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ACG315 Accounting And Finance For Fluctuating Revenues And Company Size

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  • Course Code: ACG315
  • University: University Of Bedfordshire
  • Country: United Kingdom

Question:

what are the factors that influence an organisation’s work practice and expectations of an accounting professional? how does an accounting professional engage with the community to add value to stakeholders and oneself? What are the strategies and development tools that are appropriate for an accounting professional to sustain a competitive advantage in terms of employment and level of competence?

 
 

Answer:

Task One

The change of taxation rules and regulation of conventional and statute laws have always confused willing, compliant firms. Different stakeholders take part in helping the companies adapt to the new changes. The actualization of this checks and balances lower down to the firm accountant. He, therefore, deals with the confusion at a more significant level.  We, therefore, discuss the confusing issues and the role of the accountant in trying to solve the stalemate

Fluctuating Revenues and Company Size

The companies are supposed to pay taxes according to the size of the company regarding revenues. The company might collect high revenues at some point and therefore be asked to move to the high ranking companies. When the incomes are lower, it is difficult for the company to revise the regulations, even when the company is recording losses. The accountant is therefore required to develop revenue collecting strategies to avoid the companies’ confusion in operating as either a small, medium or a big company (Barry 2017)

 

Salary Payment

When there is a tax overhaul by the government, like the 2017 Australian case (West 2017). The company has to adhere. Therefore employees are to receive individual payments. Insurance policies are tax affected hence the company has to pay a certain percentage of every employee. The payment can be made in cash or in saving the account. The employees can demand their deductible income at the expense of the company leading to company confusion caused by tax regulation. The accountant role is supposed to administer each payment to the employees and determine universal benefits for every employee before paying their accounts. Failure of any of these may lead to the prosecution of the company and conviction of the accountant.

Income

For companies that benefit from the government taxes like medical schemes, defense contractors, and others. The accountant should determine the kind of revenue they collect for each changed government regulation.

Task Two

Accountants can engage with the community to add value to a company’s stakeholders, and individual self in the following discussed ways;

Participating In Community Social Responsibility

An accountant can not only donate monetary funds to the community-based organizations but can also offer accounting support through joining humanitarian agencies (Fairweather et al. 2017) Example of such agencies include a cure for life foundation, St. John’s ambulance, etc. a well-established accountant could even open up their agency.

Offering Professional Advice

Offering talks regarding accounting advice to community-based organizations. This builds the confidence of the accountant. It improves the relationship between the accountant and the community. It can also be a platform for advertising his company agency.

Offering Volunteer Services

The accountant can offer himself to provide free accounting services to the community-based organization. This helps to gain experience for the individual (Kaspina 2015). The accountant also meets challenges and discover how to solve them for future occurrences. This helps grow the stakeholder’s confidence in the accountant as it’s a show of self-responsibility.

 

References

Barry, J.M. and Caron, P.L., 2015. Tax regulation, transportation innovation, and the sharing economy. U. Chi. L. Rev. Dialogue, 82, p.69.

Fairweather, G.W., Sanders, D.H., Cressler, D.L. and Maynard, H., 2017. Community life for the mentally ill: An alternative to institutional care. Routledge.

Kaspina, R., 2015. Continuing Professional Development of Accounting and Auditing: Russian Experience and Challenges. Procedia-Social and Behavioral Sciences, 191, pp.550-553.

West, A., 2017. Multinational tax avoidance: Virtue ethics and the role of accountants. Journal of Business Ethics, pp.1-14.

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