It also serves as a tool of the eventual decision making in the business setting. Proper accounting portrays the ultimate financial position of the business. The accounting field provides an interrelationship with other departments in any organization. It tends to unify all the fields in any organization. All departments must spend through the consumption of the business resources. Accounting provides the platform of unifying all the expenditure and comparing it with the revenues that the business enjoy. Every department or discipline has a mandate of ensuring proper utilization to minimize the expenditure and maximize the returns. The evaluation of such disciplines is a tremendous initiative in determining the financial position of different disciplines. Examples of disciplines that require the knowledge of accounting to run them include; the human resource, ICT, marketing, and other disciplines. The information obtained from various fields in a business culminates into the final report that is portrayed in the books of accounts. Amber Herrmann Amber Herrmann is a former graduate of CFCUSM. She started her course in accounting and passed the first accounting course. She later took a business course in human resource management. She graduated as an accountant, but later switched to human resources. The human resource is involved in the recruitment of new employees, performance appraisal, promotion of the employees, and the laying off workers. It is a department that is mostly involved in the maintenance and protection of the employee welfare. Accounting Information used by the Discipline Though Amber is a human resource manager, knowledge of the accounting has propagated her to become the merited manager she is. She provides the insights about the application of the accounting knowledge in the HR department. The department is involved in the management of about 12000 employees. The welfare of these employees has to be protected. The accounting information provides them with the general liability procedures that the department requires for merited performance. During the annual general meetings, the department must prepare the most credible financial records and present them to evaluate their performance. This involves the use of the departmental cash accounts, balance sheets, and cash flows. This is due to its predisposition in the spending tendencies in most companies. “HR department has been deemed as spenders. The proper application of the accounting techniques ensures for efficient spending” (Herrmann, 15:01-15:30). The HR is necessitated to provide the final budgeting at the end of every financial year. This involves both the returns and the investments or expenditure. The HR must use the accounting discipline to ensure that the budget is sufficient and not exaggerated. They do not base their eventual values on assumptions, but on the values portrayed in the records. The proper employment of the values is necessary in making the approximation of the supplies to their departments. This may be used to cater for the general liabilities such as employee injuries, legal liabilities, performance appraisal, and payment of the employee salaries. Therefore, the knowledge of accounting is used to monitor the patterns of budgeting (Herrmann, 14:45-15:59). Most organizations believe that the HR is a department that is explicitly involved in costs, and not returns. Amber uses her accounting knowledge to ensure that the money stays in the firm. They try to minimize expenses of
Name: Task: Tutor: Date: Finance and Accounting Accounting is one of the major fields that necessitate the proper running of the business. The facilitation of the accounting techniques and financial information necessitates the efficiency in running a business…
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