Leadership and Employability Report on Accounting and need of Strategic Leadership

Accountants at the management levels can be depended upon to have technical accounting expertise to give organizations the financial knowhow they need to fulfill statutory reporting requirements. However, management accounting also entails supporting the enterprise. Management accountants can combine analysis and accounting skills with their business understanding, making them able to give reliable performance metrics and forward looking, evidence-based management information. Management accounting skills are very much in demand. We are aware of many others who are not fortunate in this context. About 75 million young people are not employed, whilst employers still cannot find individuals with the right skills to grow their businesses (CGMA Report, 2014). This report aims to inform and make young accounting graduates aware of ways to become effective accounting department team members and to eventually grow into future finance directors within businesses. A firm can acquire several benefits by employing qualified accounting graduates, such as (GRB Team, 2015):

Tested or proven return on investments

The ideas and skills of accounting graduates can make significant impacts on a firm's basic finances. Graduates add about £1 billion of value to the British economy on a yearly basis, based on research done by the Association of Graduate Recruiters (AGR).

Ready to mould

Organizations have the opportunity to shape these graduates to their requirements, so that they become part of the culture. Modern accounting graduates have developed a habit of learning constantly, so even in employment situations they will seek to acquire updated knowledge. They are frequently seen as a "blank canvas," fully open to new ways of working, ideas, and experiences.

Robust business skills

Studying assists students to develop basic transferable skills such as oral and written communication, presentation, problem-solving, data analysis and organization. Technical graduates also have the latest technical and specialist skills gained in the learning process. Many will also have the experience of applying academic knowledge gained through work placements and internships maybe whilst at competitor companies.

New viewpoints/perspectives

Graduates contribute new ideas and apply up-to-date thinking skills from academia. Recruiting graduates can also increase a work team's diversity.

Speed to value

Graduates have the potential to learn more quickly and to provide more immediate financial returns. They are often more willing and enthusiastic to take on challenges. Graduates do understand and have the ability to adapt to change.

In summary, recent college students and graduates definitely have the capacity to absorb, comprehend and implement new training and instructions at much faster rates than older employees. And, because they are fast learners and many with the ability to multitask, students have proven to be better hiring options for a wide range of businesses. They are often ready, eager and looking to quickly prove their worth to their superiors, offering organizations the willingness to do quite a number of odd types office jobs. Moreover, current students and recent graduates are often more willing to assist their co-workers when needed (McLean, 2015).

I recommend that, of the many benefits of hiring a recent graduate, his or her readiness and eagerness to learn should definitely be considered. After several years of study, graduates are usually very excited to join the world of work and to learn new practical skills in a different environment. These students will absorb anything that one teaches them like a sponge and will be able to execute tasks with the kind of energy that might be lacking in more experienced professionals. It will be better to hire an individual who is ready and willing to learn, who will put their best foot forward and work hard in every task, than hire a highly knowledgeable and experienced person who is work shy. A fresh graduate will also have a greater potential of work flexibility. With experience comes a lot of stubbornness. A worker who has been employed for many years on a job will think there is only one way of doing a job and may not be willing to try out any new methods. Every business executive is aware that to succeed in business, an enterprise cannot be static. A fresh graduate has the flexibility to move forward with your business as it tries new ideas (Little, 2014).

Table of Contents

Introduction 6

Accounting and critical understanding of associated leadership and employability issues 7

Positive Impact of strategic leadership on strategic and financial management decision-making 8

Traits to be an effective team member 10

Research methods 11

Conclusion 12

Recommendations 13

Appendix 13

References 16

Introduction

Accounting is a method or means through which data and information about a business organization is communicated (Accounting verse, 2015). Moreover, as Dwight D. Eisenhower noted, leadership is the art of influencing those having enough potential to complete the desirable task by convincing them to do it. Leaders help themselves and other people to do the right things. Leaders build inspiring new visions, set the direction and create new paradigms. Leadership is all about mapping out where one needs to go to win as an organization or as a team; and it is exciting, dynamic and inspiring. Even though leaders show the direction, they must also utilize management skills to show the people they are leading the right destination, in a smooth and efficient manner (Manktelow & Mind Tools Team, 2015).
Additionally, employability also entails achievement skills, personal attributes and understanding that make graduates highly likely to gain employment and to be successful in their chosen careers, which benefits the workforce, the community, the economy and themselves (Yorke, 2004). Furthermore, employability entails much more that a person's capacity to secure their first job. It involves have the potential to network and market oneself and to move through a career progression path and remain employable throughout their life. It entails the ability to acquire new skills, ability to ask questions, flexibility, identify and evaluate options, take initiatives and to adapt successfully to changes (Rehman & Mehmood, 2015).

This report's objective is to show the benefits of hiring accounting graduates, matters linked to modern leadership and employability, impact of strategic leadership on decision making in financial management and ability to be an effective team member. It also entails suitable recommendations and a conclusion for better understanding.

Accounting and critical understanding of associated leadership and employability issues

Accounting is regarded by many as an art since it requires the utilization of creative judgment and skills (Humphrey,2015). An individual has to be trained in accounting to have the ability to effectively perform accounting functions. Accounting also involves interrelated "phases" meaning recording. Recording entails keeping records of or writing down business transactions. Categorization involves gathering together related items that have been recorded. Once they are categorized or classified, the information is then summarized into reports that are referred to as financial statements colloquially. It is linked with events and transactions having a financial element. For instance, hiring an additional staff is an event with no financial element. Hence, it is not written down. However, acquisition of office buildings, sale of goods, or payment of salaries, etc. are recorded since they do have a financial value. Finally, recording business transactions helps in interpreting or analyzing the results that are the "phases" of accounting. Data and information will have no use if they cannot be interpreted and their implications understood. The figures, amounts and other information in the financial reports have meanings that are of use to the stakeholders (Accountingverse, 2015).

The function of an accounting manager involves both to lead people and to balance the books. Leadership skills are needed for accounting managers to be effective. Accountants are not always regarded as the most extroverted kinds of people. When the majority of people think about accountants, they automatically think ledgers and not leaders. However, like a majority of the popular myths about finance professionals and accounting, this is only a myth. Working the numbers might be one's calling, however that does not mean that as an accountant, one can do without leadership skills anymore than they can do without public speaking or writing skills. In fact, if one is in an accounting management position, and has any aspirations of being promoted to a hire post; he or she will very much need to sharpen their leadership skills (Clarity Recruitment, 2013).A matter related to employability is employability gap. The employability gap is an international issue and challenge that affects different kinds of markets and countries. Within singular economies, employability gap is viewed in a different context because of societal, economic and cultural conditions; however some of the matters related to employability are the same across almost all markets. Academic experience alone will not fully prepare a graduate for the kind of experience that is desired by an employer in a current and functional working situation. While there is awareness that fresh graduates are good at absorbing theory and knowledge, employability gap still exists since at times there is no application of that theory. The situation is made even worse in cases where what has been learnt in books is completely irrelevant to…