Dealing In Bread Confectionary Products †Myassignmenthelp.Com

Question: Discuss About The Dealing In Bread Confectionary Products? Answer: Introduction The report is based on a family owned bakery. This report explain the roles and responsibilities of a baker and the processes that are absolutely necessary for the bakery and what outcomes are necessary from these processes in order to achieve the objective of the bakery. Currently, B bakerys objective is to provide products at competitive prices. It also includes a seven-step process for the objective of IT investment. This report also includes a complete description of three accounting softwares i.e. MYOB, Recson and QuickBooks and a comparison is also made between two accounting softwares i.e. MYOB essentials and recson one to identify which software is more suitable for the business (AICPA, 2017). Responsibilities of a Baker A baker is an individual who produces and sells the baked products such as cakes, pastries, biscuits, cookies, bread, Brownies etc. The main activity of the baker is to produce baked goods and sell them to customers. All the other activities are secondary which are done to complete the main activity. The bakery will perform the following activities: it will produce goods as per the orders given by the customers, checking the ingredients used in the production, applying icings or other toppings using spatulas or brushes, setting the temperature of oven and setting the equipments used in the process of production, giving attention to the colour of the baked products, placing dough in pans or moulds, properly measuring the ingredients used in a particular product and labelling the products as per the measured ingredients (Chakrabarti-Bell, et al., 2017). One more duty of a baker includes giving timely orders to the supplier. The baker purchases the ingredients used in the baked products from the suppliers. So in order to complete the order given by the customers it is necessary that the baker will have the raw material which is possible only if the baker has made a pre-estimation of the quantity and has given the order to supplier timely. The baker is responsible to ensure the cleanliness and hygiene and maintaining the freshness of the food items sold by the bakery. The business activities can also vary from the type of bakers. There are mainly two types of bakers i.e. retail bakers and commercial bakers. Retail bakers are engaged in small businesses. They prepare goods that people eat in the shop and they prepare the baked products only as per the order given to them by the customers. These orders are smile in quantity. The retail bakers are also responsible for the hiring, training and development of their staff. With the responsibility of hiring and maintaining the employees, the duty of handling the employees grievances will also become a part of bakers responsibilities (Christina, S., et al., 2017). On the other side, commercial bakers are employed in the process of manufacturing. They use heavy equipments and ovens for production because commercial bakers will have to do mass production. They produce goods on the basis of daily instructions given to them and will innovate new recipes. The baker is also required to search for the new recipes in order to make bakerys product innovative. The baker needs to focus on time management and planning because a baker will get orders on daily basis ((Hawkins, et al., 2016). So they have to manage the time for production, packing and delivery. There are a lot of responsibilities for a bakery and each and every responsibility is important equally. We cannot be irresponsible in a single process otherwise that single mistake will affect the whole process. All the responsibilities of the bakery like purchasing, production, labelling and packaging are inter-related to each other. Delay in one duty will delay the whole process. How bakery is looking from outside is also the duty of the bakery manager because the first thing that customers see is the outer appearance of the bakery so it is also as important as the food provided inside the bakery (Kim and Gray, 2017). So the bakery manager is also responsible to make the bakery attractive from outside. Developing business requirements Indispensable processes The bakery business indispensable processes include six process i.e. bakery business plan, finance, quality control, machinery, production and market opportunities. Bakery business plan: This process is the most important and the first step for setting up a bakery. Firstly you need to setup an objective, according to which the bakery runs. Bakery plan includes the estimation of the finance required for the setup and for further processing, how many machines are required, estimation of the workforce needed. It also includes the quality which the bakery is going to maintain in the future, the process of production, selecting the suppliers from whom the raw material will be purchased. It also includes understanding about the process of obtaining the license required to open a bakery business. Bakery Business Finance: While starting a bakery business, the first process is to arrange the finance needed. For this, the owner needs to arrange fixed and working capital. Fixed capital is used for purchasing machinery and setting up the unit. The second is working capital which is used for all the short-term expenses and payments