Finance Management Report

University Finance Management Report 

Introduction

            Currently within the University Finance Department I am working in payroll.  Right now there is a change being made since the manager is moving to another position or finishing her internship, a new manager is coming into that position.  I am a member of the department at this time.  The tasks that have been assigned are to verify FIT numbers and correct any that are incorrect.  This has been completed for University Consulting and University Finance Department for one pay period and also University Consulting for another pay period.  At the present time the tasks assigned have been completed.  An email has been sent to the incoming manager as a new task in needed. 

            A challenge that is being faced is that the tasks assigned are great, but it appears that when tasks are completed it takes a bit for a new task.  Also not all information was available as it should have been for a new intern entering the department which left confusion.  This has now been handled.  As for gaining new tasks, there may be opportunities available to move up in this department which is a great option to help stay busy.  That is something that will be looked into. 

Information Management, Planning and Controls

            Should an element of effective information management or assurance be removed it can have a detrimental effect on the other elements and render the information management and assurance practices of the organization ineffectual (MacLeod, 2015).  With this being stated it is an absolute must in any organization to pass along the information that is needed on behalf of the employees so they can do their part in making sure the work is completed.  Giving the documents needed a week later does no justice and impairs the employee of doing their job and having it completed in a timely manner.  When you know there is a new employee, it should be required that all documents needed are prepared and ready for this employee to being their job so there is little room for idle time.  Having an employee without work to do could mean a company is paying this person and they are receiving nothing in return.  This may work out for the employee but the company is losing out. 

Organizational Processes

            Today’s organizations change or redesign their business processes and/or organizational structures more frequently than ever before to innovate and adapt to the rapidly changing environment (Jinyoun, Sanghyun, Minseok, & Injun, 2015).  This is true when it comes to the organization that is involved.  People are changing positions within the internship and needing to learn quickly as to their role and tasks they are faced with.  You may have a manager that is quick with responses and gets back to you in a timely manner, then you may have a manager who waits 24 hours to return your emails.  This can make for a difficult situation to get tasks done as when you have time, they are unable to respond and you sit idle.  Being able to stay organized and knowing what needs completed is very helpful when dealing with a business process.  This will allow you to delegate tasks more quickly and efficiently. 

Communication

            This area is very important in any business structure that a person is a part of.  Being able to communicate effectively and efficiently.  Also knowing who you need to communicate to can be very helpful.  Communication is the process of transmitting information between two or more parties (Wienclaw, 2015).  For the experience within the Internship this involves clear communication through emails and if need be, by phone conversations to be able to have an understanding of exactly what is needed to be done.  A downfall of communication is how the person interprets your message.  That is why you must be precise as to the meaning of the message you are conveying.  If your message gets misinterpreted this could cause an issue within your organization that you are not wanting to occur. 

Conclusion

            It is very important to know what your job involves and who you need to go to when issues arise.  Also being able to have clear communication is a must in any organization.  Being in an organization that is constantly changing positions a person needs to realize what a new hire coming on board may need to complete their tasks at hand so they are not sitting idle while you are not able to respond to them.  It is key to do the best you can in keeping your department running smoothly and efficiently to get the tasks accomplished.

References

Jinyoun, L., Sanghyun, S., Minseok, S., & Injun, C. (2015). A BUSINESS PROCESS SIMULATION FRAMEWORK INCORPORATING THE EFFECTS OF ORGANIZATIONAL STRUCTURE. International Journal of Industrial Engineering, 22(4), 454-466.

MacLeod, A. (2015). Effective information management and assurance for a modern organization during a crisis. Journal of Business Continuity & Emergency Planning, 9(1), 52-59.

Wienclaw, R. A. (2015). Communications in the Workplace. Research Starters: Business (Online Edition),