The Accountant as Consultant Reflection

Question: Discuss about theAccountant as Consultant Reflection. Answer: Reflections on Being an Accounting Consultant Working on a Complex Project Our product was Shanghai Khussa from Pakistan for completion of the business plan. Being an accountant consultant, I realized that it is not an easy work. The reason behind this is that I really found it difficult to prepare, analyze, communicate, and store financial statements and related implementation of procedures for our business. I wonder how accountant consultants are able to provide guidelines in complying with applicable accounting standards such as auditing annual financial result of a client, tax calculation, and to prepare annual, quarterly financial statement for a client. Besides this, I examined that I need to provide specialized financial advice to all my clients. I should work closely work with my clients to recognize their financial data sources along with establishing the best way to data collection and process. I came to know that I belong to facilitator or process mode of advisor, who support its client on solving business problems. Reflections on Fieldwork and the Business Plan Project For successful completion of our project, we have divided the work of each member, working in a team. Muhammad Haris Mukhtar (I) was playing the role of Operation admin, Muhammad Hamza Ere taking care of all financial statements and transactions, while, Nadeem was taking care of all management process related to our business plan and Govin was handling the operation process. I personally feel that, by giving each person responsibility, work can be managed effectively and it also helps to motivate each individual of a group. It is because if an individual will not be given responsibility, one will not take interest in the work which can affect the work. Reflects upon the application of theory and concepts used in anticipating and solving problems of small business through the BP process As an accountant consultant, I have used different application theory and concepts in BP process to solve the problem related to the small business. These application theories and concepts are effective leadership, innovative evaluation, balanced scorecard method, knowledge management, development theory, collaborative learning, balanced scorecard method, and conflict management strategies (Jeston and Nelis, 2014). I have utilized these concepts in small business process that was beneficial to me to meet the objectives effectively and efficiently. Through these concepts, I have easily handled the different problem of the business process named conflict among the team members, inappropriate performance appraisal, inappropriate knowledge, and learning. It was beneficial to accomplish the set of task successfully. Further, I will use these concepts in future in small business process that can advantageous to me to effective work as an accountant consultant. Reflects on the breadth of global challenges that SMEs and entrepreneurs are faced with As an accountant consultant, I had worked in small and medium enterprises. I had developed understanding about different global challenges that was faced by the small and medium business entrepreneurs. These challenges are lack of financial supports, poor infrastructure, government regulation, international expansion issues, lack of government-sponsored support, and threats of increased competition from entrants (Kazimoto, 2014). These are major global challenges that have affected the business profitability. Further, as an accountant consultant, I will able to face the global challenges with respect to the small and medium enterprises in the future. Besides this, I will also able to deal with the global challenges and accomplish the set of tasks effectively. Reflects and comments on additional research conducted: journal and newspaper articles and other communications methods (TV, DVDs, CDs, film) According to the Kazimoto (2014), there are several global challenges that are faced by small and medium size enterprises. These challenges are non-access to international marketing, Lack of International Marketing Standards and regulations, Lack of Government Support to SMEs, Setting customer services and needs satisfaction, Lack of Skills for entrepreneurship, Weak Networking Structure for international marketing. These challenges are also faced by me as an account consultant while I had worked in small and medium enterprises. From the journal articles, I had gained my understanding about these global challenges. As an accountant consultant, I will able to tackle these challenges while it will happen again in the future. Reflects on the evolution of the final BP through the process of clarification and refinement I had gained my understanding of the evolution if final business process. In the first phase of the business process, I had developed the understanding about the quality management and task efficiency. This phase enabled me to effective work in the functional hierarchy and assembly line. As an accountant consultant, I will able to implement the computerization and standardization in order to keep the record. Further, from the second phase, I had developed the understanding about the process innovation best practices. This process is effective to me to make better, faster, and less expensive work due to the utilization of the internet. It also gained my knowledge related to the end to end business process, value propositions speed to market, and operational excellence. Additionally, I had also gained my knowledge through the study of the third phase of the business process. Through this phase, I have gained my knowledge about the assessment, adaptability, and agility. Further, I have learned about the 24*7 global businesses that are beneficial to me deal with the global business challenges. I have also gained my experience related to the continual transformation that is effective to me to complete the task successfully. Provision of Examples in support of arguments raised and reflections throughout the journal As an accountant consultant, when I have worked in small and medium enterprises, I have arises difficulty to several global challenges. Because, I was not aware such kinds of global challenges like different types of legal restriction on exporting and importing the goods and services. Further, I have faced difficulty in maintaining the record appropriately