Discuss about the Integrated Capstone.
Nowadays, work-life challenges create major difficulties for the organization to experience profitable outcome in the business. Most business analysts have identified that the workplace issues can be categorized into several sections. Professional accounting, management, and public relations are the major part of the business that facilitates organizations to enhance the business opportunity in an efficient way (Kaplan and Atkinson 2015). Accounting practice plays an important role in the business, as it generates key documents of the business such as profit and loss. Consequently, it investigates the difficulties in the business. On the other hand, professional accounting practices facilitate the organization to obtain statement showing different mode of trade in the business for a particular period of the business. With the involvement of the accounting practices, organizations influence the interested parties both internally and externally (Bebbington, Unerman and O’Dwyer 2014).
On the other hand, the management is another integral part of the business, as it contributes the organization to uphold a particular workflow design at the workplace. Through the involvement of the business process management, an organization can enhance its profit making the opportunity. Business analysts evaluate the fact that organizations need to implement unique strategies for managing the business process in a proper way. An enhanced business management is always responsible for forecasting and planning to achieve the goals and objectives of the business.
In this context, the researcher has provided the detailed discussion on various business issues regarding professional accounting, management, and public relation. Moreover, the researcher highlights different solutions to get rid of these issues from the business. the importance of such business practices has been discussed in a detailed manner.
Professional accounting is one of the integral parts of the business that facilitate the organization in generating key documents including profit and loss statement. By analyzing the profit and loss statement, the accounting team can evaluate the financial details of the business over a specific period. On the other hand, Caperchione and Mussari (2012) have identified that accounting process includes different business activates including interpretation of financial information and communicating results to the higher management and other decision-making. Moreover, the professional accounting process involves measuring and summarizing the different business activities. Financial accounting produces the balance sheet that provides identification of business assets, debts, and equity at a moment in time (Rankin et al. 2012). Financial accounting also facilitates the managers of the business to manage the process effectively through providing different views of financial information. Consequently, it may include the monthly management reports presenting costs, and profits against budgets, sales and other key metrics (Henderson et al. 2015). However, the reporting may be customized for the particular need of the business. Hence, it can be assessed that financial document plays an important role in the business, as the organization may face difficulties in executing business without implementing such process. Moreover, it facilitates in the decision making the process of the business.
By discussing the issues of the accounting practice, it can be assessed that the organization faces several challenging situations including system conversions, month-end closings, and annual audits and budgeting (Brandão et al. 2013). Although the ERP system conversions can save valuable time in the, in the end, they can draw accountants away from the daily tasks during implementation. Sometimes, the organization needs to upgrade their accounting software for enhancing the business process management. However, the organization may face difficulties in operating the new system (Beattie 2014). Consequently, the organization needs to invest adequate time to operate the software properly. Sometimes, the company needs to employ temporary staffs for providing training on the new system. On the other hand, if the organization handles related technical projects, they should have acquired the experienced consultants for accomplishing the plan in an efficient manner (Parker 2012).
Month-end closing indicates typically frantic time for finance and accounting professionals in the business (Stice and Stice 2013). Most business analysts have stated that the flexible staffing solution can reduce the pressure of existing employees. Although the temporary finance professionals can review daily operational transactions and revenue, the organization needs to provide them an adequate salary to retain in the business (Ball 2013).
An annual audit is a necessary part of the business. However, the organization faces challenges to execute the process in an efficient manner. The particular system demands a lot of preparation. Moreover, the process is time-consuming. On the other hand, an annual audit can take away the accounting staffs from other important tasks including risk reports and metrics investigation at the workplace. The organization often requires the interim finance professionals to execute these works (Weske 2012).
Budgeting is another integral part of the business. It provides advantages to taking accounting staffing solutions. Sometimes, over-familiarity with the information can lead to unintentional oversight (David and David 2016). The temporary finance professionals provide several benefits to the organization. Sometimes, professional accountant fails to execute the budget process in the business. Consequently, it affects the growth of the business. Moreover, the budgeting issue can create difficulties for upholding a business culture at the workplace.
Management accountant has some other beneficial aspects such as motivating managers and other employees to obtain appropriate business growth (Jeston and Nelis 2014). It has been seen that well-motivated staffs always contribute enhanced performance in the business. The motivational approach of the business indicates the high business growth. Moreover, the organization obtains several opportunities to enhance its productivity by involving the accounting practice in the business (Myers 2013). With the involvement of the accounting practices, the organization would be able to achieve the goals and objective of the business. Financial statement facilitates the interested investors to invest in a particular business. It can be assessed that the statement of the cash flows can be employed by the organization for incorporating the business in an efficient manner. On the other hand, the business transaction can be identified from the financial statement (Storey 2016). Hence, it can be assessed that the professional accounting practice is one of the major components for executing the business in an efficient way.
