What roles does the accountant play in business of present economy Research Paper

What roles does the accountant play in business of present economy - Research Paper Example Like other key professionals, accountants operate in volatile environments in the business world, where informational changes strike with catastrophic shocks that often times result in the collapse of business ventures. The challenge before an accountant is but to ensure informational flows, covering every undertaking within the organization in efforts towards warding off unaccounted for actions that may overstretch organizational budget beyond the available resources. This paper explores the nexus between the accountant and the economic well-being of the present economy with reference to their operational roles within the entrepreneurial undertakings. The role of accountants seems to be at the epicenter of business objectives; for these professional deals with figures of facts used in clarifying decisional options crucial in initiating projects as well as monitoring them in the subsequent stages with the sole aim of enhancing efficiency, and so the performance and the general well-being of a business enterprise and the economy at large (Lev 4-6). The connection between accounting and the economic health of a nation is but fairly implicit. Though difficult to define, â€Å"economic development,† a term which basically defines the standard of life within a given country, generally involves how the available inputs are used efficiently in the productive processes within a given economy. The relations of accountancy to economic development should, thus, be understood in terms of the measurement processes and techniques that the latter lend to the former in a nation’s continuous endeavors to ensure that people’s l ives are better off with regards production efficiency [which includes both quantity and quality of commodities available within the boundaries of an economy]. As noted by NPC in their analysis of the role of accountants, these

How would you set about assessing whether a particular strategy was Essay

How would you set about assessing whether a particular strategy was appropriate for your organisation - Essay Example A balanced scored is later on used to further evaluate the overall business performance and its progress towards attainment of objectives. Strategic management is a stage of managerial activity in which goal settings and tactics are set out. Strategic management provides a sense of direction to the organization and is in close proximity with the organization studies. In the domain of business administration, it is important to talk about strategic alignment as a link between an organization and its environment. As said by Adieu in 2007 "there is strategic consistency when the actions of an organization are consistent with the expectations of management, and these in turn are with the market and the context." (L) Strategic management involves not just the management team of an organization but also the Directorial Board and various other stake holders related to the organization. It also depends on the organizational structure of the organization. Strategic management is a process in its own right. It helps evaluate and control those industries associated with the business, which have already engaged with the company. It also helps ass’s competitors, sets goals and strategies, to counter all competitors and later on reassess every strategy chalked down annually or quarterly. It evaluates the overall impact of the strategy, whether it achieved desired objectives or should it be replaced due to changing trends and paradigms, in the wake of new economic, social, financial or political environment. (Simpson) 1. Situation Analysis: In a situation analysis, various types of analysis take place. Self evaluation as well as competitor analysis. They include both external and internal analysis. Macro and Micro environment factors are also set up. 2. Objective setting: Once a situation analysis has been completed, objectives are set. These objectives should run parallel to a time line. Some objectives are set for achieving short term goals and some for long