An Accounting Problem :: essays research papers

The annuities department was faced with an write up problem. The current accounting governing body would be obsolete in a few days and our line customers are currently experiencing resource issues when problems arise and support for this system is take.Since financial reporting is a complex process, convoluted action was required to resolve this problem. The annuity technology company, along with the annuity business group came up with three possible solutions and conducted a high level requirements comp decease and a equal benefit analysis to determine which solution to implement. The solutions canvas were, do nothing and stay on the existing accounting system, go with a new accounting system designed and built by our Life Insurance partners, or develop our own accounting engine.The requirements and cost benefit analysis took several months to complete and a final finale would not be made until 18 months after the initiation of this project. The end result of the require ments and cost benefit analysis concluded that it was most upright to our business partners to build our own accounting engine however this was not the elected solution. Our suggestion to do nothing was not feasible we were already facing resource issues for existing accounting problems. Additionally, through requirements analysis, we discovered that no future enhancements would be made to this old system, as the annuity business unit was the sole user of this system. Early on, we were able to eliminate remain with our existing accounting system as a reasonable solution. foreign pressure from our Life Insurance partners wanted us to commit to utilize their services. Life Insurance had designed and implemented an accounting system a few years ago that provided wonderful functionality. This system is being utilise by most of the enterprise although there is no corporate economy requiring administration areas to use it. While the functionality of this system is quite an detailed and impressive, it fails to touch on all of the needs of the annuity business customers. Because the annuity business requirements were quite extended, the life insurance group could not commit to the necessary enhancements that would be required to their system to satisfy annuity users. Because of these business requirements, we then conducted an extensive analysis to determine what Annuities IT could do to satisfy the business requirements. The analysis revealed that we could build our own accounting system for only 25% of the cost of employ the life insurance system.