Accounting Project Plan: Addressing Issues and Solutions Report

This project presents a comprehensive accounting plan, meticulously detailing the identification of professional accounting and public relations issues, followed by a thorough capstone project analysis and justification. The project explores key secondary data sources essential for informed decision-making, and outlines effective strategies to address the identified accounting challenges. It includes progress reports, delving into challenges and solutions, culminating in a final report that identifies and assists in resolving accounting and public issues. The project also covers planning considerations and the impacts of accounting and public relations, providing a holistic view of financial management and strategic decision-making within an organization, offering valuable insights and practical strategies for financial professionals. The project aims to provide a comprehensive understanding of accounting principles and their practical application in addressing real-world business challenges.

Accounting

Table of Contents
INTRODUCTION...........................................................................................................................1
Project plan......................................................................................................................................1
Identification of professional accounting or public related issues..............................................1
Capstone project analysis and justification.................................................................................2
Key secondary data sources discovered for the project..............................................................2
Strategies to address the issues determine for project.................................................................3
First and Second progress report......................................................................................................4
Challenges and Solutions related with accounting issues...........................................................4
Final report.......................................................................................................................................5
Identify and provide assistance in solving the accounting or public issues ...............................5
Planning to facilitate the conduct of project...............................................................................5
Consideration of accounting or public relations impacts............................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Accounting is one of the curial aspects for an organisation that is based on
comprehensive recording of all financial transaction that are associated with the companies
internal departments. It simply means that most valuable procedures of recording, summarising
and reporting these transactions to supervise appropriate agencies and financial authorities. The
main aim of doing so is to attain maximum profitability within an organisation through proper
utilisation of companies resources. This project is all about explaining vital aspects those are
related with formulation of plan which will be used to attain certain objectives. All the essential
requirements those are needed to get more reliable outcomes in near future are taken into account
under the report (Scott, 2015).
Project plan
Identification of professional accounting or public related issues
Being a valuable accountant it requires an identity which relies on value and
characteristic of any profession. It would identify overall perception that affect the behaviour of
an organisation. For accountant, it is necessary to be professional as they can develop a valuable
identities with professional accounting for the company. Indeed, a professional is commonly
characterised by a simple set of values which are usually reflects in a code of ethics. It consists
of pursuit of all matter related with public interest. Accountant is an individual that themselves
more as professional that are expected to be more effectively to behave in respect with the
principles of any experienced parties. All researchers used to examine that professional can
impressed through the condition of their employees role and failed to recognise their professional
role and responsibilities (Dorminey and et. al., 2012).
Plenty of accountants need to enjoy solving real world issues that are associated with a
given project. It is something that account officers and finance professional used to deal with
virtually in regular course of options. In fact, according to the recent research from various
professional it is that part of capability that assist and organisation to attain maximum growth
opportunities in coming period of time. According to the survey, it has been determine that a
total of 41% accountants are effectively related with solving issues that gives them utmost
important job satisfaction in regular course of business operations. The role of accountancy and
financial has changed from a pure focus on accounting control to more than one business
organisation.
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Public relation: It is known as one of the appropriate areas which is continually varies
from taking orders to actively helpful in resolving issues for customers. Likewise, as competition
grows and customers can gain more power as per the market condition that placed on public
relations. The issues and objectives clients are having in mind that ranges from assistance about
visibility to making a crisis which is less visible in media. For the most parts, brands that call on
public relations firms to assist with overall crisis in management.
Capstone project analysis and justification
According to the above discussed all implication that are related with the professional
accounting, management and public relations in practical course of business are taken into
considerations. All the accounting related issues are analyse effectively to get more reliable
outcomes in near future period of time (Dalton, 2017). In respect to input from professional
accounting planning are attempting to increase the innovative issues which are based on certain
skilled that are posses by various students. Likewise, they have done so without the use of
information about problem solving styles needed to be resolve various impacts those are
affecting profitability for an organisation. This particular research used to make comparison of
all problem solving issues of accounting that are related with other businesses minors. By the
help of statistical analysis which indicate an important aspects which are held responsible for
resolving financial issues those are faced by an organization during an accounting period of time.
Justification: It is necessary for accountant to make use of appropriate accounting tools
and techniques which entire focus is based on accounting problems skills and ability. It is
responsible for an account officers to focus constantly on all issues those are affecting the
internal growth and stability for an organisation. Some effective decision-making skills are also
needed to be taken into account in order to deal with various issues those are affecting the overall
performances of an organisation. To evaluate every accounting aspects which need to generate
more reliable outcomes for the company in coming period of time. It needs to determine
relevance of solutions about research accounting issues (Kim, Liu and Zheng, 2012).
Key secondary data sources discovered for the project
There are various sources of data collection which are essential enough for analysing
overall position of the company. Some of them are more reliable for appropriate decision-making
in coming time. All sources of secondary information which must be exhausted before any
specific data is collected in the form of primary. Secondary data are known as those are data
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which are already exist in the department that was collected by someone other than users.
Common aspects which includes in secondary information are organisational record, articles and
statistical data as well as organisational records in order to get more reliable aims for an
organisation. It can assist managers to save time that will otherwise be spent in collecting
information and particularly in case of quantitative data which can provide wide and reliable