Business process management indicates the vital part of the business, as it regulates the entire system in an effective way. A good management system in the business always includes several beneficial aspects (Hill, Cronk and Wickramasekera 2013). However, the success of the management is largely dependent on the effectiveness of the managers in the business. An appropriate managerial decision is a key component for upholding an enhanced work design at the workplace. With the involvement of the effective management system, the business could be able to exploit different opportunities to experience profitable outcome. Fleischmann et al. (2014) have discussed that the managers play an important role to execute the business in an effective manner. The manager needs to forecast and plan the execution process of the business. Most of the time, the managers are responsible for organizing the resources to achieve the objectives of the business in an effective manner (Fleischmann et al. 2014).
Business management includes several issues in the organization. In recent years, most organization face challenges in upholding the ethical behavior within the business. The ethical behavioral approach is one of the major components for the enhancing of business in the global platform (Sadgrove 2016). In a competitive market, most organizations try to obtain a huge amount of profit out of the business within a short timeline. Hence, they commit unethical business practice to experience sudden enhancement in the business. On the other hand, the lack of knowledge management is another important issue in the business. With the involvement of the knowledge management process, the employee could be able to enhance their individual performance skill at the workplace (Hitt, Ireland and Hoskisson 2012). However, the higher management of the organization often faces difficulties in implementing knowledge management system within the firm.
Performance management is one of the major issues in the business. Without implementing the performance management program, the organization is unable to obtain a profitable outcome in the business (Hutt and Speh 2012). On the other hand, lack of performance management system reduces productivity in the business.
Management also establishes the equilibrium in the business. With the involvement of the business equilibrium, the particular organization can survive in the changing environment. In recent years, the most organization faces difficulties in executing the process in the changing environment. Management style can be categorized into different section such as authoritarian, democratic, etc. autocratic or authoritarian management style provides the guideline to the employee for executing the process (Kaplan and Atkinson 2015). However, employees are not allowed to provide their individual suggestion to the higher management. Although the autocratic approach has several negative aspects of the business, supporters of the authoritarian style can point out some outstanding success. Most organizations prefer authoritarian style for achieving the goal and objectives of the business. On the other hand, the democratic type of manager includes the listening approach (Bryman and Bell 2015). Consequently, employees obtain an opportunity for participating in the decision-making process in the business. By analyzing the enhanced management system, it can be assessed that the participative leadership style indicates the important aspects of the business. It allows the employees and staffs to provide feedbacks on the newly implemented system in the business.
Human resource management is an integral part of the business management process, and it consists of many challenges. There are several effects of human resource management on the workplace (Kaplan and Atkinson 2015). The managers and HR workers execute the human resource management in the business. The human resource management includes several programs including hiring, training, firing, payroll, and performance management and employee benefits administration. Human resource management facilitates in promoting positive behavior at the workplace. Lack of ethical behavior in the human resource system can create challenges in upholding a healthy work environment in the business (Weske 2012).
Nowadays, most of the businesses include Positive work environment for enhancing the business in an effective manner. On the other hand, the management facilitates in employee development program at the workplace. Workers knowledge and skills indicate the major components for executing the business properly (David and David 2016). Besides employee development, human resource management also contributes to building flexibility at the workplace. Cultural Diversity is also an important factor that enhances business opportunity in an efficient way. Cultural diversity provides the employee flexibility at the workplace. Moreover, it contributes flexible work design, work assignments, work schedules, work locations, accountability method and communication formats. The business process management includes several programs for motivating employees at the workplace (Jeston and Nelis 2014). Without motivating employees, the organization would not be able to achieve the goals and objectives of the business. Hence, it can be assessed that the management of the business promotes positive behavior, developing employees, building flexible workplace and motivating workers.
Workplace issues created challenges in the problem solving and decision-making process. Most of the organization faces difficulties for resolving the workplace issues. The higher management of the organization needs to engage a series of activities to get rid of the issues and challenges at the workplace. By analyzing the study, it can be assessed that the identification of the issues is one of the major components for to solve workplace issues.
