Order ID | 53563633773 |
Type | Essay |
Writer Level | Masters |
Style | APA |
Sources/References | 4 |
Perfect Number of Pages to Order | 5-10 Pages |
Overview of Finance and Accounting Systems
An Overview of Finance & Accounting Systems
NOTE: All finance and accounting systems applications support (as are all other Huffman Systems) to include hardware, modifications, version updates, etc., are performed under contract by Smith Systems Consulting.
By design and necessity, Huffman Finance & Accounting Systems are tightly integrated with the Fleet Maintenance System and the Enterprise Transportation Application.
The Fleet Maintenance System is integrated to capture financial and accounting data/information relative to:
Maintenance costing
Fuel management and costing
Warranty management
Materials inventory management
Fixed assets
The Enterprise Transportation Systems is integrated to capture financial and accounting data/information relative to:
Fuel Tax reporting
Revenue analysis
Driver management (cost & settlements)
Claims
Collections
Licensing costs
Payroll (driver only)
Freight Billing (LTL & Truckload)
Imagining
Interline Payables
Insurance
The Finance & Accounting Application is licensed on an annual per user basis from a vendor specializing in F & A systems for the transportation industry. While functionality is tailored to the needs of the transportation industry…the modules are fairly standard for an F & A Software Package:
General ledger
Accounts Payable
Accounts Receivable
Cash Management
Billing/Invoicing
Credit/Collections
Costing
Property Management
Assets
Taxes
Huffman Trucking
Balance Sheet |
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(Unaudited) | ||
December 31st | ||
2011 | 2010 | |
(In Thousands) | ||
Assets | ||
Current Assets | ||
Cash & Cash Equivalents | $89,664 | $58,003 |
Accounts Receivable | 51,869 | 81,557 |
Prepaid Expenses & Supplies | 6,267 | 5,529 |
Total Current Assets | $147,800 | $145,089 |
Carrier Operating Property (at cost) | $85,306 | $81,461 |
Less: Allowance for Depreciation | (69,536) | (67,119) |
Net Carrier Operating Property | $15,770 | $14,342 |
Assets of Discontinued Operations | 7,516 | 8,739 |
Goodwill (net) | 49,852 | 49,852 |
Other Assets | 46,327 | 37,306 |
Total Assets | $267,265 | $255,328 |
Liabilities and Shareholders’ Equity | ||
Current Liabilities | ||
Accounts Payable | $40,843 | $45,381 |
Salaries & Wages | 37,299 | 33,014 |
Current Portion of Long-Term Debt | 1,752 | 1,343 |
Freight & Casualty Claims Payable | 10,389 | 9,697 |
Total Current Liabilities | $90,283 | $89,435 |
Long-Term Liabilities | ||
Accrued Pension & Post-Retirement Health Care | $64,058 | $58,672 |
Long-Term Debt | 7,307 | 6,562 |
Total Long-Term Liabilities | $71,365 | $65,234 |
Shareholders’ Equity | ||
Common Stock ($1.00 par value Authorized: 20,000,000 shares) | $3.882 | $3.882 |
Treasury Shares | (1.952) | (1.952) |
Retained Earnings | 105,615 | 100,657 |
Total Shareholders’ Equity | $105,617 | $100,659 |
Total Liabilities and Shareholders’ Equity | $267,265 | $255,328 |
Huffman Trucking
Statement of Income |
||
(Unaudited) | ||
December 31st | ||
2011 | 2010 | |
(In Thousands) | ||
Revenue | $1,109,295 | $969,240 |
Operating Expenses | ||
Salaries, Wages & Benefits | $406,191 | $367,993 |
Fuel Expense | 318,737 | 258,904 |
Operating Supplies and Expenses | 117,670 | 105,875 |
Purchased Transportation | 138,140 | 114,250 |
Operating Taxes & Licenses | 19,033 | 17,753 |
Insurance & Claims | 11,995 | 12,493 |
Provision for Depreciation | 3,009 | 2,773 |
Total Operating Expenses | $1,014,775 | $880,041 |
Operating Income form Continuing Operations | $94,520 | $89,199 |
Interest Expense | $466 | $768 |
Tax Expense | 34,887 | 32,923 |
