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Style for All is a diverse upstart clothing company that wants to expand via social media. They are attempting to cut costs while keeping their
Style for All is a diverse upstart clothing company that wants to expand via social media. They are attempting to cut costs while keeping their risks low. Given the two competing goals of cutting costs yet minimizing risks, you must determine if this can be done based on their billing process. Style for All's billing process is a function of the accounting department. The manager of shipping emails the accounting manager that goods were shipped to a customer. Accounting creates a sequentially numbered invoice which is sent electronically to the customer. Manual journal entries are posted to record revenue. Each day the accounting department creates an Excel report of the previous day's invoices. Using the Excel report, accounting evaluates all sales to ensure journal entries achieve the proper revenue cutoff and align with the expected results and sends the spreadsheet to the general ledger team to record the sales (debits/credits) and to ensure customers' accounts are properly updated for payments
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