because there are several types of taxes imposed by the government. These taxes make the complication keep the financial information. Besides to this, it creates a problem such as lack of capital to manage the inventory. Reflects Upon how the BP Project Experience may Serve Future Career Business plan project will be beneficial for me to effectively plan for my business operations as I want to become a businessman. The practical knowledge related to a business plan was understood by me. Before working on this project, I believed that business planning is easy to do but when I start working on this, I found it very difficult. It is because full attention is required while preparing it taking in view the financial budget of one. I learn how and when to plan good business operations for the smooth running of business. Additionally, it is helpful to know about marketing strategies, competitive analysis, and idea of financial factors. Development, design, operation, and management plans are a key component of the business plan. I think competitive analysis and financial factor are hard to implement in real life in comparison to written words in the business plan. Provides Reflections in Relation to Working in/ with a Team My experience while working in a team was fantastic. My team members namely Muhammad Hamza Ere, Nadeem, and Govin were so supportive and helpful. In the beginning of the project, we were not familiar with each other, which sometimes results in conflicts and disputes among us. The reason behind this is that we were not agreed upon a common point, all were having different views and opinions. However, working together, we came to know each others strength which will benefit us in the completion of the project. Hence, putting other things aside, we started focusing on the work with individual strength. While working in a team, I understood the importance of the group. It is because as everybody has limited opinions, ideas, I too have but working in the team was helpful to understand each other thoughts and views along with knowledge gain. Further, my communication was improved. Sometimes, I felt motiveless and failed to perform my duties, but my group has supported me and motivated me a lot. By the help of which, I was able to successfully complete my tasks. Refers to the Overall Lessons learned and Links it to Real-life Situations I have learned a lot about marketing, financial, management concepts, strategy development process, and tips for effective business plans. I understand the importance of funding capital for new business, the importance of financial and non-financial information, legal issues faced by business firms, the role of market research, and business process. The best and interesting thing I found in this project was that it was related to my interest. Additionally, I will come to know about how to design and implement an effective business plan for my future growth. This will help me to become a successful businessman by following key elements of conducted plan. When I get to know about this project, I get excited because I love to make friends and interact with others. This project gave me the opportunity to make new friends, and understand the basic of a business plan. Reflects upon what Interested and/ or Excited him/her about this Project For our business plan, we have started with finding out the best possible location and the facilities we are going to provide. We found a suitable place at Parramatta Westfield Shopping Centre, for starting up business. I found this to be very difficult because we were taking this space on rent. Therefore, the rental agreement came into force. I wonder, how many and how long process will take place for those, who buy land for their business operations. After this, advertising and promotion of our business are to be performed. For this, Muhammad Hamza considered the budget with the advice of Nadeem and came into conclusion that we need to promote business online. Along with this, we preferred to reward programs for customers as to increase publicity and create the positive perception in the mind of customers. For the control of stocks, Govin has prepared an excel sheet where he uses to record all the transaction related to what is on hand, what is on order, and what has been sold so that we can provide best services to our customers. I examined the necessity of basic utilities in the business that includes electricity, rental bundle, telephone, office supplies, and insurance. All these are important for the successful running of the business. I found that if anyone is missing then one cannot operate a business. Muhammad Hamza told us that this will cost us around $1650 monthly. Additionally, 2-2 laptops and printers/fax were arranged by us as I.T. plays a vital role in business success. Nadeem had planned recruitment and selection of staff with their roles and duty. Also, salary, compensation, and superannuation were set by him. Document flow chart and accounting system were designed by me and Muhammad Hamza. Also, we need to conduct field work to arrange best have suppliers of our product for the preferred location of our business. After few weeks, Nadeem was successful in dealing with four suppliers namely Omega Exports, Shaheen Traders, Mumtaz Bazaar, and Khussa Khussa, who will supply us Khussa of different varieties. Reflects on what He/She would do Differently if Starting the BP Project Afresh There would be several challenges faced by me while I will start the BP project. These challenges are related to automation process, standardization, government regulation, knowledge management, and team management. But, I can overcome these problems due to having great experience in the business process. I will also able to meet the project objectives effectively and efficiently due to having conflict management skills. I will use my skill in the business process of the project to enhance the productivity and profitability of the company. Besides to this, I will be able to make adjustment and medication in the business process due to having great skill. References Jeston, J., and Nelis, J. (2014)Business process management. UK: Routledge. Kazimoto, P. (2014) Assessment of Challenges facing Small and Medium Enterprises towards International Marketing Standards: a Case Study of Arusha Region Tanzania,International Journal of Academic Research in Accounting, Finance and Management Sciences,4(2), pp. 303-311.