Republic of the Philippines

BATANGAS STATE UNIVERSITY

The National Engineering University
ARASOF-Nasugbu Campus
R. Martinez St., Brgy. Bucana, Nasugbu, Batangas, Philippines 4231
Tel Nos.: +63 43 416 0350 local 204
E-mail Address: cabeihm.nasugbu@g.batstate-u.edu.ph | Website Address: http://www.batstateu.edu.ph

College of Accountancy, Business, Economics, and International Hospitality Management

REFLECTION PAPER FOR SUSTAINABILITY AND STRATEGIC AUDIT

Name Hernandez, Desiree Ariana D. Course Code MAC 301

Program and BSMA 3202 Course Sustainability and Strategic
Section Description Audit

I. Seminar Details
Title Date Sponsoring Agency
1. Pave the Way to a January 26, 2024 Sun Life
Brighter Future -
Start the Year
with Clear
Financial Goals
2. UtACCay February 10, 2024 Junior Philippine Institute of
Accounting Crash Accountants – AdDU and Junior
Course Philippine Association of
Management Accountants - AdDU
3. Insight to March 11, 2024 Junior Philippine Association of
Experience: A Management Accountants BatStateU
Way to Succeed The NEU ARASOF-Nasugbu
II. Reflection
As we enter a new year, a new chapter of our lives has started. To achieve a brighter future,
it is essential to plan our finances, as they will serve as our roadmap to success. In today’s
generation, we have to understand technology's impact on people's lives. It makes employees’ jobs
and responsibilities easier in the workplace, which is why companies must invest in technology.
Moreover, understanding other people's experiences on their journey to success motivates one to
make better decisions.
The webinar “Pave the Way to a Brighter Future - Start the Year with Clear Financial
Goals” provided invaluable insights into the integral role of financial goal-setting in ensuring a
prosperous life. It emphasized that the initial step toward financial success involves identifying
one's priorities through a comprehensive listing of goals. This prioritization process is crucial as it
enables individuals to focus on what matters most, ensuring that efforts are directed efficiently.
Understanding and organizing these priorities requires creating a detailed timeline alongside a
precise estimation of the costs associated with each goal. A well-defined timeline serves as a
roadmap, guiding individuals toward achieving their objectives promptly and thereby maximizing
the likelihood of success.
A significant challenge highlighted during the webinar is the widespread issue of debt and
financial insecurity, often stemming from a need for more knowledge regarding effective money
management and budgeting techniques. It underscores the importance of financial education in
paving the way towards a brighter future. The webinar explained the concept of a financial goal as
a specific, personal aim about how an individual plans to manage their expenditure and savings.
This definition alone enlightens the vital role that financial planning plays in attaining a successful
and fulfilling life.
Moreover, the webinar addressed the critical aspect of sustainability in financial planning. It
stressed the importance of prudent money management and saving for future needs. By applying
the principles and strategies discussed, individuals can contribute to combating poverty, which
remains one of the most pressing global challenges. The call to action was clear: Change begins
with individual efforts toward achieving meaningful goals, and by taking proactive steps in
financial planning, one can significantly contribute to creating a positive impact both personally
and in the broader community.
The "UtACCay Accounting Crash Course" webinar delved deeply into the functionalities
and benefits of Xero, a cloud-based accounting software designed for non-accountants. Xero

Leading Innovations, Transforming Lives, Building the Nation

 Republic of the Philippines
BATANGAS STATE UNIVERSITY
The National Engineering University
ARASOF-Nasugbu Campus
R. Martinez St., Brgy. Bucana, Nasugbu, Batangas, Philippines 4231
Tel Nos.: +63 43 416 0350 local 204
E-mail Address: cabeihm.nasugbu@g.batstate-u.edu.ph | Website Address: http://www.batstateu.edu.ph

College of Accountancy, Business, Economics, and International Hospitality Management

