Role of accounting for business

Assessment
Table of Contents

Title: Role of accounting for business.............................................................................................1
Introduction of the project...............................................................................................................1
Aim..................................................................................................................................................1
Objective..........................................................................................................................................1
How the objective will be achieved?...............................................................................................2
Timelines..........................................................................................................................................2
Brief Background of the problem....................................................................................................4
Background search (Literature Review)..........................................................................................4
To determine the role of accounting in improving the financial performance of a firm........5
To evaluate about the key challenges that are faced in accounting of a firm.........................6
To identify some effective ways to have improved accounting within Bentley which supports
better financial performance and improved business success................................................7
Impact analysis.................................................................................................................................8
Constraints (Limitation of project)..................................................................................................9
Conclusion.......................................................................................................................................9
REFERENCES..............................................................................................................................10

Title: Role of accounting for business
Introduction of the project
Accounting forms out a vital part of every business organisation which is concerned with the
systematic recording, analysing, gathering, interpreting and effectively presenting of the
financial information of the firm. thus, accounting provides the way through which a business
keeps it expanses and financial operations on track (Skorobogatova, 2021). The primary aspects
and common duties comprises in the accounting consists of bookkeeping, maintaining records
along with preparation of various budgets, financial statements and annual reports which depicts
about the actual financial performance as well as the profit and loss of a firm. It has bene
analysed that many challenges are faced in accounting by a firm which directly affects and
hampers it financial performance. Thus, having effective knowledge about the accounting and
mitigating the risk of accounting are vital and essential for all organisation.
Current project is conducted on Bentley Motors Ltd which is a well-known manufacturer
and marketer of luxury cars and other SUVs the main headquarter of which is situated at Crewe,
England, United Kingdom (Morpurgo and Azevedo, 2021). Current project comprises of the
discussion about the role of accounting in improving the financial performance of a firm along
with analysing the possible challenges faced in accounting for business and some effective ways
to have improved accounting which supports better financial performance and improved business
success. Further, this project comprises of setting aim and objective along with presenting the
timeline of the business plan. Further, a brief discussion about the background of the problem
along with analysis of literature has been also provided to achieve the set objectives together
with impact analysis and constraints of the project.
Aim
To main of current project is, “To evaluate about the possible challenges faced in
accounting along with analysing its role in improving financial performance of a business”. A
research Project on Bentley.
Objective
The main research objective set out for current project are provided as below:
 To determine the role of accounting in improving the financial performance of a firm.
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 To evaluate about the key challenges that are faced in accounting of a firm.
 To identify some effective ways to have improved accounting within Bentley which
supports better financial performance and improved business success.
How the objective will be achieved?
The objective of current study will be availed through leading improved training and better
coordination among employees which ensures improved performance and higher efficient during
the project. Further, a practical and achievable business plan and objectives are set which could
be effectively achieved through the setting the of employee targets along with embarking and
emphasising on the management of performance techniques. Apart from this, use of effective
techniques and tools are also designed to have better analysis and implication of data collected
on the topic of accounting with the help of secondary sources (Damerji and Salimi, 2021). Thus,
to achieve the set objectives, implication and use of secondary source of information and other
analytics have been made to get better analysis about the challenges faced in accounting of
business. Beside this, an evaluation about the role of accounting in improving the financial
performance of a firm is also made with the help of analysis of available online articles and
journals on this topic. At last to achieve the set objective in efficient manner, implication about
some effective ways to have improved accounting within Bentley which supports better financial
performance and improved business success is also made through effective analysis of the
available information collected from the secondary sources of data comprises of online article
and journals.
Timelines
The below stated table is presenting about the set start and end dates of the various task of
current project:
Description of work Start and end dates
Task 1 Setting of aim and objectives XXX
Task 2 Brief analysis of problem XXX
Task 3 Background search (Literature Review) XXX
Task 4 Impact analysis XXX
Task 5 Analysis of project constraints XXX
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