The researcher has highlighted some of the key issues of accounting practice in the organization including system conversions, month-end closing, annual audits issues, and budgeting (Hill, Cronk and Wickramasekera 2013). Technological advancement has facilitated organizations to experience profitable outcome in the business. Most of the organizations focus on the system conversions to save the time in the business. On the other hand, the implementation process of ERP system may be difficult as employees need to invest extra time for investigating the new system in an appropriate manner (Sadgrove 2016). Hence, the organization may not be able to employ their existing employee in a particular task. It creates major difficulties for the organization to execute the work process in an appropriate manner.
On the other hand, most of the times the professional accounting practice face challenges in the month-ending closings. It is a typically frantic time for accounting, as the professional accountings need to conduct calculation of entire month in an efficient manner. It indicates huge pressures for the employees at the workplace (Bryman and Bell 2015). Hence, it can be assessed that the particular issue can be resolved through implementing recruiting process of temporary finance professionals. With the involvement of the temporary finance professionals, the organization would be able to handle all pressure during month end closing (Hitt, Ireland and Hoskisson 2012).
An annual audit is also an integral part of the business. Employees need to provide adequate time for the conducting annual audits. Most of the financial analysts have discussed the fact that flexible staffing solutions can resolve the particular issue from the business. Moreover, the organization could utilize the interim finance professionals, who may provide more benefits than the expectation.
The organization could resolve the performance management issues in many ways. With the engagement of the enhanced training and development process, organizations could facilitate employees in enhancing their performance in the business (Storey 2016). The impact of the management is vast and influences the staffs and employees to provide their best performance. Effective management system facilitates in achieving the group goals in the workplace. It arranges the resources of the business to achieve the future objective. On the other hand, the management could include the optimum utilization of the resources (Jeston and Nelis 2014). Management system employs all its resources including physical and human resources to enhance the business opportunity. Some business analysts have discussed that cost reduction is one of the major outcomes of the management. With the involvement of proper planning with physical, human and financial resources, organizations can reduce the cost of the business (Myers 2013).
The organization can include the performance management process at the workplace in a systematic process. Performance management process may include different training and development process for employees in the organization (Sadgrove 2016). Training session facilitates organization to develop their employee’s professional skills in an effective manner. On the other hand, it facilitates the organization to enhance the productivity, which is responsible for enhancing the profit margin of the business.
Strategy implementation is one of the major factors for enhancing the business opportunity in the global platform. In this context, the researcher implements several strategies to resolve the identified issues from the organization. The researcher has identified issues in both professional accounting practice and management in the business (Myers 2013). Hence, the researcher includes strategy implementation for both management and professional accounting in the business.
Professional accounting practice is one of the important business processes. The researcher has identified several issues in the accounting department in the organization. These issues include system conversions, month-end closing, annual audits, and budgeting (Stice and Stice 2013). On the other hand, the traditional form of accounting practice includes different issues including accounting measurement problems, changing accounting practices, and changing business environment. In this context, the particular organization needs to implement enhanced training session for employees to reduce system conversions errors. Moreover, the organization needs to implement Enterprise Resource Planning (ERP) system in an appropriate manner so that employees can enhance their knowledge on a particular program (Beattie 2014). On the other hand, the organization needs to focus on recruiting temporary finance professionals for resolving issues regarding month-ending closings. Moreover, the organization could recruit interim finance professionals, which may offer several benefits in the business (Weske 2012). On the other hand, interim finance professionals could provide helpful suggestions on the company’s financial proceedings. With the involvement of the financial professionals, an organization can conduct the annual audits in an effective manner.
Management is another integral part of the business. In this context, the researcher has analyzed different management issues including ethical behavior, performance management, knowledge management and human resource management (David and David 2016). The particular organization can reduce the ethical behavioral issues by implementing enhanced organizational culture in the business. On the other hand, the higher management could integrate ethics into all aspects of company communications. Moreover, the management could engage board of directors in the ethics process for identifying the key developing areas in the business (Caperchione and Mussari 2012).
Performance management can be enhanced through providing a continuous opportunity to employees for their development and advancement. Moreover, the organization needs to involve the performance appraisal for potential employees to motivate them. Performance management is not only related to the employee’s performance but also indicate the organizational performance (Bebbington, Unerman and O’Dwyer 2014). Business analysts have discussed that the organization needs to communicate its goals and expectation to employees for achieving it in an effective method. On the other hand, the higher management of the organization needs to encourage an open communication system at the workplace for gathering feedbacks and suggestion from employees (Stice and Stice 2013).
