Strategic Project Management: Handling Part-Time Employees in Accounting Projects

Why is Joe finding part-time help in accounting projects challenging?

a. a liability

b. qualified for the work

c. an asset

Answer:

Joe has hired part-time employees to help with an accounting project, but he is baffled by how to manage them. They are not trained in company policies and procedures and will be gone in a few months. Joe is finding that part-time help can be a liability.

Assignment accounting refers to all factors related to monetary transactions in a venture. This consists of everything from task costs, billing, and sales. Project managers and accountants use assignment accounting for executing financial tasks on projects.

Venture accounting also includes internal projects such as production builds, new product launches, marketing campaigns, research or scientific studies, long-range purchases, and company strategic planning. These are capital projects with distinct start and end periods that are not part of regular business operations.

Assignment accounting works by creating a detailed plan of your project costs and managing them throughout project execution to ensure you stay within budget. This is done by monitoring project costs and tracking the variance between planned and actual costs.

Part-time employees who are not trained in company policies and who may leave in a few months can pose a liability in accounting projects as they may not be able to contribute effectively to the project requirements and goals. It can be challenging for project managers like Joe to manage these employees efficiently and ensure the success of the accounting project.