Net Income | $59,167 | $55,508 |
2003 Wages and Benefits Analysis – Drivers | ||||||||
Over the Road Drivers | Rate | Avg. Miles Driven Per Year | Avg. Weekly Wage | Avg. Annual Wage | # of Drivers | Annual Cost for Drivers (000s) | % of Annual Wages | % of Sales ($620,000,000) |
Wages (per mile driven) | $0.50 | 110,000 | $ 1,058 | $ 55,000 | 3,400 | $187,000 | 30.2% | |
Paid Vacation (based on seniority) | $ 1,058 | $ 2,115 | $ 7,192 | 3.8% | 1.2% | |||
Paid Holidays | $ 1,058 | $ 2,115 | $ 7,192 | 3.8% | 1.2% | |||
Paid Sick Days | $ 1,058 | $ 1,058 | $ 3,596 | 1.9% | 0.6% | |||
Health & Welfare Contributions | $ 9,194 | $ 31,258 | 16.7% | 5.0% | ||||
Pension Fund Contributions | $ 8,840 | $ 30,056 | 16.1% | 4.8% | ||||
FICA Match | $ 3,738 | $ 12,709 | 6.8% | 2.0% | ||||
Medicare Match | $ 874 | $ 2,972 | 1.6% | 0.5% | ||||
FUTA Contributions | $ 434 | $ 1,476 | 0.8% | 0.2% | ||||
SUTA Contributions | $ 585 | $ 1,989 | 1.1% | 0.3% | ||||
Workers’ Compensation | $ 12,400 | 6.6% | 2.0% | |||||
Average annual cost | $ 83,953 | $ 297,841 | 59.3% | 48.0% |
Total Payroll (000s) | Less Drivers (000s) | Remaining Salaries (000s) | # of remaining employees | Avg. per employee |
$ 386,896 | $ 297,841 | $ 89,055 | 1,800 | $ 49,475 |
Huffman Trucking – HRIS
The company has an HRIS system that was developed by in-house programmers prior to the decision to outsource all IT services. Smith Consulting is recommending that Huffman convert to a new system that was developed by Smith for its clients.
The current system is integrated to track employees from an operational and financial perspective. Data is organized into several major categories.
Employee Personal Information
This part of the database includes information needed to prepare payroll and maintain employee “census” information, such as:
Employees can go online through the company’s intranet and update this personal information as necessary. An employee without access to the company intranet may submit changes in writing to his/her supervisor, who will forward the information to Human Resources for processing.
Compliance Information
For each employee, a separate part of the database contains information required for complying with federal and state highway standards. This information includes:
Employee/Labor Relations Information
Applicant Tracking
Each recruiter maintains applicant information for open positions. Résumés and applications are filed in a central storage area. Basic applicant tracking statistics required for compliance reporting are entered into an in-house applicant tracking system, which can be accessed by all recruiters. Applicants may also apply via the company’s internet site, a recent systems addition by Smith Consulting.
Official employee files are kept by the HR department. Individual managers may not maintain copies for their personal use, however selected information for each subordinate may be accessed via the intranet. Supervisors are expected to send originals of performance reviews, disciplinary actions, etc. to HR for permanent record storage.
HR personnel are also responsible for tracking FMLA absences and any requests for accommodation under the ADA. Employees who request FMLA accommodation must fill out a request and send it to HR, where the request is investigated and approved or denied. HR staff members will work with the employee and manager to determine whether accommodations are feasible.
The compensation manager keeps an Excel spreadsheet with the results of job analyses, salary surveys, and individual compensation decisions. The labor relations department keeps a separate set of records related to union negotiations.
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