Business Analysis Project Researches

Question: Discuss about the Business Analysis Project Researches. Answer: Introduction: Management accounting is crucial in utilising the valuable information in undertaking critical decision-making (Tait and et.al., 2013). It is an integral part of business as this help in assessing operational activities, which is effective in accomplishing organisation goals. It is important to ensure that the issues lying within the managerial accounting have an effect on the workplace significantly. In the current report, we shall identify the various issues at the workplace and apply adequate strategies to resolve such issues. Moreover, a reflective of skills shall be stated in brief, which had acquired from the following course. Recognising professional accounting, management and public relation issues at workplace It is quite evidently observed during different researches that a number of issues arise in a workplace. A strong reason prevails behind such issues, and it is seen imperative for an organisation to fight against all the odds. Workplace issues, in particular, are those regarding the concerns of the workplace environment, communication, employees behaviour, employee termination, and employee development, which overall affects the performance, stability, and productivity of the company (Hendrix, Hayes and Kumar, 2012). In order to maintain the peace and decorum at the workplace as it is important to ensure a healthy environment at the workplace which is possible by keeping a track record by the management of the issues that are probable to arise and further recommend possible solutions for avoiding the occurrence of these issues. The issues occurring in a workplace can be identified under 3 major heads that are professional accounting, management and public relations. Thus the issues that are commonly identified in every other organisation can be identified as follows: Professional Accounting Issues Accounting principles are the common guidelines that need to be followed while recording and reporting of financial information. A change in accounting framework can be made only when the same is required to be done by General Accepted Accounting Principle, GAAP or International Financial Reporting Standards, IFRS. The international board GAAP and IFRS state all the conventions, standards and various guidelines on how accountants are required to prepare their financial statements (Horngren, and et.al. 2013). It is imperative for an organisation to remain its consistency with the principles of GAPP and IFRS as investors invest in the company after reviewing GAAP financial results of the company. An effect of a change in principles of accounting by the recognised standard is likely to create an issue at the workplace as it becomes obligatory to record and summarise the financial transaction in accordance with the standards. It was seen at times accountant fail to comply with the standa rds, which give rise to issues under professional accounting. This issue moreover causes loss to the company, as investors might not invest in the firm during the period of diversification and expansion. Further legal implications may also arise if loopholes are identified in firms accounting, which will lead to diminishing value of shares of the firm. Maintaining Confidentiality In a litigious and competitive environment, it is highly important for the company to maintain its confidentiality. Like any other organisation I also have professional accountants to manage my financial reports. It is important for accountants to carry out their services with reasonable skill and care. In order to maintain a substantial degree of professionalism it is necessary that the financial information critical to company success must be kept confidential (Alvesson and Sveningsson, 2015). Wherein accountant takes negligent actions it is likely to create a substantial loss for the company. Further, the loss of information can result in damages due to negligence by profession accountants. Wherein company personal financial information is leaked it is likely to create theft of assets and possible legal consequences. The occurrence of such event at the workplace by professional accountants can ruin the reputation of the company. It is binding to maintain confidentiality as the com pany on the professional accountants entrusts a lot of trusts. Training is among the factors that provide a prime opportunity to employees to expand their base of knowledge and also employers to meet goals with efficacy. It is quite evidently seen that training and development at workplace provide both company and employee with benefits of the cost and time invested in it. Training helps in reducing the costs of company and aids at providing more effective results for the firm (Cummings, and Worley, 2014). Further effective training and development help in enhancing employee personality and boost up their morale thus help in enriching the performance of the company. On the contrary, if company resist from training and development at the workplace it is likely to face managerial issues. It is evidently seen that training and development facilitate learning by employees and a lot of issues like turning lethargic and facing distress at workplace get reduced as the morale of them is boosted. Moreover the productive is affected if the firm does not k eep the employees updated through effective training. The expenses incurred have fruitful benefits to the company in terms of profit in future. Resistance towards change The resistance of employees towards change is a complex issue that is faced by management. The managers and supervisors are the ones who is responsible for implementing change. It is seen that employees do not sportingly respond to change and show their resistance from accepting them. The process of introducing change within the organisation is pervasive and has negative repercussions. The major issues that come across the organisation are in managing change effectively (Biron, Gatrell and Cooper, 2010). It is seen important for an organisation to acquire change management