Central Mindanao University

College of Business and Management

Department of Accountancy

An Accounting Information System Documentation submitted in partial fulfillment for the

requirements of the course AC51 – Accounting Information Systems

Asialink Finance Corporation

by

Araneta, Jade Hezel Joy Oño

Cosign, Nornanifa Ali
Heramiz, Althea Kaye Toledo
Lintao, Jhoemarie Lombreno
Relativo, Shyra Balongag
Superticioso, Lyle Gwyneth Dela Mata
Ty, Jay Mayca De Leon

Ferdinand Jr. Llasos

December 2022
Overview of the Company

Asialink Finance Corporation is one of the leading and fastest-growing finance

companies in the Philippines. The company was established in June 1997 when a group of
enterprising executives ventured into the consumer financing business with only three million
pesos in capitalization. With good demand and sound credit, Asialink Finance Corporation was
off to a good start. Today, it employs more than seven hundred personnel, thousands of
independent Loan Consultants, and with over eighty branches nationwide serving the financial
needs of businesses and individuals alike. “Accessible, Fast, and Convenient Loans, Today! ” is
the mission and commitment of Asialink Finance Corporation. With competitive interest rates
coupled with fast processing time, the company is poised to serve a larger share of the market
while continuing to help our core clients in the unbanked and underserved sector. The vision of
the company is “to be a key driver of economic growth by providing inclusive financial access.
By becoming the most dynamic and trusted lending partner, we enable businesses to grow and we
help individuals achieve their dreams.” And this has been and will be a compass and rudder for all
project initiatives and partnerships. Asialink’s culture and core values are anchored upon the
concepts of Heartwork, Inclusivity, Growth, and Ownership. With these core values in mind, every
Asialink employee and partner follows the mantra “I will help someone today!”, and the mantra
will continue to shape, build, and strengthen the company’s culture for generations to come.

Introduction of their AIS

Asialink Finance Corporation uses SOFIA Financial Management as its accounting

information system. Cycom SOFIA Financial Management System constitutes the Accounting
System which Cycom Business Solutions Ltd, targets its focus group, which is Small and Medium-
sized Enterprises. It is widely accepted that every industry has its unique processes and the Cycom
SOFIA Financial Management System aims to cover the particularities of various markets in
Cyprus as well as internationally. The objective of the Cycom SOFIA Financial Management
System is to enable both the management to obtain full control over the company and the personnel
to execute their daily workflow in a more efficient and effective manner.

Objectives of the Study

The intention of this study is to identify the use of the Accounting Information System of the
Asialink Financing Corporation. The study target to;

1. Gather information with regards to the kind of AIS that the company uses.
2. Assess how the AIS contributes to maximize the company’s Efficiency.
3. Determine the Advantages and Disadvantages of using the AIS.
4. Observe and Comprehend the Flowchart Algorithm of AIS being used.
Flowcharts

Asialink Finance Corporation

Loan Processing Flowchart

The loan processing of Asialink Finance Corporation involves three main stages: (1) loan
application, (2) credit investigation (CI), and (3) loan processing. First, the customer applies for a
loan. This step involves multiple documents and requirements, such as the completely filled-out
application forms, Proof of Income, Proof of TIN, and OR/CR Registration. After the loan
application, the customer undergoes a credit investigation to check his reliability and solvency. If
all the requirements are satisfied, the company approves the application. If not, the company rejects
the application. Once approved, the assigned person inputs all the details of the customer and the
amount loaned into the Sofia System to know the monthly payment needed and other information.
Afterward, the documents for the loan are printed. These documents will be signed by the attorney,
branch manager, and the person who processed the loan. Lastly is the check processing and the
release of checks.
 Asialink Finance Corporation
Collection Process Flowchart

