Management and Financial Accounting

Accounting is usually seen as having two distinct strands, Management and Financial accounting. Management accounting, which seeks to meet the needs of managers and Financial accounting, which seeks to meet the accounting needs of all of the other users. The differences between the two types of accounting reflect the different user groups that they address. […]

What is Freight Management?

As a business owner, you would not agree to make a purchase that could impact your profitability without first understanding the cost associated with that purchase. Likewise, it is important to know and understand the true freight cost of shipping products and goods. Awareness of shipping procedures and rates can help prevent wasteful spending. However, […]

The Advantages and Disadvantages of Corporate Financial Reporting

Corporate Financial Reporting is part of corporate reporting that consists of financial statements and accompanying notes that are prepared in conformity with Generally Accepted Accounting Principles (GAAP). The financial statements are summaries of business transactions during the financial year of the corporation. The business world has many forms of organizations ranging from the for profit […]

10 Characteristics of Effective Quality Management Systems

Quality management systems can become cumbersome and bureaucratic if not properly developed, implemented and maintained. Effective quality management systems have ten common characteristics that I have discovered in my consulting practice over the past couple of decades. These common denominators of quality management, when properly implemented, can improve your organization’s ability to satisfy customer and […]

What To Expect From a Financial Course

Thanks to the influx of technology and the Internet what once was only available to a privileged few is now available to a wide array of people from all walks of life. Thanks to online financial courses, students who once would have been unable to attend prestigious schools of finance or tertiary education colleges are […]

Understanding Financial Statements

Financial accounting’s focus is on the financial reports distributed to people outside of the company. The major component of financial reporting is the financial statements: income statement, balance sheet, statement of cash flows, and the statement of stockholders’ equity. The income statement indicates a company’s profitability during a specified time period such as one year, […]

Main Functions of Management

There are four main functions of management. 1. Planning. 2. Organizing. 3. Leading. 4. Controlling. Planning. Planning is an important managerial function. It provides the design of a desired future state and the means of bringing about that future state to accomplish the organization’s objectives. In other words, planning is the process of thinking before […]