skills to absorb the rapidly changing environment. The company is working, and customer service is affected if employees do not facilitate change. Though it is not easy to make employees comfortable towards the change at least company should take measures to minimise the discomfort faced by employees towards the change. Planning of change and undertaking strategy to address the factors that lead to resistance will help employers in smoothly overcoming the resistance of employees towards the change and further aid in providing a positive outlook for them. Also gaining feedback from employees can also be a helpful strategy in gaining assent for change. Organisation culture signifies overall company regime like the working ethics, beliefs, the level of social interaction, environment, teamwork, values of the company etc. organisation culture is reflected through its employees and working environment. Diversity in cultures is a common point, which is vividly observed in a multicultural workplace (Kaplan and Atkinson, 2015). The diversity is likely to affect the theme of working harmoniously in a common parlance. People belonging to different background dont share a common behaviour, display different emotion and have their own frame of reference. The cultural differences are a major issue because of the gap that is persisting in the differences in opinions or working styles of individuals. Communication is a strong point, which helps in meeting the ends. The differences can be bridged by effective communication and providing a common platform as well opportunities to work with one another to make them feel involved and embrace a cult ural lifestyle. A successful organisation relies on a healthy culture to achieve its long-term success goals. Balanced power between employee and employer The issue that haunts organisation is the power imbalances that persist between the employment relationships. Power misuse generally gives rise to this issue. The employer often uses their power to affect the working efficiency of the employees. For instance, the contract of employment is an agreement that safeguards the rights and privileges of both employee and employer (Baldvinsdottir, Mitchell and Nrreklit, 2010). Wherein employers fail to respect and treat their employees with the dignity it is likely to cost the company. The ability to influence by way of power is particularly an issue, as the other is not given the point to express. The organisation should ensure that the employers do not exploit the power and the gap between them should be lesser. Applying knowledge to resolve the workplace issues It is observed that by the end of this course I have learned to gain skills to deliver positive outcomes and manage my responsibilities in an effective manner. As per the Ward (2012), it is seen that management accountants have to remain updated with the guidelines issued by the international standard, i.e., GAAP and IFRS to avoid any issues at the workplace. I properly note the change in the guidelines and its application in financial statements is also considered. With this course, I was able to manage complicated records and compile them in accordance with the principles issued. In today's era, it is seen imperative that organisation has to face and cope up with the change (McGowan and et.al., 2010). Learning during the classes has provided me with the skill to grasp the guidelines issued by international standards before undertaking final decisions. I have also identified that it is mandatory for accountants to maintain confidentiality regarding the clients and their financial data. The losses borne by the accountant on such breach of information has made me cautious about the confidentiality matter. Thus, my company mentioned special clauses when auditing with external auditors to ensure that action is taken when confidentiality is breached. It has been further noticed that employees are not able to gain benchmarks or cope up with the employers expectations. The possible reason behind it is that a proper strategic direction is not provided by the organisation to achieve the targets with efficacy. A systematic training program was introduced to enhance the necessary skills and capabilities of employees. Knowledge is vital only when it is shared, and training is a platform that facilitates sharing of knowledge and enables employees to excel and deliver value added results (Ward, 2012.). Change is important and the study showcase that it is vital for an organisation to adapt the rapid changes to remain competitive and fierce within the market. Employees resistance is a pervasive part of the change and they find difficulty in accepting the change. Through the course, I have seen that the onus is on employers to manage the change and introduce effectively within the organisation. It is best absorbed when employees are shown the benefits of change and critical skills are required to be possessed by the managerial authorities to plan this change strategically. I have seen a good communication strategy can be adopted to deliver the reasons behind the change and employers feedback can also be obtained. I adopted a strategy to gain employees feedback towards the changes so that employers could know about their opinion towards the change and their grievances can be sought directly. According to the Boisvert, (2015) organisation culture is one of the significant factors in facilitating organisation success. Through the learnings I was able to realise that efforts of an individual are not enough. It is seen that goal is attained through mutual contribution and efforts of all. With the help of this learning, I was welcomed to induction program in my team departments to help us manage and acquaint ourselves with the members with each other potentials. With the application of this learning, a better workplace relationship could be established to minimise the cultural differences in an organisation. To ensure the effectiveness regular team meeting and review of the environment at the workplace was done. At my workplace, one of the problems that were addressed was of power