Deliverables: 2 x 500-700 word reflection. Linked learning outcomes: 1. Analyse the environments in which an accountant works 2. Develop personal professional skills and capabilities through the application of tools and strategies taking into account the opportunities and constraints of the professional environment Linked graduate capabilities: 1. Critical analytical and integrative thinking 2. Capable of Professional and Personal Judgment and Initiative Task Overview: Reflect on the alignment between your skills and attributes and those required in two sectors of the accounting profession. (You must choose 2 different accounting fields as presented in weeks 3-6.)

Joyce Teh August 25, 2014 Agenda . Me and My Journey - a little bit about Joyce . The Pharmaceutical Industry - overview and challenges . Key learnings - sharing my experience Me & My Journey Originally from Malaysia Started life as an overseas student at UTS Graduated with a Bachelor of Business degree, Accounting and Finance major Relocated to Singapore upon graduation Spent a year at a local CPA firm, then joined Natsteel Ltd After obtaining my CPA qualification and Australian permanent residency, I moved back to Sydney Completed Master of Corporate Governance from Macquarie University Me & My Journey 2002 - Financial Accountant 2004 - Senior Financial Accountant 2006 - Group Financial Controller 2012 - Compliance, Control and Risk Lead - Hands on accounting tasks - Mostly interacted with other accountants - Participated in projects with other immediate team members - Learning the ropes of the pharmaceutical industry Me & My Journey 2002 - Financial Accountant 2004 - Senior Financial Accountant 2006 - Group Financial Controller 2012 - Compliance, Control and Risk Lead - - Pfizer had become a A$2billion company Promoted to Group Financial Controller Managed staff and Shared Services Led projects including acquisitions, divestments, system implementations Much more interaction with senior management Lots of changes and projects which I really enjoyed!! Part of Finance Leadership Team Different expectation from me - less task oriented, more managing and leading Transformed from a worker bee to a leader Me & My Journey 2002 - Financial Accountant 2004 - Senior Financial Accountant 2006 - Group Financial Controller 2012 - Compliance, Control and Risk Lead - Promoted to Compliance, Control and Risk Lead for ANZ - Manage audit and monitoring controls and testing of standard operating procedures - Moved from a large team to a team of 1.5. A big change for me! - Interaction with Senior Directors and much more cross functional networking - Exposed to different areas of the business and not limited to Finance The Different Finance and Accounting Roles Title Function Financial Accountant External Reporting - month end closing, audit Cost Accountant Inventory and COGS Accounting Management Accountant Budgeting and Forecasting, Business Partnering Tax Accountant Transfer Pricing, Corporate Profitability, Taxation Treasury Accountant Cash and debt management, capital market investment strategies All roles require CPA/CA/CIMA or equivalent accreditation Pharmaceutical Industry - Overview - Researches, develops, manufactures and markets drugs for use. Subject to variety of laws. - The global pharmaceutical market is worth US$300 billion a year. - The 10 largest drugs companies control over one-third of this market, several with sales of more than US$10 billion a year and profit margins of about 30%. - Healthcare products go through many approval stages from different regulators. - In Australia, the Therapeutic Goods Administration (TGA) is responsible for regulating therapeutic goods including medicines, medical devices, blood and blood products. Under the Pharmaceutical Benefits Scheme (PBS), the government subsidises the cost of medicine for most medical conditions. Pharmaceutical Industry - Challenges - Research and Development for new drugs is very costly and time consuming - Average time is 8-12 years and average spend of US$800-900million - Low success rate - only 1 in 4000 compounds reaches the market - Only 1 in 3 drugs reaching market recoups the costs - Short patent life, counterfeit drugs, NDA is high risk, potentially low returns Pharmaceutical Industry - Challenges Even after new drugs are developed, they still go through a rigorous and highly regulated process before reaching the patients!!! Pfizer and the Pharmaceutical Industry Top 10 Pharma Companies According to Fortune 500 for companies in the USA Key learnings - according to Joyce Start CA or CPA as soon as you join the work force These are technical courses, require study time and commitment - best tackled while youre still young and energetic! Post-graduate degrees best done part-time while working Best attained after some real work experience that you can apply to course syllabus Pick an industry and stick with it - Research what industry appeals to you, something you find interesting, something that will inspire you! - You will more likely stay in a job that you feel proud of and enjoy doing. Key learnings - according to Joyce The importance of soft skills - Communication, public speaking, conflict resolution, leadership, teamwork, time management, not occupation-specific skills - Common misconception by immigrants in Australia that technical skills rank higher than soft skills. They are both equally important!! - Adapt! Adapt! Adapt! Try and fit into the Australian working culture Have an opinion (ideally an intelligent and substantiated one) during