Time Management and Task Prioritization in Accounting and Bookkeeping

Student Name:
Student-ID No:
FNS40217 Certificate IV in Accounting and
Bookkeeping

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Table of Contents
Part A – Written or Oral Questions..............................................................................3
1............................................................................................................................... 3
2............................................................................................................................... 3
3............................................................................................................................... 4
4............................................................................................................................... 4
5............................................................................................................................... 5
6............................................................................................................................... 6
7............................................................................................................................... 6
8............................................................................................................................... 7
9............................................................................................................................... 7
10............................................................................................................................. 8
11............................................................................................................................. 8
12............................................................................................................................. 8
13............................................................................................................................. 8
14............................................................................................................................. 9
15............................................................................................................................. 9
16........................................................................................................................... 10
Part B – Written Assessment:................................................................................... 11
References............................................................................................................... 12

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Part A – Written or Oral Questions
1.
Time is one of the highly important things that is there in the world. It is an essential yet sadly
inadequate resource. In this exceptionally hysterical and fast-paced world, the skill to manage
time correctly is a necessity. Prioritizing of tasks is not that simple. One has to make out which
things have to be performed first. It is a critical procedure, however once one gets accustomed to
it, organizing and planning will be simple. In case one knows the way to efficiently organize and
prioritize the workload, he can learn how to be more capable and productive (Carniol, 2019). The
6 key considerations while prioritising tasks are:
 Task’s urgency
 It’s significance
 Time needed for completion of task
 Legislative needs or impacts
 Accessibility of resources
 The skill level of the individual doing the task or other people
 All the business aspects that could have effect on the tasks (PlanPlus, 2019).
2.
As per the past experience, it can be said that below given six resources would be required for
carrying out the bookkeeping tasks and activities:
 Computer or laptop: There are certain applications required along with Internet access,
calculator and the basic accounting software or MSExcel for maintaining the books.
 Accounting programs: For tracking the business data, it is important that online accounting
program is utilised. There are various like Quickbooks online or Xero, which offer access to
the data anywhere and on any device so that accounting and bookkeeping can be easy and
quick (Lampit, Ebster & Valenzuela, 2014).
 Spreadsheet tools: There are various tools and checklists to be utilised through use of
spreadsheets. Please involve preparation tools like summaries of payments, bank account
statements, summary of end your tasks for workflow tools for managing everyday tasks and
keeping track of the financial details.

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 GST text book: Goods and Services Tax (GST) is a value added tax of 10% that is
implemented on the selling of goods and services within Australia. The Business Activity
Statement (BAS) is a report that organizations have to put forward to the Australian Tax
Office (ATO). It is utilised for reporting and paying their GST in a monthly or quarterly way
(GST distribution review, 2012). Each year there is a need of the GST handbook. Even
Google is a useful tool but textbook is also referred for confirming that the information that is
available on Google is correct. This is highly valuable tool for bookkeeping.
 Electronic or paper receipts: These sports have to be kept as backup for the records along
with details of the expenditures and sales.
 Taxation records and payroll information: The complete records of payroll and taxes have
to be maintained so that this can be added to the accounts or books.
3.
 The working in teams enhances collaboration and gives an opportunity of brainstorming.
Therefore there are many ideas develop and there is enhancement in the productivity.
 Two or more individuals are always better than single person to resolve issues, finish of the
tough tasks and enhance creativity (smallbiztrends.com, 2016).
 Everybody is unique and processes unique skills, experiences and backgrounds so other
people in the team can be helpful in looking at things with different perspective.
 Teamwork supports communication amongst the team members and therefore the
relationship among the workers becomes improved and with time the staff Learns to
communicate in a better way.
4.
Feedback has been an important part of performance improvement. The three features of
effective feedback are:
 Instantaneous: the excellent feedback is one which is immediate and is given when all the
information is fresh in the mind. In case there has to be a lender waiting time for letting
anybody know how one things their performance food enhance, it can have less effect and
would make it tough for the individual to grasp exactly what needs to be changed. There is a
huge difference among feedback and assessment (Mindsteps, 2015). Assessment gives an
estimation of one’s performance at a particular position in time. The main aspect of
assessment is opinion – one is either good or terrible, right or wrong, fulfils standard or less
than standard, productive or unproductive. Feedback, in contrast, gives with ongoing