INTRODUCTION

1.Research Findings

1.1 Overview of the Shared Service Centers, Outsourcing Accounting Service in the world and Vietnam

1.2 What is DELOITTE

2. The purpose and scope of accounting in complex operating environments

2.1 What is Accounting

2.2 Main objectives of accounting

2.3 Scope of Accounting

2.4 Scope and Purpose of Financial Accounting

2.5 Scope and Purpose of Management Accounting

3. The Role of Accounting Function: A Critical Examination

3.1 Structure of Accounting Functions within an organization

3.2 The Interrelationship between Accounting and Other Departments

3.3 Key Skills and Competencies for Accounting Roles

3.4 How Accounting Functions contribute to the Organizational Performance

3.5 Accounting Role in Informing Decision Making of External Stakeholders

4. The Main Branches of Accounting, Jobs and Skill Requirements.

4.1 Explanation of Accounting Branches

4.2 Significance of Accounting in Commercial Finance

4.3 Key Skills and Competencies required for each role

4.4 Accounting Career Opportunities

4.5 Roles and Responsibilities for positions in Accounting and Finance

5. Accounting System and IT Application

5.1 Financial Accounting System and its Stages

5.2 Management Accounting System and its Stages

5.3 The Role of Financial Accounting System and Management Accounting System

5.4 Comparison between Financial Accounting System and Management Accounting System

5.5 Differences between Manual and Computerized Accounting

5.6 Advantages of IT Application in Accounting

6. The Changing of Accounting Elements: Rules and Regulations, Ethics Issues

6.1 Constraints of Accounting Regulation System

6.2 Changes of Contemporary Business Environment

6.3 Justifications behind Accounting Modifications corresponding to Current Trends

6.4 Influence of the Ever-Changing Business Environment on Accounting System

Conclusion

The Role of Accounting in an Organization

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Table of Contents
INTRODUCTION
1.Research Findings
1.1 Overview of the Shared Service Centers, Outsourcing Accounting Service in the world and
Vietnam
1.2 What is DELOITTE
2. The purpose and scope of accounting in complex operating environments
2.1 What is Accounting
2.2 Main objectives of accounting
2.3 Scope of Accounting
2.4 Scope and Purpose of Financial Accounting
2.5 Scope and Purpose of Management Accounting
3. The Role of Accounting Function: A Critical Examination
3.1 Structure of Accounting Functions within an organization
3.2 The Interrelationship between Accounting and Other Departments
3.3 Key Skills and Competencies for Accounting Roles
3.4 How Accounting Functions contribute to the Organizational Performance
3.5 Accounting Role in Informing Decision Making of External Stakeholders
4. The Main Branches of Accounting, Jobs and Skill Requirements.
4.1 Explanation of Accounting Branches
4.2 Significance of Accounting in Commercial Finance
4.3 Key Skills and Competencies required for each role
4.4 Accounting Career Opportunities
4.5 Roles and Responsibilities for positions in Accounting and Finance
5. Accounting System and IT Application
5.1 Financial Accounting System and its Stages
5.2 Management Accounting System and its Stages
5.3 The Role of Financial Accounting System and Management Accounting System
5.4 Comparison between Financial Accounting System and Management Accounting System
5.5 Differences between Manual and Computerized Accounting
5.6 Advantages of IT Application in Accounting
6. The Changing of Accounting Elements: Rules and Regulations, Ethics Issues
6.1 Constraints of Accounting Regulation System
6.2 Changes of Contemporary Business Environment
6.3 Justifications behind Accounting Modifications corresponding to Current Trends
6.4 Influence of the Ever-Changing Business Environment on Accounting System
Conclusion
 Table of Contents
INTRODUCTION
1.Research Findings
1.1 Overview of the Shared Service Centers, Outsourcing Accounting Service in the world and
Vietnam
1.2 What is DELOITTE
2. The purpose and scope of accounting in complex operating environments
2.1 What is Accounting
2.2 Main objectives of accounting
2.3 Scope of Accounting
2.4 Scope and Purpose of Financial Accounting
2.5 Scope and Purpose of Management Accounting
3. The Role of Accounting Function: A Critical Examination
3.1 Structure of Accounting Functions within an organization
3.2 The Interrelationship between Accounting and Other Departments
3.3 Key Skills and Competencies for Accounting Roles
3.4 How Accounting Functions contribute to the Organizational Performance
3.5 Accounting Role in Informing Decision Making of External Stakeholders
4. The Main Branches of Accounting, Jobs and Skill Requirements.
4.1 Explanation of Accounting Branches
4.2 Significance of Accounting in Commercial Finance
4.3 Key Skills and Competencies required for each role
4.4 Accounting Career Opportunities
4.5 Roles and Responsibilities for positions in Accounting and Finance
5. Accounting System and IT Application
Overview of the Shared Service Centers, Outsourcing Accounting Service in the world and
Vietnam
What is Shared Service Center
SSC stands for Shared Services Center, which is a specialized organizational entity with specific
expertise, competency, and practical knowledge in a particular area of operation that provides
these functions to multiple business units or departments in the form of services. Information
Security, IT, payroll, accounting, and logistics are examples of SSC sectors (What is a Shared
Services Center? Definition and meaning, 2021).
SSCs are typically outsourced to third parties as part of business process outsourcing (BPO) but
may be part of the company providing the services.
According to a 2019 poll, India is the most probable location for a new shared service
center, which 18% of participants identifying it as their favored spot. With 15% of voters, the
US came in second rank (Shared Services Centers - top locations 2019 | Statista, 2021)

Figure 1: Top Locations for Shared Services Centers 2019

Several elements coalesced such as high standard quality, low risks, and affordable costs
have offered Vietnam a significant advantage over its outsourcing rivals. In C&W's 2015 and
2016 research, titled Where in the World? Business Process Outsourcing and Shared Service
Location Index, Vietnam placed first in both years (Cushman & Wakefield, 2016).

Figure 2: Most Selected Outsourcing and Shared Service Locations

Notwithstanding COVID-19's influence, the Finance and Accounting Business Process
Outsourcing industry worldwide is predicted to grow to $51.5 billion before 2027.
There are various reasons to pick Vietnam as an ideal destination for finance and accounting
services, given the huge and growing need for these services. To begin with, according to the
2019 A.T. Kearney Global Services Location Index (GSLI), Vietnam was recognized as one of
the top five outsourcing destinations in the world, with a financial attractiveness scale of 2.82
points, equal to India. Second, according to a 2020 survey, there are around 55 million
individuals of working age. Third, approximately 13 million people have already been certified
with Diplomas and Certificates out of the total number of persons in the workforce. Vietnamese
talents, particularly in accounting activities, are constantly accumulating more knowledge and
expertise. They can perform well on any advanced office activities for any global marketplace
with a better degree of creativity, customization, punctuality accuracy, and if given proper
training (Tran, 2021).

What is Deloitee?

Deloitte is a global leader in providing services involved in auditing, risk advisory,

tax consulting, financial advising, and other related services. Deloitte owns over 334,000
employees across 150 countries and territories as recorded in 2020.

William Welch Deloitte established Deloitte in 1845. He founded the first Deloitte office in
London, United Kingdom. If you rate the big four accounting corporations by revenue in 2017,
Deloitte is the largest consulting firm. Deloitte Vietnam is part of the worldwide Deloitte
network, which is one of the world's leading professional services firms. "Making an effect" is
Deloitte's operational principle, which involves making an influence on the world with even the
tiniest actions (About Deloitte | Our global network of member firms, 2021).
 Figure 3: Overview of international and Vietnamese Deloitte
What is Accounting?

Accounting is defined by the American Accounting Association as the practice of identifying,

quantifying, and disseminating economic data in order for users of the information to make well-
informed judgments and decisions.

Accounting, in another sense, is the methodical recording of a company's financial transactions.

Formulating a record-keeping system, documenting events in that system, then combining the
entire dataset into a collection of financial reports are all part of the recordation process (Bragg,
2021).

Accounting informs you if you're generating a profit, identifying your cash flow, how much your
company's assets and obligations are worth, and which areas of your firm are genuinely
profitable (Smith, 2019).

Objectives of Accounting (Objectives and Functions of Accounting - Masters India, 2021)

To keep a full history of all transaction records in a Journal which is then posted to various
ledger accounts in chronological order.

To determine whether the enterprise is generating profits or losing money.

To review the value of assets and liabilities through “Balance Sheet” to establish an entity's
financial position.
 To inform various stakeholders or interested parties through the company's financial
statements in order to assist them in making sound financial choices.

To aid the organization’s management in conducting everyday business activities in an

effective and efficient manner by evaluating financial data and delivering insights in the form
of reports.

Scope of Accounting

The financial well-being of enterprises is important to a wide number of individuals, entities, and
stakeholders. Here are a few folks who make use of accounting data (Tamplin, 2021).

Individuals

Accounting data is used by individuals in their daily activities, such as monitoring their cash and
bank balances and making investments.

Business Units

Accounting information is used by business owners and managers for several specified

objectives: • knowing the financial position of their organizational units • defining corporate
goals • assessing performance toward organization's objectives • taking corrective action if
necessary

Investors

Investors seeking for commercial chances can only make sound judgments if they have access to
high-quality accounting data.

Creditors

People who wonder whether to lend their money or not to businesses based mostly on financial
information supplied by the borrowers.

Government Agencies

Most enterprises are regulated by the government in some way. Numerous government agencies
need accounting information to safeguard the general public's interests.

Non-Profit Organizations

 Not-for-profit organizations, such as associations, non-governmental organizations (NGOs), and

charity societies, demand accounting records in order to efficiently manage their operations.
Labor Unions

Labor unions are among the other uses of accounting data. Accounting data is frequently used by
these organizations to secure the interests of its members.

What is the purpose and scope of accounting in complex operating environment?

The major goal of Financial Accounting in today's complicated operating environment is to

report a company's past performance and present financial condition by giving relevant
information to external parties such as investors, regulators, and tax authorities. This data is
valuable not just for internal users like corporate executives, but also for external users and their
decisions. Financial Accounting produces financial statements or financial accounting reports,
which are prepared yearly, biannually, or quarterly. The creation of financial statements is
mandated by law, and external auditors or regulators must evaluate them. The law and
accounting rule makers have established a standard structure and format for these reports (IFRS).
Because a financial statement gives a wide perspective of an entity's performance and situation,
financial data is presented in summary form rather than in detail (Scope of Management
Accounting, 2021)

Management accounting's primary purpose is to use accounting data to solve company

challenges and make scientific judgments. Furthermore, management accounting has a very
broad reach. As a result, pinpointing the precise extent of management accounting is incredibly
tough. The scope of management accounting, on the other hand, can be stated as some of the
content below (Scope of Management Accounting, 2021)

1)Cost Accounting
The determination of various aspects of costs for various corporate processes and activities is the
focus of cost accounting. These cost data are analyzed further in the management accounting
system in order to address company issues and make quality judgments.
2)Budgeting and Forecasting
Budgetary control and forecasting strategies are also included in management accounting.
Budgets are established on a functional basis under the budgetary control system, which
measures actual performance and determines the difference between actual and standard
performance in order to take remedial action. Budgeting aids management in
recognizing responsibilities and guaranteeing coordination in this way.
3)Inventory Control
Inventory control is the process of keeping track of how raw materials are used, how work in
progress is processed, and how final items are disposed of over a set period of time.
4) Internal Audit
Internal auditing is carried out by a corporate body with the assistance of hired workers who are
well-versed in accounting. To ensure that the internal audit is carried out effectively, all essential
records are kept in the management accounting system.
5) Reporting
There are two forms of reporting: Interim reporting and external reporting. The purpose of
interim reporting is to provide information to upper management. Information supplied to
outsiders, such as shareholders, banks, and financial institutions is called external reporting.
Interim reporting is the process of submitting financial reports on a weekly, fortnightly, monthly,
quarterly, or half-yearly basis, depending on the needs and expectations of senior management.

3. THE ROLE OF ACCOUNTING FUNCTION: A CRITICAL ANALYSIS

3.1 Structure of Accounting Functions within an organization

When a company's finance and accounting departments have more than one person, an
organizational structure is normally in place to aid with management. The accounting division's
hierarchy aids in the efficient and responsible management of finances. It also assists in
navigating decision-making to accomplish organizational needs and expectations. Here is an
illustration.

