Trump – a new word added to economics and finance dictionary

A professor of economics and finance in an informal chat over the weekend jokingly said that the finance dictionary now has a new word. I was shocked when he said Trump. I then asked what it means in the economics and finance dictionary and he said RISKY (emphasis added). According to him, Donald Trump’s response […]

Things to consider by a small business when shopping for office filing cabinet

SMALL BUSINESS FILING CABINET | YOUR OFFICE SAYS IT ALL The last thing that any small business would like to do is to lose a prospective client simply because the office is in a mess. Things have to be organized in and around an office environment. I was recently contacted by an associate who work […]

ROLE OF CUSTOMERS IN SMALL BUSINESS SURVIVAL

The roles of customers in small business survival is what you do not hear so often but this should be discussed more often as the survival of any small business is hugely hinged on the roles played by customers. Customers should be a cheap way of getting more customers for any business but this in […]

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 […]

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 […]

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 […]

IMPORTANCE OF INVESTMENT | INVESTING

The importance of investment cannot be fully appreciated without firstly coming to terms with what is investment. This article on the benefits of investment is a follow up on an early article that explains what investment is in a simple everyday language which you can access following the link above. It is fascinating to discover […]

WHAT IS PERFORMANCE MEASUREMENT SYSTEM IN OUR CONTEMPORARY TIME AND BEYOND?

A performance measurement system is a traditional way of keeping track of what goes on in your business. The aim of performance measurement is to help managers and business owners analyse successes and failures of individuals or group of individuals. Successes or failure in this context is a function of the standard that has been […]

CHARACTERISTICS OF ACCOUNTING INFORMATION SYSTEMS | QUANTITATIVE AND QUALITATIVE | COMPONENTS AND CATEGORIES OF AIS

Characteristics of accounting information systems are those features that distinguish an ordinary system from a system that is designed to provide management of all levels timely, relevant, reliable and unbiased processed data that is suitable for decision making. Accounting information system (AIS) is a well structure secured medium of gathering, processing, sending and receiving both […]

WHAT IS MANAGEMENT ACCOUNTING? | MEANING | DEFINITION | DISCUSSION | SCOPE | FEATURES

If have ever asked the question ‘what is management accounting?’ you will understand that the generic answer that you will get is tilted towards giving you just definition. Most articles that have attempted to discuss what a management accounting is often ending up supply another definition to the already saturated definitional dictionary of managerial accounting. […]

HOW TO FIND AND CHOOSE OR SELECT AN ACCOUNTANT FOR YOUR BUSINESS | BIG OR SMALL

Finding and selecting an accountant of the right standard and quality for your business can be so demanding and time consuming if you have no idea of what it is that you are looking for in accounting firm. Over time, the role of accountants in mall businesses become more obvious as most business owners that I […]

KEY ACCOUNT MANAGEMENT STRATEGY FOR SUSTAINABLE OVERALL GROWTH OF A COMPANY

Key accounts management strategy is what most companies that are struggling to get and retain profitable customers need in order to turn the business into a profit making venture. In this fierce competitive business environment of today, strategic stance is the key to any successful venture. Customer relation management (CRM) is not an exception. You […]

WHAT IS COST MANAGEMENT | MEANING |CHARACTERISTICS | COMPONENTS AND PURPOSE

Cost management are those calculated activities that an organization performs in the bid to reducing cost. Traditional management accounting system has been accused of being a cost containment process whereby managers of divisions work towards meeting the standards as contained in the budget. Inherent wastages and inefficiencies that are within are traditional cost processes are […]

ELEMENTS AND CHARACTERISTICS OF STRATEGIC MANAGEMENT ACCOUNTING

Elements and characteristics of strategic management accounting are those features that makes strategic management accounting uniquely different from other forms of accounting (managerial accounting and financial accounting). Before proceeding with the discussion of the elements of strategic management accounting, it will be helpful if a working knowledge of what a strategic management accounting is. Hence, […]

WHAT IS HUMAN RESOURCE MANAGEMENT |DEFINITION |MEANING |SYSTEM| CHARACTERISTIC |AIMS AND GOALS | IMPORTANCE OF HRM

Human resource management are those strategic interrelated actions that are taken by a manager with the sole aim of managing an entity’s most valuable asset –the workforce. Human resource management goes by many names including the following: human capital management, HR system, personnel management, etc. The management of the working population of a company is […]

PLANNING | WHAT EXACTLY IS IT TO PLAN AND WHY SHOULD I ENGAGE IN IT?

Planning shouldn’t be a very difficult term to explain as many academics and professionals have made it look. We all engage in one form of planning or the other on a daily basis without even realising what it is that we do. Planning as far as we live is one function that we cannot avoid. […]

WHAT IS FINANCIAL ACCOUNTING AND REPORTING? MEANING | FUNDAMENTALS | BASICS OF ACCOUNTANCY

Financial accounting is that branch of accountancy that seeks to keep record of the financial activities of a company using specified standards and legal requirement. At the elementary level, it is believed to revolve around ‘debiting and crediting’ items. You debit the receiver and credit the giver. Financial accounting function includes the preparation of financial […]

ACTIVITY BASED COSTING FACT SHEET |FACTS ABOUT ABC

The central idea that quickly spread amongst both academic and practicing accountants is that ABC tries to allocate overhead costs to cost object more accurately than traditional system. ABC use cost drivers to allocate overhead costs to cost object by firstly identifying those activities that drives costs and then attribute costs to the product based […]

ABC AND PERFORMANCE MEASUREMENT | DECISION MAKING

In the wake of the protracted debate as to which costing method (Marginal or Full costing), activity based costing (ABC) approach to ascertaining the true cost of products appeared as a promising decision support tool in an era where the existing costing methods were being heavily criticised, Geri and Ronen (2005). There was a loud outcry […]

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