The Impact Of Mega Trends On Financial Accounting

Political Factors and Financial Accounting

Discuss about the Nonprofit Leadership Learning and Development Plan.

My name is XXXXXX, of age twenty years old. Since my childhood, I have desired that when I grow up, I would like to become a financial accountant in one of the big companies in the country like HBH Billiton Company. As a result, I have had a strong interest in financial analysis and interpretation. My primary reason getting in love with financial accounting is because all business activities involves fiancé to realize their requirements in the economic setting.  Therefore, after completing my high school level education, I decided to take a course in financial accounting to enable me understand the diferent roles played by financial accountanting in organizations. Accordingly, I believe that by pursuing this highly competitive course I will be in a better position to make my dream a reality. Thus, I have been able to learn the different financial accounting theories in my academic journey. Consequently, financial accounting roles has helped me in several ways because I am now conversant with the different financial functionalities that a financial accountant can apply to see to it that they attain the desired company financial objectives (Hoskin, Fizzell, & Cherry, 2014). Certainly, in the course of learning, I have come to understand that financial accounting calls for one to be highly conversant with different tasks financial accounting within an organization. Indeed, financial accounting demands that one should be familiar with financial analysis and planning. Financial accounting helps companies to plan their business operations. Therefore, financial accounting work to ensure that a company’s business operation are under control by directing the flow of money hence giving direction to the business. I have also gained greatly through my academic internship where I was an intern in the Finance and Accounting department at Woolworths Company. Thus, I have some experience regarding financial accounting. In the next five to come to I expect to become working in a highly competitive company that will help me to realize my dream to become a great financial manager in future.

With the advancement of technology in the 21^st century, the technology has led to the globalization of financial management techniques. There has been a swift integration of organizations regarding how they carry out their financial operations, strategies as well as processes because of the growth of diverse technologies, ideas, services in addition to products. As a result of stressing on technology, globalization has greatly impacted on how organizations manage their workforce. For that reason, being in a position to understand the impact of globalization on financial management can play a vital role in aiding financial managers to equip their companies for the intensely global business getting better. Technology in the financial sector has been highly appreciated thus made become possible for both big and small firms to use it in the analysis of their financial operations. Thus, as a financial accounting manager, it is good to involve a company in this diversity recruitment to acknowledge the value of having a workforce that its customers can interact with. Also, diversity allows for a range of ideas to steer the company to success.   