imbalance. This issue had affected the capacity of working enthusiastically of the employee as employer emphasised unwanted power against them. To avoid this issue, I distributed work as per the roles, skills, preferences and responsibilities of employees. Moreover, performance management tools were identified and applied successfully across the organisation to monitor the employee performance, and the results are appreciated to facilitate a healthy working environment. From the knowledge of this course, it was easier to solve issues arising from our workplace, and a healthy working environment was established to help stakeholders accomplish the organisational goals (Schaltegger and Csutora, 2012). This learning has excelled my knowledge, and I was able to realise that having a practical outlook towards an issue is also important than just having a theoretical knowledge. I am able to see that my decision-making skills are refined which will assist me in undertaking more enhanced decisions and shall shape a better future for me. Strategies recommended for project For resolving issues at the workplace, there are different strategies that are being applied by management accounting to attain desirable outcomes. The requisite strategies that are being suggested are as follows: Strategic planning and implementation Various strategic tools can be used to deliberate a requisite strategy in order to address issues with efficacy. Tools that can be used are PESTLE, SWOT, etc. to determine a particular goal and objective. These tools helped me in determining the factors that affected the organisation profitability and provide direction to avail the opportunities as well minimise the weaknesses. Furthermore, the strategic mapping is also essential for the effective execution of plans in a systematic manner to cover all the prospective elements (Cummings, and Worley, 2014). Lastly, to analyse the performance of employees I have been using methods like MBO (Management by objective) and Balance Score Card is used. Reporting system and internal controls Awareness is a key factor that facilitates learning and acknowledgement of facts. In order to safeguard the organisation from the legal consequences, it is important to ensure the integrity of organisation accounting records. Documentation is a measure that can help in reducing the errors in monitoring and reporting can be made in a consistent manner making it easier to trace the occurrence of errors (Biron, Gatrell and Cooper, 2010). In the case of fraudulent practices, the effective reporting system should be established to identify whether the organisation confidentiality matters are protected or not. Effective delivery of product and services The core business activities towards which organisation drive all its efforts are delivering effective product and services to convince customers and establish a reputation within the market. To ensure that the customers are treated with quality products and services it is important to enhance the skills and capabilities of workers through training and development (Ward, 2012). The customer satisfaction and competitive edge are provided to the business through a specialised training program for employees. Performance measuring and management For gaining organisation goals, it is important to build the existing performance and undertake special efforts to ensure that enhancement is made in the performance of employees. For the assurance of the application of performance, the organisation can introduce KPI, a key performance indicator that includes factors of both financial and non-financial elements. This method helps in overseeing and setting up of benchmarks to determine the difference between actual performance and expected performance. Further quality management tools like TQM, EFQM, and Six Sigma can be employed to measure the performance and quality of product and well as services provided by them. Value Addition In order to ensure strong relationship and better management of public relations, it is important to make use of tools like Value Chain Analysis to facilitate employees participation and Customer Relationship Management (CRM) to motivate customers participation. With the help of these strategic tools, the business is able to add value to the product and services to deliver positive results. Furthermore, the CRM tools emphasise on connecting customers to the business by attracting them from their competitors (Baldvinsdottir, Mitchell and Nrreklit, 2010). This strategy has proved out to be a successful measure to provide opportunities to excel in performance and strive business to grow for achieving a more enhanced base of customer. Conclusion As per the current study, it can be concluded that the management accounting techniques are adopted to resolve the probable issues arising at the workplace in a sophisticated and systematic manner. Management accounting is an integral part of business in accomplishing organisation goals. For developing an effective and facilitative workplace, the management is directed to provide a more systematised manner of training and development sessions to also embrace changes in a more viable manner. This will assist in maintaining an effective, profitable value for the organisation by providing a competitive edge to the organisation in the market. To make substantial improvements by companies, it is important that organisation make use of tools like balance scorecard, value chain analysis, Key Performance Indicators, etc. The tools are supportive in meeting the key purpose of an organisation such as quality enhancement, performance measurement, value addition and the like that strive organisa tion to achieve organisational objectives. With the help of these tools and strategies, it is able to make use of resources at optimum capacity and develop an operative as well as the effectual workplace. References Alvesson, M. and Sveningsson, S., 2015.Changing organisational culture: Cultural change work in progress. Routledge. Baldvinsdottir, G., Mitchell, F. and Nrreklit, H., 2010. 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