meetings Dont talk for the sake of talking Be confident but also show your fun side Learn the lingo, speak the language Get involved with activities outside your work like community work, teams sport Make sure soft skills are in your tool box! Key learnings - according to Joyce Learn political savvy-ness Partner with your boss Be a team player Better to have your boss as a friend than a foe! Learn how to manage up and partner with your boss! Develop positive relationships in all directions - with management, peers, and direct reports Key learnings - according to Joyce Learn political savvy-ness Partner with your boss Be a team player Understand the \"power map\" Practise subtle \"self promotion\" Find natural ways to mention achievements and challenges without bragging!! Organizations are power hierarchies. And from time to time, that power shifts. To succeed, you need to know where the leverage lies! Key learnings - according to Joyce Learn political savvy-ness Partner with your boss Be a team player Understand the \"power map\" Practice subtle \"self promotion\" Connect with power people Commit to the business Politically savvy people enjoy talking to folks who have power (which is not the same as sucking up!!) An indifferent attitude never impressed anyone. If you want decision-makers to think well of you, you need to be interested in and excited about the business! Key learnings - according to Joyce Dont turn down career opportunities - The traditional corporate ladder doesnt exist anymore, dont wait for your boss job. - Explore options even if it means going outside your comfort zone - Collect transferable skills along the way - Take initiative and be responsible for your own career development - Nothing wrong with being a generalist as opposed to a specialist Look after your mental health - All work and no play makes Jack a dull boy - Eat well and exercise - Keep in touch with family and friends - Accept who you are and that nobody is perfect - More virtues (be patient, kind, considerate) Less vices (dont be rude, greedy, angry) - Treat yourself once a while Meditation, anyone? THANK YOU ACCG315 Accountants in the profession Lyndal York Group Financial Controller - Cochlear Limited August 2014 Agenda Career Business Environment Company Environment Performance: - Technical - Competencies/Behaviours My Career Path KPMG James Hardie Industries Limited / Inc Edwards Lifesciences Corp Cendant TDS Asia Pacific Cochlear Limited Cochlear Overview - 2014 Cochlear Limited (ASX:COH) is global leader in implantable hearing devices - listed in 1995 & today top 100 - market capitalisation ~ $3.5bn 1982: first Cochlear made device implanted F14: ~ A$800 million revenue ~ 2,700 employees F14 Sales Split by Geography EMEA 44% Americas 39% Asia-Pacific 17% Career - Planner or opportunist? Career - It's up to you ...but others can be helpful Business Environment Accountant's role in Business Company Environment Made up of individuals, but also has its own attributes. Performance - Technical Performance - Competencies / Behaviours How will you react? Thank you Any questions? Commonwealth Bank Michael Courtney Head of Governance, Monitoring and Reporting Group Operational Risk and Compliance August 2014 1 WHAT DO I DO NOW? Governance Ensuring we have effective Operational Risk and Compliance Risk management practices, reporting and governance Risk Vs Reward 2 Monitoring Identify and assess risks and emerging risks Cause - event impact Reporting Reporting to CEO, CFO, CRO and risk committee Qualitative and Quantitative reporting ACCOUNTING AND RISK MANAGEMENT Balance Sheet Performance $ Risk (Variation Of Outcome) P&L 0 T-1 T+1 T Risk: the effect of uncertainty on objectives ISO 31000: Risk Management - Principles and Guidelines 3 RISK MANAGEMENT Is Risk Management \"the new black\"? ASX Corporate Governance principles include a recommendation that an ASX listed entity should disclose whether it has any material exposure to economic, environmental and social sustainability risks and, if so, how it manages those risks. Previously, companies were required to disclose only financial risks. Black Swan events \"A Black Swan is a highly improbable event with three principle characteristics: its unpredictable; its massive; and, after it has happened, our desire to make it appear less random and more predictable than it was. The astonishing success of Google was a Black Swan; so was 9/11.\" Prof Nassim Nicolas Taleb 4 WHY IS RISK MANAGEMENT IMPORTANT? PROFIT = REVENUE - COSTS Shareholder value Income from operations Losses Cost of capital Risk management helps find the right balance 5 MY JOURNEY Accounting & Regulatory Reporting Change projects Product accounting 1992 6 Project Execution and Product Launch 2001 Risk, reward& capital management Basel II capital reporting 2004 Risk Management & Governance Measurement & management Rectification of issues 2009 AN INTRODUCTION TO FINANCIAL REPORTING Capital Raising Change Program Optimisation Centralisation of back office functions Establishment of telephone banking Online transactions Roles as an accountant / accounting skillset Financial Accounting Management Accounting & Reporting Capital Adequacy Change projects 7 OPERATIONAL LAUNCH OF A PRODUCT Expansion into new channels - product distribution Product development, product operations, distribution, product servicing Roles as an accountant / accounting skillset Project management Product accounting Operations and Supplier management 8 CAPITAL ADEQUACY & RISK/REWARD Global requirement and