of the bakery. Bakery Business Quality Control: The second indispensable process is providing superior quality. In case of food items, quality is the only thing which matters to the customers. Customers choose the bakery as per the taste of the products. Bakery Business Machinery: At the time of choosing the machinery, two ways are available one is semi-automatic setup and another is fully-automatic. The machines required to run a bakery includes sugar grinding machine, sealing machine, biscuit-wafer machine, planetary mixer machine, a working table with aluminium top etc. Bakery business production process: Another indispensable process includes production process (Loughran, and McDonald, 2016). If we thought about production, the first thing we need is raw material. Raw material is the first stage for the process of production. Bakery is all ab out production. A bakery is not selling the readymade products. Bakery business is all about production. The major raw materials that a bakery needs include eggs, wheat flour, sugar and ghee. These are the products which we need in high quantity and the products which we need in small quantity includes assorted fruits milk powder, yeast, salt, , baking powder, , vanilla, butter, cream, caramel colour etc. In case of small bakery unit, you can purchase the raw material from the whole seller but in case of medium sized unit, it is better to purchase the raw material directly from the manufacturer. Bakery Business Market Opportunity: The business is initiated with an objective of profit. Today there is a lot of competition in the bakery business because of many people engaging in the same business. Thus, the first task is to analyse the opportunities in the market as per your businesss strengths and weaknesses and to analyse the prices at which the competitors are selling their product s (Majlesi and Ekstrm, 2016). The first trick to attract consumers during the stat-up is providing innovative products by properly analysing the tastes and preferences of consumers. Output required from these processes The output required from bakery business plan is the exact estimation of the finance, machinery, workforce and raw material because all other processes depends upon this process so it needs so much of focus so that exact estimation can be calculated. The second process is bakery business finance. So the output required in this process is arranging the finance as calculated in the planning process and borrowing this finance at minimum rate of interest so that it will be easier for the bakery to return it easily in the future (Massaro, et al., 2016). Next process is bakery business quality control so the quality will be up to the mark only then the bakery can survive in the competitive market. The output required from bakery business machinery is using the latest technology in the production and updating the technology from time so that the orders of customers can be completed on time. Another one is bakery business production. The major output related to production is producing the go ods at minimum cost so that the bakery can earn a good profit on particular product and to minimizing the cost; the bakery is required to purchase the raw material at a reasonable price. The last process is bakery business market opportunity. The output that is required from this process for the purpose of achieving the objective of the bakery is proper analysis and understanding of the opportunities that are existing in the market. If these outputs are given by these processes then only the bakery is going to achieve its objectives (Morren, et al., 2017). Determining system requirements You might need to be the bookkeeper or do bookkeeping for start-ups with limited manpower and financial resources. Its advisable to make use of bookkeeping software in order to record transactions. You can grasp cash flow in real- time basis through accounting. You should be familiar of the various accounting software that you can choose to use in your business to make bookkeeping effective and efficient. Because of the tough competition, todays organization is making more investment on the accounting software and IT (Myob, 2017). The investment in the IT and software will result in the growth of business, improvement in the competitiveness, and will helps in strengthening the bakery business. The most efficient way to achieve the maximum return from the investment in IT and software is to integrate the technology with the objective of the bakery. The two issues related to the IT investment objectives are performance and implementation. The return on investment of the software is zer o in case of unsuccessful implementation. So the bakery business needs to focus on the implementation of the software that the software is implemented as per the objectives. The second issue is related with performance (Nilova, et al., 2017). After implementation of the software, the business is required to review the performance frequently to analyze whether the software is performing in integration with the objective of the organization. In order to make investment in IT, the first thing is to identify the problem for which the investment in the IT software is taking place. Before investing in IT software, the company needs to check whether the software will contribute to the growth of the business, whether it will minimize the cost, is the