Economic Factors and Financial Accounting

AMCRO-ELEMENT	Explanation Save Time On Research and Writing Hire a Pro to Write You a 100% Plagiarism-Free Paper. Get My Paper	References
Political	Politics influences affects the budget process of a business in terms of how it accounts for its activities as well as the project that the company has to choose. The interference of politics can lead to lack of accurate accounting of finances of the business which hence lead to the closure of the business (Hozic, & True, 2016). It is good for the accountants in a business to be able to manage the business finances well so that the can be able to account for each and every single cent used either in the external politics or internal politics.	Hozic, A. A., & True, J. (Eds.). (2016). Scandalous economics: Gender and the politics of financial crises. Oxford University Press.
Economic	Countries accounting systems are classified into four patterns: Macroeconomic pattern, Microeconomic pattern, Independent discipline pattern and Uniform accounting pattern. The Macroeconomic pattern Business accounting is tied to national economic policies, for example Sweden, France, Germany. Goals of Corporation follow rather than lead national economic policies (Andon, Free, Jidin, Monroe, & Turner, 2018). The Microeconomic pattern Accounting is a branch of business economics, like replacement?value accounting in Holland. Maintenance in real terms of monetary capital invested in entities.	Andon, P., Free, C., Jidin, R., Monroe, G. S., & Turner, M. J. (2018). The impact of financial incentives and perceptions of seriousness on whistleblowing intention. Journal of Business Ethics, 151(1), 165-178.
Social	The nation’s social setting plays a significant part in the functioning of any business because it determines the value system of any given society. Accordingly, sociological aspects help in the shaping of workgroups, the culture of work as well as labor mobility thus it has a major influence towards the business running especially in accounting for the business finances (Lins, Servaes, & Tamayo, 2017). These aspects consist of customs and conventions, labor mobility, individual’s perspective on scientific methodologies, and income and wealth, cost structure and seniority respect. All these elements have a major impact on financial accounting of the business. For instance, the number of people helps to determine the amount of money that is to be set aside for the production of the goods to be sold to the people. On the other hand, this demands in return are affected individuals’ customs, attitude, as well as cultural values among others.	Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785-1824.
Technology	The changing technology each and every day has made the businesses to put aside more capital to be used for financial advancements. This has improved the financial accounting of many businesses. Technology has a strong impact to each aspect of peoples’ lives since it has changed the manner in which people interact with one another, how they partake their day to day activities and how they conduct business. It is indeed true beyond reasonable doubts that technology is the most convenient tool to help in financial accounting of the businesses. Currently, technology has been the driving force behind the accounting of finances. Technology has led to accounting for finances that supports learning, change diversity and communication. At the same time, a majority of the successful financial accountants globally are those who have embraced technology. As a result, technology plays a vital role in building teams, managing employees as well as keeping track of work across all departments within a company (Parker, & Fleischman, 2017). Similarly, the modern business setting is composed of linked devices, secured cloud business in addition to artificial intelligence which allows teams to work collaboratively and more efficiently than before. Additionally, technology enables businesses to reach a wider market base. In this sense, technology is helping to serve learners across the globe as modern sources of governance and power.	Parker, L. D., & Fleischman, R. K. (2017). What is Past is Prologue: Cost Accounting in the British Industrial Revolution, 1760-1850. Routledge.
Demographic	In the present world, the percentage of racial/ethical minorities, as well as women in the workplace, has grown with the progressive concern to integrate these groups into the organizations mainstream. Therefore, demographics has facilitated the need for financial accountants to account for the financial diversity in the place of work. As a result to mage diversity demands for a variety of financial accountants and the financial practices that should target to uphold diversity among employees, which support the company towards success (Finkler, Smith, Calabrese, & Purtell, 2016). The reason for supporting diversity among the financial accountants is to inspire mutually beneficial interests and productivity among staff members. Also, it is a show of value of the workforce that comes from a range of backgrounds, skills set and needs.	Finkler, S. A., Smith, D. L., Calabrese, T. D., & Purtell, R. M. (2016). Financial management for public, health, and not-for-profit organizations. CQ Press.
Natural	To some extent personal traits can play a major part in an individual’s way to becoming a great financial accountant. Nevertheless, the industry training, knowledge and experience are key to success.

As a financial accountant, I have learned several of things from the above mega trend factors when it comes to financial accounting and management of the accounted finances in the real-time setting. First political aspect is a powerful tool to the accounting of finances in a business. Therefore, as a financial accountant, the most significant things is to ensure that the political climate within and outside the organization is positive and the only way to avoid negative political effects is to prepare accurate financial reports on a regularly basis and ensure the money is accounted for (Engel, 2016). Secondly, as a financial accountant, it is important to account for resources needed in the business to enable the running of the company. A company cannot run without money, thus as a financial accountant, it is fundamental to embrace for financial support, and this support can only be found when a company has a sound financial accounting in place. For a company to obtain capital from an investors, it has to have a well-organized operational workforce which can only exist with good accounting of the finances and financial practices.  

Moreover, technology is vital for any company success; thus as an accountant, it means that I will have to learn how to appreciate technology in my career development in order to ensure security of the company’s money. Technology is the heart of every business today. As result financial accountants are supposed to embrace technology since it helps to connect all the business sections, which makes it easier to keep an eye on all the capital being used in the company within a short period (Narayanaswamy, 2017). Similarly, as a financial accountant, it is important to embrace and show respect to customers money, cultural values, customs and believes since business depends on customers and not the vice versa. Lastly but not least, to become successful in my career, I will have to embrace diversity since the modern world is vastly diverse. That is to mean that I should start to support racial/ethical factors and support for gender equality in the place of work. Diversity helps in the growth of an organization since the business benefits from a wide spectrum of ideas from the diversified workforce. However, even though leadership can comes from an individual’s inborn traits one has to be trained on the industrial knowledge regarding their career of specialization.

To accomplish a certified public accounting course so that I can become eligible for involvement in complex business project practices. (Nonetheless, I agree that some of these goals are likely to slip into the second year but not further than that.)

Social Factors and Financial Accounting

I will have to ensure that I have accountability for an important cross functional project in the place of work.

Medium term goals (next 2-3 years)

To be awarded a task to lead as well as manage a small group of individuals in support of the puzzling business tasks.

Take part in backing up certain operations of a cross serviceable project group that will provide me with beneficial business exposure.

Long term goals (past 3 years)

Be in a position to gain promotion to the middle management in addition to gain back up from colleagues as well as senior administrators.

To allocate with responsibility for controlling a bigger team of direct reports to several teams that is working to become a Head of Department.

