How to Ensure That a Business’s Finances Are Kept in Order

Do you struggle to keep your business’s financial affairs in order? It’s an area that can cause many difficulties for a business owner or the decision makers in a company. However, there are many ways you can address this issue, so that you can focus on the more productive aspects of your organization. Below are some of the main ways to ensure that a business’s finances are kept in order.

Taxation

Every business must adhere to a wide range of tax laws and regulations. However, this is an area that keeps changing and evolving. It’s crucial to keep up-to-date with the latest taxation developments, so it’s advisable for you or someone in your company to increase their taxation knowledge by taking an appropriate taxation course provided by a college or university like Northeastern University.

Thanks to a range of online master of science in taxation programs, this is not as difficult or disruptive as it sounds. An online MST program can be completed over the internet, which means that a student can study at home, at work, or from any location that suits them. As well as this, you can study at times that suit your current lifestyle, which means you can carry on working as normal.

Hire the Right People

It’s vital to hire financial professionals who know exactly what they are doing. Some businesses may only require a single financial expert, while larger organizations need a wide range of financial professionals including accountants, bookkeepers and financial advisors. Make sure you have a strict hiring process that ensures that only the best financial experts work for you, because these are the people who could make or break your business in the future.Read the rest

How to Develop Positive Relationships with Individuals and Organizations Outside of Your Business

It’s vital for a business to develop as many external contacts as possible. This simple approach can lead to valuable relationships and opportunities that would not otherwise have occurred. Below are some of the best ways you can develop relationships with individuals and organizations outside of your business.

Develop Your Communication Skills and Communication Channels

Before you reach out to certain individuals and organizations, it’s important to prepare properly and have the skills and knowledge required for communicating in an effective way. For instance, if you want to interact with local government representatives and agencies in a more productive way, you may need to hire a consultant or someone who has completed an online masters in public administration and who has a great working relationship with the public sector.

In other situations, it may be a good idea for you or someone in your organization to enroll in an online master in public administration degree course or similar program provided by universities like Norwich University, so that you have a permanent person in your company who can deal with government entities that can help your business.

Attend Networking Events

Most people prefer to deal with other individuals and businesses they are familiar with. This means you and your business need to get public exposure. Attending networking events like Chamber of Commerce meetings, conferences, and industry seminars is an effective way to do this. The more times you are seen at these events, the more people will become familiar with you and start to trust you.Read the rest

The Toyota Way Philosophy

Japanese quality movement was a miracle and created world-class products. All these methodologies and concepts developed these quality gurus for internal process and quality improvement crisis are still practiced in various companies. These have become universal approach to improve the quality and manage performance crisis.  Quality gurus created work culture and dedicated teams, which developed Japanese production systems through group activities. Toyota Corporation developed a new philosophy to create major change in manufacturing systems and delivered world-class products with internal benchmark for quality of vehicles. In reality, Toyota changed external business environment for competitors and created a long-lasting impact on automobile industry.

The Toyota Way is a set of principles and behaviors that underlie the Toyota Motor Corporation’s managerial approach and production system. It consists of principles in two key areas: continuous improvement, and respect for people. Toyota use operational excellence as a strategic weapon. Company places the highest value on actual implementation and taking action. By constant improvement based upon the actions, one can rise to the higher levels of practice and knowledge. Toyota success story can be summed up by using three models, which are used by Toyota Corporation. These models are explained below;

1. 4P Model

Toyota has developed 14 principles for performance improvement. These principles are guiding thumb rules in Toyota. These 14 principles are divided into four sections and a unique 4P model is developed. Major thrust is given on teamwork and a systematic approach is developed by using these principles. These 4Ps are Problem Solving, Process and Partners, Process, Philosophy.… Read the rest

What is Social Accounting?

Any business accountant of an enterprise or any organisation can describe the conditions of that organisation. Social accounting is that kind of movement by which everyone can analyze the same thing as like a business accountant. The main aim of social accounting is to produce data, indices and other information to help everyone about an organisation.

Social accounting is also known in various names. These are social and environmental accounting, corporate social reporting, corporate social responsibility reporting, non-financial reporting or sustainability accounting. This is actually a procedure of communicating in which the social and environmental belongings of organisations (NGO, Charities, may be Government agencies etc.) are included. This is a way by which an organisation can express the level to which it meets its societal or ethical goals.

Social accounting is distinct from evaluation in that it is an internally generated process whereby the organisation itself shapes the social accounting process according to its stated objectives. In particular it aims to involve all stakeholders in the process. It measures social and environmental performance in order to achieve improvement as well as to report accurately on what has been done.

There are some key factors in social accounting by which everyone can understand the difference between social accounting and conventional accounting. Main focus of social accounting is mainly on issues which can develop a correlation in between society and organisation. In maximum aspects social accounting is not focusing on financial data but sometimes it needs financial data for making a report. The purpose of social accounting is to be liable to a large number of stakeholders.… Read the rest

Leadership Scorecard

Role of Leadership in Organizations

Leadership has been described as the process of social influence in which one person can enlist the aid and support of others in the accomplishment of a common task. A definition more inclusive of followers comes from Alan Keith of Genentech who said “Leadership is ultimately about creating a way for people to contribute to making something extraordinary happen.”

In an organization where there is faith in the abilities of formal leaders, employees  will look towards the leaders for a number of things. During drastic change times, employees will expect effective and sensible planning, confident and effective decision-making, and regular, complete communication that is timely. Also during  these times of change, employees will perceive leadership as supportive, concerned  and committed to their welfare, while at the same time recognizing that tough decisions need to be made. The best way to summarize is that there is a climate of trust between leader and the rest of the team. The existence of this trust brings hope for better times in the future, and that makes coping with drastic change much easier.

In organizations characterized by poor leadership, employees expect nothing positive. In a climate of distrust, employees learn that leaders will act in indecipherable ways and in ways that do not seem to be in anyone’s best interests. Poor leadership means an absence of hope, which, if allowed to go on for too long, results in an organization becoming completely nonfunctioning. The organization must deal with the practical impact of unpleasant change, but more importantly, must labor under the weight of employees who have given up, have no faith in the system or in the ability of leaders to turn the organization around.… Read the rest

The Role of Leadership in Organizations

Leadership is a process in which a leader attempts to influence his or her followers to establish and accomplish a goal or goals. In order to accomplish the goal, the leader exercises his or her power to influence people. That power is exercised in earlier stages by motivating followers to get the job done and in later stages by rewarding or punishing those who do or do not perform to the level of expectation. Leadership is a continuous process, with the accomplishment of one goal becoming the beginning of a new goal. The proper reward by the leader is of utmost importance in order to continually motivate followers in the process.

There are basically three models on Leadership: Trait, Attitude and Situational. In the trait theory certain inherent characteristics of the individuals were given importance. Other who did not possess such characteristics was considered as ineffective. This theory was questioned as it did not against the development of leadership through training. In the Attitudinal approach, the leadership was considered as the behavior of the individuals when involved in accomplishment of tasks with the group members. The Situational approach focused on the observed behavior and not the inborn qualities of leadership. In this approach, the behavior of leaders, and their group members and situation is considered important.

Leadership in Organizations

What is that differentiates successful organizations from the rest in this competitive world? It is effective and dynamic leadership. However, there is often a shortage of effective leaders. The organisations continue to look for suitable and effective leaders.… Read the rest