Chic Paints Essay

4655 WordsAug 12, 201519 Pages
A Review of the Credit Control Function Chic Paints Ltd Kaplan Distance Learning 14 July 2015 Contents Section Page 1. Terms of reference 3 2. Methodology 4 3. Executive Summary 5 4. Introduction 7 5. Review of the Credit Control Function 9 6. Recommendations 13 7. Appendices 16 Terms of Reference This report has been written to meet the requirements of the AAT Level 4 unit Internal Control and Accounting Systems (ISYS). The report looks at the need to improve the Credit Control function of Chic Paints Ltd and makes suggestions for improvements to this function. It also looks at the sustainability and ethical issues of the company. Methodology Interviews were held with the accounts department staff to understand the issues they faced on a daily basis. The accounts department was observed over a period of time to ascertain the most urgent issues. Discussions were held with the senior staff regarding any recommendations they had. Research was carried out using the internet to gather information on costs. See appendix 1 for details. Executive Summary This report shows the issues that were found with the Credit Control function of Chic Paints Ltd after a thorough review of their systems. Computer System The current accounts software package is not fit for purpose and should be replaced by a Sage accounting system. The costs involved will be £2,040 but the benefits will be felt by the staff as they will only have one system to use. Staffing The current Credit Controller is unqualified for the role and does not have enough time to complete both the credit control and accounts receivable work that is required. It is recommended that a qualified Credit Controller be employed and the existing clerk should be given the opportunity to complete a Level 2 AAT course. The costs

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