primarily aims to simplify accounting tasks for individuals without an accounting background,
making financial information easily understandable for the general public. This approach ensures
that even those unfamiliar with accounting principles can navigate the software efficiently. Xero
operates on a cloud platform, which enables users to access their data from any device with internet
connectivity. This feature ensures that all files are synchronized across devices, providing users
with up-to-date financial information regardless of location.
During the webinar, the speaker addressed a common concern regarding the impact of
artificial intelligence and automation on employment within the accounting sector. By comparing
the introduction of software like Xero to the invention of the hammer, the speaker illustrated that
these tools are designed to enhance human capability rather than replace it. The underlying
message was that just as the hammer did not replace the carpenter, accounting software is intended
to assist rather than replace accounting professionals.
Furthermore, Xero offers a comprehensive suite of features for accounting firms and small
to medium-sized enterprises (SMEs). These features include annual accounts preparation,
management reporting, GST & BAS filing, payroll management, cash flow monitoring, inventory
management, fixed asset management, business health analysis, and the preparation of IRS form
1099. Such versatility makes Xero an invaluable tool for businesses to streamline their accounting
processes.
In the Philippines, where technology adoption in business practices is still progressing,
proficiency in Xero is in demand. To become proficient in Xero, individuals are encouraged to
develop a strong foundation in accounting principles, gain hands-on experience with the software,
and obtain a Xero advisor certification. These steps are critical for those looking to excel in using
Xero and fully leverage its capabilities.
The webinar underscored the importance of embracing technological advancements in
accounting, such as Xero, for students and professionals. Understanding and utilizing such software
enhances one's skill set and aligns with the global shift toward digitalization in business operations.
For the Philippines, this represents an opportunity to catch up with global technological trends and
prepare its workforce for future demands.
The third webinar, "Insight to Experience: A Way to Succeed," highlights an individual's
success despite the challenges. Management accounting students find that webinars like this one
are encouraging and motivating. As everyone knows, every successful story has a long journey.
Always remember never to lose hope.
The speaker mentioned that she was a Bachelor of Science in Accountancy student. She
was able to graduate but was not able to pass the board exam. Despite that, she always looks at the
brighter side of the world, and then, here comes the CMA examination. She was motivated to aim
for that, and she successfully did. Successful people never reached their goals with just one snap of
a finger; they worked hard for it, spent sleepless nights studying, and faced different obstacles
trying to reach their goals in life.
CMA refers to Certified Management Accountants, which is said to be respected in over
150 countries. Moreover, CMA certification helps accounting and finance professionals to rise
higher inside companies and organizations. CMAs also earn significantly higher annual
compensation on average compared to non-CMAs. CMA is very different from CPA. According to
the speaker, the CMA exams are unique, unlike the CPA exam, where the exams are the same. The
exams in CMA came from the United States, unlike in CPA, where they came from the Philippines.
To succeed as a CMA, an individual must accomplish four steps. First, enroll in the CMA
program; second, study for the CMA exams; third, register and sit for exams; and fourth, complete
education and work requirements. There are benefits if an individual takes the CMA tests as a
student. One is that it impresses potential employers, second is that they are more prepared than
they might think, third is that there is no need to wait, and fourth is that it increases their earning
power.
Applying other people's experiences to one's own decisions is essential. People learn a lot
not only from their experiences but also from other people's experiences in life. Like the speaker
said, what is meant for you will come your way. You do not need to force things to happen because

Leading Innovations, Transforming Lives, Building the Nation

 Republic of the Philippines
BATANGAS STATE UNIVERSITY
The National Engineering University
ARASOF-Nasugbu Campus
R. Martinez St., Brgy. Bucana, Nasugbu, Batangas, Philippines 4231
Tel Nos.: +63 43 416 0350 local 204
E-mail Address: cabeihm.nasugbu@g.batstate-u.edu.ph | Website Address: http://www.batstateu.edu.ph

College of Accountancy, Business, Economics, and International Hospitality Management

what's for you will be yours. Widening your knowledge while sustaining what is available and
what is in front of you is vital in shaping your personal and professional growth, as in how other
people's stories inspire you to reach more for your dreams.
In conclusion, three essential ideas exist for achieving personal and professional success
and growth. First, having proper financial planning serves as a path towards success. The webinar's
emphasis on setting clear and achievable financial goals underscores the importance of prioritizing
and strategizing one's financial roadmap. By listing your priorities, establishing timelines, and
allocating costs, individuals can easily handle financial challenges, empowering them to make
better decisions and allocate their resources effectively.
Second, the integration of technology like Xero reshapes the traditional way of doing
accounting. Exploring Xero's functionalities underscores its role in today's accounting processes.
Embracing such software allows individuals to enhance their skills and ability to adapt to changes
and trends. Tools like Xero make the work easier and faster without compromising its quality.
Lastly, never giving up on your dreams is crucial. The speaker's journey toward obtaining
the CMA certification shows the power of determination in the face of setbacks. Learning from
personal and other experiences fosters growth, resilience, and a deeper understanding of one's
journey in life.
III. Certificates

Prepared and submitted by:

DESIREE ARIANA D. HERNANDEZ

BSMA 3202 Student
April 19, 2024

Leading Innovations, Transforming Lives, Building the Nation