software is having the capacity to remove the manual process so that the cost to employees for the business can be reduced, is the software is helpful in building teamwork, decision-making etc (Novas, et al., 2017). There is a seven step process which is used to analyse the suitability of IT investment as per the objectives of the business. The first step is determining the aspects of the business that leads to the need for IT investment. The second step is whether the IT investment helps in appraising the systems of the organization. It means that the updated software is removing the obsolete systems with upgraded softwares. The third step involves estimating the cost required for the IT investment. It includes the cost of acquiring the software, cost of implementation, administration cost, configuration cost and if the implementation results in a failure then the loss done to the business (PC, 2017). The fourth step includes assessing the potential risk. When we are implementing any software, the risk of its failure is always there till its successful implementation. So the organization is required to assess the risk associated with the IT implementation. The fifth step includes the pre-planne d measures that can be taken if the risk occurs to tackle with the loss done by the risk. The sixth step is related to the implementation of the software. It is the most crucial step of the whole process. After this step, it is analysed that whether the IT investment objective is achieved. The last step includes calculating the return on investment by identifying the difference between the desired results and actual results. If there is no difference between the desired and actual result then the objective behind the IT investment is achieved and if there is a difference between actual and desired then such IT investment is not suitable for the organization (Ratinger, et al., 2016). Software Selection Accounting Software are helpful for a business in many ways like it automatically calculates journal entries for the Balance Sheet and Profit and Loss Statement, easily transfer the data, Bookkeeping software has embedded useful tools and functionalities to analyze your business financial analysis and also give suggestions for the improvement in the financial performance of the business (Saraf, 2017). The three accounting softwares for the bakery business includes MYOB, Reckon and Quick books. Before selecting any software, the two major factors that needs to be considered are cost and time. It should be analysed that whether the software is less expensive and less time consuming. Reckon provides cloud based accounting softwares. Reckon provides various software products according to the shape and size of the business. Mind your own business (MYOB) is a Multinational Corporation that provides tax, accounting and other services to the small and big businesses. MYOB provides accounting software systems to help the business in managing the accounts and bookkeeping needs. The best online accounting software for small businesses is QuickBooks. QuickBooks software is having three versions of it and all of them are providing thirty days trial (Biafore, 2016). Enterprise resource planning (ERP) ia an integrated software which is used to manage production, marketing, planning, management and controlling. These are the core activities of a bakery business. In case of bakery business, the output of one activity is the input of another. So in this way all the activities are dependent on each other. For example, labelling is not possible without production and packaging is not possible without labelling. The bakery business needs an integrated approach (Serenko and Bontis, 2017). So in this way, high ERP is suitable for bakery business. Vendor Selection Basically there are three major types of accounting software such as Database accounting software, Installed accounting software and Cloud accounting software. Database accounting software is used by large business. It is suitable for businesses having a large database to install. So, data is more secured in this type of accounting software. To install and get this type of software operating in your company, one needs to hire systems engineer and systems consultant. Big companies and Banks are the main targets of this software. This software is very much costly and time-consuming. It also involves higher cost for maintenance. Installed Accounting Software is suitable for areas where internet connectivity is limited. So, this software is used in the form of CDs or DVDs which can be installed in the desktop. But this software is only used in rural areas. Now-a-days, the most commonly used software is cloud accounting software. This is the latest software. The main target of this accoun ting software is small and medium sized companies. With the help of this software, the data can be available online so it can be accessed from anywhere at anytime and one of the biggest advantage of this software is that it is less expensive. Now we are comparing the softwares as discussed above. The two accounting softwares that are being compared includes MYOB essentials and Reckon one. On the basis of online, both the accounting softwares are completely online. On the basis of unlimited quotes and invoices, MYOB essential have this and reckon one add purchase and sales approval for medium level subscription. Next basis of