Accounting Services in the Business Environment - Case Study Example

UNIVERSITY -------------- CAMPUS UNIT NAME : ---------------------- UNIT CODE : --------------------------- TOPIC : ------------------------------- TASK : ------------------------------- STUDENTS : ---------------------------------- LECTURER : ---------------------------------- ADMISSION NO. : -------------------------------- DUE DATE : June 2, 2017 Part 1 Reflection Accounting services evolves in parallel with the changes in the business environment. Accountants are always tied up with high standards of ethics and are expected to possess a wide knowledge of the business. As such, accountants would have to keep up in updating their technical skills as well as improving their non-technical knowledge. I believe that taking the AYN 520 subject has given me an opportunity on working on different cases with “fictional” clients that I could encounter when I will be working in the accounting field. These are the five non-technical skills that I have identified in this subject which could be useful in dealing with clients and the workplace: 1. Oral and Written Communication Skills This is an important skill because accountants deal with clients, companies, and workmates on a day-to-day basis. As a future accountant, I believe that I should be able to communicate verbally in a professional, clear, brief and straightforward manner, in a way that non-accountants would still be able to understand the concepts used in the report. It is important for me to consider that not all clients have the same accounting background and expertise, and I should be able to convey to them easy, relevant and understandable phrases to get the idea. As the saying goes “K.I.S.S. – Keep it simple and Stupid”, this does not mean that I should omit the complex parts, but rather explaining to the clients step by step for him to understand why we need to do these things. For example, instead of using accounting jargons for example like “Assets” which I know seems to be identifiable for accountants, it would be better off to use every day phrases first to explain to the client what it really means like telling them that “Assets are anything that your company owns that has a monetary value. This can include buildings, land, vehicles and machinery as long as they are owned and not rented from another company. It can also refer to intangible assets like trademarks and brand names, and things like stock, debtors and cash.” Written Communication skills are also very important because I would have to deal with numerous clients through email and reports. Per se, this could be achieved by writing clearly, concise and holistically using appropriate professional language. I believe that proper grammar, punctuation, spelling and use of simple and straightforward vocabulary should be applied to avoid confusion to the readers. It should also be presented in readable format using paragraphs, and numbering or bullet points. This subject has enabled me to prepare the documents using the right structure, logic and references to support my answers in the topic discussions (Clutterbuck and Hirst, 2002). 2. Active Listening Skills Aside from communicating to the clients through verbal and writing, it is also important to actively listen to what the client wants. I believe not all clients would need every solution that would be presented to them, there is no one-size fits all solution, it must be tailored-fit according to their specific problem. It involves with giving full attention to the client using all senses such as maintaining eye contact and using appropriate body language. This would encourage clients to share their problems in ease, open, and honest manner. As such, listening should involve with comprehending the tone and language that the client has used. With this skill, I should remain neutral and should not easily from conclusion especially during the start of the conversation. It would require a lot of patience on my end since I should not be tempted to for unnecessary question every time the client is opening up on her financial and accounting issues. I also believe that this skill would enable me to make more meaningful notes and records that could assist me in providing more valuable conversation with the clients. Aside from that, I also believe that this skill would help me earn the trust from my future clients, as well as my workmates as it could help me understand their issues better, and thus offering more suitable solutions for their problems. 3. Team work and Interpersonal Skills As the saying goes “No man is an Island” or “Two heads are better than one”, it means that working in teams would help me work effectively by listening to different solution using another person’s point of view. Teams that have a positive, and supportive environment would enable members to gain excellent ideas and learn efficiently. Working in the accounting field, would mean that I would have to work with various teams that could come from different backgrounds and perspectives, it would be vital that I should work with my team cohesively to avoid conflicts and unnecessary issues (Kent, 1996). All throughout this semester working with my team has helped me expand my knowledge in accounting, all of us had a vital role in the team because each opinion and idea mattered. For example, every PBL topic that our lecturer has given us, we have decided that everyone of us would have a go in answering the questions, there was no specific task or division on the topic because I believe that if each of us has given 100% of their effort in finding a solution for the problem we could come up with the most appropriate and suitable answer for our client. Although most of us had different answers, each of them were backed with various references, thus it had helped me understand the concept better, which would then lead us to voting on the “best” answer. In my team, I believe that all of us were leaders in our own ways because each of us