enhanced regulatory capital frameworks New and expanded regulatory capital reporting requirements at a granular level ICAAP and internal views of capital 9 Roles as an accountant / accounting skillset Risk and capital assessment, reporting and planning Balance sheet, exposures and capital reporting Development of an Economic Capital Framework: Risk / reward metrics MANAGING RISK Risk Management a discrete function Basel II Advanced Accreditation Enhanced Operational Risk Measurement and Management practices Roles as an accountant / accounting skillset Identifying, managing and measuring operational, regulatory risks and compliance risks Supporting informed decision making and risk / reward assessments Organisational governance 10 HINTS AND TIPS 11 HINTS AND TIPS Do: Look to the opportunities that change brings Provide insight and derive meaning from data Understand the bigger picture Translate 123 into ABC Ask questions Don't: Accept the status quo - constructively challenge Be afraid to provide your opinion Feel you have to know everything 12 CBA PROGRAMMES INTERN PROGRAMME 10 week placement [Applications for 2014/15 closed. Applications for 2015/16 open in July] 13 GRADUATE PROGRAMME 2 year programme [Applications for 2016 open in February 2015] CBA PROGRAMMES - WHERE TO FIND OUT MORE 14 \fNot for Profits What does it all mean? Accountants in the Profession ACCG315 Chris Mamarelis Defining NFP's The Whiddon Group NFP / FP Differences Career Considerations An organisation that is not operating for the profit or gain of its individual members Also known as a PBI (Public Benevolent Institution) Any profit made by the organisation goes back into the operation of the organisation to carry out its purposes and is not distributed to any of its members. What is a NFP? An organisation is accepted as an NFP on the basis that its constituent or governing documents prevent it from distributing profits or assets for the benefit of particular people - both while it is operating and when it winds up. Australian Taxation Office - March 2014 FOR MISSION In Simple Terms Not for Profit What does an NFP look like in Australia? What does an NFP look like Internationally? Aged Care In Australia There are 1,054 residential aged care providers operating a total of 2,716 aged care services (homes) providing a total of 182,663 aged care places (beds) Industry Allocation 10% 30% For Profiit NFP Govt 60% Aged Care Business Model Multiple Business Units Independent Living Community (Home) Care Residential Aged Care Complex Revenue Model Government funding around 75% Residents / 25% through accom and care fees Means Tested - User Pay Pension Subsidised Low Income / Low Asset Residents Government Subsidised Care Delivery Challenges Compliance and Regulation Dementia Specific Palliative Care High Dependent Low Dependent Health and Well Being Social Interaction Community Connections Aged Care Act Aged Care Quality Agency Retirement Villages Act Bond Security Act Dept Social Services Food Safety Standards WHS The Whiddon Group Origins lie in Freemasonry and have been caring for the underprivileged and elderly in small communities since the 1920s. Our journey began in 1923, when a small group of Freemasons began visiting elderly masons in their communities to provide care and support. In 1947, Mrs Ethel Easton Symonds donated 21 acres of land as the founding site for The Frank Whiddon Masonic Homes of New South Wales. The Whiddon Group The Whiddon Group Large Regional Presence (around 70% of residents) 19 Aged Care Facilities 1,400 residents, 300 at home, 324 Independent Living Units 2,000 employees 200 Volunteers The Whiddon Group Group Operations Independent Living 20% Community Care 7% Residential Aged Care 73% The Whiddon Group as a NFP Constitution Profits to be applied to promoting its \"objects\" To provide care, services and support to the aged and those in the community with disabilities... To deliver a high quality of care that reflects continuous improvement and strives for best practice... Constitution prohibits payment of dividends to its members For Profit V For Mission Accountability NFP ASIC Office of Liquor Gaming and Racing (DGR Reporting) ACNC - Aust Charities and NFP Commission ATO - FBT, GST Members / Board FP ASIC ATO - Income Tax, CGT, FBT, GST OSR - PRT, Stamp Duty Owners / Investors / Shareholders NFP V FP - Key Differences Profitability - Dividends V Objectives / Mission Tax Priorities - Optimisation V Compliance Discretionary Spend - R & D / Employee Benefits Government Relationships Investment Options - (NFP Limited V FP Unlimited) Basic For Profit Objectives Invest Profit Dividends Basic For Profit Objectives-Example Conventional ROI Invest : $30,000,000 Return: $3,000,000 p.a. ROI = 10% Basic For Mission Objectives Invest Profit Mission Basic For Profit Objectives-Example FOR MISSION - ROI EXAMPLE Invest : $1,000,000 in Creative Ageing Activities Return: Improved lifestyle, health and well being of residents For Profit V For Mission For Profit V For Mission For Mission Objectives Bourke Walgett The Whiddon Group NFP Commercial Challenges / Culture Dangers Inefficiencies Non commercial thinking can become the norm Reliant on Government Grants / Funding \"We are not here to make heaps of money\" Investment in business can stagnate - Systems, Infrastructure Sustainability Challenged NFP's and Commercial Outcomes Commercial focus is paramount in order to sustain and facilitate Mission /Objectives Consider 40% Year 1 - $10M Profit $800K R & D - 8% Profit Year 2 - $8M Profit $800K