Organization needs to promote effectiveness, reputation, values and ethics in the business in order to uphold a proper workflow design. Knowledge management is another important part of the business. With the engagement of the knowledge management process, the organization could obtain enhanced growth in the production (Jeston and Nelis 2014). The particular organization needs to measure and reward staff based on the quality of their knowledge management contributions. On the other hand, the management team should have tracked the knowledge and value metrics for prioritizing areas for future knowledge creation and improvement. Hence, it can be assessed that the organization needs to build knowledge management process for the enhancement of employee’s performance in an efficient manner.
The researcher has also identified the human resource management related issues in the organization. The organization needs to develop several HR management key skills including negotiation, communication, multitasking, and problem solving ability (Weiss 2014). In recent years, the organization has been facing several challenges in retaining their employees in the business. Hence, the human resource management team should have provided employee development program for enhancing the business productivity in an efficient manner (Kaplan and Atkinson 2015).
Conclusion:
It can be concluded that the workplace challenges has been a major issue in the world of trade. Professional accounting practice and management are an integral part of the business. The researcher has discussed the current issues of the professional accounting practice at the workplace. On the other hand, the researcher has also focused on highlighting the management issues in the organization. Some of the integral part of the management including performance management, knowledge management, and human resource management has been discussed in an efficient manner. With the involvement of the different strategy implementation program, the particular organization could enhance the business opportunity in the global market. Hence, the researcher has successfully provided the solution for resolving the discussed issues in both accounting and management practice in the business.
References:
Ball, R., 2013. Accounting informs investors and earnings management is rife: Two questionable beliefs. Accounting Horizons, 27(4), pp.847-853.
Beattie, V., 2014. Accounting narratives and the narrative turn in accounting research: Issues, theory, methodology, methods and a research framework.The British Accounting Review, 46(2), pp.111-134.
Bebbington, J., Unerman, J. and O’Dwyer, B., 2014. Sustainability accounting and accountability. Routledge.
Brandão, M., Levasseur, A., Kirschbaum, M.U., Weidema, B.P., Cowie, A.L., Jørgensen, S.V., Hauschild, M.Z., Pennington, D.W. and Chomkhamsri, K., 2013. Key issues and options in accounting for carbon sequestration and temporary storage in life cycle assessment and carbon footprinting. The International Journal of Life Cycle Assessment, 18(1), pp.230-240.
Bryman, A. and Bell, E., 2015. Business research methods. Oxford University Press, USA.
Caperchione, E. and Mussari, R. eds., 2012. Comparative issues in local government accounting. Springer Science & Business Media.
David, F. and David, F.R., 2016. Strategic Management: A Competitive Advantage Approach, Concepts and Cases.
Fleischmann, A., Schmidt, W., Stary, C., Obermeier, S. and Brger, E., 2014.Subject-oriented business process management. Springer Publishing Company, Incorporated.
Henderson, S., Peirson, G., Herbohn, K. and Howieson, B., 2015. Issues in financial accounting. Pearson Higher Education AU.
Hill, C.W., Cronk, T. and Wickramasekera, R., 2013. Global business today. McGraw-Hill Education (Australia).
Hitt, M.A., Ireland, R.D. and Hoskisson, R.E., 2012. Strategic management cases: competitiveness and globalization. Cengage Learning.
Hutt, M.D. and Speh, T.W., 2012. Business marketing management: B2B. Cengage Learning.
Jeston, J. and Nelis, J., 2014. Business process management. Routledge.
Kaplan, R.S. and Atkinson, A.A., 2015. Advanced management accounting. PHI Learning.
Kaplan, R.S. and Atkinson, A.A., 2015. Advanced management accounting. PHI Learning.
Myers, M.D., 2013. Qualitative research in business and management. Sage.
Parker, L.D., 2012. Qualitative management accounting research: Assessing deliverables and relevance. Critical Perspectives on Accounting, 23(1), pp.54-70.
Rankin, M., Stanton, P.A., McGowan, S.C., Ferlauto, K. and Tilling, M., 2012. Contemporary issues in accounting. John Wiley and Sons Australia, Limited.
Sadgrove, K., 2016. The complete guide to business risk management. Routledge.
Smith, M., 2014. Research methods in accounting. Sage.
Stice, E.K. and Stice, J.D., 2013. Intermediate accounting. Cengage Learning.
Storey, J. ed., 2016. Leadership in Organizations: Current Issues and Key Trends. Routledge.
Weiss, J.W., 2014. Business ethics: A stakeholder and issues management approach. Berrett-Koehler Publishers.
Weske, M., 2012. Business process management architectures. In Business Process Management (pp. 333-371). Springer Berlin Heidelberg.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download