Please, write a main discussion post regarding the below situationand respond to the 2 classmate discussion posts attached. Thanks
Situation:As a new controller, respond to this comment by a plant manager: "As I see it, our accountants may be needed to keep our records for shareholders and Uncle Sam, but I don't want them sticking their noses in my day-to-day operations. I do the best I know how. No bean counter knows enough about my responsibilities to be of any use to me."
Instructions for main post (Around 200 words) As a new controller, respond to this comment by a plant manager: "As I see it, our accountants may be needed to keep our records for shareholders and Uncle Sam, but I don't want them sticking their noses in my day-to-day operations. I do the best I know how. No bean counter knows enough about my responsibilities to be of any use to me." In your response, provide at least one example. Include appropriate citations. (Citations only needed for main post) Instructions for the two classmate responses (around 150 words each) Please, respond to the below two classmate main posts. (Please, the responses need to be a discussion, not an evaluation. You can agree with them and add/comment about their response.) Classmate post #1: Andrew Welfel This plant manager doesn’t seem like much of a team player. Two quotes from the first chapter can help frame the argument. The Saint Leo University (2014) state, “Inputs into design decisions by production, marketing, distribution, and customer service managers often lead to design choice that reduce total costs for the company” (p. 4). This quote is directly referencing how different departments can help in the decision making process of a company. For the plant manager, this means that the accounting department has valuable information he may not have, and this information can help with his day-to-day operations. Also, “Cost management includes decision to incur additional costs – for example, to improve customer satisfaction and quality and to develop new products – with the goal of enhancing revenues and profits” (Saint Leo University, 2014, p. 2). As a company, each employee should buy into the idea that everyone is working together to reach company’s goal of profits. The plant manager needs to understand that the accounting department is not stepping on his toes, but providing information to help the bottom line. From a personal perspective, I used to work at a theme park selling concessions as one of my summer jobs while in college. We operated 20 or more concession stands that were strategically placed throughout the park. Location of the stands was crucial to business – the difference in 50 yards could mean a difference in thousands of dollars of sales for the day. Corporate would work with officials from the theme park to come up with numbers which would project which stands would make more money on certain days. It never came as a surprise when certain stands would shut down on a Wednesday or a Thursday so that the employee could help out at a busier location. In this scenario, the “bean counters” from the corporate office worked harmoniously with those of us actually working the theme park. This resulted in a higher workplace efficiency. References Saint Leo University. (2014). Managerial Accounting: Decision Making and Motivating Performance custom with Lab Access Classmate post # 2: Kari Grippo The plant manager of the firm seems to be holding onto many preconceived notions in regards to the functions performed by the accountants. As the new controller, I would respond to the plant manager’s comment by telling him that the accountants are helpful in reviewing the financials for a company to ensure its operations are running efficiently and that it is handling its accounts in an effective manner. Additionally, I would make to the plant manager that the accountants are necessary in order to actually hold the firm accountable for its operations in terms of its financial statements. I would respond to the plant manager in a polite manner, so as to not undermine his business knowledge. Accountants do more than just file taxes as many people believe. Accountants can “take a comprehensive assessment of the finances and create a forecast through the year to keep the business in a healthy, prosperous state” (Vetter, 2017). Although the plant manager may view it as daunting to let a “bean counter” in on the details of how the business operates, partnering with an accountant will help the firm achieve its goals which will ultimately set it up for long-term success. During the tax season, accountants can support the firm by easily identifying the potential deductions throughout the year and provide advice to the plant manager on how to make strategic decisions in order to obtain these deductions (Vetter, 2017). With all of the “day-to-day operations” and “responsibilities” for the plant manager, he may forget to track and account for items such as depreciation, for example. Accountants are helpful to the firm in avoiding an audit as well. By utilizing the accountants, the plant manager will be receiving their guidance year-round. With this being said, I think the plant manager would rather have the accountants the firm hired “sticking their noses” in the operations rather than the auditors. I would also respond to the plant manager by telling him that accountants can help save him as well of the firm lots of time and money. When considering how much time and effort would be spent on trying manage the firm’s finances without accounting assistance (as well as the possible errors that could be incurred from improper reporting and related losses), the benefits of utilizing the accountants definitely outweigh the costs (Vetter, 2017). The accountants for the firm are most likely responsible for making sure that all financial reporting deadlines are adhered to which will further help the firm when tax filing (Davis, 2019). The plant manager should focus on his responsibilities, as he stated, however investing in the professional accountants and cooperating with them as ongoing business advisers will assist the firm in maintaining their business focus. With the accountant(s) as the financial advisers for the firm, they will be able to provide help with budgeting and monitoring cash flows which will allow the firm to circumvent any financial hurdles that might occur. Myself as the controller, the plant manager, and the accountants should work collaboratively in order to make the more informed and unified decisions based on the latest data. The accountants will prepare the financial statements that may include monthly and annual accounts based on the financial information that is compiled and analyzed (Davis, 2019). The reports compiled will aid in the continued support and management of budgetary forecasting for the firm. Hopefully after explaining and expanding upon the multiple benefits of working with the accountants, the plant manager will begin to realize that they are essential asset to the firm. The accountants perform all the financial functions related to “the collection, accuracy, recording, analysis, and presentation of a business, organization, or company’s financial operations” (Davis, 2019). The accountants’ assistance will help the firm plan for the future, thus supporting the longevity of the business. References Davis, S.S. (2019). “What Role Does an Accountant Play in Business Operations?” Retrieved from https://smallbusiness.chron.com/role-accountant-play-business-operations-411.html Vetter, A. (2017). “5 Reasons Why Your Business Needs an Accountant.” Retrieved from https://www.bizjournals.com/bizjournals/how-to/growth-strategies/2015/04/5-reasons-why-your-business-needs-an-accountant.html