PRR and associates, is a small accounting firm with an aim of reshaping the accounting field by offering services such as accounting, management and tax accounting. It is located in Lancaster, PA with six employees. The services offered implies that the company will produce financial records, track commercial revenues and expenditure and hence be  able to administrate and coordinate the financial activities of another firm through consultations. The only thing that makes the frim unique is the ability to use financial records long term planning by diagnosing unhealthy spending behavior in other firms (Reyneke, Yolande and Christina, p 23).

Background

It goes without say that accounting is necessary and essential for any business, either small or a large-scale. Each company needs to keep records. In 1494, Luca Pacioli first described the system of recording financial data in a double-entry style as accounting. However, as time passed by the need for more sophisticated methods of keeping information emerged and reliable accounting systems came up. Consequently, the rise of corporations created the need accounting   services through independent firms. Moreover, in recent times most accounting firms   specialize in giving quality services and consultations (Arthur, p 1).

Reason behind choosing accounting

Over the years, my interest and curiosity in accounting field grew as I interacted with the profession in many multiple levels within my community. The knowledge I have on trading skills was enough to motivate me in venturing further into the field and what offers. In fact, trading skills gives me the chance to predict changing market dynamics and integrate the knowledge of accounting into the firm (Arthur, p 2).

 

Description of the business

PRR and associates is an accounting business that targets corporations in the technology sector. However, the aim of the firm is to   offer accounting and technological consultative advice that can shape the entire technological industry by looking at their challenges from different perspectives. In the first place, the firm encourages workers to further their studies in the accounting profession so that compliance with professional accounting standard will not be an issue that prevents proper delivery of services (Reyneke, Yolande and Christina, p 12).

Growth challenges firm may face

One of the most common growth challenges comes because of shortage of skilled labor. According to research conducted in America, the need for accounting services increases annually. The more the demand increases the more   the more PRR and associates needs to recruit more staff to meet the demand and at the same time expand its services to other locations. Even if skilled becomes available, sustainability of such skilled talent will be burdensome. Thus, more work and research needs to go into retaining and training top talent (Reyneke, Yolande and Christina, p 13).

 

 Competitive advantage

Being a cut above the rest relies on the ability to discern accounting skills, which are marketable. More so, many accounting firms assume that accounting is all about keying in and analyzing   numbers but the firm has to focus on helping businesses plan and achieve their goals through necessary steps required in the financial world. Preparing financial records is just the tip of the iceberg, PRR and associates has to make sure that core tasks are executed with the target technological world in mind.

Talent Philosophy

PRR and associates has to commit to quality accounting services and consulting services through robust and talented individuals ready to dedicate their time and effort to tackle a customer’s challenge and give lasting solutions that will in turn change the whole globe (Arthur, Andersen, p 2).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reference

Reyneke, Yolande and Christina Cornelia Shuttleworth. "Accounting Education in an Open Distance Learning Environment: Case Studies for Pervasive Skills Enhancement." American Online Journal of Distance Education, vol. 19, no. 3, 01 July 2018.

Arthur, Andersen. "The Organization of Modern Business William R. Swinney." The American Economic Review, no. 2, 1923, p. 310.