Last Updated 12 May 2020

How Accountants At Marmon Can Act As Internal Consultants

Category Acts
Essay type Research
Words 807 (3 pages)
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Internal consulting involves all the policies and procedures adopted by management of Marmon Company to achieve management objective which include orderly and efficient conduct of business, adherence to management policies, safeguarding assets, preventing detection of fraud or error, accuracy and completeness of accounting records and timely preparation of reliable financial information.

Internal consultant should show the functions of the board of directors and its committee, the management philosophy and operating style, the company’s organizational structure and the methods of assigning authority and responsibility and management control system including the internal audit function, personnel policies and procedures and segregation of duties. (Fields, 2002) BACKGROUND KNOWLEDGE AN ACCOUNTANT REQUIRE TO BE AN EFFECTIVE INTERNAL CONSULTANT

When carrying out business he should offer high services to customers and treat them well so that he can attract and retain them in the marmon company. He should inform them about the product and services the company is offering which include copper tubing, water purification products, railroad tank cars and store fixtures and credit information for banks The accountant require to advice the company on the best advertising means to be used and also marketing strategies such as price to be charged, the place where goods will be sold and the products should be of high quality.

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Accountant should know client relation management and experience on how to treat the clients and know their needs and ways and means of satisfying them. Accountant should know how to manage finance by billing and preparing ledger accounts for the company on how the money is used to meet the company’s financial needs. In case of conflict in the company, as an internal consultant, the accountant should be able to manage it and reconcile those in conflict and look for solution to the problem immediately.

He should ensure that the business carried out by the marmon company is profitably by the total revenue in the company exceeding total cost. The accountant should have data management tool where data is kept and easily accessible without loss of information because any data concerning the company can be used in decision making and to forecast the future of Marmon Company. He should have knowledge about the means of transport used by the company and transport expenses and human resource employed.

DATA GATHERED IS NOT ONLY USED INTERNALLY BUT EXTERNALLY An accountant gathers information about transaction that takes place and records them in a journal which is a chronological record of each business transaction for example, date of transaction, debit and credit charges and brief explanation of the transaction. A journal helps to prevent errors. An accountant prepares ledger accounts that accumulate in one place all the information about changes in a specific asset, liability or capital.

When an accountant plans for disaster, he gathers data from the company and community surrounding in order to know the possible time for disaster and remedies to be implemented. The accountant survey the data in the company and keeps record and that record can be used by management and customers who buy p0roducts from the company. The standardization of products should be according to the standard laid down by Kenya beaural of standard which include good quality and right measure which is used by the company to ensure they abide by them and also external users who ensure that the rules are obeyed.

The data gathered ensure that there is flexible exploration of business intelligence and more information about improving the product and services should be available and more research done to improve quality of services. The accountant should have good in offering services when they are needed most in order to maximize sales. This data is used b producers of goods and also consumers who expect to get product at the right time when they need them. (Rikhardson, 2005) WAYS IN WHICH INFORMATION GATHERED BY ACCOUNTANT AT MARMON AND OTHER CORPORATIONS IS USED BY INDIVIDUALS AND ORGANIZATIONS OUTSIDE THE COMPANY

Legal name and address and telephone number are used are used by individual when they want to put an order for the product or service and other organizations use them to identify the company they want to partner with and share ideas. The location of the company helps to know where the company is situated in order to access it easily. The language used by the company should be known in order for it to understand their individual users and organizations outside. The company should know the total number of people it serves in order to satisfy their needs well.

The individual and organizations should know the company is corporate or incorporated in order to know its rights. The number of employee needed should be known depending on workload and their insurance coverage for company employee and customers.

REFERENCES

1. Pall Richardson,; Implementing Environmental Management Accounting; Springer,2005 2. Edward Fields; The Essentials of Finance & Accounting for Nonfinancial managers; Amacom Div American Management Association,2002

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How Accountants At Marmon Can Act As Internal Consultants. (2018, Aug 10). Retrieved from https://phdessay.com/how-accountants-at-marmon-can-act-as-internal-consultants/

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