R & D - 10% Profit 30% Year 3 - $6M Profit $800K R & D - 13% Profit 20% Year 4 - $4M Profit $800K R & D - 20% Profit 10% 0% Sustainable for how long? Profit R&D Career Considerations Career Considerations - Technical Tax Effect Accounting / Capital Gains / Payroll Tax / Stamp Duty Corporate Structures Reporting and Consolidation Project Analysis and Assessment (Bourke Case) Increased Compliance (NFP) Spend Alignment (Cant Drift Away from Objects) Tends to be conservative (eg Aged Care FP V NFP) Simple Capital Raising Process Auditing Standards - a number of variations between NFP/FP Career Considerations - Organisation Increased Discretionary Spend on Core Business (Client Program's) Shareholders V Objects Organisational Security - No Tax, Government Backing Industry Specialties - Health Care / Education / Religion / Welfare Culture Conservative Career Considerations - Personal Job Satisfaction Career Considerations - Personal Tax Benefits (FBT Exemption / Salary Packaging) NFP's can provide fringe benefits up to a certain limit Fringe Benefits Tax is not paid on these amounts Currently the limit is $16,050 p.a This equates to a significant increase to net / take home pay Career Considerations - Personal Employee Centric - Education / Training / Benefits Increased discretionary spend = Opportunity Stay Marketable for the Future Some Stigma attached to NFP's - Brand Relevance Weighing it Up? Technically challenging and rewarding either way NFP's by Nature need to reinvest in their cause Industry selection may steer you a certain way NFP's can challenge conventional business rational Thank You 81 Belmont Road Glenfield NSW 2167 T +612 9827 6666 F +612 9829 4163 www.whiddon.com.au PAULA KENSINGTON COO & CFO, Regus ANZ CFO of the Year Thomson Reuters Tax & Accounting Awards \"The Office\" \"Our Office\" CFO of the Year CFO - The Four Pillars of Success CFO 2015, ACCA Panel Member First CFO opportunity, take the risk & make it happen Less data more insights in the Board room Influencing others in teams Copyright Paula Kensington Pivotal Moments in the Pathway Paula now Other Networks Coach / Mentor Sponsor Governance Accountin g Paula then Professional qualification Adding Value Strategic Leader Roles in my CFO Pathway Chief Executive Officer Motivate, Inspire Leader Chief Operating Officer Advisory Board Member CFO Courage & Collaboration Financial Controller CFO Financial Controller Networks & Partners Management Accountant Group Accountant Group Finance Manager Drive Determination Planning Head Office Accountant Accounts Payable Rubik Finance Team What are some of the challenges you have experienced? What were your expectations prior to being engaged in the workforce? Four Top CFO Tips Make a plan & make an impact early Start networking & invest in yourself Have a vision, document it, hold yourself accountable Join financial groups through your professional bodies Your first and most powerful network is here... Four Top CFO Tips Define your brand What are your passions, think about what you want to achieve? Build your tool box, take risks and ... Invest in yourself, document your skills gap and plan to fill these ... Make it happen! Rubik Finance Team The Rubik Graduate Scheme Paula as CFO of the Year Thank you Contact Paula Kensington paula@paulakensington.com.au \fCommunication is very important in an organization and it helps the organization to take to the greater heights. So it is very important that, an effective communication is something matter of discussion. All the great leaders in the history were very good in communications and accordingly certain steps may be taken in order to make the communication effective. So a good leader is of not any use without a good communicator. Following are the some of the aspects of better communication, which are narrated below: (a) Get personal: Stop issuing corporate communications and begin having organizational conversations - think dialog not monologue. Here's the thing - the more personal and engaging the conversation is the more effective it will be. There is great truth in the following axiom: \"people don't care how much you know until they know how much you care.\" Classic business theory tells leaders to stay at arm's length. I say stay at arm's length if you want to remain in the dark receiving only highly sanitized versions of the truth. If you don't develop meaningful relationships with people you'll never know what's really on their mind until it's too late to do anything about it. (b) Get specific: Specificity is better than Ambiguity 11 times out of 10: Learn to communicate with clarity. Simple and concise is always better than complicated and confusing. Time has never been a more precious commodity than it is today. It is critical leaders learn how to cut to the chase and hit the high points - it's also important to expect the same from others. Without understanding the value of brevity and clarity it is unlikely you'll ever be afforded the opportunity to get to the granular level as people will tune you out long before you ever get there. Your goal is to weed out the superfluous and to make your words count. (c) Have an open mind: I've often said that the rigidity of a closed mind is the single greatest limiting factor of new opportunities. A leader takes their game to a whole new level the minute they willingly seek out those who hold dissenting opinions and opposing positions with the goal not of convincing them to change their minds, but with the goal of understanding what's on their mind. I'm always