ACCOUNTING AND FINANCE

Functional Area Plan: Accounting and Finance

Functional Area Plan: Accounting and Finance

Introduction

Most people instinctively understand that this is the person responsible for the entire organization and that it must be a difficult and demanding position. Less is understood about the positions that hold the responsibility for the functional areas. When we look at a company like the one in our cases study, Zilack Corporation, we see many different areas of responsibility represented by Production and Operations, Accounting and Finance, Human Resources, Sales and Marketing and Information Technology (Gaffikin, 2007). Each of these groups has specific roles and responsibilities that support each other and ultimately determine if the company goals are achieved. Here is a closer look at each of those functional areas.

The CEO of Zilack Corporation, James Zilack Jr. has established a company goal of doubling sales in one year. For the company to meet that goal each functional area will have to consider many different issues. For example, sales and marketing will need to find new customer and markets for Zilack production. An international sales force may need to be developed and additional sales people hired. Advertising and promotions will need to be created to drive consumer demand. What kind of resources will be required, what will the message be and who will the target customer be? Production and operations will need to double annual production. If the company is now using one production line, a second line will be needed. All of the equipment will need to be purchased. Employees will have to be hired and trained to operate the new line (Gaffikin, 2007). The additional production will have to moved, warehoused and distributed. How will doubling the volume impact the distribution function? Will a new global sales and marketing strategy require the development of an expertise in international shipping?

Discussion and Analysis

Accounting and Finance Issues

Financial Relationships

Compared with previous standards organizations have recently adopted rules significantly narrow circle of people whose investments are the independence of concern. In the previous legislation, many business partners that do not work for audit clients and their spouses and family members were restricted investment in the firm's client's audit. The new rules limit the loss is mainly those who work for the audit or may affect the audit (Fields, 2002).

Employment Relationships

Labor relations rules greatly reducing the accounting firm, and his family to the employment restrictions, to maintain independence depends on the population. The ...