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objective to determine if it meets the It is broad in nature, outlining the tasks,
SMART criteria. Provide reasons for responsibilities, timelines, and resources
your assessment. necessary for these activities. In contrast, an
List of objectives for Ramani & Co: accounting action plan is a more practical
(i) Increase annual revenue by 20% and concise tool. It outlines the specific
FOR ONLINE READING ONLY
compared to the previous fiscal steps to be taken to achieve a particular goal,
year. providing a detailed list of tasks that must
(ii) Reduce customer complaints by be completed to meet a specific accounting
50%. activity. Essentially, the accounting action
(iii) Launch two new product lines by plan draws from the accounting work plan
LANGUAGE EDITING
the end of the year. and breaks down the activities into specific,
(iv) Improve satisfaction scores. actionable steps within a specified shorter
(v) Decrease production costs. time framework.
(vi) Expand market share by 5% within Therefore, while the accounting work plan
the next two years. provides a broader overview over a longer
(vii) Enhance brand awareness. period of time, the action plan offers a
(viii) Increase customer retention rates detailed breakdown of executable activities
by 10%. within a relatively shorter time framework.
(ix) Achieve a net profit margin of 15%. The choice between the two depends on
Implement a new employee training the specific needs of the situation. If the
programme goal is to provide a broad overview of

accounting activities within a relatively
The relationship between longer period,say a year, then an accounting
accounting work plan and work plan would be more appropriate.
accounting action plan However, if the goal is to outline detailed

The relationship between an accounting and specific steps for achieving a particular
work plan and an accounting action plan accounting goal within a month or a quarter,
is one of interconnectedness, yet they are then an accounting action plan would be
distinct in their purposes and focuses. more suitable.
Both are essential tools in facilitating the
execution or implementation of accounting Activity 10.1
work within an organisation. However, an Ushindi Ltd is an entity that has been
in existence since 2008. The entity has
accounting work plan is a comprehensive four departments: Marketing, Operations,
document that serves as a roadmap to guide Human Resources, and Accounting. The
accountants and financial professionals in Head of the Accounting Department at
implementing various accounting activities Ushindi Ltd has been complaining that
within a specific accounting period or they do not seem to meet department
engagement. objectives because the staff in her

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