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Technology has become part of our daily lives, and there is probably no aspect in human life which is left untouched by Internet. Technology also plays a positive role in managing a business, particularly food business. If you are into catering, you may probably want to save yourself some hassles in managing your files, stocks and inventory system by acquiring a catering business software.

This software can help you in many ways you never thought possible. Many caterers use the Point-of-Sale system to help them track the sales and purchases that the business had made. It can generate report for easy reference; you can get daily, weekly, monthly and yearly report to see the progress of your catering business.

In this catering business software, you can do bookkeeping with so much ease. You do not have to be an Accountant to know how to run it. Bookkeeping is very vital for all businesses. When you put up the business, your aim was to get the return of investment (ROI) in the shortest possible time. The POS system can keep track of all the incoming sales and outgoing expenses. It can also help the caterers to know other hidden costs involved in the business which is often neglected by the owners when it comes to computation of the profit-and-loss.

Aside from the accounting and inventory software, caterers may also need events management software. This will keep track of all the upcoming events wherein your catering business was hired to serve. This is a database management software where you can input all your clients information and special requests or notes for the events. This will save you from collecting all those calling cards inside your wallet. All you need to do is to input necessary information about your clients and your possible customers too.

Being organized in all your business transaction would make your life easier as a business entrepreneur. It will be easier for you to know whether your business is doing good or not. You can also see what areas you can improve on with regards to handling expenses and purchases. There will be lesser grey areas in terms of accounting because you have all the necessary details you need.

These are the only aspects wherein you can rely on technology in terms of handling your business. The rest of business management would require personalize touch, most especially when it comes to customer service. Your employees are important part of your catering business too. They are the ones who interact with your clients and they create the image of your business too.

Today seniors can’t afford not to get moving! With all the hype around nutrition and exercise the aging population is well aware of the benefit of an active lifestyle.

Most seniors of the 55 plus group are keen to reap the rewards of healthy aging through a variety of activities. They are not newcomers to the gym so to speak. Most have kept active with some form of physical activity throughout their lives, whether it is hardcore workouts in the gym or a congenial round of golf on a summer’s afternoon. Women of this age group have also managed years of multi-tasking, most having juggled full time careers, while raising families and still found time to fit in some form of exercise. These women became well acquainted with aerobics, step classes, strength training and power walking. Also, stress relievers such as yoga and pilates were embraced to combat tension and fatigue. In many cases these activities were their salvation of an overly busy lifestyle.

It is only natural then, that these baby boomers are looking to continue their active lifestyle into retirement. Quite possibly, with the time constraints lifted at this stage in life, it leaves them to focus more sharply on their health and wellness.

A huge opportunity exists for gyms and programming facilities to cater to this senior market. The number of seniors is set to skyrocket in the next five to ten years and if gym operators are to jump ahead of this curve, they should set their marketing sights on appealing to and attracting this demographic.

How to go about this? What are seniors looking for when it comes to staying fit? Firstly it is important to see a visual image that they can relate to. Marketing success is all about seeing yourself in the picture, being that person who is strong, fit and beaming with energy. If a beautiful twenty something image is smiling back, then age becomes a handicap in the mind of the senior, derailing their good intentions, making them feel like they can’t compete. The perfect image that will empower the market they are trying to impress is an attractive fit senior pursuing the exercise of his or her choice. An ad such as this will pop with the 55 plus market, creating a role model with whom they can immediately identify and connect. Seniors like everyone else need to be able to put themselves into that ad campaign and honestly believe that it could be them looking out. This puts the wheels in motion for a positive mindset and a “can-do” attitude.

Seniors are only as old as they feel. Once again we come back to the mind-set, which is a very powerful tool. Boomers today are constantly fighting the aging stereotype that has depicted seniors in the past. Seniors in their sixties often look, act and feel ten to fifteen years younger than their actual age. Advertising should play up to this pretense which promotes this healthy reversal known as “turning back the clock”.

Another means of promoting fitness is to educate the senior who wants to get moving and who wants information as to how this will benefit them and enhance their life. They need to know the positives, what they can expect, and can look forward to as a result of embarking on the fitness journey that the marketer proposes. The campaign needs to encompass every aspect of their life, proving that properly presented, seniors will understand that an opportunity to change is being offered which will impact and alter their lifestyle. It’s within their reach, all that remains to be done, is to get out there, set realistic goals with realistic time frames and make it happen.

