Project Essay Example | Topics and Well Written Essays - 750 words - 10

Project - Essay Example Some of the problems experienced by Elixier Company, according to the financial analyst in the accounting department, the problems range from errors caused by manual entry; which is time consuming while at the same time resource consuming due to the verification process, to issues of late payments and failure to take advantage of stipulated price discounts. The company faces the problem of different quantity and price factor for each part due to the fact that suppliers do not fulfil their contracts. Additionally, there is difficulty in the management of information in the account payable area since it involves many documents and as the company grows, so does the number of documents in circulation. This can also be explained in the sense of cost increasing with growth in any firm (Beesley, 2003). As earlier stated, the main purpose of this research is to provide insight on the stated problems that the Elixier Company undergoes within its accounting department. This will be achieved by focussing on objectives such as discovering the main issues related to Elixier’s accounting department, which is a step that has been covered as explained above. At the end of the research, it is our hope to come up with relevant solution to curb these ailing happenings. Additionally, we hope to come up with recommendations that will be useful in their performance as a company while improving their accounting department. In order to identify and provide solutions to the problems in question, it is of essence to understand the methods used. The data collection and analysis process gives a proper illustration of the scope of knowledge of the researcher and therefore validates this research. This is backed by the fact that the information was gathered from credible sources that are knowledgeable about the organization in question and its existing problems. The provision of a viable solution to Elixier’s