Figure 4: Structure of Accounting Functions within an organization

Explanations for each role in the diagram, as well as justifications for why these positions
are critical to the organization's success.

1)Finance Director

Finance directors are members of a senior management team who are in charge of the financial
health of their organization. They are responsible for operational and strategic tasks, oversee
accounting and financial management, and develop a financial plan for the company's successful
long-term development (Linton, 2019)

This position's primary mission is to contribute to the company's business objectives in the
following ways: To guarantee that the company's financial commitments are satisfied
by providing strategic and financial counsel. For example, guiding and regulating financial
personnel to ensure that they are adequately trained and motivated, and that they are capable of
performing their tasks and responsibilities to the needed standard (Linton, 2019)

They are also in charge of setting the required policies and processes to provide solid financial
management and control of the company's operations, such as developing an internal audit
system to ensure the corporate's compliance with financial rules and regulations (Linton, 2019)

2) Management Accountant

Planners, strategists, budgeters, risk managers and decision-makers are all roles played by
management accountants. They conduct the job that assists the owner, managers, or board of
directors of the organization in making business-related decisions.

Financial data is interpreted by management accountants in order to make strategic business

decisions. In general, this position integrates accounting, finance, and management with the
skills required to run a successful corporation. They give financial data and analysis to managers
in order to aid in decision-making and control in the workplace. They are more likely to work
with general management, analyzing costs and revenues with managers: the emphasis is on the
study and reporting of a company's financial status to give insight into business performance.
They produce monthly management accounts, as well as budgets and projections to help with
planning activities (Management accountant, 2021)

3) Financial Controller

A financial controller is a senior manager who is in charge of a company's financial operations

on a day-to-day basis. Financial controllers, often known as "company historians," oversee the
accounting function and are in charge of the firm's accounts and records (Russo, 2021).
The financial controller's function varies depending on the size of the company. Small business
controllers, whether internal or external, are mostly concerned with precise accounting duties
that are beyond the capabilities of the company's bookkeepers. Financial controller tasks are
likely to encompass insurance, technology, project management, and compliance roles in
medium businesses. Financial controllers collaborate with, chief accounting officers (CAOs),
chief financial officers (CFOs), finance managers, and treasurers to oversee the finance and
administration functions of huge corporations (Russo, 2021).

It is undeniable that financial controllers play a key role in contributing to corporate success
since they are the ones who provide the resulting financial data, which is used to make critical
business choices by senior executives. If this date is incorrectly calculated, it will deviate the
company's direction (Russo, 2021).

4) Treasurer

A treasurer is a job that exists in all types of businesses. The treasurer is in charge of the
company's finances and investments. They also oversee and try to reduce the company's financial
risk. A treasurer will supervise cash management and encourage prudent spending in order to
help the company flourish (What is a Treasurer?, 2021)

A treasurer's responsibilities include the following:

 On behalf of the firm, handle all incoming and outgoing financial transactions.

 Report on the company's current financial status and projection for the next quarter on a
regular basis.

 Developing and keeping ties with commercial bankers so that they are constantly available to
discuss finance solutions

 Prepare monthly and annual budgets while keeping an eye on spending.

 Review financial statements and offer guidance on corporate finance difficulties.

 Meet with other finance and accounting divisions to assist in the development of quarterly
and annual financial strategies.

 Make knowledgeable investing and stock market decisions on behalf of the firm.

As can be seen, a treasurer provides a significant impact to an entity's success by assisting the
firm in ensuring its financial position by helping to monitor cash flow, create connections with
concerned parties, and so on. The treasurer's role also plays an important role in assisting the
corporation in making sound investment decisions.

5) Cost Accountant

A cost accountant, according to the Cambridge Dictionary, is an accountant who analyses all of
the expenses associated with a commercial activity or a manufacturing process in order to assist
management in determining how to earn profits or save money. The cost accountant's primary
responsibility is to assist the Group Finance Director in business planning and cost control
(Krishnan, 2021)

Importance of cost accountant:

A cost accountant has a variety of responsibilities. Here are a few examples of how it might

benefit a company:

Cost Controlling: Cost accounting aids management in anticipating the cost and selling price of

a product or service, allowing them to develop business strategies. With the cost value as a

guide, management may devise cost-control measures with the goal of maximizing profitability.

Calculating the total cost per unit: Cost accounting procedures assist in establishing the total

per-unit cost of a product or service so that the organization may set a selling price.

Identifying profitable and non-profitable activities: This data aids management in putting a

stop to non-successful operations while expanding and increasing profitable ones.

Cost comparison: The information listed in the cost sheets created for various time periods aids

in the comparison of costs for the same product or service across time.

-) In summary, a cost accountant could assist a company in cost control and strategic planning in

order to increase the efficiency of its performance.

6) Financial Accountant
A financial accountant is one who gives financial reports concerning a company's earnings,

debts, cash flow, and other financial information so that investors, banks, and other financial

institutions may assess the company's performance. (Cambridge)

Following are several duties of a Financial Accountant (Financial Accountant job description and
duties | Robert Half, 2021)

 Generating monthly Income Statement as well as balance sheet reports

 Inventory management and tax reporting
 Preparing KPI reports
 Checking the accuracy of financial records
 Monitoring and educating employees as needed
 Compiling cash flow statements weekly and keeping track of expenditures
 Carrying out internal audits (e.g.: wage reviews)
 Providing financing estimates for projects

In a nutshell, a Financial Accountant is in charge of an organization's accounting and financial

operations. They examine the company's financial soundness and give financial data to other

departments, allowing them to make budgeting and investment judgments.

7) Cashier

According to the Cambridge Dictionary’s definition, Cashier is someone who is in charge of

keeping track of how much money a corporation receives and pays out. In other words, the

cashier is responsible for accurate cash register procedures, payment processing, and customer

interactions.

A typical cashier's key duties and responsibilities are listed below:

 Managing all of their workplace's cash transactions

 At the end of each day, balancing the everyday account
 Examining the cash balance on a daily basis
 Interacting with clients as they approach the counter
 Giving answers to all of their cash-related questions
 Checking for product prices and any discounts or special offers
 Organizing all of their work and keeping track of their records
  Noticing their supervisors of any inconsistencies they discover in the accounting.

To summarize, a cashier's job entails much more than just processing money; they represent the
organization's face and must be kind to all clients. They play critical responsibilities in ensuring
that the firm provides exceptional customer service, resulting in consumer goodwill and loyalty.
A company's performance and sales revenue can then be improved from there (Cashier Job
Description and Duties, 2021).

The Interrelationship between Accounting and Other Departments

Figure 5: The Interrelationship between Accounting and Other Departments

1)Accounting and Purchasing Function

Within an organization, the accounting function would be tasked with gathering and preparing
financial data in order to assist other departments and sectors of the company in making
decisions. As a result, we can see that accounting and other divisions in the organization have a
very apparent connection. The following are some examples:

A Purchasing Function will be in charge of placing and following up on client orders. The
accounting department manages it as follows (John and Franklin, 2020)
First, the accounting department will collaborate with the buying department to communicate
with suppliers and negotiate the company's credit terms. They will next consult with the
purchasing department to determine the appropriate pricing for products or services. They will
pay the vendors after they have found reasonable pricing. All budgeting information, such as the
number of orders placed, the number of items received, and so on, will be forwarded to the
accounting department for use in compiling financial statistics. Furthermore, the buying
department will discuss with the accounting department to determine the quantity of purchase
that the firm requires based on the specifics of inventory retained in-store. Ultimately, the
accounting department will construct the budget and confer with the buying department about
the amount to set as a target or benchmark. As a result, it is obvious that these two functions
have to collaborate closely with each other to come to a decision about the desired quantity of
goods that need to be purchased based on the inventory data.

Figure 6: Accounting and Purchasing Function

2) Accounting and Production Function

The Manufacture Department will plan and monitor the production of commodities, and it will
be interconnected to the Accounting Department in the following way:

The Production Department will compute the quantity of materials and time utilized by the firm,
then the accountant will assign monetary values to the expenses, which will be allocated and
absorbed to determine the cost of production. The accounting department will assist the
manufacturing department in determining the cost of manufactured products. Furthermore, they
will have to determine amongst themselves how to optimize both product quality and
company's earnings. Finally, the accounting department will offer information about available
inventory on hand to verify that the production department has enough raw materials (John and
Franklin, 2020)

3)Accounting and Marketing Function

In the following way, the accounting department collaborates with the marketing department.To
keep track of the budget, the accountant will first discuss the sales values of the company's items
with the marketing department. The accountant will assist the marketing department in assessing
the cost effectiveness of advertising processes and results. In addition, the accounting department
will supply information on the price that will be tracked to customers, and the marketing
department will use this information to establish the pricing based on market forces. Ultimately,
in order to establish market share, the accounting function will give the marketing department
with specific sales volume for each product or service (John and Franklin, 2020)

4)Accounting and service provisions

After selling items or delivering service, the company may offer after-sales services like repairs
or maintenance. As a result, the service department need the accounting department's
involvement on a variety of topics in order to budget for repair and maintenance services. The
accounting department will assist the service department in determining an acceptable charge-out
rate for customer services. The accountant will next offer an estimate of the expenses associated
with providing the service, which will be included into the service charge. Last, the accounting
department will have to use their expertise paired with detailed data to assess the extra
advantages to consumers, such as whether the costs associated with service providing are
creating benefits to customers or not (John and Franklin, 2020)

5) Accounting and Sales Department

Handling sales, matching orders, and producing invoices...all of these processes must be
recorded and linked so that consumers receive what they ordered and the appropriate bills. The
accountants are in charge of the following tasks during this procedure. The sales must first be
recorded in the general and receivable ledgers. The receivable ledger allows you to keep track of
what each customer owes you. Second, cash receipts will be matched to invoices. They will
generate frequent receivable statements and keep customer remittance advice in order to examine
and track delinquent debts. This information is critical for salespeople to determine whether or
not to continue selling on credit to that consumer (John and Franklin, 2020)

To successfully complete such cross-departmental responsibilities, accountants in each function

must possess the appropriate skills and competences. These elements are essential to establish a
smoother interaction between corporate divisions in order to improve job productivity and
contribute to the company's increased revenue.
a) Finance director (Five top qualities of a Financial Director, 2021)

1. Data presentation

The ability of a finance director to report on and properly communicate financial data is critical
to his or her success. To have a beneficial impact on an organization's strategy, a FD must be
able to interpret complicated data and use it to inform larger action planning

2. Business strategy

Financial insight will be generated from a strong knowledge base if a FD has a well-informed
perspective on the impact of internal operations, consumer demands, and industry factors. A
good FD is one who can think long-term and use commercial thinking to financial planning.

3. Future-proofing

Keeping up with industry trends and predicting how changing technologies will affect not only
the FD job, but the entire company. To shield the business from potential implications, a
Financial Director should build an up-to-date working understanding of new laws, regulations,
and compliance requirements.

4. Confidence and Communication Skill

Owning an excellent communication skill combined with a confident manner will help the
company’s FD can make constructive remarks on other divisions’ flaws in a tactful way to
improve the effectiveness of the business.

5) Team-building

An FD's skill set should include skilled structure and administration of a well-functioning
financial team. Employee retention is a major challenge for businesses. The FD is should
be responsible for not making the best recruiting decisions for the company, but also ensuring
that the finance team functions as a cohesive one.

b) Management Accountant (Evans, 2014)

1. Commercial Awareness

To communicate successfully with other departments and flourish in his sector, a Management
Accountant must have broad business skills, knowledge, and awareness of how firms and
industries work as a whole.

2. Up to Speed with Technology

It's about understanding, being able to utilize, and proposing technology to automate operations
that were previously done by hand. Any organization may gain substantial value by speeding up
procedures while maintaining or enhancing quality.

3. Delivery of Information

A Management Accountant should be able to collect data rapidly and precisely, as well as know
how to present relevant information to the appropriate audience. When producing or presenting
reports to senior management and non-finance personnel, this is very critical.

4. Collaboration

A Management Accountant must be able to demonstrate her ability to operate as part of a team,
both within your department and with those in higher positions and other departments. She must
acquire the appreciation and trust of colleagues throughout the board, especially if she wants to
engage in high-level decision-making.
c) Finance Controller (Financial Controller Qualifications & Skills, 2021)

1) Analytical costs.

The controller must be able to undertake cost analysis in addition to traditional financial
accounting.

2)Process optimization.

