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2024/25 ASSIGNMENT REMIT – DOCUMENT UPLOAD

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ASSIGNMENT TASK:

Technological evolution has had a profound impact on businesses globally, particularly in sectors that rely heavily on information systems for operational efficiency. In today’s fast-paced digital world, the adoption of advanced accounting systems plays a pivotal role in shaping business strategies and financial operations. Accounting information systems (AIS) have transformed traditional accounting practices by integrating modern technologies such as cloud computing, real-time accounting, mobile accounting, and data analytics. These innovations offer businesses the ability to streamline financial processes, improve decision-making, and meet evolving market demands.

Your task involves exploring the role of AIS within the context of a growing business and its impact on accounting functions. For this assignment, you will consider the case of Riverside Foods Ltd., a rapidly growing company in the food processing industry. Riverside Foods Ltd. manufactures and distributes frozen food products to local and international markets. The company has experienced substantial growth in recent years, with over 50,000 customers worldwide and projections to expand into new markets in the next few years. The company is considering adopting a new AIS to support its operations, enhance reporting accuracy, and ensure financial data security.

Case Study Overview: Riverside Foods Ltd.

Riverside Foods Ltd. started its operations in 2015 as a small-scale food processor. Over the years, the company has grown rapidly, driven by strong market demand for its products and a focus on sustainability and innovative food technology. The company operates from a centralized production facility and has several distribution branches across the country and abroad. Riverside Foods Ltd. is also known for incorporating advanced agricultural technologies in its supply chain to improve efficiency and reduce waste.

The company has faced challenges as its operations expanded, especially in terms of managing large volumes of financial data, ensuring accuracy in financial reporting, and maintaining data security. Currently, the company uses a basic manual accounting system, which is no longer able to handle the volume of transactions or integrate with the company’s growing e-commerce platform. Riverside Foods Ltd. is now looking to adopt an advanced accounting software solution to meet its business needs.

Assignment Requirements:

You are working as an Accounting Information Systems (AIS) consultant at Tech-Solutions, a firm that specializes in providing tailored AIS solutions to businesses. Riverside Foods Ltd. has approached your firm for consultancy services to help them choose the right accounting software system. Your task is to produce a 2000-word report for the Directors of Riverside Foods Ltd. that addresses the following:

Task 1 – The Importance of Accounting Information Systems in Business Organizations for Effective Decision Making (25 Marks)

∙ Discuss the role of accounting information systems in supporting decision-making processes in businesses. ∙ Explain how AIS enhances decision-making by providing timely, accurate, and relevant financial data.

∙ Include examples of how decision-makers (e.g., management, investors) can use AIS to improve operational performance, forecast future growth, and align strategies with business objectives.

Task 2 – How Accounting Information Systems Facilitate Business Operations and Transactions in a Big Data Environment (25 Marks)

∙ Describe how modern accounting information systems operate in a big data environment and how they handle large volumes of data efficiently.

∙ Explain how Riverside Foods Ltd. could benefit from using AIS to manage big data generated by customer transactions, production processes, and supply chain activities.

∙ Discuss how data analytics, cloud computing, and other emerging technologies can enhance business operations, improve financial reporting, and ensure compliance with industry standards.

Task 3 – The Impact of Enterprise Resource Planning Systems (ERPS) on the Role of Management Accountants at Riverside Foods Ltd. (25 Marks)

∙ Assess how the introduction of an ERP system could impact the role and responsibilities of management accountants at Riverside Foods Ltd.

∙ Evaluate the benefits of ERP systems, such as integration across different business functions (e.g., accounting, inventory, production, sales), and how they streamline financial reporting, budgeting, and forecasting.

∙ Discuss the skills and competencies that management accountants will need to develop to effectively work with ERPs in a dynamic business environment.

Task 4 – Evaluation of Potential Security Issues in Contemporary Accounting Information Practices: Cybercrime, Data Protection, and Online Fraud (25 Marks)

∙ Identify and discuss key security risks faced by businesses when using accounting information systems in the digital age.

∙ Evaluate potential threats, including cybercrime, data breaches, online fraud, and the implications for businesses.

∙ Provide recommendations for Riverside Foods Ltd. to ensure the security of its financial data, safeguard customer information, and comply with data protection regulations (e.g., GDPR, CCPA).

MARKING CRITERIA:

In addition, please note that credit will be given for:

● Demonstrating evidence of extensive reading and providing an appropriate balance between breadth and depth

● Effective use of appropriate Accounting Information System software

● Critical evaluation of key issues, good use of comparative real examples, effective use of relevant literature and available empirical evidence to support key arguments. ● For further guidance on this assignment, please access the assignment briefing Panopto video recording available through Canvas.

TASK AND DOCUMENT FORMAT GUIDANCE:

● Focus on attention to detail, quality of work and overall academic standards.

● Provide in-depth analysis and critical evaluation in your report.

● Support your arguments with relevant case studies, research findings, and industry examples. ● Ensure that your report is well-structured with clear headings for each task.

● Include references to academic journals, books, and credible online sources to support your work. ● Use business terminology appropriately and avoid overly technical jargon unless explained clearly.

● For additional guidance on this assignment, please access the assignment Panopto video recording available on Canvas.

E-SUBMISSION GUIDANCE:

● This assignment will require you to submit your work by uploading a document in Word or PDF format to Canvas. Please follow this online guide on document submissions and contact the DICE team on dice@ucb.ac.uk if you need any further support.

LEARNING OUTCOMES:

● Learning Outcomes are what the student needs to demonstrate after completing a module. An assessment is a way in which students can demonstrate their achievement of these Learning Outcomes. Learning Outcomes are NOT the same as the assignment task.

1. Explain the importance of Accounting Information Systems in business organisations for effective decision making.

2. Describe how accounting information systems facilitate the business operations and transactions in changing business environment.

3. Demonstrate an understanding of contemporary accounting information practice.

ACADEMIC SKILLS OUTCOMES:

● The Academic Skills Outcomes to be developed by completing this assignment can be found here. ● For Apprenticeship programmes, identify the applicable Knowledge, Skills and Behaviours the assignment seeks to test.

GENERAL ASSIGNMENT GUIDANCE: