How Accounting and Finance Functions Support a Company’s Goals
Module 3 - SLPARNESSING THE POWER OF OPERATIONS AND FINANCE
Assignment Overview
Accounting and Finance Strategies
We will address organizational performance from a money perspective. How do accounting and finance functions support a company’s goals and help it move forward according to plan?
SLP 3 Resources
Contribute to an Ethical Culture (2022)
DEI trends that can boost performance in 2022 (2022)
Customer experience benchmarking: Your ultimate guide (2022)
Pricing pain: How brands can adapt amidst inflation (2022)
Sustainable Business Management (2022)
Leadership through Team Building (2022)
How Does a CFO Influence Strategic Decisions? (2022)
SLP Assignment
Strategies by the Numbers
Accounting and Finance professionals work tirelessly to keep an organization on track. This SLP will delve into how those departments work with others across the company. Use quality research published within the last year. Articles from the library databases are a good choice. Library databases allow searching by date. In Google search, click “Tools” and enter the date range.
Strategic Financial Performance
• Explain the role of accounting and finance in maintaining an ethical organization. (3/4 of a page; research required).
• Explore how accounting and finance support and interact with the human resources function. (3/4 of a page; research required).
• Describe how data analysis and business intelligence rely on accounting and finance. (3/4 of a page; research required).
• Define how accounting and finance interact with economic analysis in an organization. (3/4 of a page; research required).
• Discuss how accounting and finance support the marketing function. (3/4 of a page; research required).
Overall Accounting and Finance Strategy
• Clarify the importance of a strong working relationship between the accounting and finance departments and other functional areas. (3/4 of a page; research required).
No quotations are permitted in this paper. Since you are engaging in research, cite and reference the sources in APA format. NOTE: Failure to use research with accompanying citations to support content will result in reduced scoring “Level 2-Developing” across the grading rubric. This is a professional paper, not a personal one based on feelings. It must be written in the third person. This means words like “I,” “we,” and “you” are not appropriate.
Assignment Expectations
Use the attached APA-formatted template to create your submission.
• The template is set up in APA 7: double-spacing, font, margins, headings, page breaks, APA help links.
MGT599 SLP 3
Your Name
Trident University International
MGT599 Strategic Management
Due Date
MGT599 SLP 3
Undoubtedly, the accounting and finance departments are instrumental in the overall well-being of any organization. This paper will dissect the role played by this department in promoting an ethical organization, supporting human resource function, interacting with economic analysis, and supporting the market function. The paper will also clarify the importance of a strong working relationship between the departments and other functional areas.
Strategic Financial Performance in an Ethical Organization
Accounting and finance play an essential role in maintaining the ethical fabric of an organization. One of the ways ethics are maintained is through proper financial reporting. Accounting processes are responsible for providing accurate financial information through bookkeeping, preparation of financial statements, and proper auditing. When financial reporting is done transparently, it provides reliable data to stakeholders and other parties (Islam, 2022). Consequently, the parties using the data can make informed decisions. Proper and transparent financial reporting also promotes integrity and increases the trust of investors and other players in the organization.
Accounting and finance also maintain an ethical organization by establishing critical internal controls. Examples of these controls include implementing internal systems to prevent fraud, safeguard assets and ensure that the organization complies with all financial/ accounting laws and regulations. A perfect example of these controls includes requiring approvals and carrying out regular internal audits. Additionally, the accounting and finance departments promote ethical practice by ensuring that professionals in these departments adhere to the Generally Accepted Accounting Principles (GAAP). This protocol ensures that the financial/ accounting practices follow a reliable, ethical framework (Islam, 2022). Additionally, these departments contribute to ethical organizations by making ethical decisions whenever they are faced with a dilemma.
Human Resources and Strategic Financial Performance
There are several ways in which accounting and finance support and interact with human resources functions. One way is through collaborating in the preparation of payroll and compensation. Accounting and finance departments are responsible for processing monetary resources. On the other hand, the human resource department is the one that determines the compensation for each employee. Therefore, the two departments work together to ensure the payroll is accurate and the compensation is appropriate. Additionally, the two departments collaborate to ensure that all tax regulations are met. For example, the two work together to ensure that they remit any taxes required. Such taxes include the pay you earn for the employees.
The finance department also collaborates closely with the human resource department for budgeting and forecasting. The human resource department plays a crucial role in hiring and training. The costs for hiring, training, and other aspects concerning employees must be inculcated into the financial forecasts of the business/ organization. The finance department may also provide the human resources with the existing budget so that any decisions made by the human resource department are made in consideration of the existing resources (Kramar, (2022). Accounting and finance departments also work together with the human resource to carry out a cost analysis.
Data and Strategic Financial Performance
Data analysis and business intelligence greatly rely on accounting and finance. The accounting and finance departments are responsible for collecting numerous data related to the financial performance of the company. For example, the departments are responsible for maintaining general ledgers, systems responsible for capturing transactional information, and various journals. This data is the one that provides the basis for data analysis. Therefore, the finance and accounting department provides a lot of data that can be analyzed to gain insights into the financial standing and performance of the organization. Further analysis of the data can also be used for the purposes of deriving essential business intelligence.
The financial and accounting departments have mechanisms to ensure accurate financial data. Misleading data could negatively impact a business organization (Huang et al., 2022). Accurate data forms a great starting point for data analysis. When data analysis uses accurate data, the results will also be accurate. In addition, the accounting and finance departments provide several pieces of d...