Report on Professional Accounting Concept and Issues in Australia

CAPSTONE PROJECT
REPORT

INTRODUCTION
Capstone project report is essential to provide integrated knowledge of business
operations of any enterprise. It is beneficial for optimum utilization of resources and fund affect
management and further business operations. The present report is based on understanding
professional accounting concept and issues occurred in business enterprise in Australia. In this
regard, analysis of issues and strategies to solving out them are to be described. Including this,
consideration of knowledge in accounting, management and public relation implications will be
introduced through this assignment. Thus, students are able to enhance knowledge regarding
professional accounting and improving problem solving skills for effective public relations.
Professional accounting
Professional accounting is an accounting term which includes accountancy fields as
Chartered Accountancy, Cost accountancy, company secretaryship and management
accountancy. In this process, professionals audited financial statements including profit and loss
account, balance sheet, income statement and other reports demonstrate economic and non-
monetary position of the enterprise (Bhowmik and Saha, 2013). However, critical evaluation on
incurred expenditures and gained revenue on business operations is created by which further
decisions are made for reducing expenses and increasing sales revenue. Moreover, business risks
and suggestions for reducing them also recognised for effectiveness of enterprise and enhancing
its efficiency. Besides this, forecasting and decision making on business operations for further
activities are implemented adequate management of them and allocating resources and fund
more efficiently. In addition to this, under professional accounting system is considered as study
of profitability and liquidity position of business organisation on which further decisions are
made for business operations and company's growth effectively. Along with this, variety of ideas
are generated for improving quality services and financial development of organisation
efficiently (Brigham and Ehrhardt, 2013). Thus, for auditing financial transactions of the entity,
it is needed for professionals to have deep knowledge regarding accounting, evaluating and
detecting errors occurs in accountancy. Therefore, economic stability and management of
business operations is possible through this accounting system for cost effectiveness and
adequacy in terms of allocating resources and fund effectively.
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Professional accounting also remains helpful for decision making and forecasting on
financial transactions as suggested by professionals (Camin and et.al., 2016). However, effective
guidelines for preparing and maintaining financial records are obtained for enhancing monetary
performance of the enterprise. In addition to this, audited financial statements are considered as
valid and it is mandatory for organisation to implement strategies for managing inventories and
fund also different decisions are made for future business operations. Therefore, professional
accounting is crucial for collecting and interpretation professional accounting terms as well
making decisions for further business operations.
Management/ public relations issues in The Hotel Windsor
In business organisation, it is one of the great issue to establish and maintain relations
public for providing goods and services. However, analysing their interests and attitude towards
services is quite difficult affect demand for services and its production. Including this, public
relations and achieving their satisfaction at maximum level remain difficult. It is considered that
different people have various choices and perception towards goods and services of The Hotel
Windsor. Including this, changes in technologies for producing items and their requirements
considered as a challenging task for entity. Besides this, for maintaining public relations and
fulfilling their requirements, it is needed for enterprise to analyse their opinions on products and
services (Hussain and et.al., 2015). Including this, it is costly to increase contact with people and
establishing relations for attracting them and maintaining interest for longer time period. Apart
from this, building up customers' trust with products and services provided by entity is quite
challenging task to encourage them for purchasing them. Similarly, due to geographic,
demographic, socio-cultural and other issues, managing relations is difficult as providing
services according to their requirements (Keohane and Olmstead, 2016).
In addition to this, using appropriate tool for promoting goods in market is difficult as
well expensive for aware them with its services. However, it is also recognised that in today's
era, customers are attracted towards brand and high quality of products at most. Therefore, in
case of having inefficient fund, it is not so possible for organisation to incurred high cost on
expenditures on The Hotel Windsor's services. Including this, in online marketing of goods and
services, it is challenging building up customers' trust and encouraging them to buy them and
recommending their family and friends. Likewise, maintaining relations with customers
including agents, retailers and other business enterprises is difficult for entity for longer time
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