IP_WK1_MR Essay Example | Topics and Well Written Essays - 500 words

IP_WK1_MR - Essay Example However, I believe that learning accounting is an imperative in being a part of any business organization just as it is for any company—no matter what size, industry it belong to, and whether it is profit-oriented or for other purposes. My professional goal is to build a career in marketing that, which I cannot excel in without the knowledge of accounting equation and the effects of various transactions in each of the company’s income statement and balance sheet accounts. I now believe that all departments and all employees should work hand-in-hand with the finance department in order to ensure that financial goals are being met. A sound knowledge of the different financial statements will enable an employee to have a clear understanding of where the fund goes, how money is provided by different activities, if salaries could be increased, and even the level of assets that the company has. As a person hoping to work in the marketing department, accounting knowledge will enable me to assess whether a newly launched brand is realizing the targeted level of sales. Accounting will also enable me to evaluate the profitability of the different brands by understanding the relationship between revenue and costs. It will also enable me to understand which drives costs in the company and be able to respond to this by efficient cost management. An understanding of the financial statements also allows me to recognize which brands to launch with the knowledge of how each will affect the company’s accounts. I believe that marketing plans should always be accompanied by comprehensive budgets which detail how sales will grow in the period, which assets to utilize, and the level of inventories. Thus, a good marketer should be knowledgeable and skilled in accounting in order to make the most profitable and best decision. I have realized that financial problems be only detected b y finance guys but every department should be able