The financial controller must work to improve the efficiency of the company. This may be
accomplished by examining and revamping the company's business processes (following
protocols, interrelationships between departments, task structure, and so on) in order to
enhance operations.

3) Understanding the dynamics of the sector in which they perform.

This allows them to better comprehend the company's goals and make better judgments.

4)Leadership and team management

Financial controllers are responsible for leading big teams of finance and accounting experts and
ensuring that they carry out their responsibilities in accordance with the company's overall goals.

d) Treasurer (Treasury skills | The Association of Corporate Treasurers, 2021)

1)Technical skills
A treasurer must have the knowledge and skills to help define and improve corporate strategy
and business success. For instance, the ability to manage a company's cash flow and liquidity by
ensuring that it has enough cash to pay its obligations and achieve its short- and long-term goals.
2)Behavioral skills
It is critical for a treasurer to be able to:
Have the capacity to persuade people in the company to endorse a certain concept or plan of
action that might bring value to the company is crucial.
Work closely with employees from various sectors of the company to ensure they have the funds
they require to complete initiatives.
Work as member of a collective team to meet both the group's and the company's goals.
3)Accountability

A treasurer must be known as a trustworthy and accountable individual in order to gain the trust
and confidence of his or her employer and

coworkers.

e) Cost Accountant (Roy, 2020)

1. Strong accounting knowledge

As a cost accountant, you'll be responsible for everything from establishing fixed and variable
expenses to adopting various cost accounting methodologies. To do so, a cost accountant must
learn the principles of cost accounting, such as the matching principle, conservative principle,
matching principle, cost accounting analysis, and asset management.

2. Tech-savviness and technical proficiencies

Cost accountants need to be computer savvy since they are required to use a variety of
accounting software and tools. MS Excel, QuickBooks, Enterprise 21 ERP software, Wave
Financial, and Oracle are some of the most prevalent software and tools used by cost
accountants.

3. Communication collaboration and presentation skills

Cost Accountants may be required to collaborate with large teams, risk managers, stakeholders,
external vendor partners, financial accountants and other professionals, depending on the
product. As a result, mastering your business communication abilities and representation
strategies is essential. These abilities will aid them in making professional presentations and
developing more favorable customer connections, among other things.

f) Cashier (14 Essential Skills for Great Cashiers, 2021)

1. Basic math
To do a decent job as a cashier, you must be able to count, add, subtract, divide, and multiply.
When calculating change or dividing a bill into many payments, for example, basic math is
required. Employers will appreciate cashiers who can quickly exchange money for customers
without depending on the calculator.
2. Paying attention to detail
Being able to pay great attention to detail is a plus as a cashier, especially when it comes to
providing clients the exact change. This ability comes in handy while stocking shelves because
you must accurately report on product inventories and expiration dates.
3. Patience

Patience is a crucial cashiering quality that plays a significant role in your career. To make
customers feel at ease and improve their shopping experience, you must be patient with them.
Patience is essential when dealing with consumers who forget something mid-checkout and must
return to get it.
4. Conflict resolution

Conflicts between customers or coworkers may happen when you are working as a cashier. You
must be ready to intervene and use your problem-solving and critical thinking abilities to settle
the issue. All companies value the ability to deescalate varied circumstances and remain cool
under pressure while settling problems.

Accounting Role in Informing Decision Making of External Stakeholders

1)Creditor vs Lender

Creditor Lender

 A business that gives other  • An institution that lends money, such as

enterprises longer payment periods. a bank or another financial firm
 A shorter span of time  A longer span of time

Financial data is used by both creditors and lenders to make wise judgements.  Whether or not
the money will be returned by the borrower is the final decision that both creditors and lenders
must make. This is significant since lending money entails a degree of risk. Repayment risk is
the risk that money will not be repaid, which creditors and lenders analyze. In general, the longer
money is borrowed, the greater the hazard (Franklin, Graybeal and Cooper, 2021)

Although the past performance of a company cannot guarantee 100% its upcoming performance

(e.g.: the reimbursement of money borrowed), an existing pattern of business results based on
previous accounting data can assist creditors and lenders in determining how much money to
agree to give, how long to offer loans for, and how much interest to offer to the borrower.

Suppliers

Before giving products and services on credit, suppliers, like lenders, require accounting
information to assess their customers' repayment abilities to assess their credibility (Users of
Accounting Information (Internal, External, Examples), 2021)

Suppliers require accounting information from their important customers in order to determine
whether their firm is in good health, which is required for long-term growth. They can set up a
suitable credit limit and payment terms based on the accounting annual report of the enterprise.

Customers
They are the organizations' buyers of goods and services, and they are the organizations'
economic drivers. Customers rely on businesses for items and services for personal consumption
or resale, therefore accounting data is mostly used to assess the firms' capacity to meet their
demands as a long-term reliable supplier, or to determine if the company will endure
long enough in the market to fulfill its product guarantees (Kayode, 2021)

Competitors

Competitors are businesses or persons who sell comparable goods or services to many of the
same buyers. They are interested in the financial data of other companies in order to determine
how well it can manage competition and at what extent. What novel advancements and
adjustments have occurred in the products and services provided by the firm so that they might
adapt their strategy (Fazal, 2021).

Government (Regulatory and Tax Authorities)

Regulatory entities such as the stock market, as well as the government and numerous statutory
and tax agencies, make up the regulatory and tax authorities

They utilize accounting data to maintain track of the firm's compliance with all required
accounting principles, standards, laws, and regulations.  The ultimate goal is to maintain
corporate integrity and protect investors.  The tax department, as one of the collectors of
accounting data, ensures that corporations calculate taxes correctly (Internal, External,
Examples), 2021).

Owners and Managers

Because they are in control of the daily operations of the businesses, the managers are considered
as the agents of the owners. They effectively operate the companies by performing a wide range
of managerial duties such as planning and strategy development, evaluation, unit and personnel
administration, human resource management, and team building. Each of these responsibilities is
linked to the business's financial and economic structure, therefore managers and directors need
accounting information to assess if the organization is on track to meet its goals. If the plans are
not carried out, the executives will devise suitable measures and implement the right decisions to
help the company accomplish its objectives (Kayode, 2021).

Employees and their unions.

Employees are another group of stakeholders that are strongly reliant on the organization's
growth. Because their wages and incentives are based on their position and the company's
success, they need accounting data to determine if staying in one entity is worthwhile or
switching to another would be a wiser option. They want to know how much profit the company
made and how much may be dispersed to employees in bonus and premium payments.
Employees can contemplate grievances, strike, or make a complaint to supervisors to claim
benefits if the company's monthly sales and profit are extraordinarily large, but they themselves
have to undergo enormous work pressure while the monthly income is minimal (Users of
Accounting Information | Financial Accounting, 2021).

General Public

The general public, who may not have a direct financial interest in the business but who live in
the area where it operates, is interested in learning about its goals, operations, and potential
impact on their life. They want to know if the corporation is producing goods and creating jobs
for residents without causing major environmental damage. If a company has an issue, they can
sue the government to have the problem solved by the company's polluting operation (Users of
Accounting Information | Financial Accounting, 2021).

Investors

They might be existing investors, minority shareholders, or possible future investors,

Such people utilize accounting information to determine whether the business can guarantee a
beneficial amount of profit and for how long the funding can remain lucrative, taking into
account related factors such as how the management is using the equity invested in the business
and the company's overall financial health. Accounting data is used by investors to decide if a
certain investment is a suitable fit for their portfolio and whether they should keep, increase, or
decrease their holdings (11 Users Of Accounting Information | Accounting Simplified, 2021).

5.5 Differences between Manual and Computerized Accounting (G, 2021)

Computerized Accounting
Manual Accounting

Definition Manual accounting is a sort Computerized accounting is a

of accounting information
system that we keep track of
each financial transaction
using a physical diary,
ledger, or piece of paper.
technique in which we retain digital
records of all monetary transactions
using a computer and various
accounting programs and softwares.

Data Entry Transactions are stored in all
of the books of the
enterprises at various levels
of financial data entry before
being manually processed
into ledger accounts.
Financial data is basically input once
in a computerized accounting
system, and it is then automatically
and precisely transmitted to all
necessary books.
Ledger Accounts Information is captured two
times in manual accounting.
Data is then transferred to
ledger accounts after the
physical journal has been
checked.
Trial Balance Following the establishment
of ledger accounts, we must
gather information on all
ledger account balances in
order to generate a trial
balance to generalize the
findings.
Financial Statements The financial statements for
the balance sheet and income
statement must be prepared
using the trial balance.
Pace Manual accounting takes a
lot of time to produce data
set since everything is
carried out manually, from
data entry to report
preparation.
Precision There are increased risks of
faults in a manual
accounting system, such as
arithmetical blunders and
misplaced figures.
The information is analysed
automatically in categorised ledger
accounts in the computerized
accounting information systems.
To obtain a trial balance, there is no
need to create ledger accounts. To
generate the balance report, the input
in each trade is automatically
processed.
Nevertheless, it is unnecessary to
prepare financial statements with a
computerized accounting system
because these statements are
generated automatically utilizing the
data that was previously saved.
Computerized accounting systems
end up saving an inordinate amount
of time and produce data
significantly faster than manual
accounting methods. Following the
entry of data, the ledger, trial
balance, financial statements, and
report creation are all automatically
generated.
There are less risks of processing
mistakes with a computerized
accounting system. If the input is
right, the result will be accurate as
well.
Data Storage It entails storing financial It entails the safekeeping of financial
data in a huge number of information in well-
books. planned databases.

Data Recoveries Manual data recovery is Because all documents are saved in

laborious and time-
taking since a large number
of journals must be sorted
through, and they may
degrade as time passes.
digital form in the database and all of
the data can be backed up,
recovering data is considerably
simpler.

Cost Manual accounting is far less Accounting software is costly to

expensive than automated purchase, and the system must also
accounting and only requires be maintained. Other materials, such
basic supplies such as a pen, as photocopiers, sheets, and inks, are
sheet, and diaries. also required.

5.6 Advantages of IT Application in Accounting or Reasons for choosing IT as a supporting

tool for accounting
The capacity of businesses to design and use computerized system to monitor and archive
financial transactions has had the greatest influence on accountancy. Computer systems that can
swiftly present individual transactions into financial reports have replaced paper ledgers, manual
spreadsheets, and handwritten financial statements. Most major accounting systems may be
customized for individual sectors or businesses. This enables businesses to rapidly and simply
develop specific reports for managerial decision-making. Not only has IT reduced the time it
takes to deliver financial data, but it has also enhanced the information's overall efficiency and
effectiveness. We can see some of the benefits that IT offers to accounting work from the
characteristics of the computerized accounting system discussed above. The following are some
explanations and expansions to the numerous advantages that IT provides to accounting (The
impact of Information Technology (IT) on modern accounting systems, 2011).
1) Business Data Is Immediately Available
Cloud computing stores company data on a secured network server. When an accountant
implements cloud technology, the company owner gets instant access to all accounting data via
his computer. Any credits or debits that any party has made or noted down are instantly
accessible for scrutiny. Such an accessibility helps the managers to quickly and timely evaluate
the critical financial data they need to conduct their operations (Leonard, 2019).
2)Accuracy Improvements
Before financial statements are generated, most computerized accounting systems involve
internal check and balance methods to guarantee that all transactions and account information are
correctly balanced. When journal entries are posted, computerized systems will not allow them
to be out of balance, assuring those individual transactions are accurately documented. The
accuracy of financial data is also improved by restricting the number of accountants who have
admin rights to it. Because accountants have less access to financial data, only proficient
supervisors may implement alterations (The impact of Information Technology (IT) on modern
accounting systems, 2011).