amazed at how many people are truly fearful of opposing views, when what they should be is genuinely curious and interested. Open dialogs with those who confront you, challenge you, stretch you, and develop you. Remember that it's not the opinion that matters, but rather the willingness to discuss it with an open mind and learn. (d) Shut-up and listen: Great leaders know when to dial it up, dial it down, and dial it off (mostly down and off). Simply broadcasting your message ad nauseum will not have the same result as engaging in meaningful conversation, but this assumes that you understand that the greatest form of discourse takes place within a conversation, and not a lecture or a monologue. When you reach that point in your life where the light bulb goes off, and you begin to understand that knowledge is not gained by flapping your lips, but by removing your ear wax, you have taken the first step to becoming a skilled communicator. (e) Replace ego with empathy: I have long advised leaders not to let their ego write checks that their talent can't cash. When candor is communicated with empathy & caring and not the prideful arrogance of an over inflated ego good things begin to happen. Empathetic communicators display a level of authenticity and transparency that is not present with those who choose to communicate behind the carefully crafted facade propped-up by a very fragile ego. Understanding this communication principle is what helps turn anger into respect and doubt into trust. (f) Read between the lines: Take a moment and reflect back on any great leader that comes to mind... you'll find they are very adept at reading between the lines. They have the uncanny ability to understand what is not said, witnessed, or heard. Being a leader should not be viewed as a license to increase the volume of rhetoric. Rather astute leaders know that there is far more to be gained by surrendering the floor than by filibustering. In this age of instant communication, everyone seems to be in such a rush to communicate what's on their mind that they fail to realize everything to be gained from the minds of others. Keep your eyes & ears open and your mouth shut and you'll be amazed at how your level or organizational awareness is raised. (g) When you speak, know what you're talking about: Develop a technical command over your subject matter. If you don't possess subject matter expertise, few people will give you the time of day. Most successful people have little interest in listening to those individuals who cannot add value to a situation or topic, but force themselves into a conversation just to hear themselves speak. The fake it until you make it days have long since passed, and for most people I know fast and slick equals not credible. You've all heard the saying \"it's not what you say, but how you say it that matters,\" and while there is surely an element of truth in that statement, I'm here to tell you that it matters very much what you say. Good communicators address both the \"what\" and \"how\" aspects of messaging so they don't fall prey to becoming the smooth talker who leaves people with the impression of form over substance. (h) Speak to groups as individuals: Leaders don't always have the luxury of speaking to individuals in an intimate setting. Great communicators can tailor a message such that they can speak to 10 people in a conference room or 10,000 people in an auditorium and have them feel as if they were speaking directly to each one of them as an individual. Knowing how to work a room and establish credibility, trust, and rapport are keys to successful interactions. Bonus - Be prepared to change the message if needed: Another component of communications strategy that is rarely discussed is how to prevent a message from going bad, and what to do when does. It's called being prepared and developing a contingency plan. Again, you must keep in mind that for successful interactions to occur, your objective must be in alignment with those you are communicating with. If your expertise, empathy, clarity, etc. don't have the desired effect, which by the way is very rare, you need to be able to make an impact by changing things up on the fly. Use great questions, humor, stories, analogies, relevant data, and where needed, bold statements to help connect and engender the confidence (i) and trust that it takes for people to want to engage. While it is sometimes necessary to \"Shock and Awe\" this tactic should be reserved as a last resort. Don't assume someone is ready to have a particular conversation with you just because you're ready to have the conversation with them. Spending time paving the way for a productive conversation is far better than coming off as the proverbial bull in a china shop. Furthermore, you cannot assume anyone knows where you're coming from if you don't tell them. I never ceased to be amazed at how many people assume everyone knows what they want to occur without ever finding it necessary to communicate their objective. If you fail to justify your message with knowledge, business logic, reason, empathy etc., you will find that said message will likely fall on deaf ears needing reinforcement or clarification afterward. Bottom line - The leadership lesson here is whenever you have a message to communicate (either directly, or indirectly through a third party) make sure said message is true & correct, well reasoned, and substantiated by solid business logic that is specific, consistent, clear and accurate. Spending a little extra time on the front-end