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Accounts Payable, Accounts Receivable, and Asset Management

Capabilities Required (technical) for accounts payable, accounts receivable, and asset management areas of accounting

I have worked in the accounts payable and receivable departments. Considering that experience and the knowledge gained from ECU financial Services centre field visit I believe that to function efficiently in the Accounts payable or Accounts receivable or Asset management department a person should be able to:

  • Keep the track of all the expenditures or incomes that includes payrolls, order of purchase and sell, invoices etc. in a manner that they can be accessed easily as and when required.
  • The person should know how to reconcile the entries and compare them with the reports and then check the balances.
  • The person is required to make the payments and receive the payments. Thus, they need to make sure that paychecks are scheduled in a timely manner and also payments that are due should be received.
  • It is also the duty of the person to send a reminder for the payment on a timely basis.
  • Monthly reposts like cash reports after matching the expenses and receivables are to be made.
  • Asset management has a certain different function. For this, a person should be capable of understanding the market and the changes that might happen in the market.
  • They should also have knowledge of maintaining the portfolios.

Non- technical 

All three functions require getting in touch with vendors or investors. Thus, a person should be good at communicating ideas and also have speaking skills and relationship building skills. The person is required to be self-motivated and should be able to solve problems quickly.

Learnings

According to the lectures and activities, I am confident that I will be able to make monthly records, read the market and its trends. I can also create invoices and send the mails of reminder as and when required. Also, through various team activities, I have learnt to communicate better and develop healthy relationships with my teammates.

Gaps

I believe there is always a scope for growth and in my case, I am not a master at excel that will be required at every step in the job role. Also, I might have become better in communicating still I believe I can improve in speaking skills.

Actions that Can Be Taken

To improve my performance, I will take a course in excel and accounting software that is used in the market so that I will be efficient before I start looking for jobs. Also, for communication development, I will take speaking skills classes and further get in touch with my colleagues and take advice to become better. This will help me in becoming an attractive candidate in the labour market.

Remember, at the centre of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Accounting and Finance Assignment Help

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