Balance Scorecard for CPA Australia

This report discusses the implementation of balance scorecard at CPA Australia, including its four perspectives and objectives. It also explores the pros and cons of using balance scorecard and its impact on financial performance. The report concludes with the importance of professional skills in maintaining organizational success.

CPA Australia

Table of Contents
Table of Contents.............................................................................................................................1
INTRODUCTION...........................................................................................................................2
MAIN BODY..................................................................................................................................2
Recommendation on balance scorecard for CPA Australia by presenting the four perspectives
and list of one or more objectives................................................................................................2
How balance scorecard has implemented at CPA Australia by involving high level of project
plan, key stakeholders, consideration and high level of risk.......................................................4
An outlines of pros and cons of implementing balance scorecard for CPA Australia with
examples......................................................................................................................................4
CONCLUSION................................................................................................................................5
REFERENCE..................................................................................................................................7
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INTRODUCTION
Profession skills are consider as skills that is required in a person to work accordingly
and helps to perform all activities accordingly. It has defined that individual’s processional skills
are extremely important in competitive business world. This is the proper way where someone
corporates to handle their workload and acts all around the office which helps to determine
failure and success in relation to employee (Tonn, 2019) (Abbey and Ong’unya, 2019). This
report is based on CPA Australia that is a professional accounting body in Australia founded in
the year 1886. This body get the prepared many people by providing professional skills where
they increases their knowledge and get degrees to perform well. Different topics are covered in
this report such as Balance scorecard for CPA Australia that helps to attain the business
objectives, implementation of such model by involving high level of projects, key stakeholders,
key consideration etc. that help to identify risk. Moreover, pros and cons of implementing
balance scorecard in order to maintain good financial performance.
MAIN BODY
Recommendation on balance scorecard for CPA Australia by presenting the four perspectives
and list of one or more objectives
Balance scorecard is considered as strategic management performance metric that uses to
identify and improve the internal business functions and give better outcome. Thus is important
for organisation to use balance scorecard to identify the problems and get a proper solution that
can help to improve the organisational productivity. It is uses to ensure that all functions and
activities are performed effectively and good outcome can be received in particular time period.
This was firstly introduced by David Norton and Robert Kaplan in the year of 1992 who stated
that this tool will help to measure and maintain the financial position of a company (About CPA
Australia, 2020). The CPA (Certified practicing accountant) which is governing body has
defined the four perspective of balance scorecard that are as defined:
Financial perspective – This means balance scorecard uses in measuring the financial
performance like as net income, return on investment, income statement etc. that helps to provide
right information regarding financial position. The CPA increase the knowledge of students by
making sure that they can get historical and current data of a business and organisation then
decision are make accordingly (Four perspective of balance scorecards. 2020).
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Customer Perspective – CPA has defined that balance scorecard in context to customer
perspective, uses by managers and professional person to identify their customers and market
segment in which a business unit can be complete and be measured of unit’s performance. In
this, managers identify the ways how a customer can be satisfied and retention by delivering
better quality of products and services (Henry, McCormack and Saeed, 2019).
Internal business process perspectives – This perspectives states that balance scorecard
is uses to deliver the value prepositions that helps to attracts and retain customers in targeted
market segment and satisfy shareholders expectations that help to maintain the good position of
business. A company must monitor its inputs to achieve relatively high efficiency. Awareness of
consumer needs and the high-quality products and services from key distributors are the two
most critical inputs to good results. Identifying the key strategic measures to be used in this
quadrant signifies a management challenge. While most organizations will agree with the
rationale of engaging in professional training and effective information systems, it is not always
clear how to define the competitive importance of 'simple' problems such as employee
engagement, cultures of innovation and expertise management.
The learning and growth perspective – This is another perspective that helps
professional person to increase their capabilities and growth of business. CPA that is certified
professional accountant is using balance scorecard to improve the learning and growth
perspectives of individual’s person. This also helps to improve the learning of organisation and
growing the business.
Measures of balance scorecard that links to performance measures
 How customers see CPA?
 How it can improve and create value ?
 How to look shakeholders?
Therefore, it has justified that CPA is increasing the knowledge about balance scorecard
that uses to improve the financial information of a business by identifying problems and
measuring the ways. This help to develop and grow the business by maintaining the financial
performance.
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How balance scorecard has implemented at CPA Australia by involving high level of project
