...Business Needs for Finance and Accounting Team B BSA/310 Business Systems March 24, 2012 William Zhang The current business plan at Riordan Manufacturing has three operating entities in Georgia, Michigan, and California… plus a joint venture in the People’s Republic of China ( ecampus). Essentially the operating entities use self regulating software to gather, evaluate, and output financial information for the company and they provide input that is consolidated at the corporate location in San Jose ( ecampus). Basically this action forces the employees at Riordan Manufacturing to physically create reports, re- enter data and or switch data to compatible formats for the corporate headquarters to grasp. At this current time the basic components of the Riordan Manufacturing systems follows: □ General Ledger □ Accounts Payable □ Accounts Receivable □ Order Entry □ Procurement □ Sales and Purchasing History □ Invoicing and Shipping □ Payroll □ Financial Reporting □ EDI □ Bar Code Reading □ EDSS (Executive Decision Support System) Each of the Riordan Manufacturing locations makes use of similar subsystems as procurement, order entry invoices and shipping. The invoice subsystem will need to line up with the account receivable components. These systems supply information into the sales and purchasing history, accounts receivable and accounts payable. All three of these systems, the procurement...
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...Unit five: Principles of supporting business events Assessment You should use this file to complete your Assessment. • The first thing you need to do is save a copy of this document, either onto your computer or a disk • Then work through your Assessment, remembering to save your work regularly • When you’ve finished, print out a copy to keep for reference • Then, go to www.vision2learn.com and send your completed Assessment to your tutor via your My Study area – make sure it is clearly marked with your name, the course title and the Unit and Assessment number. Please note that this Assessment document has 3 pages and is made up of 3 Sections. Name: Section 1 – Understand how to support the organisation of a business event 1. When organising a business event, describe the range of support activities that may be required. When organising an event there are so many support activities that are required and these will vary depending on the size of the event. Firstly the venue needs to be arranged, this very often has to be done with quite a big advance notice as places can be booked far in advance depending on popularity. You need to make sure that it is big enough to hold your event but not too big where it will look like nobody has attended, also sticking within a budget is important as venues can be very expensive. Equipment needs to be arranged, are computers needed? Will you be talking to a large crowd and will need microphones? Or on an even larger scale...
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...Do entrepreneurs need a business plan to be successful? No, as a person can successfully run a business without one. However a business needs a set direction and the person running it has to know what they are doing 100% of the time, if a person is capable of keeping a whole business under control and on the right track then they do not need a business plan. When starting a business there are countless things that can go wrong and lots of different directions your business could take. Without a plan people don’t know where they are going, what they want to do or what they want their business to be. Doing a business plan allows someone to find out who their target market is and how popular their product or service will be with that group. It will also allow people to see what their competition is and how well they are doing. For example someone who wanted to open up a butchers could rent a shop buy their product and open their doors to find out the majority of the town they opened up shop in is vegetarian. The butcher who made a business plan already knew that that was a vegetarian town and located a town just a couple of miles away that has an annual meat lovers fair. A business plan will not allow you to be prepared for every mishap that will happen along the way but it will enable you to plan for problems that you know will or are very likely to happen. For example a cafe that has just opened on the seafront plans to buy extra ice cream for the hot summer days but when...
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...Computer business systems have been around for 40 years. Desktop computers have been around for 20 years. Why do business systems, in general, still need more development? For starters, there is no business system that is perfect, plain and simple and technology is changing every day. The technology used by companies today will be outdated and considered obsolete in less than ten years. On top of that, technology is becoming smaller (physically) and more cost effective with each iteration of new technology being developed. Just a quick look at the Core i7 processor line from Intel, which was originally introduced on November 17, 2008, and the newer version, the Core i7 Sandy Bridge which was introduced in January of 2011. This shows you just how quickly newer technology is being developed and how quickly previous technology will be outdated. Newer technology isn't just faster and smaller, it is also more secure by allowing for easier encryption of sensitive information, and it also has more functionality which is necessary for any business to have a competitive advantage over their competitors. Functionality is also a key component in future IT technologies that businesses will need to understand and utilize in order to keep their competitive edge. Virtualization, cloud computing and storage, and VPN (virtual private network) technologies are going to become a major part of business standards but they are not without their inherent flaws and risks which suggests more...
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...Primark, one of the UK’s most popular retailers of budget clothing, has also been rated the country’s least ethical retailer. With reference to Primark or any business you have studied, to what extent does a company’s ethical stance determine its long-term success? [40] The ethical environment - The moral beliefs and attitudes from both inside and outside a business that influence its behaviour. Due to the current economic environment, many businesses are being forced to fight for survival and they therefore lose focus on long-term success and instead focus on short-term success. However the larger companies, which are blessed with sufficient finances and stability, such as Marks and Spencer and John Lewis are focusing all their efforts into improving their reputation, brand, revenue and costs all in hope of securing long-term success. In order to improve their reputation and brand image they are more than ever before, adopting ethical business practices including ethical sourcing, marketing, pricing and treatment towards employees. However, despite this positive move in the right direction from some businesses, others are being forced to seek success through other, unethical means such as unlawful treatment towards employees, unethical means of advertising, pricing, selling, contracting, sourcing and overall failing to meets the current laws and legislations, causing them to gain bad publicity and tarnished reputations yet, in some cases such as Amazon and Primark, they have...