The collection process of Asialink Finance Corporation starts with sending a collection
letter to the client. If the payment will be received within 1 week, the payment will be forwarded
to payment processing. If the payment still needs to be received within 1 week, the accounting
assistant calls the customer for the payment. If the payment is received, the payment will be
forwarded to payment processing. If the payment is greater than $1,000, write off invoices, then
the collection agency will be contacted. If the payment is not greater than $1,000, the collection
agency will be contacted.
Conclusion
Since 1997, Asialink Finance Corporation provides reliable lending services and adequate
financing to its customers, becoming a premier financing company in the Philippines. The
company has easy application, low rates, and fast approval to multiple loan services. Achieve many
goals that enhance credibility in financing. As the Company operates nationwide, communication
and rapid transactions are quite not easy that affect the services provided. The Company uses an
Accounting Information System, the SOFIA Financial Management system where they have their
own IT department who is responsible for the system exclusive to them.
Applying for a loan in the Asialink happens in marketing which by manual operation
evaluates the application. This will pass to loan processing where the Accounting Information
System applies. Application of SOFIA system helps Asialink to meet the needs of fast processing
loans which are communicated through viber and document process through the system
nationwide. The flowchart provided shows how the loan application process until the judgment of
either approve or reject the application. The approved Loan will proceed to loan release,
computation of payments and identifying mode of payment. The payee may pay through the
company’s partner such as M’Lhuillier and Cebuana where the remittance happens, also the
company allows bank to bank or by cheque remittance. The transaction regarding collection was
shown in the collection flowchart.
Using an Accounting Information System is not always significant that gives the company
the assurance of ability of system services. Internet Connection is one of the hindrances in using
the Sofia System since there are times that the connectivity is not that strong to provide the fast
services especially in times of electricity shortage. Also, one of the disadvantages comes in human
control where there are mistakes in entering data and wrong computation of collection. All this
risk in using AIS is preventable so that the company can find a solution to maintain the adequate
financing services. Asialink Financial Corporation provides a variety of services to its customer
and Accounting information system, specifically the Sofia System provides quality services that
help the company achieve its goals.
 Appendices
A. Proposal Letter
December 16, 2022

Asialink Finance Corporation

Valencia City, Bukidnon

To the Management,

The correspondent is a group of second-year students from Central Mindanao University taking up
Bachelor of Science in Accountancy. We are hoping for a short interview opportunity to discuss the means
by which or how you proceed with the Accounting Information System of your company. This is in relation
to our requirement in the course of our major subject, AC 51, which also serves as our final examination.

Subsequently, we have prepared a few questions, all of which are attached on the following page,
with the objective of (i) gathering information with regards to the kind of AIS that the company uses, (ii)
assessing how the AIS contributes to maximizing the company’s efficiency, (iii) determining the
advantages and disadvantages of using AIS, and (iv) observing and comprehending the flowchart algorithm
of the AIS being used. Questions are limited in scope, whereas confidential information is not to be probed
further.

This interview includes documentation, such as audio recording (if permissible) and numerous
photographs taken. On the other hand, please know that all of the information that will be gathered is solely
for academic purposes. Henceforth, details of any kind will not be visible or available for public
consumption. It is likewise guaranteed that your company will not be subjected to any form of detriment,
loss of benefits, etc. Ultimately, we apologize for such short notice. Nevertheless, we are hoping for a
positive response from you.

Respectfully,

JADE HEZEL JOY O. ARANETA NORHANIFAH A. COSIGN ALTHEA HERAMIZ

JHOEMARIE LINTAO SHYRA RELATIVO JAY MAYCA TY

LYLEGWYNETH SUPERTICIOSO

Central Mindanao University

Received by: Approved By:

SHEHANIE R. NARAG FERDINAND JR LLASOS, CPA
LA/TA Instructor
Asialink Finance Corporation
B. Interview Questions
1. What is the nature of the business and the products/services it provides?
2. Identify the departments inside the business?
3. How does each department work?
4. How do the departments relate to each other?
5. What AIS does the company use?
6. Is the AIS purchased or built-in house?
7. How does the AIS support the company in attaining its objectives?
8. Can you describe or give an overview of how your AIS processes data?
9. What is the sale and purchase process of your business? Does every transaction need
approval from a certain personnel in order for it to be recorded? (It can be shown
through a sample diagram if applicable).
10. How does AIS partake in the said process?
11. Are all your transactions already processed by AIS software?
12. In what ways has the use of accounting information systems helped your company
provide better service?
13. Does your company you are working with is dealing with system flowcharts? If yes,
what are your basis to come up with it.
14. How does AIS improve the effectiveness and efficiency of your company?
15. What issues did the entity encounter when using AIS? What are the countermeasures,
as well?
16. When did the entity begin utilizing AIS, and what are the merits of doing so vs not?
C. Documentation