3)Improvements in Software Applications

Accounting and tax software developments have simplified the accounting and filing of the
return’s procedure. Most accounting software connects with most company tax operating
systems, allowing for easy segmentation and categorization of data into the proper tax groups.
This not only speeds up tax preparation but also improves accuracy. Once the data in the
accounting system is properly classified, the information submitted into the tax software will be
precise (Leonard, 2019).
4)Mobility & Travel Time Savings
Many small-business owners may not require a full-time accountant on staff. A virtual
accountant may be as successful as an in-person accountant thanks to the internet and
developments in information technology. This method of doing business cuts down on costs and
travel time. Business owners save money because information technology allows accountants to
access financial data without having to travel, reducing expense (Leonard, 2019).
5)Processing Time Reduction
Accounting software that is computerized allows accountants to process vast volumes of
financial data rapidly. Individual transaction processing speeds have become faster, reducing the
time required to close off each accounting quarter. Closing times at the end of the month or year
can be particularly draining on accounting departments, resulting in longer hours and greater
personnel costs. Shortening this time period helps businesses control costs, which improves
operational productivity and performance (The impact of Information Technology (IT) on
modern accounting systems, 2011).
6) Security
Computer information is supposed to be secure. This is because passwords may be used to limit
access to information. Furthermore, with certain accounting software with multi-user features, it
is simple to track which person made which transaction. This lowers the likelihood of fraud
(Benefits of ICT in accounting, 2021).
7) Information storage capacity and ease of use
Computers offer practically limitless storage capacity for data on hard drives, servers, portable
devices, and even the internet. These take up relatively little space and can store data for years.
Furthermore, data may be preserved by creating backups (retaining the same documents on
multiple disks). The usage of computers decreases the need for file cabinets significantly
(Benefits of ICT in accounting, 2021).
4.1 Explanation of Accounting Branches
4.1 Explanation of Accounting Branches (John and Franklin, 2020)
The professional body of accounting has grown over the last 100 years to include six primary
branches and a number of key sub-branches, including financial accounting and reporting,
management accounting, auditing, taxes, financial management, and bankruptcy and liquidation.
So, what does each branch stand for? As seen in the diagram above, we have six major branches.
Let's define each position, as well as the tasks and obligations that come with each position.
Financial Accounting (FA) is the process of collecting, evaluating, summarizing, and reporting
financial information. Accounting rules and regulations oversee this process, which include
notions, principles, accounting standards, and legal requirements.
Accounting's major goal is to provide historical data in order to report a company's financial
performance and financial status. And, because businesses must disclose their financial
performance and financial condition to others, the financial accounting function is essential in
every firm.
This branch, as shown in the diagram, encompasses financial accounting and financial reporting.
There is, however, a distinction between these two names. If financial accounting is regarded of
as a process that culminates in the preparation of financial statements, financial reporting is a
continuation of that process. It is in charge of assessing, presenting, and augmenting the
information included in the financial statement to those who require it.
Management accounting is the second branch. Management accounting is a management system
that analyzes data in order to offer information for managerial decisions such as planning,
regulating, funding, governing, and strategic development. The fundamental goal of management
accounting is to assist managers in controlling and planning for the economic resources of the
entity inside the firm. As a result, we can perceive the distinction between financial and
managerial accounting. It is optional to utilize management accounting (unlike the financial
accounting which is mandatory). It is dependent on the requirements of the management.
Other accounting branches entail taxation, financial management, auditing, bankruptcy and
liquidation.
What is taxation? (John and Franklin, 2020)
Taxation is a section of accounting that involves tax activities such as calculating the amount of
tax due and coordinating with the tax authorities to report and place the tax imposed by law.
Typically, a tax accountant will try to decrease the amount of tax owed in a lawful manner. Tax
avoidance is the accounting term for this strategy. Tax avoidance is a type of accounting
practice. It is the decrease of a person's or company's tax liability using legitimate means. It's not
the same as tax evasion, which is an illegal business practice aimed at concealing the source of
money that must be taxed. And a skilled tax accountant must understand what is legal and what
is not when it comes to manipulating tax returns.
Financial management is another branch. Financial accounting is a subset of accounting that is
extremely specialized. It has to do with establishing financial objectives, formulating plans based
on those objectives, getting the necessary financial resources to carry out the plan, and usually
reserving the entity's financial resources. The majority of financial managers in a business are
department heads, such as the CFO (Chief Financial Officer).
What is Auditing?
Auditing is the act of investigating and analyzing an entity's system control and records in order
to determine if the entity's accounting procedures were functioning properly or whether the
financial account was represented in a trustworthy and fair manner (Forensic Accounting, 2021).
Bankruptcy and liquidation, often known as forensic accounting, is the final branch. The
examination of fraud or financial manipulation by exceedingly extensive study and analysis of
financial data is known as forensic accounting.  Embezzlement, fraud, insolvency, divorces,
Insurance claims, skimming, and any other sort of financial theft are all common reasons for
forensic accountants to be recruited (Forensic Accounting, 2021).
This procedure includes examining frauds in order to determine the root reason and devise ways
to address the entity's money troubles while also avoiding potential frauds.
The job of forensic accounting differs from that of financial statement audits. The primary goal
of auditing is to ensure that the financial statements present a true and fair picture in all material
respects. As a result, the independent auditor is responsible for designing and carrying out audit
procedures that are sufficient in scope and content to detect material misstatements in the
financial statements. The scope of forensic accounting extends beyond financial statement audits
(Forensic Accounting, 2021).
Forensic accountants are interested in the nature and cause of errors, with the ultimate purpose of
detecting fraud. They use documentary and interrogating evidence to determine who, what,
when, where, how, and why mistakes and frauds happened or may occur, and then provide
advice on how to correct and prevent such actions. Furthermore, the findings of forensic
accounting can be used as evidence in civil or criminal cases against culprits (Forensic
Accounting, 2021).
4.3 Key Skills and Competencies required for each role
4.4 Accounting Career Opportunities
4.5 Roles and Responsibilities for positions in Accounting and Finance
Branch of Career Job Description Roles and Responsibilities Skills, Competencies
Accounting Opportunitie Required and Explanation
s
Financial Financial A Financial Accountant is
Accounting Accountant in charge of an
organization's accounting
and financial operations.
They examine the
company's financial
soundness and give
financial data to other
departments, allowing them
to make budgeting and
investment judgments.
Costs, productivity,
margins, and firm
expenditures are all reported (Financial Accounting
by a financial accountant
(Financial Accountant job
description and duties |
Robert Half, 2021).
Controller A controller is a staff or
employee that usually
oversees the accounting
department and is in charge
of accurate financial
statement and budget
development, as well as
managing expenditures and
cash flow management. In
other words, this is the
person in charge of making
decisions on how corporate
Keep track of
company's finances
Assist in the preparation of
tax returns in compliance
with applicable rules and
regulations
Prepare financial statements
on a weekly, quarterly, and
yearly basis
Gather, analyze, and report
financial information
Assist with responsibilities
such as budgeting and
audits
Overview and Careers -
Accounting.com, 2021).
All accounting
operations, such as
accounts payable and
receivable, are under
controller's supervision.
Retain and track
investment-related
financial data.
Internal accounting
policies and processes
should be established by
controller.
A Financial Accountant is
required to have:
=) Great
business awareness - the
ability to comprehend your
company, its activities, and
the individuals that guide it,
as well as where you fit
within the company and
where you can add the
greatest value.
=) Attention to details: This
skill is not just being able to
notice mistakes but also
being able to see where
things might be improved.
=) Integrity: To gather,
record, and report data, a
financial accountant must
be completely honest. If
they change the data at will
for fraudulent purposes, the
company will suffer huge
losses.
=) Interpersonal
Communication: A
financial accountant must
have this skill in order to
work effectively with other
departments in the company
(Considering a career as a
financial accountant?,
2021).
A Controller is required to
have:
=) Working knowledge of
accounting software
Controllers are usually
required to deal with
accounting software and
within-firm financial
systems by their employers.
Many of the controllers'
everyday responsibilities
rely on the use of
accounting processes are
carried out in a firm (What
is a Controller? - Definition
| Meaning | Example, 2021).
Generate financial technology, thus they must
statements and have a thorough grasp of
accounting reports. how to utilize these apps.
Ensure that all tax =) Exceptional
regulations are met. organizational and detail-
Manage a group of oriented skills
individuals involving Controllers build corporate
accountants and strategies for their firms
assistants (Financial using data regularly. As a
Accounting Overview result, organizational
and Careers - abilities are essential for
Accounting.com, 2021). storing financial records
and paperwork in a
business. Furthermore,
controllers' keen attention
to detail enables them to
spot and remedy any
misstatements, mistakes, or
other inconsistencies in
their business's financial
records.
=) Ability to communicate
properly and clearly
As a controller, you'll need
to be able to cooperate with
departments, make
comments, and listen to
executive orders.
=) Problem-solving
abilities, critical thinking,
and analytical skills
Controllers deal with
complicated financial
procedures and rely on their
abilities to assess problems
and come up with solutions.
A corporate controller in
charge of a company's tax
procedures, for example,
could launch an internal
audit to address concerns
with financial inaccuracies
in the reports
(Controller Job Description:
Necessary Skills and Salary
| Indeed.com, 2021).
Financial Financial managers have an
Manager extensive range of
responsibilities, and what
financial managers do
largely depend on the type
of organization. In a small
business, a financial
manager may be responsible
for the entire financial
operation, while in a large
corporation, a financial
manager may be more likely
to specialize in a particular
aspect of finance, such as
financial reporting or cash
management (What Does a
Financial Manager Do?,
2021).
Desired outcomes and A Financial Manager is
decisions are discussed required to have:
by financial =) Leadership skill:
manager with top Finance managers' main job
corporate management is to work with
and clientele. employees as part of a
Make financial team, and they often have
statements, predictions, extensive experience
and reports. directing finance teams.
Ensure that all financial Managers understand
rules and regulations are approaches to increase
followed. efficiency and production
Manage a team of while keeping faith in their
accountants and abilities to lead the business
assistants' tasks and ahead.
functions. =) Problem-solving skill:
Complex financial Financial managers are
analysis should be good at taking action and
communicated to firm seeking answers, whether
executives and external it's assessing a plan or
audiences by financial estimating the risks of a
manager (Financial venture. Managers
Accounting Overview should have a thorough
and Careers - awareness of the
Accounting.com, 2021). corporation's economic
objectives and can devise
effective strategies for
achieving those objectives
without risking the
company's success.
=) Technological expertise:
 Effective financial
managers are tech-savvy
and know how to use a
variety of tools and
applications to their benefit.
=) Independent working
ability:
Competent financial
managers don't require
much supervision since
they know what has to be
done as well as how to
achieve the organizational
objectives. Finance
managers that are good at

Manageme Chief A company's leading
nt Financial financial position is held by
Accounting Officer the chief financial officer
(CFO) (CFO). They are in charge
of monitoring cash flow and
budgeting, as well as
assessing and suggesting
mission and strategy based
on the company's financial
strengths and limitations
(Ali, 2021).
what they do can prioritize
duties, but they also can
inspire people to work
individually (Finance
Manager Skills: Definition
and Examples | Indeed.com,
2021).
Take charge of all A Financial Manager is
financial activities. required to have:
Investing and raising =) Problem - solving skill:
funds Because a CFO must make
Management of risks little and major decisions
Creating a budget daily that influence the
Ascertain regulatory direction of the business.
compliance and provide a
report to the board of =) Strategic vision and
directors leadership capabilities:
Participate in high-level
asset administration and In order to build a strategic
strategic planning solution, a competent CFO
decisions. must constantly look at a
Oversee the offices of situation objectively. To
human capital, finance, display his leadership
and other departments abilities, he must also be
inside a company. proactive in developing and
executing strategies.
=) Financial Accounting,
Cash Management, and
Corporate Finance
Expertise
A CFO must also have cash
management abilities and
the capacity to control the
financial department, in
addition to the
responsibilities listed
above.
=) Strong Working Ethic
 A CFO has to be willing to
work overtime while still
producing accurate
outcomes. When it comes

Accounting Accounting managers are in
Manager charge of overseeing the
tasks of the accounting
department, with an
emphasis on ensuring the
timely and correct delivery
of financial accounts and
reports. Accounting
managers often have
numerous direct reports and
seek to equally distribute
jobs around the team.
Accounting managers are in
charge of boosting team
performance and
maximizing individual
contributions.
to business, a CFO must
interact with other
managers and other
stakeholders in order to
acquire their trust and
fellowship.
=) Reliability
A CFO is under a lot of
strain, and one of the
qualities he must have is the
ability to perform reliably
under pressure. He must
provide timely and accurate
information and be
prepared to take the efforts
necessary to create good
outcomes. A competent
CFO is open-minded and
prepared to embrace change
while also knowing how to
get things started
(Philippines, 2014).
Creating and/or An Accounting Manager is
evaluating the required required to have
ledger entries and bank
reconciliation =) Leadership Skill
Collaborate with external Accounting Managers have
auditors to ensure to guide their divisions,
accurate and timely year- communicating with
end closing and managers to debate the
reporting. organization's objectives
Keeping the general and developing strategies
ledger system working for staff accountants to
properly achieve these aims.
preparing monthly, =) Communication Skill
quarterly, and yearly To fulfill goals and govern
financial statements; their department,
when needed, aiding with accounting managers must
regulatory reporting communicate successfully
Investigating accounting with executives and
concerns in order to employees. As a result, they
ensure compliance and must be able to
coordinating the communicate effectively

