Prepare a report addressing the following issues: 1. Considering the five sub-systems, Sales, Receivables, Payments, Inventory, and General Ledger, what are the critical success factors (CSFs) (with a...

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Prepare a report addressing the following issues:
1. Considering the five sub-systems, Sales, Receivables, Payments, Inventory, and General Ledger, what are the critical success factors (CSFs) (with a brief justification for each one) that you believe the managers of each subsystem should monitor to ensure the activities undertaken within each of the subsystems are effective and efficient?
2. Give an example figure or ratio that could be provided by MYOB to measure each of the critical success factors identified in part 1 above. If the information is not available in MYOB, suggest the type of information required to measure the CSF and the source from which that information could be obtained. (Note: I don't need you to provide specific figures on this point, for example, you could say "the company's loss was -$xxxxx...")
3. Comment on MYOB's weaknesses RELATING TO each of the five sub-systems in providing the manager with the information required to operate and manage the business effectively and efficiently.
Requirement:Each subsystem assessment should name the sub-system, identify the CSF to be monitored, identify how the example figure or ratio measures your selected CSF, and identify an information-provision weakness of a business information system like MYOB. Please refer to the following example for the format:
Sub-system – General LedgerCSF – Net profit – ensuring the profitability of the company is a critical priority.The net profit is -$xxxxx identifying a net loss. Such a loss is important and concerning, however, the company generated a gross profit/revenue of $xxxxx. To understand why the company is loss-making, expenses require an investigation of why and where they occurred. For example, the selling, general, and administration expenses (SGA) are substantial, with legal and professional fees accounting for most of those SGA expenses.One of MYOB’s weaknesses related to the GL sub-system is that it provides little context to the figures, e.g., whether they are recurring or one-off such as the legal and professional fees. Further, MYOB does not readily indicate what the legal and professional fees were in relation to, e.g., a legal penalty, settlement of a claim, tax advice, etc.
Answered Same DayMay 15, 2022

Answer To : Prepare a report addressing the following issues: 1. Considering the five sub-systems, Sales,...

Prateek answered on May 16 2022
11 Votes
Report Assignment on Critical Success Factors
Table of Content
    Particulars
    Page No.
    CSF for various Factors
    1
    MYOB Ratio Example
    2
    MYOB
Weaknesses
    3
A critical success factor (CSF) is the element of an organization which is used to determine the success rate of any business entity. This concept was coined by D. Ronald Daniel, in his article called “Management Information Crisis”. There are four types of success factors for a company as per Mr. Daniel, which includes:
· Industry factors- This results from various industry factors which are different for each industry and are the things the management of a company should do to be competitive in its industry.
· Environmental factors- This is macro-market influence of a company wherein a company should be aware of possible threats to its business.
· Strategic factors- This includes factors that are unique to a company such as using low cost strategy to gain sales and market share.
· Temporal factors- These are temporary changes due to internal changes in the business. Thus, they are short lived and does not affect a business for long.
A. For sales, the managers should try to increase it on a steady growth to reach industry average growth in sales. This can be done by reducing costs or by achieving economies of scale in the business. Further sales can be increased by acquiring other smaller companies and increasing market share.
Receivables should be minimized, and good & services should not be sold on credit. Managers can also sell the...
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