Future of Cpa Case Study
Towers Inc. Is a major telecommunications tower company that has been in business for the past fifteen years. It has grown from a company owning and managing 250 towers to now operating In 5 countries with a portfolio of 22,000 towers either being managed or owned. Although the company is over a decade old, it is still considered to be young by industry standards. Problem: Despite the company’s success, the SCOFF believes that United Towers requires additional improvements in their reporting and accounting.
The SCOFF recognizes that the accounting world is changing and that their company must stay current with these changes In order to remain successful. Technology Is helping companies become more efficient with the creation of COBRA, the automation of transaction recording, and the use of advanced communication tools within the business world. The responsibilities and roles of accountants are changing as well. Not only do they need to remain current on all things domestic, they need to become knowledgeable of accounting standards internationally as well. Alternative 1:
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Management being explained this demand by the SCOFF decide that they will create new positions and or remove current management to make room for Spas that have training in technology to support new the institution of COBRA as well as other business technology software advancements.
The company will also look for those Spas that either have experience or have an exceptional understanding of business issues affecting companies both domestically and internationally. With the potential of one international set of accounting standards being adopted, united Towers coziness the Importance of being current on these changes.
Alternative 2: united Towers decides to promote change within the company’s current employees. They decide to hire outside consultants to find weaknesses within the company and offer suggestions to make improvements. It is suggested to hire consultants to train the company employees on COBRA as well as installing video conferencing technology to allow for meetings with associates in other countries without any travel costs. The company should also create an education portal that employees can access anytime hat provides courses on using Microsoft Office Suite as well as other technological training solutions.
They also suggest providing all employees with laptops and access to company emails on their smart phones and Pads. This will give the employees the ability to work from anywhere at any time of day making them more efficient at their jobs. The company should also set aside funds to prepare for the potential adoption of FIRS in the next 5 to ten years. The company will have to hire experts and consultants to train their employees on the changes and new standards that the many will have to abide by.
The last thing that Is suggested Is that the company offer monthly and quarterly classes for employees that will keep them current with new regulations and standards. The company should also reimburse employees for any outside classes that they take that will help them become more proficient in their position. Solution: Alternative 2 Is the best solution. The company should encourage their Spas to stay current with all the changes that are happening In the accounting world.