Question

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. Write a one-page action plan, in memorandum format, discussing how you would obtain an understanding of key business processes of a company that hires you to provide financial services. The memorandum 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.

Answer 1

(NAME OF THE COMPANY)

MEMORANDUM

Date: 10th July 2018

To: Accounting Professionals (Audience for whom memo is being written)

From: Head of Department

Subject: Understanding key business processes of a pharmaceutical Industry.

We have been hired by XYZ Ltd , a pharamaceutical company company dealing in variety of drugs, vaccines and consumer goods to provide them our fincancial services.Before procedding with the same it is imperative that we gain an understanding of the entire business of the company and the pharmaceutical industry in general.

The previous reports and statements of finance needs to be referred and analysed to understand the core prodcuts and the way the processes are undertaken in the company.Reading magzines like PharmaTimes will also help us get an idea and insight into the workings and competitions and new trends in the industry.

Understanding the main business motive and mantras and the best performing products,the companys market share and the business cycle of the company will help us give better services to the company.\

I request you all to consider all the above mentioned points and put them into practise immediately so that we are are able to cater our clients better and deliver best services.If you have any dounts or questions please do not hesitate to reach me.

Hoping your cooperation

Sincerely,

(Name)