Business Careers & Practices Week 1 Careers and Jobs in Accounting and Management Work Functions of Accounting and Management Technicians Business Functions.
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Business Careers & Practices Week 1 Careers and Jobs in Accounting and Management Work Functions of Accounting and Management Technicians Business Functions
Careers and Jobs in Accounting and Management Goals of AMT Program (see handout) : To train you to become an accounting and management technician In the Accounting field: Work in all stages of the accounting cycle Provide technical support to accounting related tasks: Implement Accounting Systems Management of Working Capital Funds Perform Financial Analysis Internal Control & Auditing Budget Planning Estimate Costs Evaluate Investments and their return Individual and Corporate Income Taxation etc.
Careers and Jobs in Accounting and Management Goals of AMT Program (cont’d) : In the Management field: Perform support related to the management of the human, financial, and material resources of a company: Manage Projects Purchase and management of Supplies/Inventories Development of markets International commercial transactions Business Law E-Business/E-commerce Personnel supervision Manage Investments Be able to start and run a Small Business
Careers and Jobs in Accounting and Management Situation of College Graduates in your Technical Program (as of March 31, 2006 for 2005 graduates) Situation of College Graduates in your Technical Program (as of March 31, 2006 for 2005 graduates) Highlights: Highlights 46.5% Working (90 % Full-time), 50.9% Studying, 1.5% Looking for work Average time to find employment: 8 weeks Average Gross Weekly Salary: Males $550 Females $510 Both $525 (so per year = x 52 weeks = $27,300 Gross) 90.5% Working in related field
Work Functions of Accounting and Management Technicians See Accounting & Management Goals on slides above See AMT Graduate Profile (Skills)AMT Graduate Profile See National Occupational Classification (NOC) codes: 1221 Administrative Officers 1231 Bookkeepers See sample Job Postings Starting own business
Business Functions Main Business Functions: Operations (Manufacturing / Services) Accounting Management Finance Sales & Marketing Supervision/Human Resource Management
Business Functions Supporting Business Functions: Purchasing Research & Development (R&D) Information Technology/Systems E-Business/E-Commerce Legal (Business Law) Public Relations International (Trade, Legal, Translators, etc.)
Business Functions Operations (Manufacturing / Services) Nature depends on Sector/Industry Either Producing Goods (manufacturing something) or Rendering a Service Skilled/Technical/Knowledgeable employees are key Should be Customer-driven
Business Functions Accounting Collecting, Analysing, and Communicating Financial Information Is a System for measuring Business performance Helps to make sound Management Decisions You need to be involved or aware of all levels of the Accounting Cycle Bookkeeping: is only one phase of accounting and consists of the recording of accounting transactions Financial Accounting vs. Management Accounting: Financial is concerned with external users of information (government, consumer groups, unions, stockholders) Management serves internal users such as Managers at all levels of the organisation to help them make better informed decisions
Business Functions Accounting (cont’d) Key Players Controller Head of the Acc. System (a.k.a. the Chief Accounting Officer) Professional Accountants: Chartered Accountant (CA) About half work in CA firms that offer services to the public; the other half work in Government or industry Certified General Accountant (CGA) Typically work in private industry or CGA firms (preparing Accounting and Tax Statements for businesses and individuals) Certified Management Accountant (CMA) Typically work in industry and focused on internal management accounting Auditors Officer of a governing body whose duty is to ensure that Accounting Statements and Procedures are made in accordance with related legislation
Business Functions Management Management is the process of getting things done, effectively and efficiently, through and with other people as well as other available resources. Management Functions: Planning Define Mission, Goals, Objectives, and Strategies to achieve them Organising Designing an efficient Organisational Structure and determining what tasks are to be done and who will do them and how they will be done Leading Motivating employees to get the job done and promoting a sound company culture with good communication Controlling Making sure performance is up to par with the goals previously set also – Staffing Forecasting personnel requirements, hiring and training the right job candidates for the positions involved
Business Functions Finance The goal of Finance is to efficiently and optimally manage the working capital $$$ of the organisation. It involves the proper allocation of financial resources for everything that has to do with the organisation. Financial Statements and Budgets are prepared in conjunction with the Accounting Department to help the business maintain a healthy financial situation. Financial Planning is a key factor to a company’s success. Investment is an important component of the financial aspect of an organisation.
Business Functions Sales & Marketing Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual, organizational, and societal objectives. Hence the 4 P’s of Marketing Product (or Service) Price Place (Distribution) Promotion The objective of marketing is to achieve objectives by creating superior customer value, for exchange with customers in one or more target market segments, with a sustainable strategy.
Business Functions Sales & Marketing (cont’d) Selling basically involves getting the company’s goods or services to the customer and ensuring their satisfaction. Many businesses engage in Personal Selling which occurs when a company representative directly informs a client about a good or service to get a sale. But it involves more than just a one time sale. Today’s business environment focuses strongly on both developing and maintaining relationships with customers.
Business Functions Supervision/Human Resource Management HRM involves hiring the right people needed to fill job positions in the organisation, training and supervising them to efficiently and effectively complete job tasks, duties, and responsibilities, and compensating them accordingly. An organisations’ human resources are its most important asset.