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department have been overworked. (a) Understanding the
The main reason is the overlap of organisation’s needs:
responsibilities between the marketing it is important to understand the
and accounting departments within the
institution. organisation’s accounting needs.
Required: Discuss how accounting work This includes understanding the
FOR ONLINE READING ONLY
plan can be used as the tool to resolve organisation’s financial goals, the
the issue raised by the Chief Financial nature of its business, and any specific
Officer. accounting challenges it faces.
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Developing an accounting (b) Regulatory compliance: This
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work plan and its involves making sure that the
implementation development of accounting work or
The development of an accounting work action plan is in line or conforms to
plan involves a meticulous analysis of the existing accounting standards
accounting activities in relation to the and regulations.
business operations under consideration. (c) Resource availability: When
This process includes engaging in various developing an accounting work/action
steps to provide crucial details, culminating plan, it is important to consider the
in a well-documented accounting work plan. availability of resources. This includes,
On the contrary, implementation refers staff/personnel, technology, and
to the actual execution of the developed budget, which will significantly impact
accounting plan. Therefore, the effective the development and implementation
development of an accounting work or of the developed plans.
action plan requires a clear understanding
of various factors including, what exactly (d) Stakeholder involvement: It
are the needs of the organisation, its is important to involve different
accounting process and regulatory matters. stakeholders, such as management,
Additionally; availability of resources, and other fellow employees. This can
involvement of different stakeholders, risk greatly influence the effectiveness of
assessment, and continuous improvement. the accounting work/action plan as
The key factors to be considered before their input and feedback can provide
actual development of the accounting work valuable insights into the plan’s
plan are further explained in the following development and implementation.
section:
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