posted by Sherill on Apr 22
personal.strath.ac.uk
About thirty percent of the businesses in the United States are non-profit organizations (NPO). Some of these NPOs include universities and hospitals. Specifically, some of the examples are World Wildlife Fund, Better Business Bureau, YMCA, and Red Cross. Do you think the managers of these organizations don’t need to use accounting information? They do.
These groups still have a budget as well as raise money just like any other business. One of the ways they do this is to collect from donors but at the same time, they also have creditors whom they need to pay back on a regular basis.
posted by Sherill on Apr 16
www.accounting-information.net
Now, accounting information is also heavily used by government agencies. Accountants file income taxes of companies, and it is known that taxes collection is the main source of income for the government. These would include the following: income, payroll, state, federal, social security tax, excise tax, and sales tax. It would seem confusing sometimes since each tax requires its own set of rules and regulations.
Other groups like labor unions have to analyze the financial statements of corporations so that they can negotiate a contract. This is because the income of the company will play a major role in the formation of the said contract.
posted by Sherill on Apr 14
www.adashunfinancialservices.com
Managers and stockholders need accounting knowledge to analyze how their business is performing. Accountants prepare the company’s financial report showing how well it did in the past and of course, how well will it do in the future.
There are people outside the business who also study these financial reports. They are called the creditors and investors. Creditors are companies that lend money to businesses for short or long term needs. Their concern is to study the financial well-being of the company to ensure that they will be paid on time. While investors are people who are a part of the ownership of the business who needs financial statements to decide whether they will continue to invest in the company.
posted by Sherill on Apr 10
www.afol-logistics.com.ar
There are three categories of people who base their decisions from accounting: people who manage a business, external people in a business who have a direct financial interest in a business, and the people or organizations that have an indirect effect on the business.
For example, a manager of a business is in charge of the operations, as well as the measurement of the liquidity and profitability goals. If a business is large, management will require more than one person to do the job. Managers need accounting information to analyze the company’s asset and net income and make decisions.
posted by Sherill on Apr 4
www.viewimages.com
• Service Quality – Vendors should ensure that the project is delivered within the agreed quality standard as discussed by both parties. They should also imbibe the best management practice and complete the assigned project on time.
• Data Security – This is a very important concern of clients in considering whether they want to outsource a critical function like accounting to a third party. The vendors should take all necessary precautions to keep the faith of their clients. Generally, data security also needs to address the security transfer, work station security, employee credibility, and the evaluation of the project after completion.
posted by Sherill on Apr 2
www.danskebank.com
The first step in an outsourcing relationship is the signing of the contract. It is the foundation of the process and optimum care should be exercised while drafting it. The issues like hours or work, skill levels, staffing, pricing, roles and responsibility, confidentiality of data, ownership, minimum service levels, and exit strategy have to be dealt with properly. From time to time, the contract also has to be reviewed as the partners move forward and the relationship grows.
Then, at the point of implementation, the vendor should ensure that the environment of trust is maintained. Although trust is developed over time, there has to be a consciousness of it from the very beginning.