quality of databases. It would be more unfeasible for any individual researchers to collect
accurate and reliable outcomes in a research project. In addition to this, social and economical
changes will leads to consider secondary data that is essential for attaining more valuable
outcomes in coming period of time. Basically for medium businesses with certain limited
budgets those are typically secondary because it can be consider more reliable and faster in
accordance with primary data (Henderson and et. al., 2015).
 Internet: A lot of secondary research is taken into account those are available on the
internet on the web. It is more simply through entering key words and terms for crucial
types of information that an individual is looking for.
 Magazine: There are certain other informations which are taken from reading articles
those are published in magazine and industry publication or by visiting into library and
any other crucial places.
 Other: One of the main sources of secondary research data which is implemented by
government agencies, this data is usually present for free of cost. Of the main aspects that
are published by private companies which can requires permission and access.
Strategies to address the issues determine for project
Any important decision-maker in an accounting firms knows about industry which is
growing with drastic changes. The effects of those modification are hitting companies every
angle during manufacturing a large set of major business implications. As an effective part of
their annual growth acquisition of professional services of an organisation. These leading
challenges and average of firms seeking to remain competitive aspects in present demanding and
rapidly involves in marketplace. Some of them are mentioned underneath:
 Shortage of upper talent: They need for every businesses which are consider more
valuable for any projects which are prepared within an organisation. All the firms is most
widely reported in respect to overcome financial impacts those are available in internal
level.
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 Communication of services: It is known as one of the most common aspects that a
company offers to viewed by potential customers as inter modifiable aspects which are
offered by numerous.
 Automation and artificial intelligence: It has been seen that technology is playing vital
role in resolving various issues those are related with accounting data of the company. In
the current year, issues seems to be related into different concern.
Management accounting issues can be overcome by using accounting process in more
effective manner. It can provide small business businessman with helpful information for making
valuable decision in order to increase profitability for the company. There are certain guidelines
which exist for accounting process as useful tools and techniques those are able to be
implemented to get more reliable outcomes in coming period of time (Gao, 2013).
First and Second progress report
Challenges and Solutions related with accounting issues
Accounting problems are undergoing aspects that remain extremely below, yet
accountants are still consider more trusted sources of advice for plenty of businesses. In order to
maintain and operate in more effective manner it should be aware of various challenges those are
faced by companies in present period of time. Some crucial aspects are:
Unqualified accountants: It has been observed more easier than ever to develop their
own internet sources in respect to operate their business from anywhere in the nation. Since,
there is no any regulatory rules and regulation which are unlike solicitors and doctors freely call
themselves as an accountant without getting any kind of training. It has been noticed that
unqualified accountants are not having appropriate ability and knowledge to manage their
business in more reliable manner.
Firm consolidation: These issues are based on facing the accounting firms in
international trend towards attaining future aims of an organisation. It has been seen that rising
costs in every sectors will reduced overhead and expenses that are sharing resources and making
expansion planning by offering more diverse selection of services.
The future of accounting: There is no doubt as a number of challenges those are facing
the accounting sectors that are arises within future period of time. It can take crucial process to
support their customer about the new requirement which might have certain impacts on the
overall growth for an organisation (Lennox, Francis and Wang, 2011).
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Using best accounting software: It has been seen that there are various accounting
software which are used for selecting correct option which can be more confusing process. This
challenges can make sure that right accounting software can be best feature for their company.
The correct options which can assist company to determine right solution in order to get setup
more correctly.
Hiring right accountant: It can be said that enough to be reliable accountant which is
not so easy to hire the correct accountant for a specific job. The right accounting individual will
be able to address their particular business model and make advice to improve workflows in
effective operating of their business (Accounting Issues, 2018).
Final report
Identify and provide assistance in solving the accounting or public issues
Managerial accounting is one of the crucial aspect which target internal requirements of a
businesses. Problem in these areas are vary from one business to the next within the same sectors
in order to make appropriate decision making. The solution to provide a computerised system
which is accumulated data on earning and expenditure in a way that assist a firms in making
positive decision in coming period of time. A firms is having accounting system that operate well
for attaining future aims which will assist them to attain more reliable outcomes in near future
period of time.
Planning to facilitate the conduct of project
In an informal research of customer, it has been found that project managers need to
spend their half of their time in project related aspects. Meeting planning and common
facilitation skills are not specifically consists as part of manager training program. Meeting
effective ways to reach at common understanding of issues that are related with accounting
issues (Maskell, Baggaley and Grasso, 2011).
Consideration of accounting or public relations impacts
Contingency consideration is said to be an effective obligation which is being transfer in
respect to asset and equity interest to former owners of an employees. The amount of contingent
aspects in accounting are taken into account to deal with all aspects which are effectively helpful
for increase profitability for an organisation.
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CONCLUSION
From the above project analysis, it has been notified that all effective aspects which are
related with project formulation of every accounting implications that are affecting the
productivity of the company. Further, this project relies on explaining vital aspects which are
necessary for increasing overall profitability and sustainability about the company in near future
period of time.
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REFERENCES
Books and Journals:
Dalton, M., 2017. Men who manage: Fusions of feeling and theory in administration. Routledge.
Dorminey, J. and et. al., 2012. The evolution of fraud theory. Issues in Accounting Education.
27(2). pp.555-579.
Gao, P. 2013. A two-step representation of accounting measurement. Accounting Horizons.
27(4). 861-866.
Henderson, S. and et. al., 2015. Issues in financial accounting. Pearson Higher Education AU.
Kim, J. B., Liu, X. and Zheng, L., 2012. The impact of mandatory IFRS adoption on audit fees:
Theory and evidence. The Accounting Review. 87(6). pp.2061-2094.
Lennox, C. S., Francis, J. R., and Wang, Z. 2011. Selection models in accounting research. The
Accounting Review. 87(2). 589-616.
Maskell, B. H., Baggaley, B., and Grasso, L. 2011. Practical lean accounting: a proven system
for measuring and managing the lean enterprise. CRC Press.
Scott, W. R., 2015. Financial accounting theory (Vol. 2, No. 0, p. 0). Prentice Hall.
Online
Accounting Issues. 2018.[Online].Available through:
<https://www.accountingweb.com/aa/standards/4-key-accounting-issues-to-watch-in-
2017>.
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