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 … [Continue reading]
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 … [Continue reading]
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 … [Continue reading]
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 … [Continue reading]
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 … [Continue reading]
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 … [Continue reading]
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 … [Continue reading]
WHAT IS A BUSINESS CASE | MEANING AND IMPORTANCE
WHAT IS A BUSINESS CASE? A business case is a bundle of facts and figures that supports major decisions made in business projects. A business case provides justification and arguments for potential expenditures before they are committed. The … [Continue reading]
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 … [Continue reading]
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 … [Continue reading]
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 … [Continue reading]
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 … [Continue reading]
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, … [Continue reading]
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 … [Continue reading]
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 … [Continue reading]
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 … [Continue reading]
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 … [Continue reading]
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 … [Continue reading]
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 … [Continue reading]
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 … [Continue reading]
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 … [Continue reading]