Question

Option #1: Governmental Accounting

You are an accounting department employee of the State of Wisconsin with a love of all things technology. Because the head of your department knows you are the most technologically oriented person in the group, he has asked you to team up with the purchasing and IT departments to evaluate options for a more efficient accounting software system. The accounting system currently in use by Wisconsin is dated, and the system does not have the capability to perform data analytics. It would also be beneficial to be able to incorporate “machine learning” functionality to streamline the more routine tasks of the accounting function. And even though you didn’t need another reason to evaluate a new system, the software provider called to tell your supervisor that the technical support for your current product is being discontinued at the end of the year! This means you only have a few months to work with the cross-functional team to evaluate and price options.

Overwhelmed with the size of the task, you come up with a suggested plan of attack to present to the team at today’s meeting. The purchasing process requires that your team solicit bids via a Request for Proposal (RFP). There’s a template on the purchasing intranet site which you’ll review in a bit. The biggest challenge in front of the team, it seems, is to narrow down the list of vendors that you will submit the invitation to bid via the RFP. An internet search of vendors quickly informs you that there appear to be endless options in governmental accounting computer software applications. Every option you look at seems to be able to handle the basic accounting functionality, but from your discussion with the accounting department head, there needs to be significant improvements in efficiency and effectiveness for the new software to justify the cost of implementation. While you aren’t sure exactly what he has in mind, you know it will probably require some discussions with your teammates to develop a list of “must haves” and “nice to haves” if budget allows. In addition, you’ll need to find out from the IT group what the technical requirements are in terms of system capacity and data security. Purchasing can tell you about the RFP process as well as if there are any preferred/blacklisted vendors with whom the company has worked in the past.

With all this in mind, you head off to your meeting with the purchasing and IT guys. At the meeting, you are tasked with leading the RFP process with the support of purchasing and IT!

And the race has begun….

1. Locate a short RFP template either within Word or on a governmental entity website (note when you are looking on a government agency website, you are writing the actual RFP, not the entity bidding on the RFP). You are to prepare the RFP document to send to potential vendors.
2. Come up with 2 to 3 vendors that can provide what the department says they need in terms of capability (assume for this exercise that price is not a consideration).
3. Come up with a list of 4 “must have” and 2 “nice to have” features for the package based on feedback from your team (which should be able to be done by looking at the governmental accounting software options from different software providers on the Internet).
4. Create/research the technical specifications and number of users with the IT group’s assistance (again, these can probably be found on the software providers’ websites).
5. I am not sure what the RFP is that this is wanting?

Answer 1

Answer:

Request for proposal ( RFP) at the time of buying Accounting programming – While choosing accounting software solution and planning RFP for the equivalent , need to consider following focuses :

• Prevent lethal oversights
• Guarantee Accurate Accounting Software Evaluation
• Maintain a strategic distance from mistake  and save significant time
• Select best accounting programming

While putting RFP to buy accounting programming or accounting software – need to cover following focuses:

Foundation:

Accounting period definition , Chart of Accounts ( COA) upkeep , COA division, COA gathering , Account move up, Account types , System Interface , Subsidiary records ,General record preparing , General Journal working , Period closing function , Journal Entries , general ledger enquiry + reporting , Edit list, Trial balance , Income statement , balance sheet , comparative analysis , Source of reserve , cost report , Fixed asset report , Asset the management and obtaining , Asset life cycle the management , Financial reporting according to GAAP , FASB , Payroll processing.

Likewise Asked following inquiry at RFP level :

General data incorporates :

• Does the proposed framework gives the capacity to give Real Time inquiry and reporting ?
• Does the proposed framework give the capacity to adjust standard report effectively through an drop down window?

Please indicate if the framework gives the capacity or ability to answer to any chosen time-frame, for example, :

• Monthly
• Quarterly
• Multi Year
• Earlier year

Budgeting :

• Does the proposed framework give office to help the whole budget process , including budget preparation , approval ,revision , monitoring and so on ?
• Does the proposed framework budget module can perceived record group wise ?
• Does the proposed framework help numerous budget modifications?

Work flow handling :

• Does the proposed work flow item require an application server ?

Cash management:

Does the proposed framework give On Screen reconciliation summary as follows :

• Adjusted Bank Balance
• Adjusted Book Balance
• Distinction or difference
• Number of cleared payments

Account Payable :

• Does the proposed framework/programming support numerous financial accounts?
• Does the merchant ace contain default esteems for payment terms , YTD buy and payment aggregates , report controls and other every now and again utilized framework parameter ?
• Does the proposed framework handle partial payment ?
• Does the proposed framework represent taxes paid and gathered at the divisional level

Think of a rundown of 4 "must have" and 2 "nice to have" highlights for the package dependent on feedback from your team

While selecting impeccable accounting software , need to have following must significant features :

Cloud accounting software :

Now a days most significant factor to keep high volume of information , noting to install , simply join and begin entering transactions Cloud accounting programming suppliers take care with back up and maintenance which is cost reserve funds for any organization

Information Security:

Most significant factor – Company thinking forward and considering a web based accounting application , then information security is the most significant aspect to check .

HTTP protocol ensures that the information transferred from PC to software organization server in encoded and can not saw by hackers

Features:-

Most significant component while picking and choosing accounting programming – must have :

Create Invoice:

Track costs as indicated by classification, oversee Inventory, perform Bank reconciliation , make PO ( buy request ) , record Inventory buy, make and oversee taxes , manage list of customer , merchant , see account payable and receivable ,

Versatility:

Select a accounting programming which can scale with present business needs. Go for the product that offers a entity level form as a features rich rendition which may not currently but rather will require in future

Great to have feature incorporate :

support for multi money exchange , choice to oversee representatives and payroll procedure , get to control for each team member.

Good to have:

use interface and complexity – programming or software must have straightforward UI and isn't packed with unnecessary features . Clean interfaces makes it simple to concentrate on the significant undertakings and can diminish the expectation to absorb information

Post Sale Support:

most significant part while selecting  programming .After establishment of software , need ensuing help and in the event that no body to talk when somebody stuck, at that point whole investment go to vain

Hidden expense :

While purchasing software package , need to check evaluating page of the product or software provider's website , if