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In their accounting careers, professional accountants should keep in mind that strong strategic business reporting skills are just as critical as leadership skills and accounting skills. This is because although professional accountants spend much of their time crunching numbers, they also turn those numbers into reports that explain their findings, data points, and analyses as useful insights to an overview of business performance.
Business reports usually require a meticulous and detail-oriented individual to prepare since they serve as one of the most effective ways to communicate with the management, stakeholders and investors in today’s business world.
Recent developments such as Integrated Reporting (IR) serve as means by which companies may create a sustainable and more equitable future because stakeholders can use the reports to help project future forecasts and make companies be more accountable in a much more rounded manner.
These were the critical reasons why ACCA developed the Strategic Business Reporting (SBR) paper. One of the basic objectives of SBR is to prepare financial or business reports.
Here, professional accountants prepare and/ or review financial statements and all accompanying information in accordance with a recognised reporting framework called the International Financial Reporting Standards developed by the International Accounting Standards Board (IASB).
Taking this Strategic Professional Paper will strongly help professional accountants to further understand how to achieve that objective from a strategic perspective.
In order to become accountants who can transform data into useful and truthful business reports that drive the company’s next business strategy and have a great impact on business growth, two things are required – Integrity and right Communication tools. These skills also help to open up more progression opportunities for the individual’s career too.
So, here we look at why having integrity and the right communication tools are extremely important for that ultimate success in Strategic Business Reporting.
Generally every business benefits from employees who practise honesty and transparency. It is an important fundamental work ethic of the accounting profession for two specific reasons below.
– Restricting accountants from personal gain or advantage using a company’s confidential information.
– Equitably distributing wealth to all stakeholders.
One major requirement of Strategic Business Reporting is that it requires accountants to be honest, candid and forthright with a client’s financial information. Unethical practices will severely tarnish the accountant’s reputation and standing in the industry.
Hence, it restricts accountants from creating or utilising opportunities to manipulate financial information. In fact, most accounting professional bodies such as ACCA have a strict code of ethics. These ethics and conduct guidelines ensure all accountants act in a consistent manner when engaging in accounting services and reviewing sensitive financial information.
Thus, accountants need to review their actions from time to time to ensure they are following the principles described in SBR during their accounting work.
Accounting is the process of recording, reporting and interpreting financial information. Accountants often have specific education and experience to help them in the interpretation and communication aspects of financial data.
Depending on the nature of the client’s business, accountants may be required to examine and interpret complex financial data and then communicate the findings to stakeholders and investors in a clear and concise manner.
At times, presentations would be required for business reporting to a higher authority, such as boards of directors, legal and financial regulators or professional membership organisations.
With these challenges and tasks in mind, it is good that the accountant develops a sound and ethical perspective to guide his dialogue engagement with clarity and conciseness to achieve the desired outcomes.
It is important to note employers emphasise the significance of effective communication and interpersonal skills when looking for employees in the accounting field. These skills can be the very reasons that enable a candidate to make or break their employer interviews.
Even if one is not working in an accounting environment or getting involved in different financial functions of the company business, an individual can improve his/ her business communication skills in practical situations through the Strategic Business Reporting paper from ACCA!
Thus, in order for accountants to progress significantly in their careers, work at the strategic levels, communicate with the stakeholders and investors, and serve as key strategists helping to drive sustainable, equitable, environmental business growth and revenue, it is essential that they work with integrity and the right communication tools.