Accountancy & Financial matters Management blogs

Possible Mistakes in Buying an Insurance Plan or Policy:                 InsurancePolicy or Plan selection and buying is a difficult policy and many people make mistakes in buying of it. Many People take many advantages through it and they are the role models to their communities. Because they are enjoying the financialfreedom and many more benefits from it. But there are many points which we need to know and avoid the most common and possible mistakes during the buying of insurance plan or policy. The most possible mistakes which a common buyer face are as follows: 1.        Every buyer need to identify his life future goals objective and to understands his future life strategic plan. Because mostly buyer not know that Why they are buying the policy? What are their motives?   and What they want Investment or Protection or both? 2.   ...

An Option: To Boost Up Your Monthly Income:                 Mostly form us working 9AM to 5PM and achieving a limited monthly income form their business organization. There are many sources of earning extra but working part time as Insurance agent is a good opportunity to earn more and as an option to consider to rise your monthly income. Selling the life insurance i s a very respectable work a person can learn from it many thinks he/she can learn the time value of money and marketing skills and can enhance his/her communication and interpersonal and presentation skills and abilities through policy selling or working as insurance policy selling agent. According to the blog and statistics on the same topic which is published in India Today on 05-09-2017 and later on published on MSN-India Page helps us in this regards and provide us the opportunity to read more about the same topic to rise our m...

Statement of Ethics for IMA Professional Accountants:                 The Institute of Management Accounts published their statements of Ethics for their professional certified accountants. Which has all the code and conducts How to perform the responsibilities like an IMA professional Management Accountant. That was published and  known as Statement on Management Accounting C(Revised), IMA – Institute of Management Accountants Statement of Ethical Professional Practice in August-2005. 1.        The Ethical Statement of IMA is based on four principles which are Honesty, Fairness, Objectivity and Responsibility. 2.        The four required standard for Ethical practice in management accountancy are Competence, Confidentiality, Integrity and credibility. 3.        According to this statement the CM...

Business Process and Information Flow Charting:                  Every business organization has a proper and well-defined hierarchy . That hierarchy defined the designation and responsibility of every person who has a stake and role in the business operations process and has a direct or indirect linked with its operations. That same thing is well defined and managed when the process and operations of the business explained. That business process operations and information flow are now represented through practical symbols which are called flowcharting. The Flowchart explained each and every activity of the business operations and its process cycle. The Flowchart can be explained horizontally and vertically in both shapes. The Horizontal Flowchart also has known as system flow chart. It tells us about the responsibilities of department and functions in vertical columns. The Activities ...

Preventive Security Measure for Business Financial information:                 It’s a digital era and all the businesses shifting their data online and they are trying to reduce the paper consumption and putting their businesses on the roadmap which is paper free are very limited numbers of papers being used there. The MNC-  Multi-National Companies acquired mega storage and data processing server to keep their all business data online to achieve the goals of accuracy, validation, safety, security, and authentication. But always be remembering that there is a huge risk being online in your business operations on the internet. The hackers, sniffers and much other opposition force and theft, hacked and manipulate your data. There are many ways to disturb a business in its online operations like password attackers , man-in-the-middle being a source and denial of service (DoS) , are possible ...

Financial Managers Role in System Control:                 Finance and Accountancy is a complete system which needs a controller. Financial Managers are the personals which are responsible to control that system. The role and responsibilities of financial managers to control the accounting and financial operations of a business firm or financial department are too much important. They are responsible to record all the financial information , manage the departmental and complete organization cash flows, prepare the timelines, budgets for running and all projects which are in the pipeline, prepare the reports of all the financial transaction , preparing the financials at the end of the annual year and responsible for internal auditing process. That all work and responsibilities require a complete system. That’s the reason every business organization segregates the duties of the accounting staff and ...

Market Share Analysis:                 Market Share is the size owned by a product, service or a company in the market where it exist among its competitors. Customers are the kings of the market and they decide the product, service and company actual market share. There are many factors which helps us to analyze the market share of a product, service and company. 1.        The Market Share of a product can be analyzed through its investment in the market. 2.        The Product Idea, its popularity and its marketing strategies can define its share in the market. 3.        The Market power like its level can helps us to analyze the product, service or company share in the specific market. 4.        Product Quality, its performance and its customer behavior are the key po...

