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Further more, this could easily materialize in a superior quality of the products and services delivered by the organization, to eventually materialize in increased customer satisfaction and ultimately, larger corporate profits.
Other benefits refer to the better capabilities in keeping the accounts in good order. This would ultimately materialize in better possibilities of attracting investors or contracting bank loans. Also, the public perception of the company would improve as the new accountants would help with the timely payment of state taxes. "Failure to file your income taxes on time is an offence. Delaying payment will result in penalty fees. To save yourself time and hassle, you should develop the habit of filing and paying your taxes on time. Being on time also reflects well on your business" (Government of Singapore, 2008).
Ergo, the return on the required investment would offer substantial benefits as the newly hired professionals would bring the organization to standards in reduced time periods.
3. Conclusions and Recommendations
Our company has been struggling with a personnel shortage in the Financial Department and we often encounter challenges in collecting the accounts receivable and paying the accounts payable. Our efforts to attract the attention and generate action from the Human Resource Department have failed. As a response to the lack of interest and professionalism revealed by the HRM department, we have decided it would be best if we came up with a solution and presented it to the management of the organization.
We recommend the hiring of five new accountants, throughout four months (the first month will be for selection, the second one for hiring two accountants, the third month for hiring two more accountants and the...
on-the-job training would be offered by the existent accountants within the Financial Department. The resources required revolve around financial investment and time consumption. However, we do not afford not to hire the new staff members, as the negative consequences could be tremendous. The current investment would return within the organization, making it stronger and better able to adapt and respond to the micro and macro environmental demands.
As a recommendation for the future, the management could pay closer attention to the staffing matters and compare them with the amounts of work requested from a respective organizational department.
References
Harrell, C., 2008, Good Accounting Practices in the Key to Your Company's Survival, Enzine Articles, http://ezinearticles.com/?Good-Accounting-Practices-is-the-Key-to-Your-Companys-Survival&id=1123300last accessed on October 28, 2008
Messmer, M., January 1, 2005, 2005 Accounting Hiring Trends, Strategic Finance
Weltman, B., Silberman, J., February 2006, Small Business Survival Book: 12 Surefire Ways for Your Business to Survive and Thrive, Wiley
Zahorsky, D., 2008, How to Find a Good Accountant, About.com, http://sbinformation.about.com/cs/accounting/ht/goodaccountant.html. Ast accessed on October 28, 2008
2008, the Importance of Confidentiality in Selling an Accounting Practice, NAAB Consulting, http://www.naabconsulting.com/page/blog/selling-accounting-practice-confidentialitylast accessed on October 28, 2008
2008, What are Good Accounting Practices, Government of Singapore, http://www.business.gov.sg/EN/Government/TaxesNGST/QuickAnswers/taxes_qa_practices.html. Ast accessed on October 28, 2008
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