Operations Management in the Accounting Industry - 2731 Words

The accounting industry is one that has been around for a very long time. According to Vault.com, the earliest merchants monitored their inventory and recorded their profits and losses. Today, accounting has evolved to be a necessary business tool. In fact, many people refer to accounting as â€Å"the language of business.† Accountants provide four main services that include accounting, auditing, assurance, and tax. Although these are the fundamental services that accountants provide, they also provide other services such as advisory and consulting services, mergers and acquisitions, restructuring, strategic planning, and many more. Operations management oversees the production of goods and or services. In relation to operations management,†¦show more content†¦A car manufacturer’s main job is to produce cars and then to sell them to their clients. Most of the operation deals with converting raw material in order to produce a vehicle, which is tangible. Th ere is very little service to it. The only service they provide is the act of selling the vehicle to a client. This is the only time the car manufacturer comes into contact with a customer. Generally speaking, most manufacturing companies have very little customer contact. I believe that this could be a disadvantage for purely production companies because they are not able to get in the moment feedback like service industries. However, it could also be advantageous because if they can spot something wrong ahead of time, they are able to fix the mistake and the customer will never come into contact with an output that is defected. Consequently, they may have to wait several weeks to even months for their feedback from a customer. By the time they get their feedback, they would have already produced so many outputs that are not properly working or that many customers may dislike. Manufacturing operations are also able to store inventory. If they are not able to sell all the out puts they have produced, they can store them away in inventory and sell them at a later time. On the negative side, production industries tend to have higher inventory costs. Since the outputs are tangible for a production company, they are ableShow MoreRelated Cost Accounting Essay1091 Words   |  5 PagesAccounting is the system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results; (Merriam-Dictionary, 2012). Cost accounting is described as the evaluating approach to the overall cost of when the business evaluates the cost that is associated with the business. Cost accounting consists of the identification, measurement, collection, analysis, preparation, and communication of financial information (Khan, 2010). 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