FNSACC408: Development Plan for Accounting and Bookkeeping Industry

This document presents a professional development plan created by a student for the FNSACC408 Work Effectively in the Accounting and Bookkeeping Industry assessment. The plan meticulously addresses the key tasks and responsibilities of a bookkeeper, emphasizing the maintenance of financial records, journal entries, and payroll systems. It identifies competency and currency requirements, including the need for a relevant degree and adherence to ethical and legal regulations. The student reviews their current competencies, acknowledging their ability to handle accounting transactions and comply with relevant standards. The plan outlines professional development needs, including a desire to advance to a financial accountant role and enhance accounting skills. It defines short-term goals, such as gaining complete knowledge of financial reports generated by the business, and long-term objectives, including promotion to financial accountant and obtaining a professional accounting degree. Strategies for achieving these goals involve a combination of professional courses and practical experience, along with seeking guidance from senior accountants. The plan also identifies required resources, such as study materials and practical exposure. It addresses reporting requirements, emphasizing compliance with accounting principles and standards, and includes a timeline for meeting and reviewing goals. The student's plan reflects a commitment to professional growth and a clear understanding of the bookkeeping role.

FNSACC408 Work effectively in the accounting and bookkeeping
industry
Assessment Task 3: Your NAME
Upload two (2) files to Connect:
This document - Your NAME AT3 PD Plan Attempt 1
Marking Criteria – Your NAME AT3 MC Attempt 1 (Complete your details at the
top)
Review Assessment Tasks 1 and 2. Based on this information, prepare a
Professional Development Plan for yourself.
Criteria Response
1. Identify key tasks and
responsibilities within your role
The key task and responsibility which can be
identified within the role of a bookkeeper are
mentioned below in details:
a. The primary function which can be
identified for a bookkeeper is related to the
process of maintaining the books of
accounts for the business. The books of
accounts are the basis on which the
financial statements are prepared by the
business.
b. The bookkeeper also needs to make
entries in the books of accounts and make
adjustments as and when required in the
same.
c. In addition to this, the book keepers would
also be responsible for the payroll system
which is established in the business.
d. The bookkeeper would also be reviewing
the financial statements on a regular basis
in times of inspection so as to ensure that
the financial statements are not showing
any discrepancies.
e. The bookkeeper also provides assistance
to the financial accountant to satisfy
compliance requirements in relation to
preparation of the financial reports of the
business.
f. The bookkeeper also has the
responsibility to keep the financial
accountant updated on the entry process
of information and the bookkeeper also
needs to managing the online software for
entering the transactions of the business.
2. Identify your competency and
currency requirements, including
The accountant has a very important role to play
in a business as he is responsible for preparing
professional development plan - Your name 1

any legal, ethical and licensing
requirements
the financial statements which reflect the
performance of the company during the period
and therefore a qualified accountant is required
so that the quality and accuracy of the financial
reports are maintained..In order to become a fully
qualified bookkeeper or accountant, the
management of the company needs to consider
the current competency requirements such a
proper degree in financial accountant from a
recognised institute which can prove the
competency of the employee. In Australia, a
recognised degree from CPA Australia is
considered to a valid proof of competency for the
field of accounting. The ethical and legal
regulations also need to be considered for the
position of bookkeeper is important. In addition to
this, in many of the companies, generally the
requirement if of a certified cost accountant or a
chartered accountant for handling the books of
accounts of the business. In such a situation a
valid license would be required by the employee
for managing transactions and preparing the
financial statements of the business.
3. Review your current
competency and currency
achievements
The current competency which is required by the
business is that of a bookkeeper who would be
responsible for maintaining the books of
accounts of the business and also passing
necessary journal entries and posting the same
in ledger accounts. As per my present role, I
need to pass journal entries and also check for
any errors or omission in the financial
statements. In addition to this, I also need to
adhere to the relevant rules and regulations
which are associated with accounting policies
and relevant accounting standards which are
formulated by the IASB. I also will be performing
some supporting roles such as reviewing the
payroll process and processing salary slips,
reviewing inventory, debtors and creditors
records during the time of inspection. In the
present scenario, I am competent enough to
handle the accounting transactions and preparing
the books of accounts.
4. Review feedback from peers
and others
I would be getting support from the other
bookkeepers who would be working under the
same accountant and reviewing the books of
accounts of the business. The accountant would
also be providing feedback to bookkeepers
regarding the posting and work which is prepared
by the business. The feedback system is
professional development plan - Your name 2