plan, key stakeholders, consideration and high level of risk
Certified practicing Accountant is a finance, accountant and business professional with
specific qualification. This indicates a depth and quality of accountancy knowledge and also
providing training to students for completing their professional development. This body is
implementing the balance scorecard at CPA to increase the knowledge about customers,
members, internal process and learning purpose. This will help to increase the productivity and
profitability by increasing number of member. The implementations of such model in CPA are as
defined:
 This helps to complete the high level of project plan such as increasing knowledge of
individuals and providing them proper training and development programme.
 The project plan of CPA is to complete and email registration form to
[e-mail]
 This increases stakeholders by identifying risk and other problems in relation to
professional skills.
 Balance scorecard create a tangible roadmap for CPA to make more successful future.
 This also helps to articulate the goals of CPA that helps to move upwards through stages.
 By using balance scorecard CPA can improve the their performance in other competitive
bodies.
An outlines of pros and cons of implementing balance scorecard for CPA Australia with
examples
Balance scorecard is a tool and measuring tool which is used by organisation to evaluate
and measure the organisational performance. This provide financial and non-financial
information to organisation so productivity and profitability can be maintain effectively. This is
important for organisation to use such tool and identify risk which can arises at the time of
working and affected a business negatively (Irving, 2020).
Pros of balance scorecard for CPA Australia:
Bring structure to business strategy – Balance scorecard helps CPA Australia to
measure their performance and states what is important in term of metrics. Leaders and
professional can individualize their performance measurement and get a structure or strategy that
help to improve the productivity (Pros and cons of balance scorecard in CPA Australia, 2020).
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Make easy communication – With the help of balance scorecard, communication
between CPA members and other department it become easier as all are speaking in same
language and solve the problems. For example, in Tesco organisation there are many employees
in different department who are using balance scorecard to make the easy communication and
increase organisational productivity. This helps to find out the problems and get them a best
solution.
Facilitates better alignment - Balance scorecard is uses by CPA Australia that helps to
attain the objectives. It can take responsibility of members by performing the actions and
activities effectively (Donald and Donald, 2019).
Connects the individuals worker to organisational worker – In CPA, balance
scorecard helps members and employees in organisation that keep eyes on the prizes in order to
attain the goals. Such as Tesco is using balance scorecard to connect the individuals and engage
them in workings for the purpose of attaining business goals.
Cons of balance scorecard for CPA Australia:
It must be tailored to the organisation – This is supposed to provide a framework that
needs to be customised for every organisation. It take too much time to implement the balance
scorecard at CPA Australia that can challenge the workings (Pros and cons of balance scorecard
in CPA Australia, 2020).
It is required high level of knowledge and understanding – In CPA Australia, it has
drawback that members and professionals are required a high level of knowledge and experience
that can create the problems in absence of using balance scorecard.
It requires a lot of data – When company and CPA Australia is using balance scorecard
then members and managers are required a high range of data and information that means
logging data. This can limits to attain the business objectives (Abbey and Ong’unya, 2019).
CONCLUSION
Balance scorecard is an effective tool and study of knowledge which is used by
management and CPA members to increase the understanding and level of individual’s
qualification. This can help to identify the risk and suggest solutions to improve the
organisational performance. A person should have good experience in using such tool that helps
to maintain the business effectiveness and increase profitability. The four perspectives of balance
scorecard are customers, members, internal process and learning process which help to manage
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business activities and functions effectively. This is important to increase the interest of work,
initiative, making plans and organising activities and setting the goals that can help to perform
well. Moreover, professional skills is important to maintain the quality of work, creativity,
quality of work, getting right judgement, solving problems, maintaining interpersonal behaviour
and handling conflicts properly.
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REFERENCE
Books and Journal
Tonn, E., 2019. CPA Maritime branch launch anti-imperialist collective. Guardian (Sydney),
(1883), p.4.
Abbey, K. and Ong’unya, G.O., 2019. Procurement performance and profitability in foam
mattress firms in Uganda.
Donald, M. and Donald, M., 2019. Organisational Change, Tools and Measures'. Leading and
Managing Change in the Age of Disruption and Artificial Intelligence. Emerald
Publishing Limited. pp.143-167.\
Irving, A., 2020. Let us stand for unity and a new day: Statement from the general secretary of
the CPA on invasion day. Guardian (Sydney), (1899). p.3.
Doherty, D., 2020. Australia funds us military-forgets bushfire victims: Tindal Raaf base
upgraded. Guardian (Sydney), (1906), p.4.
Henry, D., McCormack, S. and Saeed, N., 2019. An evaluation of a simulation learning task in
finance education. Journal of Education for Business. 94(8). pp.549-560.
Online
Four perspective of balance scorecards. 2020. [Online]. Available through:
<http://www.yourarticlelibrary.com/accounting/performance-measurement/perspectives-
in-balanced-scorecard-4-perspectives/53100>
About CPA Australia. 2020. [Online]. Available through:
https://www.cpaaustralia.com.au/-/media/corporate/allfiles/document/professional-
resources/business/best-practice-in-performance-management.pdf?
la=en&rev=17158df4fa9746f49d6c4dd1001ee38f
Pros and cons of balance scorecard in CPA Australia. 2020. [Online]. Available through:
<https://heartpace.com/blog/post/balanced-scorecard-in-2020-advantages-and-
disadvantages>
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