Bacc 315 Applied Research Project Assessment Answers

Answer:

Introduction

This research topic is to evaluate the professional skills which are required by the management accountant: what are employers seeking from entry-level graduates.  

In the existing business scenario, it is compulsory for the management team to examine professional skills as it could be imperative to obtain a positive result. It is also imperative for the continued growth of the organization at the global level (Ahadiat and Martin, 2015). Therefore, it is effective for the organization to improve the skills and workforce’s knowledge as it would be imperative for improving the firm performance and maintain the competitiveness of the organization. Herein, training and development practices could be imperative in increasing the internal capabilities of the workforces. The stakeholders could also play an imperative role in increasing the growth of the organization in limited time and cost. For sustaining the image of the organization, the firm has implied creative training and development actions to facilitate the workforces and increase their abilities to offer of the firm (Lim, et al., 2016).   

Overview of Industry

Accounting industry of Australia is more famous than another state. In Australia, Accounting industry considers approximately 34 associates and 243 specialist that offers certain services to their listed organization like a tax, advisory services, and breadth of accounting. The government of Australia facilitates the organization to start their business and get a higher outcome. Moreover, the stable government nature could provide an opportunity to obtain higher competitive benefits (Abayadeer and Watty, 2014).     

The key purpose of this research is to evaluate professional skills are required by management accountant from entry-level graduates. This research report enables to increase the understanding towards problems faced by the firm at the time of recruiting professionals in the accounting team. Moreover, this reports support to understand the skills that are sought by employers from management accountants. It also discusses the competitiveness of industry and their growth rate. It also leads research scholar to get higher competitive benefits (Paadi, 2014).

The primary purpose of this study is to improve the financial situation of the firm. Professional skills could be imperative to operate the activities of the organization and get higher competitive benefits. Moreover, this research is emphasized on creating a relationship between employees as well as employees in the context of management accounting skills (Adnan, et al., 2017).  This research will aid to appreciate the activities of an accountant and accept any problems faced by employees at the time of working in the organization.    

Research Objectives and Research Questions 

The research aim could be imperative to lead the research in one direction and get competitive benefits.  In this, there are certain objectives that could be imperative in the accomplishment of research aim in a systematic way as it is shown as below:  

• RO1: To explore the skills that could be sought by employers from management accountants
• RO2: To identify the differences across the industry or company on work
• RO3: To demonstrates the competitiveness of the industry and its growth rate

The research questions of this research are discussed as below: 

• The skills that are sought by employers from management accountants?
• How does the this differ across the industry or company on work is?
• What are the competitiveness of the industry and its growth rate?

It can also be summarized that the organization could consider certain factors like communication, analytical skills, teamwork, accounting competence, and business environment understanding as it is significant skills for a positive management accountant. Furthermore, it is also evaluated that organization seeks that they are needed to improve their vocation skills as compared to improving the technical skills of the employees. Furthermore, it is also addressed that the management accountant might be aware of the data entry and accountant preparation (Kerzner and Kerzner, 2017). On behalf of the Australian Institute of Chartered Professional Accountants, it is addressed that modern accountants are giving more value to other as compared to the traditional accountant. It is also found that there are certain factors that could consider by the modern accountant manager to run their activities like critical thinking, interpretation, leadership, communication, and client concentration as it would be effective for obtaining the positive outcome in limited resources. In the addition, it is also examined that the management accountant could perform many activities that could be different as per the market and norms of the company. There are two kinds of variables that are usually considered by the firm like an independent and dependent variable. The dependent variable is consumer preference and the depend dent variable is mobile purchasing (Klingner, a  Llorens, and Nalbandian, 2015).

