2008. Accounting Challenges for Semi-Autonomous Revenue Agencies (SARAs) in Developing Countries, Issues 2008-2116. International Monetary Fund.