A detailed reporting of the Mountain Ville financial report is useful for proper recording and understanding of the companys financial position. The financial report is expected to have four essential elements which entails; statements of workflow, income statements, statements of retained earnings and balance sheets. The balance sheet would focus on reporting the financial situation based on assets, stockholders equity and liabilities. Through the balance sheets, the company should have a well-stated resource it owns and the debts of the company. The income statements should juxtapose the ability of the company to sell their goods at higher prices than the cost of producing those goods. On the other hand, the retained earnings should focus on the cash that the company reinvests back for future prosperity. Finally, the cash flows should explain the cash flows that would meet the contemporary debts. This four-element would undoubtedly give the financial summary of the company in that fiscal year.
The primary sources of funds must also be included in the report. This is determined by evaluating all the possible donors by looking at the amount of cash that they inject in the business for that fiscal year. This contribution is examined except funding from the government since their contribution could be so much in some instances. The percentage contribution of each donor for the past five years would prove a real test for knowing the main contributors to the firm.
The internal service financial requirement would be one of the most crucial parts to all the employees. To achieve staff satisfaction, it would be necessary to have a checklist of all the needs of the various employees for that financial year. These requirements should guide the budgeting process such that the cost should be dependent upon the values provided by the employees. They should, however, be informed that not all that they wish for in the checklist would be given as sometime the budgetary allocation would be slashed or bent to meet other emergent issues in the firm. This would prove to be a good way of ensuring the trust of the employees on the management thus improving the performance of each employee.
In conclusion, proper budgetary allocation and reporting are critical to the growth and continuity of Mountain Ville. The right information must be captured in the annual fiscal report to avoid conflicting information and chaos that arises due to the financial situations. The report must be first provided in the draft for review before the final copy is provided. It should be understood that the power of financial report in the firm can never be underrated thus the report has to be succinct and elaborate.
Speech
Dear Board of Trustees, today we meet to deliberate on the salient accounting issues that affect our Museum. We all understand that proper accounting and bookkeeping is the pivot upon which the future of our museum hangs upon. To put this into perspective, it is a fact that the museum relies on little cash collected from the visitors. Therefore, these must be managed appropriately for the prosperity and success of the museum. There are particular problems experienced in the accounting of the museum. I believe that if a problem is not dealt with, then it will be difficult to do a major task. It is this spirit that I choose to dig deep into the salient issues in the accounting of the Museums.
The most important matter with the accounting of the Museum is the acquisition of sustaining funding and support operations. As mentioned earlier, the museum charges very low costs to the clients. The money collected thus cannot support the financial demands especially cost spent on the staff and maintenance. This, therefore, calls for the need to come up with new business models to acquire new funding or rather sustain the current. This is a move that proves so challenging to the accounting department as their model is not that flexible like for other business so as to shift with the trends and new demands of the corporate sector.
The museums partly deal with cultural preservation, and this makes one of the salient issues in accounting. It is challenging how to make the cultural knowledge and content of the museum equitable to the clients. This problem begs the question of how should the museum management make its existence more useful both the customers and to the management. Its benefit would be seen when the accounting figure begins to balance and gain profits.
In conclusion, the prosperity of Centerville art museum depends upon its ability to maintain the clients at the affordable cost while still making profits. Tackling the issues in the department of accounting is dependent on the daily activities are undertaken in the museum. Money cannot be collected if the museum does not tailor the services and products to meet the expectations of the clients and emerging trends of the world and business.
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