Friday, December 6, 2019
Accounting Academics Challenges and Possibilities
Question: Discuss about the Accounting Academics for Challenges and Possibilities. Answer: Introduction: Analysis of the work environment of the corporation Cochlear Limited reveals the fact that the growth as well as innovation attained is primarily through the commitment of the employees. Supportive employees help in developing a strong culture that continuously upholds the system of learning, developing as well as enhancing performance. In addition to this, Cochlear also backs process of empowerment of employees by inspiring the open dialogue and exchange of innovative ideas within an even and flat hierarchy. This in turn offers a wide array of opportunities that can help in nurturing different internal career improvement along with personal development. Besides this, the people working at Cochlear are also inspired to assume responsibility within a particular flexible as well as vibrant cross-functional venture and in different collaborative actions with transnational colleagues for enjoying work that is motivating, challenging and at the same time rewarding. Brief Description of the Industry Partner Cochlear limited is the industry partner that is essentially a medical equipment corporation that specializes in designing, manufacturing and supplying the Nucleus Cohlear Implant, Hybrid electro acoustic implant as well as the Baha bone conduction implant different innovative technologies especially in the areas of structural heart diseases. Cochlear Limited is a publicly traded Australian firm that is considered as the most innovative corporations by Forbes during the year 2011. Analysis of the role of an accountant in the industry has helped me to understand the roles that needs to be played. I have clearly understood that it is important for the department accountants of the firm to review all the records of different departments of the firm in a bid to determine the overall financial position of the firm and any alteration necessary for running the entire corporation efficiently. I have also learnt that as an accountant it is essential to assess the records on accounts payable as well as accounts receivable. Again, it is also important to undertake the payroll function of a specific accounting division that can make certain that the corporation pays the employees appropriately, counting salaries, bonuses, benefits as well as commissions. In addition to this, I have also understood that the accountants in specific departments need to watch the entire inventory cost over a particular period of time. I have also understood ways that an accountant can adopt f or functioning effectively by appropriately recording different fixed assets specifically on a balance sheet that reflects depreciation. A graduate accountant employed by Cochlear need to have analytical skills in order to comprehend, compare and at the same time analyse different figures as well as data. The professional accountant need to analyse data for finding instances of different individuals who are misusing funds. Thus, accounting professionals working in this position need to have proper qualification such as Master of Professional Accounting or else Master of Business Administration, two-year Master of Professional Accounting and many others. In addition to this, the role of the graduate accountant employed by Cochlear limited also need to have communication skills to interact with other divisions, colleagues as well as clients. Furthermore, the graduate accountants also need to be detail oriented for paying attention to minute things while going through large number of data that needs to be assessed and interpreted. Besides this, it is also obligatory for the accounting professional to have vivid knowledge of varied computer programs as well as systems, for example, advanced excel, data modelling and a grasp of the IT associated accounting processes. The skills as well as attributes acquired include competence of work-content, transferable skills and the self-management skills. I have come to understand the fact that the important work content skills include development by means of training as well as different formal courses, theatrical production competence, market research skills and psychological evaluation. Thus, I have come to know that the industry partner Cochlear limited requires hard skills referred to as the qualifications for definite jobs that can imbibes the skills of handling the financial activities undertaken for handling equipment such as Nucleus, Baha and Hybrid. In addition to this, I have also understood that it is also important to have transferrable skills by means of professional training and schooling. Transferrable skills are obligatory for the accountants of the firm as Cochlear Limited as they need to handle different creative and advanced actions for functioning in a company that is regarded as the mo st innovative. In addition to this, it is also important have management skills that necessarily includes appropriate communication, good teamwork, and competence of problem solving, skills of planning as well as organizing, learning and technical expertise. Deep reflection helps me to understand that the requisite skills and attributes are in line with the job roles of the industry partner. The work content skills that includes the hard skills such as educational qualification is essential for acting as a proficient accountant. Cochlear Limited also requires expert professionals with degrees in accounting to handle the accounting division of the firm. Accountants are essentially for understanding and finances required for carrying out their business activity of developing Product support that includes Rehabilitation resources, Cochlear implants support, Baha system support, Wireless accessories support, Hybrid system support and Apps. Thus, accounting skills are necessary for understanding the process raising funds for their projects on production of three different implants for varied situations, maintaining financial records, handling working capital, cash handling, budgeting and many others. Consideration also helps me to comprehend the fact that the transferrable skills acquired by means of thorough training can help in understanding the latest trends and current accounting practices. The rigorous training and education activities in turn can help the accountants of the firm in incorporating advanced accounting practices in daily business operations of the firm. For instance, advanced training programs for the employees for enabling them to inculcate the skills of handling information system for accounting practices are also obligatory to run the businesses of the firm. Thereafter, the management skills of an individual also in line with the requirements of the business activities of the firm. For example, skills to work efficiently within teams, proper communication skills, skills of monitoring, co-ordinating and organizing work practices can also be considered to be pertinent for handling different corporate affairs of the firm. Thus, self-reflection helps me to understand the gap present in the skills as we ll as attribute possessed and the industry requirements. Formulation of strategies for addressing skill areas to be improved According to me viewpoint, definite skill areas that need to be improved includes improvement of management skills. As the role of an accountant is very vital for a firm, accountants need to manage lots of different responsibilities. Thus, in order to become a potential accountant, it is important for me to keep track of varied responsibilities such as management of portfolio, management of transaction as well as other important deadlines and important dates. Thus, it is vital to perform in an organized manner by acquiring good organising skills. In order to develop better management skills, it is also important to inculcate the skills of better time management for management of different competing priorities. In addition to this, I believe in order to develop better management skills, it is also important to important to be highly dynamic and adaptable in order to learn and at the same time grow. Therefore, the strategies that can be developed for addressing the gaps in skills inclu de establishment of strategic directions, analysis of skills possessed, generation of an action plan and implementation of the designed plan. Bibliography Guthrie, J. and D. Parker, L., 2014. The global accounting academic: what counts!. Accounting, Auditing Accountability Journal, 27(1), pp.2-14. Parker, R.H., 2013. Accounting in Australia (RLE Accounting): Historical Essays (Vol. 58). Routledge. Guthrie, J., Evans, E. and Burritt, R., 2014. Australian accounting academics: challenges and possibilities. Meditari Accountancy Research, 22(1), pp.20-37. Van Akkeren, J., Buckby, S. and MacKenzie, K., 2013. A metamorphosis of the traditional accountant: An insight into forensic accounting services in Australia. Pacific Accounting Review, 25(2), pp.188-216. Klibi, M.F. and Oussii, A.A., 2013. Skills and attributes needed for success in accounting career: Do employers expectations fit with students perceptions? Evidence from Tunisia. International Journal of Business and management, 8(8), pp.118-132. Siriwardane, H.P. and Durden, C.H., 2014. The communication skills of accountants: what we know and the gaps in our knowledge. Accounting Education, 23(2), pp.119-134.