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...What factors each entrepreneur needs to take into account to ensure business success? As an entrepreneur, there are many factors that need to be taken into consideration in order to ensure business success. First, an entrepreneur has to take into account the location. A location is a vital element in starting a business. It might be a country, region, or a locality. However, the location has to be strategic enough to accommodate the business and be economically viable. The second factor in my perspective is the population. Every business needs a viable population to thrive. For instance, if an entrepreneur conducts a business in a country densely populated, all the entrepreneur need is a niche of that population to succeed in that business. Another factor each entrepreneur should consider in order to ensure success is the issue of a construction permit. Construction is a necessity for a company. It helps the government to ensure that a company is constructing a structure that will not pose any risk for internal and...
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...By Syriah Grossett Unit 37 P1 Task 1 (P1) Explain the ethical issues a business needs to consider in its operational activities What does business ethics mean? Business ethics is a form of applied ethics it deals with ethical rules and principles within a business or commercial context, the various moral or ethical problems that can arise in a business setting, and any special ethical duties or obligations that apply to people who are engaged in commerce, including workers and managers, customers and suppliers, and the larger group of people who have some interest in the business. Ethical issues affect all businesses, if a particular business is becoming a victim of bad ethical problems it could close down because the public perception would be very low. But if a company focuses on good ethical actions like recycling and only buying fair trade produce it would increase their popularity with consumers and boost sales. Tesco Tesco PLC is a multinational grocery and general merchandise retailer. After Walmart, Tesco it is the second-largest retailer in the world measured by profits and the second-largest retailer in the world measured by revenues. It has stores in 12 countries across Asia, Europe and North America and is the grocery market leader in the UK, the Republic of Ireland, Malaysia, and Thailand. Tesco mission statement is 'To create value for customers to earn their lifetime loyalty'. We deliver this through our values, 'No-one tries harder for customers'...
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...Business ethics are the moralities which makes a Business’s act right, the rules that apply to a person also applies to a business. Acting in an ethical way involves between “right” and “wrong” and then making the “right” choice. An ethical business has a broad schedule hence focuses on making a positive contributions to the public. In additional to that business operations refer to anything a business does in order to achieve its aims. Problems linked to ethics in business increase as some businesses make some bad operational/ strategic decisions hence these affect stake holders. Tesco’s always focuses on making a positive contribution to the community. Tesco’s support a lot of charities, aims to be the best retail with ‘unbeatable price’. Also they keep trying to improve their products by recycling etc. Tesco’s mission statement is to be the champion for customers, helping them to enjoy a better quality of life and an easier way of living. This hasn’t changed. Customers want great products at great value which they can buy easily and it’s our job to deliver this in the right way for them. Tesco’s mission of “unbeatable price” has made their products a lot cheaper for the customers to purchase hence the UK farmers to become very close to becoming bankrupt, due to the price drop. This shows that Tesco doesn’t have a very strong relationship with their suppliers. The organisation is doing this to attract more customers to buy their goods, so they reduce their prices to do this...
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...iness Business Psychology, and the Hawthorne theory and how it applies to today’s work force. The premise of business psychology understands the knowledge of human behavior in the work force, and how we can utilize that understanding to better improve the personal satisfaction and the productivity of the work force. Business psychology is one of the first applied psychological fields, tests and studies are created to better help understand what drives employee’s to be productive or non-productive. In 1903 the first application of applying psychologically based ideas towards the work force began. This applied process helps company’s better determine the types of people they need to hire, and also whether they have motivated self- management people who are driven to succeed because it leads to good job performance ratings. The origin of this type of psychology was used initially in 1903, and has subsequently grown since then. The Hawthorne effect is interesting in that it is still being used in work forces today For instance the Dept. of labor and employment in CO determined if employees are allowed to decorate their work space’s with family photos, motivational saying’s and some plants their job performance increased and they had less sickness with in the environment; the C.D.L.E.( Colorado Department of Labor and Employment.) discovered this after they sent out a statewide memo informing people they could no longer have any personal items in their work space. That had a negative...
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...1. What must a party establish to prevail on a motion for summary judgement? (3 points) In order to prevail on a motion for summary judgment, a movant has the burden to demonstrate that no genuine issue of material fact remains to be litigated; that it is entitled to judgment as a matter of law, and that it appears from the evidence, when viewed most strongly in favor of the nonmoving party, that reasonable minds can come to but one conclusion and that conclusion is adverse to the nonmoving party. 2. What court decided the case in the assignment? (2 points) COURT OF APPEALS OF OHIO, FIRST APPELLATE DISTRICT, HAMILTON COUNTY Supreme Court 3. Briefly state the facts of this case, using the information found in the case in LexisNexis. (5 points) The plaintiff’s child was burned by coffee received at a restaurant, the coffee was placed in a holder that spilled causing a burn on the foot of one of the children. Nadel was driving his kids to school. His son Christopher was in the front seat next to him; Nadel's mother, Evelyn, was a passenger on the other side. They stopped at Burger King (BK) and received two cups of coffee fitted with lids and placed in a cardboard drink container, which was handed to Evelyn. Somehow, as Nadel drove away, the coffee got spilled on Christopher, who suffered second degree burns on his right foot. Nadel sued for breach of a warranty of merchantability, breach of a warranty of fitness for a particular...