This brings us to another point. Marketers should focus on the enhancement of senior life overall, as a result of engaging in exercise and activities, rather than the promise that, if you join up you will achieve this enviable body or snag that hot date. The quality of life and the heightened enjoyment of everyday activities which seniors can have as a result of exercise need to be highlighted.

Marketing programs should also contain testimonials and feedback from actual seniors delighted with their progress and accomplishments, similar to that of “before and after stories of weight loss”. Seniors want to hear how it has enhanced and changed other people, who are just like themselves. They want to hear the successes, for example, how exercise lowered blood pressure, how strength training enabled other seniors to do more, how medication was reduced, how endurance was stretched. It all gives the feeling that anything is possible, if they can do it, then I can as well. It sends a message and an incentive to become a joiner.

Seniors often prefer to sample a program on a trial basis to see if it’s going to be the right fit for them. Offering special programs geared to this group is smart when limiting them to one or two classes. Fitness activities can be offered at many different types of senior living facilities. Places such as retirement communities and nursing homes already recognize the need and benefits of fitness and nutritional programs. Approaching these senior residences is an effective strategy of marketing to large groups of seniors. There are also many senior assisted living residences that do not have organized fitness classes or programs in place yet, but they will soon. Visit these places and offer a free class or program, if these programs are successful you will know that this appeals to seniors and if the need is strong enough to continue. This will help to target the senior market, zeroing in on what works and what doesn’t.

Marketers of fitness need to alter their sales approach to seniors. This age group is not impulsive and will appreciate a thorough, softer sell approach. Seniors need and want information and prefer patience. This in turn builds trust, instilling confidence in the senior contemplating buying a membership. It basically reaffirms that they are doing the right thing in taking this first step to join.

Seniors as consumers hold certain expectations that need to be met for fulfillment. As part of the packaging of the programming, seniors also need and crave socialization and to be part of the group. They need leadership, to have an instructor to safely guide them through the program, with an eye to protecting them from injury and awareness of ailments like arthritis and osteoporosis in the participants. They look for convenience, with minimal stairs and easy entry, or even better brought to their home. Lastly they want value and attention, to feel like they are progressing and that their state of well being is something that is noted.

As with any market, the sales approach needs to be geared to their age defined needs and preferences. In the year 2010 and in the coming years the greying of the boomers market will keep growing by leaps and bounds. There will be an even greater emphasis on slowing the effects of aging and possibly the reversal through movement and exercise. This, the marketers realize is what it’s all about at any age. Seniors, like everyone else, want to maintain a high quality of life and that definitely includes exercise to make it happen.

Are you interested in creating or adopting your very own virtual pet? You may have seen the new Webkinz plush toys that also come with a free virtual pet image of the plush animal. Many children are beginning to collect these pets as well as participating in the virtual world. Virtual desktop pets offer great advantages, especially if you have children who have an interest in getting a live indoor pet. They are completely maintenance free unlike real pets. If you do not want to have to worry about the hassle of cleaning after your indoor pets and ensuring that they are well taken care of, then a virtual pet may be the way to go.

In addition to the maintenance free aspect of having one, if you have a child interested in adopting a real pet, then by allowing them to experience caring for a virtual pet, they will learn how to better care for a pet overall. They will gain better responsibility and understand that pets require food, shelter, and love and cannot be neglected. Many of the virtual pet games will require that the owner feed the pet or take the pet for a walk so that they can do many of the same or similar tasks that would need to be done with a real pet. The owners can get additional points or rewards by doing these tasks or can see their pet’s health or abilities decline for failure to do their part.

If you worry about the expenses of caring for a real live pet like the vet bills, immunizations, or food, then this is something that is completely non-existent. Owning a pet can be very costly and if you do not have the money to invest in a pet, then you can consider a virtual pet. You can find many free pet sites to get you started.

If money is not a factor, but you do not want to deal with house training or cleaning after a pet, then this could also be considered to be an advantage as well. Maybe your kids have severe allergies and cannot live with the fleas and ticks that some animals may leave behind. Well, with virtual pets this is not a factor. As you begin to consider adoption, then you will see how convenient they are and how they can be great companions for all alike. Either way, you will not go wrong with your choice.

