These four basic financial statements are interrelated and consist of: income statement, retained earnings statement, balance sheet, and statement of cash flows. Accounting is an information system using three basics activities which are identify, record, and communicate economic events to interested users. Companies identify economic events relevant to its business. Financial activities are recorded systematically in a chronological order of events to provide history. Recording also will classify and summarize economic events.
Building an organization by grouping jobs into work units and allocating resources C. Identifying business functions and mobilizing leaders D. Being flexible and responsive towards customer needs and the competitive environment Correct! The correct answer is: D. A dynamic organization is, “flexible and adaptive, particularly in response to competitive threats and customer needs” (Bateman & Snell, 2011, p.16). 15. For today’s managers, the organizing function requires a higher focus on which of the following? A.
For this paper two were indentified, highlighted, and described. The first of these systems is the Enterprise Resource System (ERP), and it integrates the functional areas of the information system via a central database enhancing the communications of the functional areas of an organization (Rainer & Cegielski, 2010 p. 63). The next system is the Transaction Processing System (TPS), and it supports the monitoring, collection, storage, and processing of data from the organization’s basic business transactions (Rainer & Cegielski, 2010 p. 63). There are others like the office automation systems, which support the clerk and operational levels, and the decision support systems, and business intelligent systems that support the managerial level (Rainer & Cegielski, 2010 p. 63). Most if not all of the major companies use these systems to support the company’s business processes like inventory control and order processing.
Explain why change happens in a business environment. You should include at least three reasons in your answer. Economy is a big factor in change in a business, some reasons for this are as follows: • Competitors behaviour, performance and trends. • Tax and Interest rates • International competitors' behaviour, economy, economic trends, tax, interest rates, exchange rates and trade issues • Product changes Section 2 – Understand the purpose of supporting change in a business environment 1. Identify the main reasons for reviewing working methods, products and / or services in a business environment.
In today’s market climate, companies have had to increase their consciousness as to what really matters. The market is demanding more and more that organizations account for the interests of not just shareholders but all stakeholders. Team members, shareholders, customers, vendors, the environment and society’s interests must be in the forefront of consideration of all companies wishing to stay relevant in today’s market and workforce environment. This in more than just the right thing to do, it is an operational imperative that offers significant ROI to a business’ bottom-line. Companies must view themselves as part of an ecosystem; one entity in an interdependent interconnected environment.
Globalization is the key to survival that allow to a company to be competitive and offer diverse services and convenience to consumers. Benchmarking analysis that compares competitive companies with their process and performance metrics to industry requires a comprehensive research. In a successful business, effective tactical development inevitability to manage finance is essential. Financial management is a comprehensive tool that monitors and willpower to improve a company’s success. When I was conducting the research for financial statements, there were many interesting.
As companies begin to acquire challenges in the business environment of the new millennium, this gives an ever-increasing reason for success; which lies in the function of effective human resource management. Controlling these issues of Utiliscan gives the company a competitive advantage. The goal of the strategic management in an organization is to assess, deploy and allocate resources providing the management with competitive advantage. Due to employees’ not receiving
Strategic Plan: Part II Anonymous BUS/475 February 23, 2000 n.a. Strategic Plan: Phase II Several trends and forces, both external and internal factors can lead businesses on different pathways. Trends and forces are necessities that must be analyzed by organization and fostered as a tool to increase revenue. Organizations that respond and react to changes and modify their strategic plan when necessary will remain superior in the industry and competition. In order for a business to thrive in today’s shifting business environment, the administration of that particular organization must have the capability to respond to changes in the trends and forces in the business setting.
Businesses and people find it far easier to do more of the same than do something different. The world today is changing everyday with markets becoming more globally integrated, new forms of technology and businesses arising and most recently the global economic meltdown which caused significant organisational alterations. Based on the forgoing change catalysts, organisations must be ever prepared to adapt to and exploit changes in business environments whilst seeking opportunities to create change through technological, organisational or strategic innovation. Organisational change catalysts could come in two forms. This could be as a result of External Environments i.e.
Marketing Plan for McBride Financial Robert Marler BSA/310 November 9, 2014 Joseph Rezendes Marketing Plan for McBride Financial The market, and what it can do for your company. A great marketing plan can go a long way for your company and making your more competitive with the competition. Think of reaching across the barriers of distance and time to bring in new clients extending your business needs across the globe while still staying in one location. So along came the Internet and globalizations. The Internet brought everyone right next door.