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...DMS – FINAL PROJECT PROJECT TITLE: EVERY BUSINESS NEEDS AN ANGEL WRITTEN AND SUBMITTED BY: IRIS CHONG Executive Summary (1) Background Just before last Christmas, Marsh & McLennan Companies Inc. announced the acquisition of HSBC Insurance Brokers Limited (‘HIBL’), through its subsidiary MMC UK Group Limited.1 (‘Marsh’) The announcement came as a surprise for me and quite a few of my fellow workers at the HSBC Insurance Brokers (Asia-Pacific) Ltd.2 – somebody bought us out?! Nobody told us! (2) Purposes of report Applying the Co-opetition model3 and the Game Theory,4 I would like to take advantage of this project paper to try to find out some of the hidden ‘Whys’ and ‘Whats’ leading to the acquisition, which might have been classified for internal use, and not released. The exercise and the findings would be useful for future strategic management. (3) Scope and limitations Given the geographic locations of Marsh and HIBL, and the confidential nature of the transaction, the acquisition was already factual at the time of its public announcement. Furthermore, the HIBL CEO Announcement5 about the acquisition in Hong Kong was focused mainly on the process of integration, with measly disclosure of the underlying motives. As such, while I believe I have done ample researches and obtained reasonably sufficient information to proceed with the project paper, some of my findings may have been speculative, and may deviate materially from the unpublished corporate records;...
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... |6 | |Pass 5/Distinction 1 | | | | |7 | How this unit works: You will be working in a small team (chosen by your tutor) throughout the unit. You will come up with a business idea together. Each team will occasionally be partnered with another group who will be known as your ‘critical friend team’. You will exchange ideas and feedback with them. • Your group will pitch the business idea to a panel who will decide whether to accept your idea, and who will also give you some advice and guidance • You will produce a report on your target market • You will be interviewed to find out what skills you have that can help the business and how you can improve • You will write about the legal and financial aspects that will affect your business • Throughout the year you will work, in your team and individually, to produce a written business plan (a proforma will be provided) • You will attempt to run your business (or a...
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...Why Businesses Need an Efficient Management Information System? We are living in a time of great change and working in an Information Age. Managers have to assimilate masses of data, convert that data into information, form conclusions about that information and make decisions leading to the achievement of business objectives. For an organization, information is as important resource as money, machinery and manpower. It is essential for the survival of the enterprise. Before the widespread use of computers, many organizations found difficulties in gathering, storing, organizing and distributing large amounts of data and information. Developments in computer technology made possible for managers to select the information they require, in the form best suited for their needs and in time they want. This information must be current and in many cases is needed by many people at the same time. So it has to be accurate, concise, timely, complete, well presented and storable. Most firms nowadays depend on IT. The term management information system (MIS) made its first appearance in U.S. navy report on the use of computers to construct a single integrated system to manage all navy resources. A management information system (MIS) is a subset of the overall internal controls of a business covering the application of people, documents, technologies, and procedures by management accountants to solve business problems such as costing a product, service or a business-wide strategy. Management...
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...Jamie Slorf Business entities, laws and regulations paper Bus. 415 9-12-11 University of Phoenix Pg.1 In this paper I ma going to write about the importance of following a business plan when opening a new business. When opening a new business you need to first have motivation. This is what will drive you to get the things done that are necessary to open your business. Having a business plan that is simple and easy to follow will help in the success of your business. Everything to get a business started relies on how much money you have to get started. If you don't have enough then you need to find ways to raise the fund needed. You don't want to start on something for your business unless you have the funds. This will only make it more difficult and stressful for you. The two businesses I would like to discuss are the restaurant and extermination business. First the restaurant business. Opening a sports bar today in not a new idea. Lou and Jose are going to need a fresh new idea when entering this market. It could be from the choices of food to the choices of entertainment...
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...P3: Explain the issues a business would need to consider to go online Introduction In this task I will be explaining all the planning issues that need to be considered before setting up a website and how these issues should be checked. Before setting up a business online, there are a variety of aspects to be considered. This is because if a business sets up a website without planning, anything could happen while the business is running which could affect other things like revenue and sales. The issues to consider include the domain name, Country availability, Copyright and financial aspects. These are some of the things to be checked because they need to be consistent throughout the business. Start-up costs Before going online, a business needs to decide if they have enough money to set up a website, and keep it running. Sometimes a company has enough financial help at first to set up the business but as they start making sales and delivery, the business starts to have trouble. Costs include; advertising fees, paying a technician and if you’re a commercial business, paying for all the equipment needed to take photos for online images. Commercial websites normally need to rent a van for deliveries so that would also be part of the costs. Government websites need to consider how they are Domain Name Business has a wide range of areas with different names, so choosing a domain name wisely is very important because it must be copyright. They need to think about how the website...
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