Cost analysts Cost analysts
analyze business
expenditures and produce
management reports.
Manufacturing is a typical
industry for cost analysts, as
they are required to audit
production costs. A cost
analyst's major
responsibility is to collect
and evaluate financial data
(such as inventory
purchases and labor
expenses) in order to
identify inefficiencies. They
can predict production costs
and follow frequent cost
changes as a result of new
goods and procedures (Cost
analyst job description,
2021).
budgeting process both verbally and in
Manage employee writing.
performance, create =) Management Skill
objectives, provide Accounting managers must
continuing training, and have good management
build excellent employee skills in order to properly
connections to help them supervise their accounting
grow. teams. They oversee team
Accounting personnel are tasks to ensure that the
hired, trained, and group achieves the
supervised by accounting organization's objectives.
manager (Accounting
Manager, 2021). =) Planning Ability
Accountants contribute to
their organization's long-
term goals at the
management level by
recommending solutions to
increase efficiency and
reduce expenses, which
necessitates good planning
abilities (How to Become
an Accounting Manager,
2021).
Collect and evaluate A Cost Analyst is required
financial information to have:
Determine standard
=) Education Background:
expenses and compare
To work as a cost analyst,
them to real costs.
you'll need a bachelor's
Prepare thorough reports
degree in accounting or a
on a regular and ad-hoc
related subject.
basis.
Assist management in =) IT Skill: You must be
making key cost-benefit capable of using software
choices related to market applications such as
growth, Microsoft Excel and
investments, pricing PowerPoint, and also
changes) database information.
Set up and manage
budgets, as well as keep =) Communication Skill:
track of spending. Cost accountants need
Conduct financial to have good
process and transaction communication abilities so
audits. that they can clearly
Changes in procedures or transmit information in

Budget Budget analysts, as the job
Analyst title implies, assist large and
small businesses in staying
on track with their finance
by keeping a balanced
budget. They assist in the
organization of the
company's finances by
preparing regular financial
reports, communicating
with executives on
financing requirements, and
evaluating budget decisions
for special initiatives or
one-time spending (Brooks,
2018).
techniques are tracked by
the cost analyst to
determine their impact on
total costs.
Calculate the expenses of
current and new items.
Process, labor, and
inventory expenses are
forecasted and analyzed.
Suggestions for cost-
cutting or lucrative ideas.
Carry out a thorough
market research to help
business owners and
managers plan their
business prospects (Cost
analyst job description,
2021).
Budget proposals and
financing requests are
assessed by the budget
analyst.
Developing a budget in
collaboration with project
management.
Carry out Cost-benefit
assessments to define the
value.
Accepting or rejecting
proposals for financing.
Checking to see if budget
suggestions are
compliant with rules.
Defending budget
suggestions in the face of
management opposition.
Working with
management to develop a
final budget agreement.
Spending is being
tracked by the budget
analyst to ensure that it
stays under budget.
both textual and spoken
formats.
=) System Evaluation Skill:
They can effectively
traverse through a
company's financial
systems, such as the
general ledger, sales, and
inventories, to determine
the data's limitations (Cost
Analyst Job Description,
Duties, and
Responsibilities | Job
Description and Resume
Examples, 2021).
A Budget Analyst is
required to have:
=) Reading Comprehension
Skill:
Budget analysts have to be
capable of grasping written
words' meaning and
context. When investigating
trends and statistics,
reading articles published,
or coping with internal
communications,
professionals in the area
need reading
comprehension abilities.
=) Technology Skill:
Budget analysts with
technology capabilities can
execute everyday chores
swiftly and effectively. To
access and enter data,
process information, do
calculations and interact
with others, budget analysts
employ a variety of devices

Auditing Internal Accounting specialists that
Auditor advise firms on financial
integrity, internal control
systems, and regulatory
compliance are known as
internal auditors. They
review and enhance the
organization's operational
methods, as well as its
financial and risk
management systems
(Internal Auditor Job
Description, 2021).
Forecasting and and software.
estimating future =) Writing abilities:
financial requirements Budget analysts must write
(Budget Analyst Job technical material in a way
Description, 2021). that the targeted
stakeholders can
understand.
=) Math skills:
Most budget analysts will
require arithmetic abilities
as well as the ability to
operate software such as
excel, financial analysis
packages, and database
functions.
=) Analytical abilities:
Budget analysts must be
able to handle a wide range
of data, weigh costs and
benefits, and solve difficult
issues (Budget Analyst,
2021).
Determine and evaluate An Internal Auditor is
areas of high business required to have:
risk. =) Skills in managing risk:
Follow appropriate Internal auditors'
internal audit statements fundamental goal is to
when implementing best lower the total performance
auditing and business and operational risks to
strategies. which the enterprise may be
Organize resources and exposed. This necessitates a
perform audits. deep grasp of risk
Try to mitigate all management concepts and
business and financial how they are used in
risks by implementing practice. They are required
and monitoring controls to not only recognize but
effectively. also mitigate hazards.
To ensure Internal audit =) Problem-solving Skill:
policies and processes be On a daily basis, internal
developed, implemented, auditors may encounter
and maintained in difficult issues. Consider
compliance with the following scenario:
domestic and you've discovered an
international best operational fault and need
practices. to design a strategy to
Prepare and carry out the prevent and regulate it in

External A public accountant who
Auditor does audits, reviews, and
other work for his or her
customers is known as an
external auditor. Because an
external auditor is self-
governing of all customers,
he or she is in a strong
position to assess the
financial statements and
internal control systems of
those companies
objectively. Members of the
investing community and
creditors who require an
independent assessment of
yearly Internal Audit
plan.
Conduct ad - hoc basis
investigations of hazards
that have been identified
or reported.
Ensure that risk-based
audits of operational and
financial processes are
carried out.
Ensure that Management
or Risk Boards get
comprehensive, precise,
and well-timed audit
evidence (Internal
Auditor Job Description,
2021).
Financial statements and
accounts are evaluated
for correctness and
adherence by the external
auditor.
Internal systems and
activities are investigated
by the external auditor.
Approaches to risk
management are being
evaluated.
If required, conducting
audits for other
departments.
Errors and fraud are
reported.
the years to come.  To
address such problems,
creative thinking and the
capacity to draw on past
experience are required.
=) Accounting competence:
Accounting experience is
usually desired, as the
position of internal auditors
is quite similar to that of
accountants. Most internal
auditors have a background
in accounting or even
professional accounting
credentials as a result of
this.
=) Project management
skills:
Internal Auditors have to
shoulder an overwhelming
amount of tasks and
projects. In order to
properly plan, conduct, and
report on these audit
missions, internal auditors
must be proficient in
project management skill
(Internal Auditor
Qualifications & Skills,
2021).
An External Auditor is
required to have:
=) Supervisory Abilities:
In order to lead and manage
people successfully in a
demanding and complex
environment, an External
Auditor must nurture,
enhance, and polish
management and
supervisory skills.
=) Skills in Appraisal and
Evaluation:
An External Auditor must
devise a rigorous evaluation
process that includes rules
 an organization's financial
statements appreciate the
audit views (Bragg, 2021).
Audit Internal operational controls
Manager and procedures
management are the
responsibilities of audit
managers. They may also
suggest adjustments and
improvements to existing
policies and controls to
ensure that they are updated,
sufficient, functioning, and
used in compliance with
state and business
requirements. Certain audit
managers will supervise a
group of younger auditors
or accountants, assessing
Reporting on results and for delivering comments
providing feedback and disciplinary processes
(External Auditor Job to encourage employee
Description, 2021). reward and recognition
after a correct evaluation
and appraisal methods.
=) Deadlines - On time:
An External Auditor must
be able to manage deadlines
by prioritizing the work that
is assigned to workers
based on the importance of
the projects and how
quickly they must be
completed and delivered.
=) Innovation:
An External Auditor should
integrate innovative
thinking into their firm to
help save time & expense,
providing them a
competitive edge in today's
industry, as well as
producing more efficient
procedures and concepts
with a higher chance of
success (Skills needed to be
an external auditor -
EMPLOYEEPEDIA,
2021).
Organizing and carrying An Audit Manager is
out operational and required to have:
financial audits =) Concentration Ability:
Creating audit-related Concentration Capacity is
references and reports what an audit manager
and presenting these requires in order to avoid
ideas to management mistakes and keep the audit
Identifying dangers to on track.
business processes =) Skills in investigation
Creating professional and inquisitiveness:
development methods for The role of audit managers
the organization's lower- necessitates extensive
level employees investigation or research.
Organizing and This necessitates the
dispersing labor and capacity to ask innovative
resources in accordance and results-oriented
 and advising them on their
work (Audit manager job
description | Parker +
Lynch, 2021).
Financial Insurance An insurance manager,
Manageme Manager often referred as a risk
nt manager, evaluates a
company's financial health
and performance of liability
and loss potential, as well as
overseeing its insurance
plans and dealings. An
insurance manager is
required to analyze
company choices from a
risk perspective, remain up
to date on industry rules,
and provide lawsuit counsel
with capabilities and inquiries in order to assist
timetables them and their team in
Generate reports achieving auditing
highlighting issues and objectives.
suggesting potential =) Relationship building
solutions. Skill:
Ensure compliance with It is essential for audit
both external and internal managers to conduct some
standards (Job role: supervisory duties to ensure
Audit Manager - that they and their team
Accountancy Age, 2019). accomplish the desired
outcomes. Therefore, It is
critical that they have
strong relationship-building
abilities in order to
efficiently arrange and
incorporate all members
into the auditing process.
=) Business shrewd:
Any money-making
endeavor in which audit
managers participate needs
fundamental financial
acumen or understanding.
Having business savvy will
provide them a logical mind
to go over the text of
various documents and
make decisions (Top 15
Audit Manager Skills to be
Effective in Your Career,
2021).
In an insurance situation,
managing operational An Insurance Manager is
processes. required to have:
Developing and
executing policies that =) Negotiation and
enable your insurance communication abilities:
firm to work as a unit.
Examining corporate They will deal with a wide
performance to find areas spectrum of people in the
where individual workers insurance industry, from
and divisions may finance specialists to those
enhance efficiency. with little or no financial
Communicating with expertise. As a result, one
insurance brokers of the most significant
 (What Are Popular Careers
in Financial Management?,
2021).
Investment An investment manager
Manager studies financial markets
and counsel customers and
businesses on the best assets
and securities to invest in,
such as shares, bonds, and
real estate. An investment
manager, also known as a
particularly to guarantee
that staff who interact abilities an insurance
with policyholders face manager can have and
to face portray the develop is the ability to
organization in the best adjust their communication
possible light. approach to a range of
As part of continuing risk audiences in order to
management duties, effectively present
identifying and reducing complicated, sometimes
dangers. technical material.
Organizing data and
producing user-friendly =) Analytical and problem-
reports that can assist solving ability:
executives in identifying
corporate development, Most companies will
regression, and examine their employees'
production swings. problem-solving abilities by
Reviewing insurance looking at how insurance
policies on a regular executives could handle a
basis to ensure that case study or assessment
policyholder demands are center activities.
met.
Taking care of any =) Mathematics Skills:
claims investigations that
may arise. Although a numerical
Controlling the degree is not required to
company's finances to operate in the insurance
ensure that all industry, some numerical
departments get their fair skill is required for this
share of the budget position. Understanding and
(What Does an Insurance working with numerical and
Manager Do?, 2021). graphical information,
drawing conclusions, and
successfully explaining
your results are all
examples of numeracy
abilities (McSween, 2021).
Perform necessary due Investment manager is
diligence to verify the required to have:
long-term worth of assets =) Tenacity:
and validate that they are Persistence and
in accordance with the determination are required,
plan's investment not only to keep the
requirements; investment manager
Handle all contractual working through long
 fund, wealth, portfolio, or
asset manager, is required to
have a solid understanding
of domestic and worldwide
financial markets, as well as
investment funds (What Are
Popular Careers in Financial
Management?, 2021).
Financial A financial analyst is
Analyst someone who offers
business suggestions for an
organization based on
assessments of industry
trends, a company's (or
firms') financial position,
and the expected results of a
certain type of transaction.  in decision-making.
Analysts are figures
professionals who are
comfortable reading data to
make judgments based on
that evidence. They usually
have a commercial,
financial, or accounting
education (What Is a
Financial Analyst? | Career
Advice & Interview Tips |
agreements and working hours but also to
associated activities help you stay focused on
required to complete tough tasks and prospects.
acquisitions and/or loan =) Strong Understanding of
terms; the business world
During the investment's As an investment manager,
life, oversee both some of your judgments
portfolio and asset will be based on gut
management obligations; instinct, thus your business
Develop suitable long- instincts must be extremely
term investment plans; sharp. You don't need a
Oversee all areas of the degree in business, but you
property's leasing, will need a solid grasp of
financing, upkeep, and how businesses and markets
redevelopment; interact (Key skills & how
Develop assessment to demonstrate them in
models in order to Investment & Asset
provide the plan with Management, 2021).
reliable data about the
worth of its investment.
Supervise all disposal
activities; and optimize
the asset's value
(Investment Manager
Responsibilities -
QPAM.com, 2021).
Financial planning, A Financial Analyst is
reporting, and functional required to have:
metrics monitoring are
=) Decision-Making
all tasks that must be
Ability:
completed.
Examine the financial The finance business is
information and develop always changing, which
financial models to assist means financial analysts
must keep up with the
Prepare for frequent changes and be updated at
leadership assessments all times. A smart financial
by reporting on business analyst ought to be able to
performance. make appropriate decisions
Review previous on the fly in order to keep
findings, do variance his or her customer ahead
analysis, spot patterns, of the game. He or she
and give constructive should be able to deal with
suggestions for change. difficult issues as they
To guarantee reliable emerge. E.g.:  Finding the
 WayUp Guide, 2021).
Taxation Tax Tax accountants are vital
Accountant members of the financial
sector, especially for
business proprietors. Tax
accountants generate tax
returns for individuals and
businesses, as well as
assisting clients in
financial statements, ideal firms for a merger.
collaborate hand in
=) Research Skill:
hand with the accounting
staff.
Compare and analyze The most significant
actual outcomes with component of an analyst's
plans and estimates to daily job is conducting
assess financial success. research. This is as there
Establish and enforce will be no scope for
policies and processes analysis unless the right
that guide the cost information is obtained
analysis techniques. utilizing adequate research
Analyze patterns and abilities. As a result, this
projections and provide talent necessitates a
recommendations for thorough comprehension of
improvement. the problem or
Recommend actions circumstance, followed by a
based on data analysis list of all needed questions,
and interpretation, as and last, identifying the
well as comparison solutions.
studies; research
recommended technique =) Communication and
and material Writing Skill
improvements (Financial Good writing and spoken
Analyst Job Description, skills are necessary for
2021). financial analysts, as is the
ability to express
complicated financial
terminology in simplified
way. In reality, analysts
must represent their
company in front of
customers, therefore they
must be assured in their
writing and speaking
abilities (9 TOP SKILLS
FOR FINANCIAL
ANALYST, 2021).
Compile tax returns,
reimbursements, A Tax Accountant is
documentation, and required to have:
reports as needed.
To find answers to =) Credibility:
challenging tax They require to have this
situations, assess and quality to accurately display
investigate them. data on reports in
 completing the necessary
tax papers (Tax Accountant
Career Overview, 2021).
Tax Specialists that expertise in
Consultant tax legislation and financial
consulting are known as tax
consultants. They help
customers with income tax
returns as well as a variety
of financial issues such as
trust, estate, and pension
taxes. They must also keep
up with the latest tax laws
and legislation, both at the
state and federal levels
(Houston, 2021).
Maintain and manage the accordance with tax rules
tax data for the firm. and regulations.
Calculate tax savings and
suggest profit-boosting =) Personality Qualities:
methods. Another key talent for a
During audits, provide successful tax accountant is
assistance and direction. the ability to persuade
Examine tax rules and strangers to believe you
make recommendations with their most private
for initiatives that will information, such as their
reduce the tax burden. money. To do this, you
Keep track of tax trends must be as approachable
and developments in the and amusing as possible.
sector. You may develop a long-
Prepare correct tax lasting friendship through
reports on a quarterly and forming genuine
annual basis (Tax connections with others.
Accountant Job
Description, 2021). =) Detail Orientation:
When working with tax
legislation, you must pay
close attention to every
word and not gloss over
specific terminology that
may appear insignificant. If
you make basic mistakes
frequently, you will have
dissatisfied clients, and
your work will be riddled
with flaws and taken lightly
(Top 7 Tax Accountant
Skills to be Best on the Job
| Job Description and
Resume Examples, 2021).
Assisting firms and
people in developing tax A Tax Consultant is
strategies and planning required to have:
for their growth in the
financial sector =) Planning skills:  As jobs
Counseling and continue to come in, so
advising customers to does the requirement for
give tax legislation them to be completed as
assistance, such as quickly as feasible. It's
ensuring enterprises and because every business
assets are appropriately understands the value of
organized to minimize time and the consequences
taxation. of wasting it.