With the modern vastly competitive business surrounding, project leaders and managers are supposed to make sure that they observe and uphold all ethical factors in organizational functionalities. Through the strategic initiatives being executed in projects, it has become imperative project managers ensure that these projects are ethically and effectively managed (Renz, 2016). However, arriving at ethical decisions is not an easy task because not all ethical dilemmas have a correct resolution. Nonetheless, leadership and ethics all together can contribute to a moral dimension to the process of making decisions for any company. At this age where the desire of all companies across the world is to become successful ethical lapses have spread everywhere. Also, the failure by big companies has led to ethics gaining more attention in the conducting of business. Thus, ethic is gaining a comeback, which is shown by the increase in the number of both big and small enterprises having a code of ethics and carrying out business by including ethics into companies’ employee training and orientation (Booth, 2018). Managers for organization are striving to see to it that as business administrators they embrace a positive ethical workplace. Therefore, for a business to become successful it is upon the organization manager to effectively and efficiently apply ethical management standards by advocating and supporting the adoption of ethics at each level of the business.

Ethics in the place of work. According to Shapiro, & Stefkovich, (2016) the scholars notes that good ethics is god business. While ethics has been operation in the society for quite some time, it is important to centre on ethics in the workplace. Companies that have well established codes of ethics have been found to operate better always. Indeed, ethics allows self-control on the side of the workforce. In this light, the code help in establishing a powerful collective ethic that in return leads to improved services and products as well as greater customer satisfaction. Therefore managers should enhance professionalism because lack of professionalism gets comprised due to lack of upholding ethical standards within a firm.

	SKILLS	RANK
1	Analytical skills	7
2	Creative thinking skills	7
3	Critical thinking skills	6
4	Decision-making skills	6
5	Interpersonal skills (Talking, listening, networking, etc.)	5
6	Organising skills	7
7	Planning Skills	4
8	Problem-solving skills	6
9	Self-confidence	5
10	Teamwork	4
11	Technology (IT-computers)	5
12	Time management skills	3
13	Verbal communication skills	4
14	Written communication skills	6

Skills	Deficiency Why	Solution
1.     Teamwork	I am not good at making networks with people	Learn how to my personal interaction with other people
2.     Planning	I find it challenging to plan for evets that have a longer deadline.	I need to take additional time planning a task thoroughly before the actual event date.
3.     Time management	At times I get late or take extra time during meetings	Device a time schedule to helps me allocate ample time for every task.

Strengths

My basic skills in addition to personal administration competencies are good and my comprehensive acquired through pursuing a financial management course knowledge is generally sound for my job career. I had a chance to lead a team during my internship course where I displayed to be in position of outstanding clear directive financial accounting skills to guide individuals to attain certain tasks within a short span. I have gained self-confidence from proving that I could cope with the pressure of the leadership and management course. On practical assessment I was found to having strong leadership skills. I am an eloquent and active listener to my audience

Weakness

I am poor in terms of time management which at times result in delays I am not good in making networks

References

Andon, P., Free, C., Jidin, R., Monroe, G. S., & Turner, M. J. (2018). The impact of financial incentives and perceptions of seriousness on whistleblowing intention. Journal of Business Ethics, 151(1), 165-178.

Booth, P. (2018). Management control in a voluntary organization: accounting and accountants in organizational context. Routledge.

Engel, C. J. (2016). A Primer on the Accounting and Reporting Requirements for Not-for-Profit Organizations. Journal of Public Management Research, 2(1), 14.

Finkler, S. A., Smith, D. L., Calabrese, T. D., & Purtell, R. M. (2016). Financial management for public, health, and not-for-profit organizations. CQ Press.

Hoskin, R. E., Fizzell, M. R., & Cherry, D. C. (2014). Financial Accounting: a user perspective. Wiley Global Education.

Hozic, A. A., & True, J. (Eds.). (2016). Scandalous economics: Gender and the politics of financial crises. Oxford University Press.

Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785-1824.

Narayanaswamy, R. (2017). Financial Accounting: A Managerial Perspective. PHI Learning Pvt. Ltd.

Parker, L. D., & Fleischman, R. K. (2017). What is Past is Prologue: Cost Accounting in the British Industrial Revolution, 1760-1850. Routledge.

Renz, D. O. (2016). The Jossey-Bass handbook of nonprofit leadership and management. John Wiley & Sons.

Shapiro, J. P., & Stefkovich, J. A. (2016). Ethical leadership and decision making in education: Applying theoretical perspectives to complex dilemmas. Routledge.