Build upon the material from your Week 6 reflective paper. In doing so, please reflect upon the feedback from your Week 6 PDP. Below are a few of the questions / issues that you may again like to further reflect upon.
• What links have you now identified between Accounting and Finance and effective strategic decision making?
• Further discuss those areas of Financial and Managerial Accounting, plus Financial Management that have most resonated with you.
• How do you see the concepts that you have studied applying to your professional experience, plus your personal finances?
• What steps might you now take to aid you in the transition of applying the coursework to your workplace?
• How can you link what you have studied in Finance and Accounting for Managers with what you took away from your previous Modules?
• What ethical and cultural issues have you considered to be important in this Module and how have they impacted upon your views of global business?
• Do you feel that you have improved your ‘key skills’ (report writing, time management etc.) and as a result of your experiences with this Module?
These solutions may offer step-by-step problem-solving explanations or good writing examples that include modern styles of formatting and construction of bibliographies out of text citations and references. Students may use these solutions for personal skill-building and practice. Unethical use is strictly forbidden.Connecting Accounting and Finance with effective strategic decision-making
Just as Atrill and McLaney (2004) revealed, the relationship between accounting and strategic decision-making is not only intrepid but also sturdy given that accomplishment in the two areas often decipher into general accomplishment of the entire organization. During strategic decision-making and financial planning, Ullah, Khonadakar, and Fahim (2014) recognize that critical decisions have to be made if efficient methods for handling and financing upcoming projects and business ventures are to be established. The scholar adds that plans in the manner to carry out different functions to allow the finance department to run smoothly are placed as top priorities. Apparently, realistic analytical paradigms are considered as principal focus on the way in which a division’s duties the cash outflow. Diverse functions such as capital ventures for new business initiatives, salaries and wages, and enhancing the firm with unique technological infrastructure, are fundamental for a firm’s unrivaled competitive advantage. Given the broad range of functions that have to be completed in a department mandated with the responsibility to handle and manage funds, Alkaraan and Northcott (2006) identify that strategic financial plans are an unavoidable priority.
The ability of an organization to work accurately on its growth indices and profitability ratios is another core link between accounting and finance and strategic decision making. According to Atrill and McLaney (2004), the desire of firms is to determine, forecast, and analyze their growth index regularly by establishing semi-annual and yearly profitability ratios and indices. In assessing the efficiency of operations, corrective plans are actualized in an attempt to boost the operational performance. Whether small or large, all organizations often feel...
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