Forensic Investigative Investigative auditors are in
Accounting Auditor responsible for
clarifying and verifying
business transactions in
accounting field and
corporate organizations
(Green, 2021).
Design Employee
incentive plans, such as
company stock,
shareholding
partnerships, tax-efficient
personnel perks, and the
establishment of
employee benefit belief.
Providing advice on all
elements of real estate
transactions, including
overseas property
acquisitions and the use
of tax-efficient
arrangements in real
estate purchases, such as
the effective use of
corporations and co-
ownership forms.
Calculating tax liabilities,
guaranteeing effective
and timely compliance,
and filing tax returns and
related paperwork by the
proper dates (Tax
adviser/consultant,
2021).
Perform or oversee the
review of a range of
financial organization
documents.
Reestablish financial data
to assess whether or not
fraud in financial activity
actually occurred.
Investigate and identify
the true ownership and
whereabouts of assets
such as real and personal
estate.
Locate and track out
hidden assets and/or
funds.
Investigate the sources of
=) Ability to interpret
complex tax laws:
It is critical that you grasp
these complicated
regulations and know how
to effectively interpret
things for the benefit of an
organization. You won't be
able to make a clear
explanation to the
organization unless you
comprehend these laws.
=) Customer service skills:
When you take the nature
of your profession into
consideration, you'll realize
this capacity is extremely
vital as if you're impatient
and can't keep your cool
while explaining things to
organizational
stakeholders, you're more
likely to lose customers
than you think (Top 15 Tax
Consultant Skills to Stay
Top of Your Career, 2021).
An investigative auditor is
required to have
=) Great analytical skills to
examine expense orders,
vouchers, and bills to
identify fraudulent cases.
=) solid arithmetic
capabilities for calculating
and interpreting numbers
=) organizational skills for
filing and retrieving a large
number of papers
=) effective communication
abilities in order to build
positive client connections.
(Green, 2021).

Forensic By studying financial
Accountant documents and events,
tracking assets, and more,
forensic accountants
examine cases of
bribery, money laundering,
fraud, and misappropriation.
Forensic accountants
specialize in embezzlement,
unauthorized access,
indemnification conflicts,
securities fraud, and patent
and trademark infractions,
to name a few (Half, 2021).
(Forensic accountant job
profile | Prospects.ac.uk,
2021).
unlawful cash obtained
through criminal activity.
Conduct illegal money
audits, involving
determining their origins,
disposal, and hiding.
Generate comprehensive
audit reports and
proposals for criminal
and civil investigations,
as well as financial
verification.
Data extraction from
financial documents is
conducted by the
Forensic Accountant
Generating and
modifying spreadsheets
Using forensic
investigation to track
down finances and locate
assets in order to retrieve
them
Performing forensic
financial data analysis
Developing forensic
accounting reports based
on financial data
Conducting inquiries in
order to gather and
validate the data.
Gearing up for court
using data and analysis
A Forensic Accountant is
required to have
=) Investigative skills:
Because forensic
accountants have to search
for financial irregularities
or hints to what suspects
may have tried to do or
hide. This skill entails the
ability to recognize patterns
or the absence of them.
=) Attention to detail:
Financial fraud is
frequently nuanced, and it
requires a detail-oriented
accountant to see even the
tiniest irregularities that
signal something isn't quite
right
=) Math skills: To be a
good accountant starts with
being a good math learner.
Forensic accountants must
be capable of swiftly
inferring the meaning of a
collection of numbers. This
does not need the use of
advanced calculations, but
it does necessitate the
ability to rapidly perform
basic math in order to see
what is happening with a
collection of financial
 information.
=) Communication skills:
Forensic accountants must
work cooperatively with
other investigators and may
be summoned to court.
Because the people they
contact do not necessarily
have a background in
accounting, information
must be communicated in a
way that everyone
understands.

5.1 Financial Accounting System and its Stages

5.2 Management Accounting System and its Stages
5.3 The Role of Financial Accounting System and Management Accounting System
5.4 Comparison between Financial Accounting System and Management Accounting System

1)Financial Accounting System

R2R Process:
Definition: R2R (Record to Report) is an accounting and finance management process that
entails the collection, analysis, and presentation of precise financial information. R2R provides
managers as well as other stakeholders with strategic, budgetary, and functional feedback on the
organization's performance (Definition of Record to Report (R2R) - Gartner Finance Glossary,
2021).
Stages in the R2R Process (What is Record to Report (R2R)?, 2021)

1)Transaction Recording

The backbone of R2R is this step. All business transactions must be documented and handled in
accordance with accounting standards. The correctness of the financial data at this point impacts
how well the remainder of the procedure will go.

2)Closing Cycle

The closing cycle entails gearing up the accounts for the creation of financial statements at the
conclusion of a fiscal period. During this period, accounting and finance teams must finish all of
their postings timely for the general ledger to close.

3)Consolidation

All authorized and uploaded transactions from various sources must be sorted methodically
before any of the data can be evaluated. Consolidation entails gathering, verifying, and mapping
financial transactions throughout the organization's numerous divisions. This procedure
establishes the foundation for the information that will be registered into financial reports.

4)Reporting

Several reports, such as income statement and balance sheet, are generated at this process using
applicable accounting standards and legal requirements, such as GAAP and IFRS. Senior
managers, investors, industry regulators and other stakeholders will find numerous statistics and
KPI in these reports useful for their needs.

What is the role of the importance of this process?

This process aids businesses in the development and filing of different statutory reports that need
extensive and specialized technical expertise. Companies can use this approach to combine
worldwide performance across several channels and generate international income
statements and balance sheets. This gives various channel heads visibility into the primary
variance drivers, allowing them to analyze and remark on them in relation to plans and previous
years' outcomes (TechnoFunc - Record to Report Process, 2021).

2)Management Accounting System

Definition:
Management accounting (MA) system is described as the process of creating internal managerial
reports to assist the company's management or managers in making decisions. It is focused with
the commercial activity of finding, interpreting, assessing, and financial and statistical
information.
There are several Management Accounting systems as followed (Management Accounting
System (Pdf), 2021).
a) Job Costing System
This is a mechanism for allocating production costs to particular products while keeping track of
expenses. The following steps make up the job costing accounting procedure:
Receiving questions: The buyer needs to know about the price and quality of their concerned
products as well as the completion time.
Estimated job cost: The accountant is in charge of estimating job costs.
Receiving Orders: If the consumer is satisfied with the pricing, the order is made.
Production Order: The Production Order is confirmed in order to start the manufacturing
process.
Cost Recording: Every part of the cost in the manufacturing process is kept track of.
Completion Date: After the project is finished, a report is provided to the accounting
department for final costing. The comparison is conducted based on a cost estimate.
b) Cost Accounting System
This system aids the business in estimating product costs while also allowing for research on
organizational productivity, inventory, and budget control. Job order costing and process costing
are the two most fundamental cost accounting methodologies. The following are the two
requirements for effective cost accounting systems:
Various departments require executive cooperation and participation: This will ensure adequate
collaboration and involvement in the development of cost accounting systems, which will aid
management in accurately determining product costs.
Simple and adaptable: The cost accounting system that is created should be adaptable and simple
to learn and use. It should also be able to fulfill the needs of a variety of users and adapt to the
needs of the firm.
c) Inventory Management System
This sort of management accounting system is focused with the monitoring and management of
the enterprise's stock and non-capitalized assets. The following are the two most important
aspects of this procedure:
Strategies for forecasting and replenishment: This aids the organization in the administration and
management of the firm's expense requirements in advance.
Inventory management, both physically and financially: this provides a number of benefits,
including cost savings and proper inventory management.
The Role of MA System:
Budgeting or forecasting for the future can be done with the use of internal managerial reports,
which can help reduce costs and enhance company's productivity and performance. The
Management Accounting System assists company managers in the development of policies,
decision-making, and daily activities of their operations (Management Accounting System (Pdf),
2021).
5.4 Comparison between Financial Accounting System and Management Accounting System

Financial Accounting Management Accounting

Purpose To provide historical data on a To assist managers in
company's maintaining control over the
financial performance and company's resources and
financial position. planning ahead.

