BFA 731 Contemporary Business Issues

Added on -2020-02-24

| BFA 731| 16 pages| 4060 words| 65 views

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Running head: CONTEMPORARY BUSINESS ISSUESContemporary Business IssuesName of StudentName of UniversityAuthor Note
1CONTEMPORARY BUSINESS ISSUESTable of contentsIdentifying nature of the CBI desirable for planning and implementation................................2Analysing the situation within the firm......................................................................................2Identifying the reason for this as important issue......................................................................3Discussing the approach/steps to planning and implementation................................................4Identifying 5 research articles that explore this area..................................................................4Identifying 5 practitioner based articles identifying with the general issue...............................5Identifying link between practitioner and the academic area.....................................................6Analysing the advantages/benefits to the organisation..............................................................7Analysing difficulties that might be encountered......................................................................8Providing a conceptual map of the implementation and monitoring.........................................9Concept of cost implications......................................................................................................9Discussing the move to address a contemporary business issue..............................................10Impact of CBI on stakeholders.................................................................................................11Assumptions about organisations.............................................................................................11Reference..................................................................................................................................13
2CONTEMPORARY BUSINESS ISSUESIdentifying nature of the CBI desirable for planning and implementationContemporary business issues refer to the problems that occur in a business. Theseissues often lead to problems in the organisational context and prevention of these isimportant for an organisation. In the context of Futuristic Accounting, these issues normallyarise from the context of an account. Abend (2014) stated that most people are of the viewthat accountants do not have to do much work in an organisation. Accountants provideimportant decisions regarding internal as well as external investments. In small organisationssuch as Futuristic Accounting, the accounts are the main stakeholders of the company. Theyalso deal with businesses that are related to Information Technology as well as areas inmanagement. The business issue in Futuristic Accounting is the stereotype of the employeesregarding the role of an accountant. The perception and belief that an accountant does not contribute to an industry is theissue that needs to be solved. In order to do so, it is necessary that people involved in theaccounting department be given multiple roles and responsibilities in order to prove theirworth. As stated by Goretzki, Strauss and Weber (2013) in small organisations everyemployee has multiple roles. Similarly, in Futuristic Accounting, the roles of the employeesworking in the accounting department and the roles of the employees working in otherdepartments need to be merged. This is one way of identifying the roles played by theemployees in various departments in an organisation.Analysing the situation within the firmThe situation in Futuristic Accounting is the stereotypical mindset of the people. Theperception in which the employees believe in the superiority of the job roles played by themunderpins the fact that every employee considers unethical approaches practised within the
3CONTEMPORARY BUSINESS ISSUESorganisation. According to Gray (2014), unethical practice in an organisation can createdifferences among the employees that may hamper productivity. Employees need to bemotivated in order to increase productivity and help an organisation to attain success.Keeping this in mind it can be said that the situation in Futuristic Accounting is by no meansstable.Leighton (2015) stated that the influence of ethical biases often leads to a loss for anorganisation. This is mainly because of the fact that unity is one of the major factors that anorganisation needs to maintain. Proper communication between employees in everydepartment is needed in order to achieve the objectives of the organisation. Such a situation isfaced in Futuristic Accounting and the gravity of the situation is high. This is mainly becauseof the fact that the organisation is a small private sector that possesses a profit-makingmotive. Thus, the existence of these issues plays a major factor in the success of FuturisticAccounting. The managers need to take immediate action in order to control the situation andensure that the organisation does not suffer due to the existence of these issues.Identifying the reason for this as important issueAccording to Enofe, Nakpodia and Moruku (2014), the accounts department form animportant part of an organisation. This is because the people working in the departmentcalculate the budget, profit and loss statement, balance sheet and valuation of assets. Theprocess required to make such calculations can be lengthy, time-consuming and requiresfocus from the employees. Focus while calculating is required in order to ensure no mistakesare made that may influence the decisions in an organisation. Hence, it can be said that therole of an accountant is important for the success of an organisation. Such concepts can be applicable in Futuristic Accounting. This is mainly because ofthe fact that the employees from other departments in the organisation are of the view that the

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