In order to be competitive and also profitable, companies need to find ways to reduce or eliminate costs associated with routine and repetitive business transactions. Those transactions often fall in the areas of purchasing, billing, accounts receivable, and accounts payable. It is in these areas that the confusion caused by translating part numbers is most noticeable. Time spent translating one part number to another part number for the same item adds very little, if any, value to the transaction. The errors that result from errors in translation are the cause of many problems in invoicing and making payments.
Also, an organizations ability, or rather lack of ability, to provide competitive compensation packages may make it difficult to attract and retain qualified candidates from the external market. For various reasons, hiring internally may reduce the time required to fill a job vacancy. If the applicant is known within the organization it may be
Running head: Business Research Business Research Matthew Heeran, Melissa Moran-Guillen, Michael McGuire, Michael Peele, Nancy Negron, Rebekah Johnson, and Shane Foss QNT 561 January 11, 2014 University of Phoenix Alfred Siu Business Research It can be quite difficult to run a business. Many things occur to make things difficult for any business. Poor sales, low inventory, high inventory, payroll, taxes, and non-payments are just a few things to make issues for any given business. The purpose of this business research project is to help the management of Hayes Pipe Supply Inc. develop a solution to deal with a current problem with debt collections. Several customers of Hayes Pipe
Explain the limitations of PESTLE and SWOT PESTLE is a form of management method that examines the effect that events or influences from outside the business may have on their performance; political, economic, social, technological, legal and environmental. One disadvantage to using this method is that people using this method tend to oversimplify the information that they use in order to make decisions. This may lead to an incorrect decision being made as the information has not been fully digested or analysed, unless this information have been brutally examined in find their impact then the findings may become almost useless. Another limitation is that the external factors considered during a PESTLE analysis are dynamic and can change at a fast pace, these changes can occur in less than 24 hours, therefore this makes it difficult to predict how these factors why affect the business. Also, environmental impacts that may have a negative impact on the business may not be noticeable until the later stages.
This interfacing can be difficult between legacy systems and an ERP system since they may use quite dissimilar technologies. Another consideration in adopting an ERP system is the cost. ERP systems are very expensive and require considerable consultant time to configure for your specific company, which also adds to the cost. There will also be significant training for your company staff to learn the new system. And there is a very good possibility that you will have to change your business process to conform to the ERP system.
Spend analysis is not automatically computer generated; however, the use of sophisticated software is used in some companies such as Excel spreadsheets and Access database. It is very important to be able to analyze spend. Sometime in order to save money you must spend money. Spend analysis software is available but can initially be very costly but the investment promises big returns. Data analysis and thinking skills are very critical to the spend analysis process because the staff that is responsible for the spend analysis must have the ability and skills needed to process large amounts of data.
There are some disadvantages to using activity based costing. One of the biggest disadvantages is that for an established business it is very costly to start up and implement the activity based accounting system. Unless you are in in a common industry many times the program has to be developed as you go to suit the needs of your business. Sometimes activity based accounting does not always conform with GAAP. If this is the case and the company really wants to use this system they will in turn operate with two accounting methods.
The proper education and training is very essential and crucial. This has contributed to the fact that managing the project was a total failure. Furthermore, the work load might have been too mixed and too much to handle. A specialization on the industries norms and regulation would have been the better way to go i.e. according to application or customer requirements.
Pricing, billing and collecting fees What CPA firms can do to run their businesses more efficiently and effectively. By Edward Mendlowitz, CPA/ABV/PFS/CFF CPA firms provide invaluable advice to business clients but often struggle to run their own businesses effectively, particularly in the areas of pricing, billing and collections. Failure to set appropriate fees, deliver bills in a timely fashion and collect payment promptly—or even in full—cuts into a firm’s profitability, hurting the business and the accountants in it. Remedying this situation requires CPA firms to make a conscious effort to ensure they get paid an appropriate price in a timely fashion. To best do this, CPA firms should secure the fee agreement upfront, when their value to the client is greatest, and make sure they deliver excellent work on, or ahead of, schedule.
Weaknesses for the Korvette Company played a major role for their downfall in the business world. Lack of management stabilization was a key weakness area for Korvette. Not having a consistent team to manage all the storefronts made it difficult for the company to keep track of sales and the sufficient training needed to operate under the original format. The inability to cope with all the changes and additions to the company also caused the company to struggle. As a company try to grow and expand their business, the proper team must be in place that specialize in key areas they want to expand in.