Requirement Mandated by law Not compulsory

Primary Users of Both Internal users (e.g., Managers, business owners,

Information executives...) and outsiders and other internal users
(e.g., investors, legislators, tax
department...)
Regulations Generally Accepted None
Accounting Principles
(GAAP), International
Financial Reporting Standards
(IFRS), and International
Accounting Standards (IAS)

Frequency Quarterly, annually, or on a Continuous and as required

per-period basis

External Review Regulators and auditors None

Scope All across organization Narrow as needed by segment,

product, etc.

6.1 Constraints of Accounting Regulation System

6.2 Changes of Contemporary Business Environment

6.3 Justifications behind Accounting Modifications corresponding to Current Trends

6.4 Influence of the Ever-Changing Business Environment on Accounting System

Conclusion
1)National Law – Vietnamese Accounting Standards (VAS) (Shira, 2020)

The requirements for the system of laws and regulations that are bound to the financial
statements in accounting are most governed by the laws of that country. Vietnamese accounting
is governed by Vietnamese Accounting Standards (VAS).

Because all international and domestic businesses operating in Vietnam must comply with VAS,
foreign investors should be well-versed in the system's essential characteristics in order to
properly understand regulatory requirements and make wise investment judgements.

The Vietnamese government now uses 26 VAS accounting standards based on the International
Financial Reporting Standards (IFRS). The Finance Ministry recently published Circulars No.
200/2014/TT-BTC and No. 202/2014/TT-BTC, which improve the convergence and clarity of
company’s financial statements and bring the two methods closer together, to provide guidelines
for regional and international firms in Vietnam on these criteria.

The elements of financial statements included in the VAS are:

• Income Statement

• Balance Sheet;

• Cash Flow Statement;

• Notes.
The Statement of Changes in Equity is included in the Notes, rather than being a fundamental
aspect of financial statement, according to VAS 21. Furthermore, VAS does not compel
management to disclose critical judgements, future assumptions, or sources of estimating risk.

Cash flow statements are derived from the cashbook and ledger bank deposits matching to the
side account, according to VAS 24. VAS 24 explains how to prepare cash flow statements using
the indirect method, starting with pre-tax earnings plus or minus adjustments such as payables
variations except those relating to financial capital investments.

However, national accounting standards are being adjusted to harmonize with international
accounting standards. Below are the international regulations.

What is the GAAPs?

The Generally Accepted Accounting Principles (GAAPs) are a set of financial reporting
accounting rules and standards that are widely followed. The goal of GAAP is to guarantee that
financial reporting is comparable and transparent across organizations (Generally Accepted
Accounting Principles (GAAP) - Accounting.com, 2021).
These ten generally recognized accounting principles must be followed by auditors and internal
accountants:
1)Business entity concept
The status and performance of a business are reported in the financial accounts of that firm. They
never include information about other organizations or the proprietors' personal finances (John
and Franklin, 2020).
2)Going concern assumption
For at least the very next 12 months after the fiscal year-end, the corporate entity will keep
functioning in a similar manner. The assets should be priced at their historical cost based on this
assumption (John and Franklin, 2020).
3)Historical cost principle
Assets and liabilities are often valued at their historical cost, or the amount paid when they were
first acquired or sold (John and Franklin, 2020).
4)Accrual basic assumption/ Matching principle

Regardless of when currency is collected or paid, transactions and events are recorded as
they happen.
The amount of money made in a certain period must be matched with the amount of money
spent to earn it.
5)Periodicity principle
A business cycle can be broken down and reported over a certain time period, such as a yearly,
monthly, or quarterly (John and Franklin, 2020).
6)Realization principle
When the legal title to the products is passed, the transaction is recognized (John and Franklin,
2020).
7)Money measurement principle
An accounting transaction should only be recorded if it can be stated in monetary terms (John
and Franklin, 2020).
8) Materiality principle
An accounting standard could be ignored if the overall outcome on the financial statements
is so little that a user of the statements will not be led astray (John and Franklin, 2020).
9) Consistency principle
The consistency principle argues that once you've adopted an accounting method or approach,
you should stick to it in subsequent accounting periods so that the outcomes you produce are
consistent (Basic Accounting Principles | Accounting for Managers, 2021).
10) Conservative principle/ Prudence
The prudence basis of accounting principle is focused on the accuracy of an organization's
financial statements. The conservative concept instructs accountants on how to record and
manage for the unpredictability of assets, revenues, costs, and liabilities in financial statements
(Conservatism Principle: Definition | Example | Explanation - Wikiaccounting, 2021).
2)The Qualitative Characteristics of Financial Information (Qualitative Characteristics of
Accounting Information, 2021)
What are Accounting Information's Qualitative Characteristics?
The need for accounting data by investors, creditors, debtors, and others leads to the
development of core qualitative features that are desired in accounting information. Accounting
information has six qualitative features. Two of the six qualitative features are essential and must
be present, whereas the four remaining qualities are boosting and desirable. 
 

Principle Qualitative Characteristics:

Qualitative features of accounting data that must be present in order for the data to be beneficial
in decision-making:
1)Relevance:
The term "relevance" relates to how useful knowledge is for financial decision-making.
Accounting data must have the following characteristics in order to be useful:
2)Value of confirmation: Gives information about previous events.
As a result, accounting data is useful if it can give useful information about past events and aid in
the prediction of future occurrences or the taking of action to address potential future events. For
instance, a firm that has had a great month and presents these better results to lenders is relevant
to the lenders' choice to prolong or expand the company's credits offered.
Representational reliability
The degree to which information properly reflects a firm's assets, contractual commitments,
transactions, and so on is known as representational faithfulness, sometimes known as reliability.
Accounting data must meet the following criteria in order to be representatively faithful:
Complete - No transaction should be left out of financial statements.
Neutrality - The extent towards which data is devoid of prejudice. Financial statements contain
subjectivity and judgment, therefore information cannot be totally "neutral." 
Free of mistakes — The extent to which information is error-free.
Enhancing Qualitative Characteristics
Accounting information's qualitative features that influence its effectiveness include:
Verifiability
The degree to which information can be reproduced using the same inputs and assumptions is
known as verifiability. If a corporation owns $500 worth of equipment and tells an accountant
the purchase price, accumulated depreciation and usable life, the accountant should be able to
replicate the very same conclusion. If they are unable to do so, the information is deemed
unverifiable.
Timeliness
Timeliness refers to how rapidly accounting data is made available to consumers. The less
current (and hence older) information is, the less beneficial it is for making decisions. 
Understandability
The extent toward which data is clearly comprehended is known as understandability. In today's
environment, business annual reports can be over 90 pages long and contain a lot of qualitative
data. It is extremely beneficial to have information that is intelligible to the ordinary consumer of
accounting records. 
Comparability
The extent toward which accounting rules and procedures are consistently implemented from one
period to the next is referred to as comparability. Users may make informed judgments about the
company's patterns and performance over time thanks to this characteristic. The qualitative
characteristics of accounting information are important because they make it easier for both
company management and investors to utilize a company’s financial statements to make well-
informed decisions.

Let's find out about IAS and IFRS

The International Accounting Standards Board establishes standards that must be followed by all
businesses, regardless of their size (IASB). International Accounting Standards are the
accounting standards set by the IASB (IAS).

When it comes to IAS and IFRS, they are essentially the same thing but have distinct
interpretations. IAS is made up of older accounting rules, while IFRS is made up of current
accounting principles (Difference Between IAS and IFRS (With Table) - Ask Any Difference,
2021).
Comparison Table Between IAS and IFRS
Comparison IAS IFRS

Abbreviation of International Accounting International Financial

Standards Reporting Standards

Released in Between 1973 and 2001, After 2001, the IFRS were

IAS standards were issued. published.

Published by The International The International

Accounting Standards Accounting Standards
Committee (IASC) Board (IASB)

Rules There are no requirements The IFRS is a new set of

under the IAS for
recognizing, quantifying,
presenting, or declaring
any non-current assets for
sale.
regulations that govern the
identification,
measurement, presentation,
and disclosure of all non-
current assets for sale.

Total Comprises 41 standards Comprises 9 standards

Contradiction In the event of a When there is a

discrepancy, the IAS discrepancy, the IFRS
principles are disregarded. principles are considered.

In conclusion

Both IAS and IFRS are the same thing in basic terms. Both provide firms with standards to assist
them in recording and maintaining their financial statements. Both of these aid a company's
financial reporting in maintaining transparency, reliability, and effectiveness. The major purpose
of establishing these standards was to make it easier to compare one's business to those of other
companies throughout the world. Establishing such standards also aimed to improve openness,
establish confidence, and broaden the scope of global commerce and investment. All investors,
as well as other participants, may make well-informed investment decisions with the support of
these guidelines (Difference Between IAS and IFRS (With Table) - Ask Any Difference, 2021).
6.2 Changes of Contemporary Business Environment

6. The Changing of Accounting Faces: Rules and Regulations, Ethic Issues

Throughout the decades, the business climate has swiftly transformed. Customers' expectations
and needs have shifted, and new technologies have enticed new businesses to join the industry
with superior and more economical products, posing a challenge to established companies.
Here are some arguments for how changes in the business environment have influenced
accounting's essence and scale.
1)The Globalization
Because of the elimination of geographic boundaries as a result of globalization, corporations are
now becoming increasingly multinational. They have the opportunity to raise funds, display their
products on the marketplace, and operate their business from anywhere (Atrill and Mclaney, 2017).
As a result, accounting information users are no longer limited to a single country, as
globalization brings enterprises from many nations together to establish an integrated global
market. This has necessitated the adoption of international accounting standards. As a result,
financial accounting has enhanced its framework of rules and regulations in order to achieve
better international harmonization of accounting laws. One of the reasons for the creation of the
International Financial Reporting Standards (IFRS) is this (Atrill and Mclaney, 2017).
As previously said, IFRS is a specific set of high-quality, intelligible, and enforced financial
reporting standards that fosters financial data transparency and consistency. In this era, we are
witnessing the transition of accounting standards globally.
Vietnam is a case in point, it is anticipated that all Vietnamese enterprises will have to adjust to
the substantial task of converting from Vietnamese Accounting Standards (VAS) to International
Financial Reporting Standards (IFRS) (THE CONVERSION OF VAS TO IFRS, 2021).
By 2025, every Vietnamese company's accounting department must be well-prepared to execute
a number of key activities, whether to meet financial reporting and administrative regulations or
to guarantee that everything is in place to enable a seamless transition when the required
application time approaches (THE CONVERSION OF VAS TO IFRS, 2021).
Our Deloitte Corporation has published guidance to all these tasks.
2)The pressure of competitiveness among businesses and changes of cost management
Globalization has resulted in a rise in commercial competition as well as an increase in
legislation. As a result, in order to thrive in this highly competitive market, enterprises must
change the way their businesses are conducted. To strengthen their reputation and long-term
sustainability, they must become more customer-focused, streamlined, effective, and creative.
This has resulted in the emergence of management accounting data that includes consumer and
stakeholder information. In addition, organizations need knowledge about their rivals' costs and
profits in order to establish business strategies for their businesses. As a result, management
accounting has grown more outward-looking, generating innovative methods of cost
management that have been designed to assist the company to achieve a competitive advantage
over its competitors in the industry (Krishnan, 2021).
Cost management is critical in order to deliver internationally competitive products since the cost
of raw materials and the cost of doing business rises year after year. Management accountants
may improve a company's competitiveness by enhancing efficiency and productivity and
applying cost-cutting strategies. That is how changes in the company environment result in
accounting modifications.
3)Technological advances
Through estimations of overhead costs, technological advancements can have a direct impact on
management accounting reports. In the past, overhead was usually assessed using very simple
relationships, such as direct labor expenses or direct labor hours. Direct labor expenses are often
substantially lower as a result of technological improvements and are no longer relevant for
calculating overhead costs. In essence, labor is being exchanged for the manufacture of
machines. This trade-off of direct labor for higher overhead costs due to things like machinery
depreciation will be addressed in Job Order Costing and Process Costing, which are two methods
for determining production costs (Krishnan, 2021).
Technology has an impact on the accounting system as well. The dualistic concept of debits and
credits, which was initially created for manual recording, is frequently used in accounting
software packages. A storage and retrieval mechanism more suited to the computer environment
might replace the dual accounting standard. The additional benefits of selection, evaluation,
forecast, precision, and recovery on demand, according to Ward (1992), should be examined.
The Institute of Chartered Accountants of Scotland (1988) points out that a low-cost electronic
distribution network may make the whole business report available to users. Technology may
also be utilized to make the accounting information system more flexible, making it more
adapted to shifting information demands (Krishnan, 2021).
4)Ethics matters
While fast growth markets offer a unique potential to generate large income, some businesses are
risking deception, fraud, and misconduct by ignoring the need of preventive measures and
expressing top-down obligations. Thus, rather of merely crunching statistics, management
accountants have a role in influencing issues of ethics and responsibility, as well as
comprehending the business reasoning of things.
In general, MA is responsible for managing internal and external impact to ensure that the
organization's goals and objectives are fulfilled. The focus of MA practice evaluation has shifted
from profit to business connections with a variety of stakeholders, including customers, staff, and
society.
To summarize, expanding markets and rising competition have necessitated the flexibility and
speed with which management and financial accountants must adapt to opportunities and threats.
They must be knowledgeable about worldwide markets and diverse cultural contexts, as well as
be cognizant of the inherent risks that come with working in several economies.