Impact of Strategic Planning on Profit Performance:                 HarvardBusiness Review published an article on their web page which is processed and worked out by Marketing Science Institute in which the impacts of strategic planning on profit performance is explained with their PIMS Model-Profit Impact of Marketed Strategy. Today I choose this topic to explain the profits, strategic Planning and their relationship over workplace performance. The Business is not a single entity it is a combination of different objective oriented activities which provide a baseline to the business management, leadership and owners to make an effective remarkable growth in the market and achieve a handsome amount of profit form their strategic projects which are planned very efficiently. But for making a direct relationship between the strategic planning and performance to watch the impacts of this relati...

Internal Auditing Process:                 According to the open source definition of internal auditing activity “Internal Audit Activity can be define as set of  independent  activities which provide the assistance to objective based and consulting activities to the business organizations regarding their projects and operational activities.”                 Internal audit activity is now considering as most important for business departments and organizations to list at the stock exchanges in United States of America. As we know that the Institute of  Internal Auditors (THE IIA) defines the internal auditor  activities as follows “ Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations” 1.    ...

Company Internal Control and its Legal Impacts:                 We knows the importance of internal control for a business company. The Company can improve its production capacity, quality and performance to make more improvement in its internal control system. The Company Communication flow and its dealing with its clients, customers and vendors are more essential to give us a glance picture of its performance and show us the real time picture of its internal control over its departments and different operation units. We knows that making a company and running its operations in the country and at international level is not an easy job. In past we saw many corruption in companies operations. The relationship of the corporations leadership and politicians is not a new topic to discuss here. Both are trying to save their interests. But sometimes or in some cases here about corruption.  ...

Personal Finance of a Smart Teenager:                 Teenage is the most energetic and valuable time period of our life. That’s the period at which a person is confident, enthusiastic and willing about changes in his life. The Teenagers life is full of changes they want to achieve everything which they want. They have the courage and willpower to achieve their all wants and wishes. But the resources they available some time make hurdles for them to achieve their goals and targets. At the age period of 12 to 22 or in some areas 24 years they are mostly jobless and under the guardianship of their parents or their legal elders which can be their family relatives or some government legal authorities as per their local government and social customs. That’s the reason at the edge of this age the face many problems which are mostly related to their education, living, food and professions. They need more ca...

Influencing  steps towards Positive Company cultural:             Business world is too much dynamic and fast now a days and it is very necessary for a business organization to be a progressive and efficient part of this dynamic business cultural. If a company fails in it, and they shows a cool and claim behavior there. That’s means their progress towards achievements and growth is not very fast and it will be stop anywhere. There are some influence steps which helps a company towards positive and constructive cultural. These steps are to build a dynamic business cultural, efficient internal and external communication, appreciation to employees, investment in training, Looking for business resources and environment. The explanations about these all steps are as follows. 1.       Dynamic Business Cultural: Your business needs a dynamic business cultural. That Progressive and constr...

Financial Control Procedures:              Finance is the back bone of a business. Every business wants a very effective and efficient control over its operational activities. Controlling business operations need abilities and skills to achieve the targeted goals and objective through controlling activities. These controlling activities ensure the perfection and well management in business operations. Business Organizations running their operations under some procedures or rules and regulations. Professionally as business executives and business managers or directors we know these activities as SOP- Standing Order Procedures . Which defines some protocols or line of orders to make a chain of command to complete the activities in a very effective and efficient way. When a business organization follow these controlling activities or procedural orders that’s helps them to manage their risk and reduce it, its helps them to use their asse...

Financial Risk Management & Internal Control:                 There are two audit teams one is known as internal audit team and the other one is called as external audit team. Everyone knows that the financial investment of every business is the backbone of its future progress. That’s the reason every business company have a proper and very well dynamic management system which helps them to make a internal control system to efficiently and effectively run the business operations and reduce the all kinds of risks which are harmful for their business operations. The Business board of  directors their managers and team supervisor are responsible to keep the environment very clean and transparent for the business operations and act smartly to reduce the risk and manage it in a professional way to improve the perfection in their workings. That’s the reason the business director gives more...

Thinking of a Financial Professional:                 Finance deals with the study of investments . It talks about the business motives like about its assets, liabilities, profits, revenues, expenses, uncertainty and risk. We can say that it is a science of money management. Financial professionals responsible for the management of investment and they are the goalkeepers of business and its shareholder's interest and working as a safeguard of their investment in the business. Business cultural is too much fast and the world is now considered a global village in which the business transactions, interests are very complex to manage. That’s the reason now the business organizations and owners always prefer to hire the people who think very fast, smartly and dynamically to manage their work and to protect their investment and business operations. Now the thinking of a financial professional is c...