comparison is Inventory, third party products available in both the accounting softwares. Another level is multiple currencies. This level is not available in both the currencies. Then on the basis of purchase orders, MYOB essentials has this and it is available in reckon one with invoicing module (Curtis, 2015). In case of payroll, in both the cases it is avail able with unlimited employees. Job tracking is not available in MYOB essentials but it is available with project module in reckon one. Budgeting is not available in MYOB essentials but it is available in reckon one with one subscription. There is unlimited user access in both the accounting softwares. MYOB essentials are providing the 30 days trial but reckon one is not giving this facility. The session security and audit trails are available in reckon one but is not available in MYOB essentials. The add-ons and integration is limited in both the accounting softwares. MYON essential is more expensive then reckon one. In case of MYOB essential, unit cost is stored with 4 decimal places but on the other hand, it is stored with 2 decimal places in reckon one (Turner and Weickgenannt, 2016). In MYOB essential, GST is calculated by using the 1/11th rule based on total invoice amount but it is calculated on the basis of 1/11th of the line total in case of reckon one. MYOB essential allows editing of the GST amount on purchase invoices in order to match it with the amount in the provided document but reckon one strictly accepts 10% as the GST amount. Levels MYOB essentials Reckon One Unit cost stored with 4 decimal places 2 decimal places 30-days trial Available Not available Payroll Available with unlimited employees Available with unlimited employees Completely online Yes Yes Add-ons and Integration Limited Limited GST Calculation !/11th of total invoice amount 1/11th of line total GST Editing Allows editing up to provided documents amount Allows only 10% as the GST amount Session security and traits Not available Available Expensive More expensive Less expensive Unlimited quotes and invoices Yes Add purchase sales approval for medium level subscription Purchasing orders Yes Available with invoicing module Job tracking No Available with projects module Budgeting No Available with core subscription Time consuming Yes No Recurrent invoicing Not available Available with invoice module Useful for Only large businesses Can be useful for small and medium sized businesses. As per the comparison made above, reckon is the most suitable vendor for the bakery. Comparisons are made between MYOB essentials and reckon one. Reckon one is less expensive and less time consuming than MYOB (Yigitbasioglu, 2016). The major advantage of Reckon is that this accounting software is flexible and it has the ability to customise the functionality by subscribing and unsubscribing to various modules on a monthly basis. Some softwares are suitable for small business, some for medium and few softwares are suitable for large business but reckon accounting software is suitable for all the types of businesses whether the business is small or medium or large. Reckon software is having the ability to handle all types of accounting records. B bakerys main thought behind finding out the most suitable accounting software is that the bakery failed to produce goods at competitive prices. Reckon provides full visibility throughout our business, minimise waste and boost profits. Reckon h elps in better reporting and analysis and provide modernised inventory management, quality control and helps in controlling the costs. So this bakery wants an accounting software that calculates the cost of production and the margin of profit on each product because the firm can price its goods only as per the cost of production. If the bakery wants to sell goods at competitive prices then it should be required to produce goods at lower cost. At this point of time, the B bakery is looking for accounting software that is less expensive and more effective. The bakery needs accounting software that boosts the productivity and saves the cost. So, reckon is the best suitable accounting software as per the nature of B bakery. Conclusion The main purpose behind this report is to suggest one best accounting software as per the nature of B bakery. This report critically analysed the roles and responsibilities of the baker. This report described the six major processes of the bakery business such as bakery plan, bakery finance, bakery quality control, bakery production, bakery machinery, bakery market opportunities. Then what types of outputs are expected from these processes is explained. The report also explained the three accounting softwares i.e. MYOB essentials, QuickBooks online and reckon one which are the crucial part of the report. Then a comparison is made between MYOB essentials and Reckon one to find out which accounting software works best for the B bakery. So at last after comparing both the accounting softwares at a variety of levels, it is concluded that reckon software is the best suitable software for B bakery. References AICPA (2017) Codification of Statements on Standards for Accounting and Review Services: Numbers 1 23. USA: John Wiley Sons. Biafore, B. (2016) QuickBooks 2016: The Missing Manual. USA: O'Reilly. Chakrabarti-Bell, S., Patel, M.J., Ng, J. and Hawkins, W.E. 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