ACTION
Write a blog post using these five steps. First, pick a problem that you know how to solve, and
then write a blog post sharing the solution. If you post it on your blog, share the link in the
comments section for the community to see how you did!
And as always, don’t forget to have fun! Happy writing!

https://www.vietnamworks.com/viec-lam-tai-deloitte-vietnam-e277823-vn
 Your supervisor, one of the firm’s Key Account Managers, has asked you to prepare a blog
that will be  used to market and promote its accounting services to new and existing clients.
The working title you have  been given for the blog is ‘The role of accounting in an
organisation’. The blog must be presented as an online blog in an engaging and practical
way, covering relevant academic theory, making use of, for  example, headings, images and
illustrations. Your blog should include the following, but is not limited to: 
∙ the purpose and scope of accounting in complex operating environments 
∙ a critical evaluation of the accounting function in informing decision making and meeting 
stakeholder and societal needs and expectations 
∙ the main branches of accounting and job skillsets and competencies 
∙ accounting systems and the role of technology in modern-day accounting 
∙ issues of ethics, regulation and compliance and the extent to which they are constraints or
threats to the organisation. 
Having completed the first activity, you have now been asked to work with a hospitality and
catering start up business that your firm has just taken on as a client. The business is
particularly in need of support and guidance with budgeting and how it can be used to inform
efficient resource allocation and support effective control and decision making. 
The founder of the business is investing £100,000 of their own capital and has also secured a
business loan of £50,000. 
(Note: students are to be provided with raw budget data in spreadsheet format, which they
will then manipulate and model.)
ConclusionTrên đây là những chia sẻ về kế toán nói chung trên nhiều phương diện về vai trò,
chức năng, phạm vi của kế toán, những nghề nghiệp và trách nhiệm đi kèm, những thay đổi cập
nhật của kế toán trong bôi cảnh môi trường kinh doanh phức tạp, những quy tắc, ràng buộc trong
nội dung hệ thống kế toán. Deloitee chúng tôi luôn tự hào là một trong 4 công ty kiểm toán hàng
đầu thế giới về quy mô, bề dày lịch sử và cả chất lượng dịch vụ. Chúng tôi luôn cập nhập và hiệu
chỉnh hệ thống kế toán của mình theo những phương thức hiện đại nhất, hiệu quả nhất để đáp
ứng những nhu cầu đa dạng của khách hàng. Nếu bạn đang có bất kỳ nhu cầu gì cần đến dịch vụ
của Deloitee xin hãy liên hệ chúng tôi theo đường link dưới đây.
https://www.facebook.com/Deloitte-Vietnam-543428879350392/
Nhân viên của Deloitee luôn sẵn sàng hỗ trợ và giải đáp tất cả thắc mắc của quý khách hàng.
Chúc tất cả bạn đọc một mùa giáng sinh vui vẻ!
An evaluation of the role that budgets play in the effective planning and control of
resources in an organisation such as your client’s. This will include both benefits
and any limitations of using budgets and the extent to which they can help identify
problems and corrective actions.
An outline of a range of budgetary control solutions, with justification, to support
organization decision making and ensure efficient and effective deployment of
resources.
Overview of Budgetary Planning and Control

1)What is Cash Budget?

The cash budget is a forecast of cash revenues and payments over a given time period.
Additional budgets, which include overheads, materials, research and development and
labor are also covered.

The cash budget is a projection of anticipated cash inflows and cash outflows. Cash
management will be applied if payments exceed income. If there is a surplus, revenue
exceeds spending, a decision must be taken on how to use the excess.

https://learn.financestrategists.com/explanation/budgeting/cash-budget/

2)Sections of a Cash Budget:

A cash budget is divided into two sections:

The receipts part is the first and displays the cash inflows. This portion might be a bit
confusing because not all sales money must be received in cash right once. Some
transactions may be made on credit, with some cash coming from other sources, such as
the sale of a non-current asset.
The payments part is the second component, and it lists all of the cash payments that are
scheduled for the budgeted period. However, some non-cash expenditures, like as
depreciation and bad debts, do not need cash outlay and are not listed in the cash budget.
Cash can also be used for capital expenditures such as non-current asset purchases, debt
repayments, and so on.

After completing both parts, the net cash receipts are calculated by subtracting total
receipts from total payments. When these net cash receipts are modified for the cash
balance at the start of the period, the cash balance at the conclusion of the period is
known.

3)Functions of a Cash Budget:

It aids in the identification of immediate and long-term financial requirements,
allowing managers to take necessary action in a timely manner to minimize issues.
It analyzes the company's future capacity to pay trade payables and other obligations
early in order to take advantage of cash discounts.
It assists a company in determining how much credit it can provide to its consumers
before running into financial difficulties.
 It displays any predicted financial excess that might be invested or borrowed for a
shorter period of time.
It guarantees that enough cash is accessible when routine operations are needed.
https://www.financialaccountancy.org/management-of-cash-budgets/introduction-to-
cash-budget/

4)Planning and Control Process and Budgeting!

Budgeting is an important component of the planning and control process. Planning
offers a framework that assists managers in devising a strategy of action, estimating
upcoming revenues and expenses, anticipating future occurrences, reducing possible
risks, and increasing the likelihood of attaining the organisation ’s goals thanks to the
integration of plans.

Control is a mechanism of gathering input on actual performance and outcomes, relating

them to plans, assessing deviations from policies and plans, and finally taking remedial
initiatives to make all future operations in accordance with the plan (budget).

If the divergence is due to an unrealistic or erroneous plan, it may be necessary to amend

and update the plan (budget). As a result, the planning and control process assists the
management in planning how to utilize resources, such as personnel, to accomplish
certain goals and objectives, as well as controlling how those resources are used to attain
those mission and targets.
Additionally, as previously noted, plans outline objectives as well as the activities
required to attain them. Budgets are the numerical manifestations of these plans, which
can be stated in physical, monetary, or both terms. A budget is a plan that outlines how
resources will be obtained and used over a set period of time. As a result, a budget is a
technique for converting an organization's aims and plans into practical terms.

Budget, which is an action plan, is used to manage in the control process by comparing
real activities and outcomes with budgeted procedures.
The connection between planning and control, as well as the function of budgets in this
process, is depicted in the chart below:
https://www.yourarticlelibrary.com/accounting/budgeting-accounting/planning-and-
control-process-and-budgeting/52807

5) Benefits and limitations of using budgets

Several Benefits of Budgeting:

a) Standards of performance:
Budgets establish performance standards for all periods. True performance may be
related to standards at frequency ranges, and discrepancies can be corrected in a timely
manner.

b) Budgets make planning easier:

Budgets indicate the amount of time and money that heads of departments will spend and
so serve as the foundation for establishing precise and clear plans. Budgets are based on
well-defined activities that are subject to review and modification (flexible). As a result,
goals are met within the timeframes set, allowing for the most efficient use of resources.

c) Coordination foundation:

When managers at all levels participate in budgeting, it helps to coordinate diverse

organizational tasks. Managers from various departments at various levels collaborate
and coordinate their operations in order to maximize the use of organizational resources.
Budgetary control brings the actions of numerous sub-units closer to the overall aims. For
example, the sales budget must be in sync with the procurement budget, which must be in
sync with the labor budget. This necessitates the open information flow across multiple
departments, which aids in coordination.

Several Limitations of Budgeting:

a) Overspending

Budgets may sometimes become a means to an end. People assume that if they do not
spend the allotted amount within the specified time frame, their future allocations would
be cut. This might lead to spending in places where it isn't even necessary.

b) Inflexibility:
Budgets set a limit on how much money may be spent on specific products. There will be
overspending in a few sections or underfunding in other parts if managers do not have the
option to adjust the amount allotted for different goods based on the scenario. Trying to
deprive managers of their discretionary spending power may cause them to focus on
budgeted items rather than organizational goals. For businesses, this can be risky, leading
to severe losses instead of revenues.
c) Over emphasis on budgeted numbers
In order to stay within budgeted goals, managers may overlook the organization's overall
goals and accomplish budgeted goals at the expense of organizational goals.
d) Future projections:
Because budgets are dependent on forecasts for the future, if events do not unfold as
expected, budgetary allocations have to be redistributed. As a result, future uncertainties
may have an impact on budget dependability. This does not, however, diminish the
significance of budgeting. Logic prediction may assist in producing forecasts that are
generally accurate and dependable, hence increasing budget efficiency.
II) Cash Budget (Initial one processed based on raw data)
1)Schedule of Expected Cash Collections

Taking data from budgeted sales and processing according to the rule that the monthly
cash income is 80%, the remaining 20% of that month's sales is credit sales and they are
collected in the following month, we get the above cash inflow. In addition, we have
available accounts receivable data of December last year, which is credit sales of January
of this year.
2a) Merchandise Purchases Budget

As the rule, the company's gross margin is 40% of sales which means that cost of goods sold is
60% of sales. We take the data from the total cash collection for each month calculated in the
table above and multiply by 60% to get the cost of goods sold. From there also find the ending
inventory of each month, which is equal to 25% of the following month's cost of goods sold.
Next, Ending Inventory of this month is the beginning inventory of the following month.
Additionally, the beginning inventory for January is already recorded in the general ledger at
£32,000.
2b) Schedule of Expected Cash Disbursements
We can create the above table based on the information: One-half of a month's inventory
purchases is paid for in the month of purchase; the other half is paid in the following month. In
Addition, we have an account payable in December of last year as a loan recorded in the general
ledger which is £50,000.
3. Schedule of expected cash disbursements for selling and administrative expenses

Based on monthly fixed expenses for selling and administrative including rental cost:
£5,000; marketing expenses: £4,000; salary: £3,000 we get the following table. As we
can see, the total amount spent each month on selling and administrative is all at £12,000.
4)Cash Budget

We have the total cash-in of each month equal to the beginning cash balance of each month plus
the corresponding total cash collection. In which, beginning cash balance of January is £9,000
given on the general ledger, beginning cash balance of other months will be the ending cash
balance of the month immediately preceding it. In terms of total cash-out for each month, it will
be equal to the total expenditure for Merchandise Purchases (Account payable included) plus
selling and administrative expenses and equipment purchase (if any). In addition, Management
wants to maintain a minimum cash balance of £8,000, which implies that if the ending balance is
not greater than or equal to £8000, the business will have to take out a bank loan to meet that
requirement. According to the above calculations, the ending cash balance of all 12 months are
over £8000, so the borrowing section for each month will also be left blank.
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