Professional development

First Day Management Meeting:

[MARY]: OK, so we need to clarify a few things about what you'll be doing here. You'll be responsible for entering the transaction records from all the stores. From this, you'll produce the balance sheets, income statements, and other financial documents. You'll need to send these to the managers on time. You will also need to help with the reports we need to send to regulators. The main one is our BAS. Does this make sense so far?

[ME]: Okay, but How can I get the transaction records from all the store?

[MARY]: That's up to Sandy; she deals with the management meeting.

[SANDY]: I'd like to have summaries by the end of the Monday after you get the info from all the stores.

[JAMES]: Agreed. That's what the business needs if we're going to plan ahead effectively.

[ME]: Thanks Sandy and James for clarifying. So, how often do you do your BAS?

[MARY]: We've been doing it quarterly so far. Doing our BAS has really highlighted some stats about the stores! Our GST turnover was just over $18 million last year. We've been growing about 30% a year for the past three years.

[ME]:I want to let you know that the GST reporting cycle will depend on the GST turnover amount. Next year if our GST turnover is $20 Million or more, we must do it Monthly instead of Quarterly.

[MARY]: Good point. We'll have to keep an eye on that.

[JAMES]: If you're busy preparing the interim reports and the BAS, will you have time to do any management accounting stuff for us? That would really help me get my team organised...

[ME]: (Explain the difference between what you do, and what a management accountant do)

[JAMES]: That makes sense. OK, do you know any good ones?

[ME]: I can suggest 2 ways wecould find other professionals in the accounting and bookkeeping industry. Via Social Media; like LinkedIn, Facebook and Instagram and Via attending Events that is relevant in Accounting Industry.

[SANDY]: Good to know. I'll follow up on that. While we're on the topic, professional associations: you're a member of the AAT, right? What do you have to do for that?

[ME]: Yes, as AAT member we are required to complete a minimum of 20 hours of CPD per year.

[MARY]: Can it be on anything?

[ME]: Advise of the kind of activities and training that you can undertake as CPD.

[SANDY]: I see. What would you like to get better at, in terms of your day to day tasks?

[ME]: I'd like to improve my time management skillsbeing able to manage my time properly is essential for me to do my task efficiently and met the deadlines.

[SANDY]: We'll have to keep that in mind as we work on how you fit in around here. Now, is there anything you wanted to ask us, while we're all here?

1. What were the professional development needs/requirements and goals you identified in your first meeting with the managers
2. Identify and describe at least one (1) additional skill you could learn that would help you work more effectively.

Your first meeting was with Sandy, Mary and James, Activity 2.3. There was one important person who wasn't present; Nicola Johnson, the HR manager. Nicola will be responsible for managing your official training and development needs, so you want to clarify your requirements

3. Write an email to Nicola. Make sure you include questions to help you clarify or confirm:

• the facts about licensing/registration requirements
• the approach you should take to maintaining and enhancing your own skills
• how you can ask for funding/time to undertake the professional development opportunities.