The research methodology is effective for selecting the appropriate research method in obtaining feasible information about the research matter. There are many approaches as well as methods that will enable the research scholar to complete their research and get a reliable outcome. In this research, the investigator has practiced the inductive approach to collect theoretical information and meet the aim of the research. The deductive approach is not practiced by the researcher as it is not appropriate for this research cause of the subjective nature of research matter (Bunney, Sharplin, and Howitt, 2015).  Moreover, Survey through questionnaire and research strategy is effective to meet the aim and objectives of research matter. The qualitative research design will be practiced by the researcher to meet the aim of the research. Apart from this, it is also analyzed that qualitative research design facilitates to get theoretical information about the research issue. The quantitative research tool is practiced to obtain quantitative data in the context of the current research matter. In this, there are certain methods that are considered in the data collection method like primary and secondary data collection tool. The primary data collection tool is imperative for obtaining in the fresh information about the research issue. The primary data is collected could be collected by survey through questionnaire and interview method as it would lead to obtaining the higher result (McMurray, et al., 2016).  In this research, the secondary data could be gathered by using the existing information of another researcher. In addition, it is also evaluated that the data analysis method is effective for evaluating collected information about the research issue. These are qualitative research data analysis methods are effective for evaluating the gathered data and meet the aim of the research (Grossman and Johnson, 2015).  In qualitative data analysis, the researcher will use evaluating the collected content and get a reliable outcome. Apart from this, the researcher will concentrate on certain factors like time, resources, and cost to could restraint the researcher to accomplish their specified research and meet aim and objectives. Research has concentrated ethical norms to conduct their research in an appropriate way. The ethical norms will facilitate the research scholar to perform a right behavior at the working place and get a suitable outcome (Yew Wong, et al., 2014).   

Skills that are sought by employers from management accountants

It is found that employers expect that management accountant should have been effective communication skills as it would be effective for completing their targeted task in a limited time. Further, the communication skills enable the employees to directly communicate with others and resolve their issues in the least time and cost. Moreover, management account should also be capable to work as a team member (Jiles, 2014). Another skill is that they should have analytical and numerical capabilities to resolve their issue in the least time. It is also addressed that employees should be aware of the current business knowledge as it could be imperative in the accomplishment of their organization goal by giving an appropriate direction to the specified business.

It is also addressed that budgeting and reporting could be an imperative part of the business as it offers an opportunity for a leading organization. Moreover, it is also addressed that promotion on the strategic plan and business plan aids an organization to obtain a higher outcome by using the systematic flow of the business process (Brumberger and Lauer, 2015).  In addition, it is also examined that management account should also be aware of the tax-related material. In addition, it is examined that the management accountant should be able to develop a financial statement for fulfilling external as well as the internal requirement of the organization. It is also addressed that management accountant could offer financial evaluation as well as forecasting to get higher competitive benefits. Moreover, it is also found that management should support to the organization in the auditing of projects to determine the business issues timely and meet them accordingly (Cappelli, 2015).            

How does this differ across the industry or company on work is 

It is also addressed that each organization has made own rules and regulation as well as the expectation for the accomplishment of the specified targeted task. Further, the role of management accountant could be determined by the organization types as well as industry. Hence, it is found that the management accountant performs many tasks as it is associated with manage financial issue, financial security and making management approaches. It is addressed that these activities could be imperative for the attainment of their goal and makes their unique image in the marketplace. Moreover, it is also addressed that management accountant could be key people for increasing and determining the company success. Moreover, it is also addressed that some organizations follow the Certified Management Accountant process while some use CPA (Finch, et al., 2016).  It could differentiate the role of the management accountant.  On the basis of CPA, management account could complete certain activities such as handling management issues, cost accounting, and financial planning. It is also found the job accountability could be range widely as it is dependent on the organization. It is also found that organization could consider certain activities as it could be related to handling taxes, budgeting, management of assets, compensations and benefits management, strategic planning, and auditing (Mackey and Gass, 2015).  

It is also addressed that a management accountant might determine opportunities and improvement to operate the business process and get higher benefits. It is also addressed that management accountant could also monitor each financial activity of the organization for maintaining their business in the marketplace for long-term.  Form the appropriate selection of the accountant manager, the organization may not only keep their financial structure but also supervise data processors and bookkeepers.         

What are the competitiveness of the industry and its growth rate?

It is also found that the over the five years, the accounting service industry has shown modest growth caused by enhancing demand of the industry-specific advisory products and services. It is also found that audit services are the dependent sources of industry revenue over the last five years as it demonstrated that such services could be generally needed by law. Moreover, it is also addressed that the annual growth of the organization was found 1.5% in 2013-2018. Along with this, the industry has increased their value-added services by employed new tools like cloud-based accounting and data analytics. It could be effective for accomplishment for desire goal (Silverman, 2016).   

Conclusion 

From the above interpretation, it can be concluded that consumer preference could be imperative in increasing the demand of the specified products. It leads the organization to change the purchasing decision of consumers in limited time and attracts them to purchase products and services of the organization. In this, the organization could confront from many issues to attract the consumers to purchasing mobile form the specified place.  