of the messaging curve will likely save you from considerable aggravation and brain damage on the back-end. Most importantly of all, keep in mind that communication is not about you, your opinions, your positions or your circumstances. It's about helping others by meeting their needs, understanding their concerns, and adding value to their world. Do these things and you'll drastically reduce the number of communications problems you'll experience moving forward. For an accounting professional, it is very important that, the accountant is able to communicate the important and sensitive information in right forum in right time. Following are the some of the information: Management The most important use of accounting data is to communicate meaningful information, allowing management to make good decisions. To be effective, accounting information must make sense and be understood.; or else, it is just a list of numbers with no real significance. Many businesses use templates for internal reports to communicate information in a matter that is familiar and easy to use by management. For example, departments may get "actual versus budget" reports every month, using the same format, facilitating understanding and analysis. Investors Another important user of accounting information is the investor, who wants to know how a business is doing financially. Usually this type of information is communicated through standard reports, such as balance sheets and income statements, compiled using generally accepted accounting principles. A balance sheet shows assets, including cash, liabilities and owner's equity. An income statement presents income and expenses of a business at a certain point in time. Both statements are compiled the same way every month or period, allowing for comparability and analysis, from an investor's point of view. Many investors may also want to see cash flow statements with information about money coming in and going out in a business. They may also request special reporting. Government Accounting information needs to be communicated properly to government entities in the case of taxes. For example, Texas requires sales and use tax on certain items and accounting information must be presented a certain way to be significant. Another example of government communication is the annual tax return with the Internal Revenue Service, where information is shown following specific rules and regulations. Communication regarding financial matters to government should be done in writing as much as possible. Talking about accounting numbers on the phone can create confusion and should be avoided as much as possible. Bank Banks may want to be appraised of financial situation of businesses, making communication of accounting matters a priority in many firms. In case of bank loans, there may be periodic reports using accounting information. Banks are usually interested in cash flows and may require special reporting regarding a firm's liquidity, including short-term accounts receivables and payables. All this information must be communicated clearly to the bank, or the business may not get the loan. References WHY GOOD WRITING SKILLS ARE IMPORTANT FOR SUCCESS IN THE ACCOUNTING PROFESSION - BOSI LIU. (2012, April 5). Retrieved September 5, 2014, from http://psebuffalo.wordpress.com/2012/04/05/why-good-writing-skills-areimportant-for-success-in-the-accounting-profession-bosi-liu/ 0 Communication Secrets of Great Leaders. (2012, April 4). Retrieved September 5, 2014, from http://www.forbes.com/sites/mikemyatt/2012/04/04/10-communicationsecrets-of-great-leaders/ Shanker, S. (n.d.). Importance of Effective Communication in Accounting. Retrieved September 5, 2014, from http://smallbusiness.chron.com/importance-effectivecommunication-accounting-3169.html 42646642 by Qitian Jiang FILE EDATA_TEMP_TURNITINTOOL_1555163434._18535_1410329156_1283 34.DOCX (18.89K) TIME SUBMITTED 10-SEP-2014 04:06PM WORD COUNT SUBMISSION ID 450554441 CHARACTER COUNT 9766 1866 42646642 ORIGINALITY REPORT 92 90% SIMILARITY INDEX 0% 91% INTERNET SOURCES % PUBLICATIONS STUDENT PAPERS PRIMARY SOURCES 1 2 3 4 5 69% www.forbes.com Internet Source 19% www.bizwwnet.com Internet Source 1% Submitted to Baker College Online Student Paper Submitted to CollegeAmerica Services, Inc. Student Paper 1% Submitted to Trident Technical College Student Paper EXCLUDE QUOTES OFF EXCLUDE BIBLIOGRAPHY OFF EXCLUDE MATCHES 1% OFF \fCommunication is very important in an organization and it helps the organization to take to the greater heights. So it is very important that, an effective communication is something matter of discussion. All the great leaders in the history were very good in communications and accordingly certain steps may be taken in order to make the communication effective. So a good leader is of not any use without a good communicator. Following are the some of the aspects of better communication, which are narrated below: (a) Get personal: Stop issuing corporate communications and begin having organizational conversations - think dialog not monologue. Here's the thing - the more personal and engaging the conversation is the more effective it will be. There is great truth in the following axiom: \"people don't care how much you know until they know how much you care.