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Goldilocks

Goldilocks Bakeshop, Inc. operates bakery stores in the Philippines and internationally, offering various desserts, snacks, and meals. Founded in 1966 and now a subsidiary of SM Retail, Inc., the company uses Microsoft Dynamics AX for computerized accounting compliant with relevant standards. While this system provides productivity and efficiency gains, the growing business requires evaluating whether it can support higher transaction volumes, and maintaining backup systems for continuity.

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Ikay Alba
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1K views4 pages

Goldilocks

Goldilocks Bakeshop, Inc. operates bakery stores in the Philippines and internationally, offering various desserts, snacks, and meals. Founded in 1966 and now a subsidiary of SM Retail, Inc., the company uses Microsoft Dynamics AX for computerized accounting compliant with relevant standards. While this system provides productivity and efficiency gains, the growing business requires evaluating whether it can support higher transaction volumes, and maintaining backup systems for continuity.

Uploaded by

Ikay Alba
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
  • Business Profile: Provides an overview of Goldilocks Bakeshop Inc., highlighting its operations, products, and history since its founding in 1966.
  • Description of Current Accounting System: Details the accounting policies and systems in use at Goldilocks Bakeshop, including compliance and computerized accounting tools.
  • Analysis of Accounting System: Analyzes the effectiveness and challenges of the current accounting practices at Goldilocks Bakeshop.
  • Recommendation: Offers recommendations for improving the accounting processes and adapting to technological changes.

Goldilocks Bakeshop, Inc

Address: Goldilocks Cake Plant,498 Shaw Blvd, Mandaluyong, Philippines

Phone: 632-532-4050
Fax: 632-888-1999
Web url: www.goldilocks.com
Submitted By :
John Mark Alba

I. Business Profile

Company Overview:
Goldilocks Bakeshop, Inc. operates and franchises bakery stores in the Philippines
and internationally. It offers desserts, snack foods, breads, dark chocolate chips
muffins, chocolate sweet fusions, chocolate caramel products, sweets, salads, pastries
and pies, cookies, cakes, soupinoy, noodles and pasta, sarapinoy meals, and thirst
quenchers. The company also provides pork, beef, chicken, seafood, and vegetable
menu. Goldilocks Bakeshop, Inc. was founded in 1966 and is based in Mandaluyong
City, the Philippines.

Company Profile:
Founded in 1966
Sector: Consumer Staples
Industry: Consumer Products
Sub-Industry: Packaged Food

As of January 10, 2018, Goldilocks Bakeshop, Inc. operates as a subsidiary of SM


Retail, Inc.

II. Description of Current Accounting System


Accounting Policies
Compliance with:
 SEC
 PFRS
 IFRS

Revenue Recognition
Revenue from:
 Production and Selling of different foods and pastries.
 Franchise.

Computerized Accounting
 Microsoft Dynamics AX

Inventory
 FIFO Method

PPE
 Recorded at Cost.
 Straight-Line Method.
Translation Policy
 Functional Currency (Php)

III. Analysis of Accounting System

Goldilocks Bakeshop, Inc. is a growing company which has a lot of daily transaction.
Computerized accounting helps the company to minimize the errors which can be
made through manual accounting. Microsoft Dynamics AX, the system used by the
company, provides assistance to the company to improve its productivity, efficiency
and adaptability to meet the growing demands of the company's operation.

IV. Recommendation

Goldilocks Bakeshop, Inc. is expanding its branches throughout the world which
means a there is a higher amount of transaction the company need to process.
Although, they have a system to provide them assistance, it is not sufficient to
depend entirely to the system. It is better to always update or have a backup system to
implement in case the current system is not sufficient for them to use. In this rapid
changing environment the Company needs to adapt whether it is the system or the
people using the system.

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