Every other business decision will be seamless if one understands how to set strategy. A lot has been said about strategy in business and management arena that the term strategy has become so many things to so many people. A football analyst for example will say something about the strategy of a team. Even […]
What is Strategic Management Accounting? Meaning and Characteristics
Strategic management accounting and control is a relatively new paradigm in the field of management accounting. This new perspective of management accounting and control system was made popular as a result of the criticism levelled on the traditional management accounting by both academia and professionals in the late 1980s and early 1990s. The intense competition […]
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BENEFITS OF ENTERPRISE RESOURCE PLANNING (ERP)
Businesses over the last three decades have benefited from the deployment and use of enterprise resource planning software. Enterprise resource planning software (ERP) has revolutionised the way that processes with a business entity are handled. The idea of having an end-to-end work flow made it possible back-office, front office and highway office (online) to be […]
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FUNDAMENTALS OF BUSINESS ANALYSIS
Understanding the fundamentals of business analysis is the foundation that every business analysts should strive to lay on a solid ground. Business analysts are professionals working towards improving existing and potential processes in a given organization. A business analyst can be called in at any point in the business process journey to offer invaluable insightful […]
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WHAT IS BUSINESS TURNAROUND | MEANING AND PROCESS
Business turnaround involves reviving a struggling or probably a dying business. This implies taking steps that would turn a company’s distressed financial position into a healthy and profitable one. It is widely believed that business turnaround is a short term action designed to ease short term financial difficulty. A company that struggles to meet up […]
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BIG DATA: IMPLICATIONS AND IMPORTANCE
You cannot talk about business intelligence and strategy today without making reference to big data. The improved computing power at the disposal of individuals has given rise to a whole lot of new opportunities and threats in the business community. Smart organizations cannot do without tapping into the enormous opportunity WHAT IS BIG DATA? Big […]
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BUILD YOUR BRAND BY TELLING YOUR STORIES
Brand building is no doubt the foundation of every successful business in this modern era of service orientated economy. Many companies with quality products and services have struggled to survive the competition just because they have failed to connect with the emotion of the customers (current and potential). In the past, focus is placed on […]
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Management Accountant’s Role in Business Implementation Strategies
The role of Management Accountants in the development and implementation of strategies in businesses have long been identified and utilised by successful businesses to gain unfair competitive advantage. Gone are the days when management accountants are only called upon when the need for number crunching arises. Today, accountants are business professionals that add immense value to the overall worth of a business.
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ACCOUNTANTS AND THE USE OF FREE ACCOUNTING SOFTWARE
Accounting software is a set of codes that recognises basic accounting principles when items are entered into the interface that is provided by the developer of the software. Sage accounting software for instance uses what is called nominal code to identify line items in such a way that you don’t have to understand the basics […]
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INTEGRATING STRATEGIC RISK MANAGEMENT INTO THE FABRICS OF BUSINESS PROCESSES
Conventional enterprise risk management strategy has been well studied, researched and implemented as evidenced by the decent success that most enterprises now enjoy in handling risks that are not strategic in nature. In today’s business environment, no one cares anymore on a company’s ability to identify, classify, and mitigate operational and financial risks that businesses […]
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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.
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WHAT IS INTERNAL CONTROLS | MEANING, OBJECTIVES AND ELEMENTS
DEFINITION | MEANING OF INTERNAL CONTROLS Internal controls in its broadest sense is the collection of policies, procedures, practices, conventions, norms and organizational structures which managers implement in order to reduce risks to a business model of an organization. Internal controls are developed with the aim of providing management reasonable assurance that an organizations business […]
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STRATEGIC PLANNING AND STRATEGIC MANAGEMENT
Strategic planning and strategic management are those set of decisions and actions that result into the formulation, selection and implementation of organization’s long-term objectives. That is, the setting of strategies for achieving organization’s objectives. A strategy is simply a company’s game plan. Take a football team for example, their goal as a team is to […]
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Business plan- importance and structure
MEANING/ IMPORTANCE A business plan is a written document that helps; entrepreneur, employees, partners, managers, vendors, management, lenders (banks), suppliers etc gain a better insight into the direction that a business is going or will go. Any kind of business needs a plan – no matter how small or big the business might be. A business […]