\" Classic business theory tells leaders to stay at arm's length. I say stay at arm's length if you want to remain in the dark receiving only highly sanitized versions of the truth. If you don't develop meaningful relationships with people you'll never know what's really on their mind until it's too late to do anything about it. (b) Get specific: Specificity is better than Ambiguity 11 times out of 10: Learn to communicate with clarity. Simple and concise is always better than complicated and confusing. Time has never been a more precious commodity than it is today. It is critical leaders learn how to cut to the chase and hit the high points - it's also important to expect the same from others. Without understanding the value of brevity and clarity it is unlikely you'll ever be afforded the opportunity to get to the granular level as people will tune you out long before you ever get there. Your goal is to weed out the superfluous and to make your words count. (c) Have an open mind: I've often said that the rigidity of a closed mind is the single greatest limiting factor of new opportunities. A leader takes their game to a whole new level the minute they willingly seek out those who hold dissenting opinions and opposing positions with the goal not of convincing them to change their minds, but with the goal of understanding what's on their mind. I'm always amazed at how many people are truly fearful of opposing views, when what they should be is genuinely curious and interested. Open dialogs with those who confront you, challenge you, stretch you, and develop you. Remember that it's not the opinion that matters, but rather the willingness to discuss it with an open mind and learn. (d) Shut-up and listen: Great leaders know when to dial it up, dial it down, and dial it off (mostly down and off). Simply broadcasting your message ad nauseum will not have the same result as engaging in meaningful conversation, but this assumes that you understand that the greatest form of discourse takes place within a conversation, and not a lecture or a monologue. When you reach that point in your life where the light bulb goes off, and you begin to understand that knowledge is not gained by flapping your lips, but by removing your ear wax, you have taken the first step to becoming a skilled communicator. (e) Replace ego with empathy: I have long advised leaders not to let their ego write checks that their talent can't cash. When candor is communicated with empathy & caring and not the prideful arrogance of an over inflated ego good things begin to happen. Empathetic communicators display a level of authenticity and transparency that is not present with those who choose to communicate behind the carefully crafted facade propped-up by a very fragile ego. Understanding this communication principle is what helps turn anger into respect and doubt into trust. (f) Read between the lines: Take a moment and reflect back on any great leader that comes to mind... you'll find they are very adept at reading between the lines. They have the uncanny ability to understand what is not said, witnessed, or heard. Being a leader should not be viewed as a license to increase the volume of rhetoric. Rather astute leaders know that there is far more to be gained by surrendering the floor than by filibustering. In this age of instant communication, everyone seems to be in such a rush to communicate what's on their mind that they fail to realize everything to be gained from the minds of others. Keep your eyes & ears open and your mouth shut and you'll be amazed at how your level or organizational awareness is raised. (g) When you speak, know what you're talking about: Develop a technical command over your subject matter. If you don't possess subject matter expertise, few people will give you the time of day. Most successful people have little interest in listening to those individuals who cannot add value to a situation or topic, but force themselves into a conversation just to hear themselves speak. The fake it until you make it days have long since passed, and for most people I know fast and slick equals not credible. You've all heard the saying \"it's not what you say, but how you say it that matters,\" and while there is surely an element of truth in that statement, I'm here to tell you that it matters very much what you say. Good communicators address both the \"what\" and \"how\" aspects of messaging so they don't fall prey to becoming the smooth talker who leaves people with the impression of form over substance. (h) Speak to groups as individuals: Leaders don't always have the luxury of speaking to individuals in an intimate setting. Great communicators can tailor a message such that they can speak to 10 people in a conference room or 10,000 people in an auditorium and have them feel as if they were speaking directly to each one of them as an individual. Knowing how to work a room and establish credibility, trust, and rapport are keys to successful interactions. Bonus - Be prepared to change the message if needed: Another component of communications strategy that is rarely discussed is how to prevent a message from going bad, and what to do when does. It's called being prepared and developing a contingency plan. Again, you must keep in mind that for successful interactions to occur, your objective must be in alignment with those you are communicating with. If your expertise, empathy, clarity, etc. don't have the desired effect, which by the way is very rare, you need to be able to make an impact by changing things up on the fly. Use great questions, humor, stories, analogies, relevant data, and where needed, bold statements to help connect and engender the confidence (i) and trust that it takes for people to want to engage. While it is sometimes necessary