Business Decision Making Project – Part 2
theresa2017
BusinessDecisionMakingProjectPart1.pptxBusiness Decision-Making Project – Part 1
RaJeanne Veal
QNT/351
March 12, 2018
Professor Alex Freeman
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Table of Contents
Company……………………………………………………………………………………….
Problem…………………………………………………………………………………………
Variable …………………………………………………………………………………........
Data Collection ……………………………………………………………………………..
Data Collection Validation …………………………………………………………….
FedEx Corporation
Location: United States
CEO: Frederick W. Smith
Headquarters: Memphis, Tennessee
Industry: Shipment/Package Delivery
Delivery Modes: Road, air, water
FedEx is an American multinational Courier company based in Memphis, Tennessee. The company is in the shipment industry whereby it deals with delivery of packages of all sizes by air, land, and sea to different parts of America and the world. The CEO of the Company is Frederick W. Smith and he has made FedEx to be the 10th largest private company in the United States.
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Need for Cloud Accounting
Problems faced by FedEx:
Poor inventory data management
Traditional expensive accounting software that is not updated
Costly backup of accounting information
Vulnerability of accounting system breach
Problems in upgrading current company’s accounting software
Apparently, FedEx has been using traditional accounting software in manning its inventory, delivered orders, and keeping track of all financial transactions. One of the major problems that the company has been experiencing is the accounting system’s data is not up to date and the software used are expensive and outdated. Secondly, frequent cases have been reported on loss of financial data of employees and customers. Thirdly, keeping accounting information backup has proven to be costly as it requires large space. Fourthly, upgrading the company’s financial accounting software has been proven to be tiresome and time consuming. This has led consumer support to be expensive and slow.
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Solution: Need to Adopt Cloud Accounting
Enhance data security
Enough data storage
Efficiency and reliability
Customer can access financial information in real time
Automatic updates on accounting software
Automatic backup of information
Reduction in upfront business costs: maintenance, version upgrade, server failures, and administration costs
Adopt Cloud Accounting
Considering that FedEx is a global companies, it deals with a bulky number of financial transactions that have to be harmonized by each branch. As a result, the solution to the accounting problems that FedEx has been facing will be mitigated by the use of Cloud Accounting as the new opportunity in streamlining accounting processes and customer service in business transactions. Cloud accounting will guarantee the following advantages to FedEx; data security, massive data storage space, efficiency and reliability of financial computations and transactions between the customer and the company. on the other hand, it will create a platform where customers can automatically access their financial information and business transactions in the company’s website. When it comes to backing information up, cloud accounting has an automatic backup capability. Most importantly, FedEx will reduce most of her previously incurred costs in accounting system maintenance, frequent software version upgrades, server failures will be avoided as no server is required, and administration costs in running and monitoring of the system will be reduced.
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Study Variable: Cloud Accounting
Flexibility: Online accessibility of data and software anytime, anyplace and from any device
Utilizes internet connection to company devices
Connecting company accounting software to the clouds for efficiency and automatic monitoring and use
Data storage is in the ‘clouds’ , no need for vulnerable hardware backup
Automatic update of financial information
Mitigates errors on data entry
The project will look at conducting a survey analysis on the effectiveness of Cloud Accounting as the viable platform in solving the problems facing FedEx in the accounting department. Cloud Accounting is an internet enabled accounting solution process that is utilized by big corporations in streamlining accounting operations. It enables automatic update of financial information and transactions in real time as they take place. Secondly, it assures financial data security while ensuring the accounting software used is upgraded time by time.
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Data Collection Method
Face to face interviews with Accounting managers from different corporations
Use of questionnaires that determine the viability of Cloud Accounting in management of account information and transactions
Observations: Practical demonstrations on how cloud accounting works
Recording the data for analysis
The research survey will conduct a questionnaire survey on Accounting managers from different major corporations who are currently using Cloud Accounting .
Questionnaires and face to face interviews will be used as well as demonstrations on how cloud accounting works. The data collected will be recorded and then its viability compared to its ability to solve the accounting problems facing the company.
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Data Collection Validation
Comparing collected data to available scientific literature on Cloud Accounting
Interviews and questionnaire filling will be conducted randomly
The observational demonstrations done will be used validate the effectiveness of the data collected and practicability
The aspect of conducting the interviews and filling of questionnaires randomly will guarantee the validity and reliability of the collected data. The research conducted will use reliable literature and research conducted on cloud accounting and its effectiveness as a validation process. In addition, the use of observational demonstrations on how cloud accounting works will enhance data validation and ascertain its application in accounting.
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References
About FedEx - Home. (2018). Retrieved from https://about.van.fedex.com
Duke, J. C., Franz, D., & Hsieh, S. (2012). Evaluating Constructive Lease Capitalization and Off-Balance-Sheet Financing: An Instructional Case with FedEx and UPS. Accounting Perspectives, 11(1), 57-69. doi:10.1111/j.1911-3838.2012.00031.x
Fisher, A. (2013). Connected technology: How to transform your business with cloud accounting.
In Caudharī, S., In Somani, G., & In Buyya, R. (2017). Research advances in cloud computing.
Why cloud accounting is good for business | Xero. (2017). Retrieved from https://www.xero.com/za/resources/small-business-guides/cloud-accounting/cloud-accounting-business/
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