ACC 650 Discussion 1 answer to professor

Consider your current company, or a company that you have previously worked for, and describe and critique the performance reporting that is used by that organization. If you do not have relevant work experience, use the GCU Library to locate an article on variance analysis or performance reports and compare the process recommended by the article to that of the textbook. Your initial post should be approximately 250 words. To participate in follow up discussion, ask questions and post comments regarding classmates’ posts, or respond to follow-up questions posted by the instructor.

Beena Shaji

Feb 29, 2024, 6:28 PM

Published

Hello, Sir and Class

Performance Reporting

Working in a local accounting firm allowed me to appreciate accurate and appropriate performance reporting. Organizational leaders and professionals must understand and apply best practices related to performance reporting to optimize organizational success. In this view, this discussion will describe and critique performance reporting practices focusing on the local accounting firm.

Successful performance reporting is relevant to optimize goal achievement. As an intern in a financial firm, I noted that the company relied on practical key performance indicators. Insights from Grossi et al. (2020) posited that organizations can enhance customer satisfaction and influence organizations using relevant performance reporting practices. Using appropriate key performance indicators that align with corporate goals justifies the company’s optimal performance reporting. Additionally, the company used variable reporting frequency to optimize performance reporting (Grossi et al., 2020). For instance, cash management required weekly reporting, while revenue and expense analysis required monthly and quarterly analysis. Besides the indicators and reporting frequency, the performance reports included customized content aligning with different stakeholders. However, the performance reporting was not timely, limiting data drive and prompt decision-making.

Performance reporting fosters market sustainability and profitability of organizations in the contemporary business landscape. In this view, organizations need to rely on best practices related to practical performance reporting. Considering the relevance of timely reporting, organization leaders need to prioritize integrating real-time data. This approach will improve accuracy and optimize the achievement of key stakeholder goals and expectations.

Reference

Grossi, G., Kallio, K. M., Sargiacomo, M., & Skoog, M. (2020). Accounting, performance management systems, and accountability changes in knowledge-intensive public organizations: a literature review and research agenda. Accounting, Auditing & Accountability Journal, 33(1), 256-280.

https://doi.org/10.1108/AAAJ-02-2019-3869

REPLYDDDavid Duren replied toBeena ShajiMar 1, 2024, 5:08 PMUnreadBeena, I appreciate your comments. You should have read about the flexible and static budget. The variances for each of these budgets are compared with the actual results. How might the variances from a flexible budget be different from those of a static budget?

Please include proper citations in your discussion post. Points will be deducted if proper citations are not used.