Professional development

First Day Management Meeting:

Summary

Mary, Accounts Manager want to clarify the Bookkeeper role:

• Responsible for entering the transaction records from all the stores
• Produce the balance sheets, income statements, and other financial documents
• help with the BAS reports to send to regulators

Bookkeeper clarify how to get the transactions records.

Bookkeeper Ask the managers how often they do their BAS

Mary said quarterly, GST turnover was just over $18 million last year. They been growing about 30% a year for the past three years.

Bookkeeper said GST reporting cycle will depend on the GST turnover amount. Next year if the GST turnover is $20 Million or more, they must do it Monthly instead of Quarterly.

James, Sales Manager ask if she can help with management accounting stuff to get team organized

Bookkeeper explain the difference between what she do vs what accountant do which is focusing on recording financial transactions, while accounting involves interpreting and analyzing financial data to provide valuable insights and make informed decisions

Bookkeeper suggested 2 ways to 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, Managing Director ask about as a member of professional associations AAT, What do you have to do for that?

Bookkeeper Advise Sandy that AAT members are required to complete a minimum of 20 hours of CPD per year. Some of activities you can do as CPD are: mentoring, attending AAT events, watching webinars, reading articles, ojt, and attending courses and events.

Sandy ask What would you like to get better at, in terms of your day to day tasks?

Bookkeeper said 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.

Question:

1. What were the professional development needs/requirements and goals you identified in your first meeting with the managers based on above Summary?