Which of the accounting entries covered in this or previous modules would be suitable for process automation
Write 3 full pages in APA style with at least 2 references.
Choose just one of the two following options that you find easier:
Option 1:
Accounting Process Automation
Employees in all businesses train for years on ways to obtain efficiency without sacrificing accuracy. “Best practices” and standardized procedures were once the human employees’ goals. With the increasing capabilities in business intelligence technology, organizations can turn human best practices into machine-driven processes. By doing so, it is possible to harness the massive quantities of information already contained within an accounting system in a more strategic manner.
As part of the initial process to automate accounting tasks, accounting staff knowledgeable about the organization’s operations and conventional methods needed to assess which tasks could be automated and how quickly. For this assignment, you will formulate a “mapping” plan as if you were beginning the process of accounting system automation for a governmental unit. Utilizing the required reading content on process automation, assess the following and provide support for your response.
What overall considerations do you think you would make in deciding whether or not to automate an organization?
How will you assess a particular task on its ability to be automated?
For the next 3 questions, please create a table in MS Word to summarize your responses with your written response and rationale to follow in the Word document.
Which of the accounting entries covered in this or previous modules would be suitable for process automation? Provide at least 5 along with your rationale.
Which entries could be automated but might require human interaction to review for accuracy? Provide at least 5 along with your rationale.
Which entries are nearly impossible to automate? Provide at least 5 along with your rationale.
Option #2: “Fundamentals of Fund Accounting
In the required reading for this module, the article “If You Build It, They Will Relocate: Public Private Partnerships in Sport Stadium Financing (Links to an external site.)”
Find below the article:
Describes the unique relationship formed between a jurisdiction and a sports franchise that is potentially “on the move” with the common goal of attracting/retaining lucrative revenue streams for the related public and private sector businesses.
Public private partnerships are one recommended mechanism for brokering the financial side of the transaction where public funding and private funding combine to sponsor the construction/rehabilitation efforts of a sporting facility. Using taxpayer dollars for such projects can often be a tenuous proposition, so as accountants, we need to make sure this project’s accounting will withstand potentially intense scrutiny.
Please respond in MS Word to the following questions related to this scenario:
In your own words, summarize the “If You Build It…” article in two to three paragraphs, specifically evaluating the financing vehicle of the public private partnership.
Based on the article content, how would you set up the public private partnership financing arrangement on the books of the jurisdiction using fund accounting? What items should you consider in your decision?
Assume instead that the sports franchise and private donors will sponsor the entire cost of the project on a reimbursement basis, but the local government will handle the management of the project, including handling the bookkeeping and paying the bills. What factors would you need to know to properly account for the transaction? For each possible type of fund, identify the factors that determine the classification of the project into a particular fund.
The construction of major facilities like a sports stadium often encounter challenges during the construction process that create budget overruns. When additional public funds will be needed to cover some or all of these overruns, what are the jurisdiction’s options for obtaining additional funds to finance large projects were discussed in the textbook Chapter 5? How would those options be accounted for on the jurisdiction’s books?
What is your opinion on whether taxpayer funds should be utilized for building sports arenas that benefit a for-profit business for a limited period before the facility starts to become undesirable and obsolete? (There is no right or wrong answer here, but make sure your side is well supported.) If there were any other opinions, thoughts, commentary from the authors that you agreed or disagreed with, feel free include them in this section!
Answer preview to which of the accounting entries covered in this or previous modules would be suitable for process automation
APA
1075 words