Team Planning

Organizational Structure and Goals

Jessica A Mitchell

School of Business, Technology, and Health Care Administration, Capella University

BUS-FPX3007: Developing a Business Perspective

February 5, 2022

Introduction

The company that I chose for this assignment is Nova 401K Associates. According to their website (www.nova401k.com) their organizational goal is to provide business owners, financial advisors and employees a well-designed 401 (k) plan that is easily managed with little headache. Nova 401(k) Associates is a national third-party administration (TPA) firm focused on providing customized retirement plan design and compliance services for their clients. Another goal listed on the www.nova401k.com website is making sure the plan works well from the beginning, saving their clients time and money. I would like to complete my internship in the accounting field during my first year. I seek to gain leadership & accounting skills to have a successful internship. One functional area that I aim to gain additional skills during my internship is leadership. I have characteristics of an introvert and to be in a leadership position I would have to communicate effectively with my peers, subordinates and other leaders.

Accounting Skills

According to author Larry Newadmin (2021), “the purpose of accounting is to accumulate and report on financial information about the performance, financial position and cashflows of a business. This information is then used to reach decisions about how to manage the business or invest in it or lend money to it. The accountant acts of financial advisor and assist with budgeting and monitoring cash flow on a steady basis. This will allow the business to navigate any hurdle that occurs in real time. It helps the business during tax season as accountants can identify potential deductions and help avoid audits.” The analytical skills that I develop will assist me with the ability to collect accurate information and thoroughly analyze that information. Those skills as an accountant will support Nova 401k’s organization by creating financial statements, reconciling account balances, being up to date on the latest accounting software, offering advice to organizations on how to reduce costs, improve their revenue & boost profit.

Leadership Skills

I aim to develop leadership skills be approachable and available for other members in the organization for any assistance they may need. One of my goals is to be mentored then become a mentor to others within the company. I would love to be a part of a team that I can listen to, motivate, give proper guidance to. Being a leader will also require me to first be led. There is an old wise saying that goes, “He who knows everything knows nothing at all” I consciously live by that saying because I know that there would be much to learn before I can become an influential leader.

Internship in Accounting

The area that I select to work in during my internship is Accounting. The Accounting field aligns with my strengths as an employee because I currently have an Associates of Science degree in Accounting and I am currently enrolled in college for my Bachelors of Science in Accounting. I have been working as an Accountant for four years and I enjoy helping the company I work with reduce costs, improve revenue and boost costs. I would be able to contribute my skills that I gained as an Accountant at my current company to Nova 401K Associates. The skills as Accountant includes: “Examining the accuracy of financial documents and where they stand with laws and regulations, keeping account books up to date, recording payments and distributions, preparing financial reports, etc.” according to Potomac IT (2020) and author Allison Doyle (2020). Those skills will most definitely be beneficial to Nova 401K Associates. I will use what I have learned from college and my current job to add value to their organization.

Grow Skills in Sales

The functional area that I am not fond of is Sales. I do not find delight in convincing anyone to purchase anything and I would prefer a guaranteed salary no matter how many individuals I sign up for the services the company provides. According to author Chelsea Levinson (2018), “The sales department is the direct link between the company's product or service and its customers. The sales staff build relationships with the customers and helps identify a customer's unique needs and makes sure that those needs are met. Further, a quality sales team promotes the growth of the business as well as customer retention.” The skills that I would need to gain to be better qualified as a salesperson is to be goal-oriented and relationship driven. I would create a to do list and prioritize task to help me get the important tasks checked off first to become more goal oriented. To be more relationship driven I would treat the relationships with the potential clients as personal and not transactional. The most successful salespeople know that relationships are what drive sales.

Conclusion

Being an Accountant will support the continued success of Nova 401K Associates by offering advice on how to reduce costs, improve their revenue and boost profit. The leadership skills would help the organization by identifying, addressing & helping to solve complex problems with empathy. Displaying a consistent high-performance culture would contribute to the accounting role. The functional area that I would not align with my skill set is Sales. I do not like to be out in the field, communicating with many potential clients. According to my knowledge most salespeople work off commission and the number of clients they bring to the company. I enjoy being in the comfort of the office mastering the role of accounting & leadership skills.

References

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‌ Being an Accountant: Roles, Responsibilities, Skills to Master. (2020, March 12). University of the Potomac. https://potomac.edu/accountant-roles-responsibilities-skills/

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Landing. (n.d.). Retrieved from Nova 401(k) Associates website: https://nova401k.com/

List of Accounting Skills With Examples. The Balance Careers. https://www.facebook.com/thebalancecom. (2013). https://www.thebalancecareers.com/list-of-accounting-skills-2062348

What Are the Duties of a Sales Department? Bizfluent. Levinson, C. (2018, June 7). https://bizfluent.com/list-6594800-duties-sales-department-.html

What Is The Purpose Of Accounting In Society Newadmin. (2021, September 27). ? Retrieved February 12, 2022, from Knowledge Library website: https://larryweltman.com/what-is-the-purpose-of-accounting-in-society/

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