I have learned why finance accounting is important for the effective running of a business organization. It will help me in getting a broader and wider idea of the various financial concepts. As accounting plays a vital role in every organization, it is necessary to understand and get a clear idea. This will also help in preparing and analyzing the budget of different organization. In this era of globalization, as finance plays an important role in every sector of the economy, it is necessary to understand the key elements which are associated in internal auditing of an organization (Belfo & Trigo, 2013). This learning experience will also help me in capital budget analysis. It will also help me in comparing the exchange rate of different and the taxation policies of different countries. I will also be able to understand the changes in the accounting system of every organization due to the changes made in the taxation rate of the country. Moreover, I will also get an in-depth idea of the different challenges which are faced by different organizations. The value of this learning experience is that it will enhance my knowledge in auditing and financing. It will also help me in delivering new strategies which will be beneficial for the development of the company (Fields, 2016).
The learning experience will help to play the role of accountant in an organization. It will help me to become professional accountant by understanding the width and depth of the various accounting terms. It will also help me in using the computers for various accounting processes such as computerization of the total processes and operations using ERP packages. This will help me to eliminate the errors which occur in manual accounting process. As the taxation policies of different countries keeps on changing, there are numerous additional data which needs to be added to the existing data of the organization (Rahmana, 2016).It will be easier for me to carry out the calculations easily. As the markets are opening up and the investments are flowing across different boundaries, it is also necessary that the reporting of the organization must be followed. Moreover, there is also shortage of quality accountants who looks after the various accounting processes in different organizations. This learning experience will also help me in my future career to become a professional accountant. This learning or knowledge can be applied in the future for career development and leadership training experience as an accountant. I can also train quality professional staffs for the managerial level who are involved in accounting and finance department of any business organization (Gassen, 2014).
In the entire learning process, I have analyzed the various challenges which are faced by the organization in finance and accounting processes. The strategies which are adopted by different organization are also discussed in the paper. The company in which I will work will be benefitted as I can easily understand global finance and work for the development of the company. I can advice the management whether it will be feasible to invest in the home economy or abroad (Karpoff et al., 2014). If I understand the challenges of global finance, I can also easily prepare for the challenges which are to be faced by the organization in the real world. I will have adequate knowledge on finance and thus can save the company from excessive debt. The companies with efficient operation and increasing sales will reach such a point where there will be no such debt. I can also assist the local business services which affects the overall economy. As the emerging market will always tend to have a high risk of inflation and the prices will soar at any moment, I can judge and assess them correctly. I will also face various challenges while working in the organization which are associated with increasing the productivity and streamlining the various processes (Perego et al., 2016). Moreover, it will also be necessary for me to upgrade or implement the information system and thus connect with the other members who are associated with finance work. The rapid technological changes and globalization are making difficult for the companies to survive. Thus. it is important to analyze and carefully adopt certain steps for mitigating the challenges of finance and accounting in the global economy (Loughran & McDonald, 2016).
These research has helped me to analyze the secondary market and obtain various information which are associated with the challenges which are faced by the finance and accounting companies globally. It will also help me in carrying out further research work extensively and improve the accounting and finance process which is associated with the business process in the long run. The various key factors which are associated with business operations of an organization will also be easier to understand and analyze. Further, it will also help me to take the charge of any business organization as the accounting and finance official. It will also help me to keep a close track of the profitability and taxes which are associated with the business operations. It will also help me to understand the challenges which are faced by the organization in finance and accounting processes. The research has also helped me in analyzing the business data carefully. The economic factors and the powers also play an important role in the setting of business in different countries. It has also taught me to make a careful investigation of the budget which plays an important role in every organization. The companies must adopt innovative processes to stay ahead in competition and to maximize their profitability (Karadag, 2015).
I have learned at the initial stage why finance and accounting is vital for an organization. It will help in achieving the real time visibility of the organization. Moreover, it will also help in improving the management reporting cycle and thus this will help in running the global business efficiently. The implementation and up gradation of the information system especially the ERP system plays an important role. I have learned that it is important to assist the accounting and the finance team globally. It is also necessary to overcome the various challenges which are faced by the organization in accounting related work. It is also necessary that the teams which are involved in accounting and finance can reach out to the customers if they enquire about their purchase and buying decisions. The global leaders who are associated in finance and accounting processes must implement and innovate new ideas so that they can keep a close track of the financial operation of the business (Adams et al., 2014).
This learning will help me to be a successful accountant in any business organization. I can effectively manage and keep a close track of the business operation of any organization. This learning experience will also help me in my course. It has also helped me in understanding the different prospects of accounting in the business organization. It has also developed my patience and improves my monitoring skills. It has also helped me in analyzing and identifying the various challenges which are faced by the organization. This research has also helped me to handle the debit and the credit balance of the organization and thus mange the organization in difficult times. I can also understand the processes and the importance of green accounting which will help the organization and thus it will be beneficial for the environment as well as the business. .This will help me in my future career as well as completing the course successfully (Modell, 2013).
Adams, C., Muir, S., & Hoque, Z. (2014). Measurement of sustainability performance in the public sector. Sustainability Accounting, Management and Policy Journal, 5(1), 46-67.
Belfo, F., & Trigo, A. (2013). Accounting information systems: Tradition and future directions. Procedia Technology, 9, 536-546.
Fields, E. (2016). The essentials of finance and accounting for nonfinancial managers. AMACOM Div American Mgmt Assn.
Gassen, J. (2014). Causal inference in empirical archival financial accounting research. Accounting, Organizations and Society, 39(7), 535-544.
Karadag, H. (2015). Financial management challenges in small and medium-sized enterprises: A strategic management approach. Emerging Markets Journal, 5(1), 26.
Karpoff, J. M., Koester, A., Lee, D. S., & Martin, G. S. (2014). Database challenges in financial misconduct research. Unpublished Manuscript.
Loughran, T., & McDonald, B. (2016). Textual analysis in accounting and finance: A survey. Journal of Accounting Research, 54(4), 1187-1230.
Modell, S. (2013). Making sense of social practice: theoretical pluralism in public sector accounting research: a comment. Financial Accountability & Management, 29(1), 99-110.
Perego, P., Kennedy, S., & Whiteman, G. (2016). A lot of icing but little cake? Taking integrated reporting forward. Journal of Cleaner Production, 136, 53-64.
Rahmana, D. M. (2016). Investor sentiment, Executive compensation, and Investment-Some International evidence: A Pitch. Accounting and Management Information Systems, 15(2), 428.
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