had been given a chance to assert their ideas and was able to help out on each member that had a difficulty in a particular topic. Problem Solving and Critical Thinking I believe that this is very important because accountants should be skeptical to the problems and solutions that are presented. Accountants should gain a comprehensive understanding as to the anatomy of the problem by asking further questions like “Who, What, When, Where and Whys”. I believe that I should look at different perspectives to find better solutions, sticking again to the “one-size-fits-all” mentality is not viable anymore. Problem solving is important because, at the end of the day, there is a decision that is being made (Kreitzberg and Kreitzberg, 2010). I saw the importance of this skill while I was working with my group and the PBLs. For the past 12 weeks, I have worked with different topics that should help clients solve their accounting dilemmas, through critical thinking and analysis, my team mates and I have presented tailored-fit solutions with the assistance of appropriate references. Time management Skills Not only it is applicable during my time in the university but most of all in the workplace where I would have to deal with deadlines that are being set by the clients, especially where there is a zero tolerance approach where they have given enough time to submit on a report(Panella, 2001). This skill helps me prioritize tasks that needed to be achieved first. Knowing what areas needs to be worked on and how much time is consumed helped me to become more focused. When time is planned and organized, more work is tackled and quality is not being compromised (Panella, 2001). Time management is an essential part of managing myself because it gives me more discipline and focus. References Clutterbuck, D., & Hirst, S. (2002). Leadership communication: A status report. Journal of Communication Management, 6 (4), 351-354. Panella, V. (2001). The 26-Hour Day: How to Gain at Least 2 Hours a Day with Time Control . Career Press. Kreitzberg, A. and Kreitzberg, C. (2010).The Business Case for Executive Thinking Skills. Robbins, S. (2005). The Path to Critical Thinking.Harvard Business School. Garman, A. N., Fitz, K. D., & Fraser, M. M. (2006). Communication and Relationship Management. Journal of Healthcare Management, 51 (5), 291-294. Kent, K. (1996). Communication as a core management discipline: The relationship between new management trends and the need for new perspectives in education in both management and public relations. Journal of Communication Management, 1 (1), 29 - 36. Kimpakorn, N., & Dimmitt, N. (2007). Employer Branding: The Perspective of Hotel Management in the Thai Luxury Hotel Industry. Australasian Marketing Journal, 15 (3), 49-68. Part 3 Directors' declaration The board of directors is responsible for maintenance of proper books of account. The board takes responsibility for any undisclosed matter. Accountant’s compilation report The directors have approved the accounts for the year ended on 30th June 2016 sets out of pages…to.. In accordance with your instructions, we have complied these unaudited accounts for the accounting records and information and explanations supplied to us. Visual Optics Pty ltd Income Statement For the year ended 30 June 2016 2015 2006 Continuing Operations $ $ Revenue 122,610 140,405 Debt W/O 6,182 1,920, Other income 101,158 26,858 Impairment of Intangible assets 0 -4,193 Bad Debts -3,639 -1,664 Impairment of property, plant & Equipment 0 -3,003 Depreciation and amortisation expense -22,708 -25,471 Other Expense -1,759 -5,717 Finance costs -2,431 -1,193 Profit/Loss from continuing operations     before income tax 199,416 127,942 Income Tax revenue 69,796 44,780 Profit/Loss from continuing operations after tax 129,620 83,162 Discontinued Operations     Loss from discontinued Operations 0 0 Net profit/(loss) attributable to the     members 129,620 83,162 Visual Optics Pty ltd Balance Sheet As at 30 June 2016 2015 2016 Assets $ $ Current Assets     Cash and cash equivalents 4,829 9,345 Trade and other receivable 2,695 1,442 Inventories 8,028 9,235 Other financial assets 15,611 16,236 31,163 36,258 Assets classified as held for sale 0 4,867 Total Current Assets 31,163 41,125 Non-Current Assets     Other financial assets 0 12500 Deferred tax asset 1,263 1,256 Property, plant and equipment 115,540 120,540 Intangibe assets 16,737 16,737 Total Non-Current Assets 133,540 151,033 TOTAL ASSETS 164,703 192,158 Liabilities     Current Liabilities     Trade and other payables 13,754, 6,500 Income tax payable 69,796 44,780 Interest-bearing loans and borrowings 1146 8,724, Provision 234 519 Total Current Liabilities 84,930 60,523 Non-Current Liabilities     Deferred tax liabilities 23,131 0 Interest bearing loans and borrowings 6,088 0 Provision 3,633 4,489 Total Non-Current Liabilities 32,852 4,489 TOTAL LIABILITIES 117,782 65,012 NET ASSETS 46,921 127,146     EQUITY     Contributed Equity 32,892 32,892 Accumulated Losses 14,029 94,254 TOTAL EQUITY 46,921 127,146 Notes to accounts 1. Statement of Significant Accounting Policies the directors have prepared the financial statements on the going concern basis. They have been prepared in accordance with significant accounting policy disclosed below. The accounts have been prepared to meet the needs of the internal stake holders and the policies applied are consistent for the last five years. Accrual basis as been adopted in preparation of the accounts, and all the section s have been recorded on historical cost method. 2. BASIS OF PRE PARATI ON CONTINUED The company policies is too write off the books value of each tangible fixed assets to its residual value evenly over its estimated remaining life. Reviews are made periodically of the estimated remaining lives of the individual productive assets taking account of commercial and technological obsolescence as well as normal wear and tear. under this policy it becomes unprintable to calculate average lives exactly. Read More