Recommendation 

The organization should imply many technologies to improve the organizational performance by increasing demand for specified products and services. In addition, it is also examined that the competencies and traits that are needed for the management accounting could be different from the industry to industry and company to company. The following strategies will be practiced by the researcher to meet the aim and objectives of the organization

Collaboration is the key to truly improving your management accounting skills. The organization might be capable to show their efforts in the accomplishment of the desired goal in the least time and cost (Panneerselvam, 2014).  The management account could also determine a cross-functional activity to accomplish the desired goal. Moreover, it is also addressed that the management accountant could also gain their awareness about commercial rules and regulation that could lead to being effective for operating the business process. It is also evaluated that the accounting understanding could also be effective for business operation and maintains competitiveness. In addition, it is also examined that the effective management skills, as well as business skills, could lead the firm to retain their position in the marketplace. Moreover, it is also addressed external atmosphere could be effective for getting higher success. In addition, it is also examined that communication skills could be effective in gaining insights knowledge about the potential consumers. In addition, it is found that communication skills could enable the management accountants to collect the information from shareholders and stakeholders of the organization in the least time and cost. In addition, it also leads the firm to obtain higher benefits (Neuman and Robson, 2014).   

This study is emphasized in the secondary data analysis method that declines the reliability of the obtained research outcome. It is also addressed that time, cost, and resources are influenced by the obtained outcome of the research outcome.

References

Abayadeera, N. and Watty, K., 2014. The expectation-performance gap in generic skills in accounting graduates: Evidence from Sri Lanka. Asian Review of Accounting, 22(1), pp.56-72.

 Adnan, Y.M., Daud, M.N., Alias, A. and Razali, M.N., 2017. Importance of soft skills for graduates in the real estate programmes in Malaysia. Journal of Surveying, Construction, and Property, 3(2).

Ahadiat, N. and Martin, R.M., 2015. Attributes, preparations, and skills accounting professionals seek in college graduates for entry-level positions vs. promotion. Journal of Business and Accounting, 8(1), p.179.

Brumberger, E. and Lauer, C., 2015. The evolution of technical communication: An analysis of industry job postings. Technical Communication, 62(4), pp.224-243.

Bunney, D., Sharplin, E. and Howitt, C., 2015. Generic skills for graduate accountants: the bigger picture, a social and economic imperative in the new knowledge economy. Higher Education Research & Development, 34(2), pp.256-269.

Cappelli, P.H., 2015. Skill gaps, skill shortages, and skill mismatches: Evidence and arguments for the United States. ILR Review, 68(2), pp.251-290.

Finch, D.J., Peacock, M., Levallet, N. and Foster, W., 2016. A dynamic capabilities view of employability: Exploring the drivers of competitive advantage for university graduates. Education and Training, 58(1), pp.61-81.

Grossman, A.M. and Johnson, L.R., 2015. Employer perceptions of online accounting degrees. Issues in Accounting Education, 31(1), pp.91-109.

Jiles, L., 2014. Management accounting career readiness: Shaping your curriculum. Strategic Finance, 96(2), p.38.

 Kerzner, H. and Kerzner, H.R., 2017. Project management: a systems approach to planning, scheduling, and controlling. USA: John Wiley & Sons.

Klingner, D.E., Llorens, J.J. and Nalbandian, J., 2015. Public personnel management. UK: Routledge.

 Lim, Y.M., Lee, T.H., Yap, C.S. and Ling, C.C., 2016. Employability skills, personal qualities, and early employment problems of entry-level auditors: Perspectives from employers, lecturers, auditors, and students. Journal of Education for Business, 91(4), pp.185-192.

Mackey, A. and Gass, S.M., 2015. Second language research: Methodology and design. UK: Routledge.

McMurray, S., Dutton, M., McQuaid, R. and Richard, A., 2016. Employer demands from business graduates. Education and Training, 58(1), pp.112-132.

Neuman, W.L. and Robson, K., 2014. Basics of social research. USA: Pearson Canada.

Paadi, K., 2014. Perceptions on employability skills necessary to enhance human resource management graduates prospects of securing a relevant place in the labor market. European Scientific Journal, ESJ, 10(10).

Panneerselvam, R., 2014. Research methodology. PHI Learning Pvt. Ltd.

Silverman, D. ed., 2016. Qualitative research. UK: Sage.

Yew Wong, C., B. Grant, D., Allan, B. and Jasiuvian, I., 2014. Logistics and supply chain education and jobs: a study of UK markets. The International Journal of Logistics Management, 25(3), pp.537-552.