Accounting Cycle

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The purpose of this assignment is to select a step in the accounting cycle that is not currently automated at one of our team members ' organization. The place of business we have selected is an independent financial brokerage firm, LPL Financial. The firm places a strong emphasis on the recruiting of established financial advisors throughout the country. When a financial advisor joins LPL Financial, so does their clients. One of our team member 's works in the transfer department. The transfer department handles the transferring of accounts held at other financial institutions into LPL Financial. The transfer department handles various types of securities including stock, mutual funds, bonds, retirement accounts, and cash. The…show more content…
We are highly confident that this new system would complete and support the audit trail of incoming mutual fund transfers at LPL Financial. As stated in chapter 2, "an audit trail of transactions maintained within a company 's system enables information users to follow the flow of data…" We would first concentrate on the automation and the support of mutual fund transfers. However, eventually, the database would support all incoming and outgoing transfers. This new database would integrate information from both the Accorde System and the BETA System. The 3 systems would be able to communicate and relay both client and transfer information. This would alleviate any inaccurate information and the inefficiency of the entering of information. An example of the new process is as follows: 1. A client fills out transfer forms to request the transfer of five mutual funds. 2. The forms are delivered to LPL and received and imaged by the Accorde System. 3. An employee in the transfer department reviews the image of the transfer form and information is verified off of the BETA System. 4. Information such as client name, SS#, and LPL account info from BETA and Accorde is transmitted to the new database. 5. The mutual fund information (CUSIP and # of shares) is entered onto the new database by an employee. 6. The newly entered mutual fund information would be

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