Features of good balanced scorecard are those rudimental ingredients that make it what it is- a BALANCED SCORECARD. In order for a balanced scorecard (BSC) to achieve its goal of translating a company’s strategy into objectives all the way down to a set of high quality measureable targets, it must have some features. These qualities […]
THE APPLICATION OF BALANCED SCORECARD (BSC) IN A CALL CENTER
Balanced scorecard can be applied to a call center just like every other business. Call centres is an example of a business that deals with providing services which makes it more difficult to measure performance. Traditional performance appraisal methods that focuses mostly on financial factors tends to encourage suboptimal activities by customer care representatives working […]
CHANGE MANAGEMENT AND LEADERSHIP
Successful change management process is deeply rooted in effective leadership. Lewin is among those that first pointed out the vital role of leadership in change management. Effective leaders understand the importance of placing enough cushions in the change management process so as to weaken the power of the forces that resists change. There are approaches […]
BALANCED SCORECARD | MEANING/ EXPLANATION, ADVANTAGES AND DISADVANTAGES OF BSC
History has taught many of us an all important lesson of not overly relying on financial measures and other performance measurement metrics that can easily be manipulated by managers and other stakeholders. Traditional performance measurement places too many importance on financially quantifiable variables in order to determine the success or failure of a business or […]
FACTORS THAT DETERMINE THE LEVEL OF INVESTMENT IN CURRENT ASSETS OR WORKING CAPITAL
Management of working capital is one aspects of financial management that can either make or mare the fortune of a company. A profitable company can easily go underground if the liquidity position of the company is not viable enough to withstand temporary cash shock. The management of working capital financing is so important that many […]
SECURING ACCOUNTING INFORMATION SYSTEM OF A BUSINESS
Security of Accounting Information System (AIS) has never been as important as it is now in the history of business. One thing that is sure is that if you don’t take care of your Accounting Information System, others will take care of it for you. The only difference is that you will definitely not like […]
ROLE OF WORKING CAPITAL MANAGEMENT IN BUSINESS SUCCESS
Working capital management has an important role to play in the success of a business. Over 75% of companies that are running at a loss or struggling financially would be profitable and liquid if only the power of working capital management in releasing tied down capital that could otherwise be put to productive use are […]
WHAT IS A BUSINESS CASE | MEANING AND IMPORTANCE
This is a super concise information that explains what a business case is in a simple manner. Great emphasis is laid on the inportance of business case and why you should not start any project without having a well defined business case that is subject to regular review.
ROLES OF ACCOUNTS PAYABLE IN OPTIMISING WORKING CAPITAL MANAGEMENT
The roles of accounts payable in managing working capital has always been overlooked by many businesses. The main reason for this oversight is the fact that many business organization do not deem it fit to employ an expert that would stir the accounts payable administrative functions of the entity. A research that I did during […]
WHO IS A BUSINESS COACH? ARE BUSINESS COACHES SAME AS BUSINESS CONSULTANTS?
MEANING OF A BUSINESS COACH Every endeavour of life requires one form of coaching or the other. Business coaches are the catalysts that help business owners get to their desired business goals and objectives. A business coach is not a teacher like many people think. Coaching helps nurture what is already within (something you learnt […]
ROLES | DUTIES AND RESPONSIBILITIES OF ACCOUNTANTS IN FINANCIAL PLANNING
Financial planning is too important in our lives to be left in the hands of many unqualified professionals. Vast majority of people buying into the various financial planning products that are being floated almost on a daily basis are ignorant of the fact that their financial well being is as important as the medical and […]
6 (SIX) GROUPS OF PEOPLE THAT USES ACCOUNTING INFORMATION
Accounting information is used by different stakeholders for different reasons. The users of accounting information are summed up into six groups. This article is written in response to a question asked by one of the readers of the original articles on users of accounting. You may want to read that article for further insight into […]
THINKING LIKE ACCOUNTANTS: THE ONLY WAY OUT OF FINANCIAL CRISIS AND DEBT
Very many people have accused accountants for being frugal and cost conscious. But let’s face the fact, fortune are never built on careless spending and poor financial management. Accounting in its broadest sense is all about cost savings, allocation and sound management of scarce resources (assets). We will never cease to experience cycles of economic […]
EFFECTIVE RISK MANAGEMENT CONTROLS FOR ELECTRONIC BANKING
The implementation of effective management controls for e-banking is the best way that banks can survive the overwhelming pressure that comes from the unprecedented rapid improvement in technology. Advancement in technology no doubt brought business opportunities in the banking sector that when appropriately leveraged on will significantly help banks and other financial institutions achieve their […]
MAJOR CAUSES OF BANKRUPTCY | CORPORATE AND PERSONAL
Causes of bankruptcy should get the required attention at this time of our modern economic cycle as more cases of bankruptcy is continuously making headline on a daily basis. Finding out what the major causes of both personal and corporate bankruptcy is the first step in the right direction that should be taken in order […]
GOLDEN RULES OF BUSINESS ETHICS
The golden rules of business ethics are the pillars that hold the success of every vibrant and successful business. You cannot make any reasonable headway in business if you do not appreciate the importance of business ethics. In fact, business ethics is the tonic that adds flavour to the overall corporate image of modern businesses. […]
IMPORTANCE OF CLOUD ACCOUNTING AND HOW TO SELECT FINANCIAL SAAS VENDOR
The importance of cloud accounting cannot be discussed without first of all briefly discussing what cloud accounting is. Cloud accounting is one of the numerous business models of the SAAS (software-as-a-service) business models where vendors provides their clients access to all the features that they need in their accounting department. The idea is to move […]
WHAT IS RISK MANAGEMENT ACCOUNTING? IS IT SAME AS ACCOUNTING FOR FINANCIAL INSTRUMENTS?
Risk management accounting is one of the most debated and controversial topic amongst recent accounting thinkers. This is so because of the increased use of derivatives to manage complex financial transactions. The accounting profession was thrown apart for many years before its starts catching up with the activities of financial engineers. Financial engineers are those […]
IMPORTANCE OF A BUSINESS PLAN | WHY PLANNING YOUR BUSINESS EXPLOIT IS IMPORTANT
Importance of a business plan cannot be overemphasised. During my years of consulting for small and medium businesses, I realise that over 47% of my clients find it very difficult to grasp the significance and importance of business plan. They see it as one of the formalities that are needed to get loans from the […]
WHAT IS CASH MANAGEMENT? MEANING AND DEFINITION| HOW TO SAFELY MANAGE YOUR MONEY IN BUSINESS
Cash and finances are the living cells in businesses. A living thing becomes dead immediately the living tissues stop working. This is applicable to our businesses. Without proper cash management, the entire business model will ultimately come to a grind. This is why managers of all forward thinking businesses should have answer to the question: […]
IMPORTANCE OF ACCOUNTING IN FOOTBALL AND OTHER SPORTS
This article on the importance of accounting in football and other sports is one of the articles on the importance of accounting series like; importance of accounting in schools and importance of accounting in churches. This is not a traditional debate of what method of accounting is best to show the true financial position of […]