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Memorandum
To:
From:
Date: [ 6/4/2014 ]
Re:
As requestred, I have analyzed the current cash management issues and have included a recommendation to improve this activity. Also, I have discussed any tax implications resulting from current issues.

Cash management issues

Currently, the subsidiaries of HHI are using spreadsheets to forecast cash flow on a weekly basis. However, many cash flow reports are submitted late or contain errors that are subsequently corrected. In turn, I have recommended a few options to solve this issue.

Firstly, I would consider reviewing all current policies and procedures for reporting cash flow and make revisions where necessary. Also, all affected staff members need to be consulted involving these potential changes. It will be important to have a formal meeting and discuss and provide opinions and what the major issues are and how they can be resolved. Also, it should be made clear that these reports are extremely important to current and future operations and implementing late reporting penalties is something to discuss about.

Secondly, using spreadsheets for medium to high volume businesses is not effective or efficient. Spreadsheets are extremely manual, are prone to error and cannot be customized as superior software programs offer. In turn, I would recommend discussing the possibility of purchasing an ERP system as it has many advantages matching HHI’s needs. Consider the following analysis and the advantages versus disadvantages.

Advantages:

Is very effective at tracking and storing data ie/ inventory management, marketing, sales, etc
Can track resources ie/ cash, raw materials, equipment
One main advantage is that it promotes company wide visibility. In turn, each subsidiary and department are able to share information

Disadvantages:

One main drawback is that it is costly ie/ implementation, training, consultants
Not very flexible ie/ needs reenginerring
Is tough to integrate with existing...

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