developed for the appraising the activities of the
business. The feedback system is also
developed so that the employees of the business
would help the management of the company to
know regarding the efficiency of the works of the
employees of the business.
5. Identify your professional
development needs
I would like to develop as a professional
accountant for the purpose of maintaining the
books of accounts of the business. I am currently
working as a bookkeeper in the business for
managing the financial records of the business
but I have a goal to reach and be promoted as
the financial accountant of the company and also
develop my accounting skills as a professional
accountant. In addition to this, I want to grow
forward in life in managing the financial
statements of the business. The accountant also
requires the proper accuracy so that there is no
mistakes in the preparation of the financial
statements of the business.
6. Identify two (2) short term
professional goals and two (2)
long term future development
opportunities
The short terms goals which I want to achieve in
the business while working as a bookkeeper are
listed below in details:
 I would like to have complete knowledge
regarding the different books which are
prepared by the business and which are
ultimately used by the business for
preparing the financial statements of the
business.
 I would like to prepare or assist in the
preparation of financial accounts from the
Xero software which is used by the
business in generation of financial reports.
The long-term objective which I intend to pursue
are given point form below:
 I would like to get a promotion to the post
off financial accountant of the company
would like a team of my own so that I can
guide them in handling the transactions
and also teaching them process of
maintaining books of accounts.
 I would like to get a professional degree in
the field of accounting which would further
boast my biodata and also provide
opportunity for a better company or a
better pay.
7. Strategies to achieve these
goals
The strategies which I would be following for the
purpose of achieving my goals is to carry on with
my education relating to professional courses
and at the same time also attaining experience
professional development plan - Your name 3

from practical work as well. I intend to work with
sincerity so that I can provide quality work which
would make the work of the financial accountant
much more easier for conducting the work and
preparing the financial statements of the
business. I would also be taking guidance from
the senior accountants so that my practical
experience towards my work is further developed
and I am able to work self-sufficiently in future. In
addition to this, I would also be showing the
determination that I want to go ahead in the
company and thereby express my desire for a
promotion in the business.
8. Resources required to achieve
these goals
The resources which I would be requiring for
achieving both short terms and long-term goals
are mainly associated with different study texts
which are available to me. In addition to this, I
would also be relying on the practical exposure
which I can get from the working as a
bookkeeper in the business. In addition to this, I
would also be registering for a professional
course which can further enhance my knowledge
in accounting and also provide me with a valid
degree which would enhance my package as
well as job designation.
9. Identify Review and reporting
requirements
The financial reports which are prepared by a
business needs to be prepared in such a manner
that the same complies with the conceptual
framework which is universally followed for
preparing the annual reports of a business. The
reporting requirement requires businesses to
adhere to accounting principles and conventions
while dealing with different accounting
transactions. In a similar manner the financial
statements should also be prepared by following
relevant accounting standards. These standards
provide guidance’s relating to how businesses
need to show disclosures and treatments of
different items of a financial statement. Th
financial statement should also be reviewed in
order to ensure that there are no errors or
omission present in the annual report as the
same would be used by investors for taking
major investment decisions.
10. Timeline to meet and review
your goals
The timeline which is provided for preparing and
presenting the financial information of the
business is important. The management of the
company needs to publish the annual reports on
a certain date and therefore financial reports
need to be prepared within this timeline. It is
professional development plan - Your name 4

therefore essential that before publishing the
financial statement of the business, proper
review of the same needs to be maintained by
the business.
professional development plan - Your name 5