What\'s your thought? Many accounting and accounting-related professionals are s

Question

What's your thought?

Many accounting and accounting-related professionals are skilled in financial analysis, but most are not skilled in manufacturing. This is especially the case for process manufacturing environments (for example, a bottling plant or chemical factory). To provide professional accounting and financial services, one must understand the industry, product, and processes. We have an ethical responsibility to develop this understanding before offering services to clients in these areas.

Required

Discuss how you would obtain an understanding of key business processes of a company that hires you to provide financial services. Your discussion should specify an industry, a product, and one selected process and should draw on at least one reference, such as a professional journal or industry magazine.

Explanation / Answer

In order to provide a standard classification approach for use in the MLS program , at a set of eight business processes was identified that defines the full range of activities a firm engages in to conduct of the business . Within these processes are business function that describe in greater detail the specific activity that a form performs in order to produce it's product, provide it's services or otherwise archives it's objectives. The process begins with the procurement of input and enter with those services provided after the sale of goods and services . The eight process are grouped into core business processes and support business processes. Core business processes relate most directly to the basic business of the firm, with operations representing the key industry activity of the company. Support activity process facilitates core business process

Five Core business processes are listed below :

1. Procurement, logistic and distribution

2. Operations

3. Product or services development

4. Marketing , sales and customers accounts

5. Customer and after sales services

Below listed are the support activities :

1. General management and firm infrastructure

2. Human resource management

3. Technology and process development

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