to \"Shock and Awe\" this tactic should be reserved as a last resort. Don't assume someone is ready to have a particular conversation with you just because you're ready to have the conversation with them. Spending time paving the way for a productive conversation is far better than coming off as the proverbial bull in a china shop. Furthermore, you cannot assume anyone knows where you're coming from if you don't tell them. I never ceased to be amazed at how many people assume everyone knows what they want to occur without ever finding it necessary to communicate their objective. If you fail to justify your message with knowledge, business logic, reason, empathy etc., you will find that said message will likely fall on deaf ears needing reinforcement or clarification afterward. Bottom line - The leadership lesson here is whenever you have a message to communicate (either directly, or indirectly through a third party) make sure said message is true & correct, well reasoned, and substantiated by solid business logic that is specific, consistent, clear and accurate. Spending a little extra time on the front-end of the messaging curve will likely save you from considerable aggravation and brain damage on the back-end. Most importantly of all, keep in mind that communication is not about you, your opinions, your positions or your circumstances. It's about helping others by meeting their needs, understanding their concerns, and adding value to their world. Do these things and you'll drastically reduce the number of communications problems you'll experience moving forward. For an accounting professional, it is very important that, the accountant is able to communicate the important and sensitive information in right forum in right time. Following are the some of the information: Management The most important use of accounting data is to communicate meaningful information, allowing management to make good decisions. To be effective, accounting information must make sense and be understood.; or else, it is just a list of numbers with no real significance. Many businesses use templates for internal reports to communicate information in a matter that is familiar and easy to use by management. For example, departments may get "actual versus budget" reports every month, using the same format, facilitating understanding and analysis. Investors Another important user of accounting information is the investor, who wants to know how a business is doing financially. Usually this type of information is communicated through standard reports, such as balance sheets and income statements, compiled using generally accepted accounting principles. A balance sheet shows assets, including cash, liabilities and owner's equity. An income statement presents income and expenses of a business at a certain point in time. Both statements are compiled the same way every month or period, allowing for comparability and analysis, from an investor's point of view. Many investors may also want to see cash flow statements with information about money coming in and going out in a business. They may also request special reporting. Government Accounting information needs to be communicated properly to government entities in the case of taxes. For example, Texas requires sales and use tax on certain items and accounting information must be presented a certain way to be significant. Another example of government communication is the annual tax return with the Internal Revenue Service, where information is shown following specific rules and regulations. Communication regarding financial matters to government should be done in writing as much as possible. Talking about accounting numbers on the phone can create confusion and should be avoided as much as possible. Bank Banks may want to be appraised of financial situation of businesses, making communication of accounting matters a priority in many firms. In case of bank loans, there may be periodic reports using accounting information. Banks are usually interested in cash flows and may require special reporting regarding a firm's liquidity, including short-term accounts receivables and payables. All this information must be communicated clearly to the bank, or the business may not get the loan. References WHY GOOD WRITING SKILLS ARE IMPORTANT FOR SUCCESS IN THE ACCOUNTING PROFESSION - BOSI LIU. (2012, April 5). Retrieved September 5, 2014, from http://psebuffalo.wordpress.com/2012/04/05/why-good-writing-skills-areimportant-for-success-in-the-accounting-profession-bosi-liu/ 0 Communication Secrets of Great Leaders. (2012, April 4). Retrieved September 5, 2014, from http://www.forbes.com/sites/mikemyatt/2012/04/04/10-communicationsecrets-of-great-leaders/ Shanker, S. (n.d.). Importance of Effective Communication in Accounting. Retrieved September 5, 2014, from http://smallbusiness.chron.com/importance-effectivecommunication-accounting-3169.html 42646642 by Qitian Jiang FILE EDATA_TEMP_TURNITINTOOL_1555163434._18535_1410329156_1283 34.DOCX (18.89K) TIME SUBMITTED 10-SEP-2014 04:06PM WORD COUNT SUBMISSION ID 450554441 CHARACTER COUNT 9766 1866 42646642 ORIGINALITY REPORT 92 90% SIMILARITY INDEX 0% 91% INTERNET SOURCES % PUBLICATIONS STUDENT PAPERS PRIMARY SOURCES 1 2 3 4 5 69% www.forbes.com Internet Source 19% www.bizwwnet.com Internet Source 1% Submitted to Baker College Online Student Paper Submitted to CollegeAmerica Services, Inc. Student Paper 1% Submitted to Trident Technical College Student Paper EXCLUDE QUOTES OFF EXCLUDE BIBLIOGRAPHY OFF EXCLUDE MATCHES 1% OFF