 

Hotels, restaurants and resorts always look to offer the best experience for their guests by following the latest trends. In the beginning of this year, you should consider modernizing your outdoors by building fashionable and inviting areas. So what are the hospitality outdoor furniture trends for 2017 that will make you look fresh to improve your business’s image?

Trend 1: Go green and/or blue

In the hospitality industry, colors have a psychological effect on people that can make their stay unforgettable… or not. So when planning your outdoor areas, be picky in choosing colors. According to the psychology of colors study, blue, green, yellow, red, and purple generate positive vibes. But which colors are trending in 2017? This year is the year of the blue and green derivatives like aqua, sea foam, drab green. These 2 main colors represent serenity and nature respectively. Therefore, having them part of your outdoor furniture sets, will improve the guests’ state of mind, and keep the garden or patio fresh.

Trend 2: Minimize maintenance efforts with aluminum

For outdoor spaces, one of the trends was and will probably always be to have maintenance-free furniture. Therefore, picking aluminum outdoor furniture will be the right choice to offer comfortable outdoor experience and have products that require minimum maintenance. In addition, aluminum is known to be a light material compared to what it offers in strength: it is weather and rust resistant, which means that your hospitality outdoor furniture sets will live longer.

Trend 3: Combine different materials & styles

Many hotels and restaurants stick with a single theme using only one outdoor furniture style, but 2017 suggests to mix and match designs and materials. For example, if you aren’t able to decide whether to have aluminum or rattan outdoor furniture, well just pick both. Also, for spacious areas, combine several outdoor furniture collections within the same space. However, for this tactic to be successful, the two collections must go well with each other. Customized garden and patio furniture can also be an option to ensure good harmony between the different sets.

Trend 4: Create unique ambiance with solar lighting

In 2017, get rid of wires and complicated installations with the use of outdoor solar lighting, which rely simply on solar energy to recharge their batteries. Outdoor solar lights save you the trouble of finding professionals who will create a mess to install wired lamps. In addition, placing outdoor solar lighting forms a unique ambiance in your outdoor space especially if you go creative by building innovative patterns.

Trend 5: Indoors and outdoors go together

Last but not least, outdoor furniture can be used on the inside just like on the outside. Therefore, removing the boundaries between outdoors and indoors to mix up the two spaces can be a great option, of course, if done in a smart way. Opening the indoors to the outdoors gives you additional space and creates total conformity.

In conclusion, applying these trends is a tricky task that requires professionals in order to optimize your outdoors. So contact a hospitality outdoor furniture supplier that will furnish your gardens and patios in the best way possible, according to your needs.

Over the past ten years a majority of the top ten songs on the Billboard charts has been consistent trendsetters. Songs that have saturated radio airwaves by the masses are placed in constant rotation to enthrall us. These songs appeal to a certain audience that often allow those in the music industry to capitalize on the opportunity to gain new fans of the most popular genres of music today. But some of these genres of today music have lost the luster for true music lovers, that they often resort to the classic CD’s from their youth just to hear music they deem as good music.

But what is considered “good music”? According to industry executives, “good music” is “any music that can capture the attention of an audience.” However; for the demographic of listeners in their mid twenties to mid thirties, “good music” is music that’s worth listening to many years after, and whose lyrics has meaning and depth.

So if the music industry has released nothing but “good music” over the past ten years, then why is it that the demographic of listeners in their mid twenties, thirties and older doesn’t find it worth listening to?

After further discussion with Atlanta’s LS Muzik Group, a company representative says, “most of the music that is released today has a certain appeal that reflects the trend set during that time. If at that time, snap music or crunk music is the sound that’s in, then that’s what the trend will follow. It is rare that you’d find “good music” [from the likes of] a Neyo, R. Kelly, Usher, Mary J Blige, Anthony Hamilton, or Musiq Soulchild to name a few. Not including good folk, rap, country, gospel, blues, jazz, or alternative rock music from some great artists who are worth listening to also. But out of the few named, there’s really not that many artists today that has potential for longevity. These artists are force fed to the consumer just to make record sales. We truly doubt half of them will be around to play sold out arenas in the next ten years.”

Hoping to bridge the gap between the two demographics of listeners in their mid twenties to mid thirties, the company looks to bring back good music that is worth listening to by adapting the Motown approach by signing good talent and releasing heartfelt songs with meaning.

Although the idea to bring back good music is what LS Muzik Group intends to do, there’s still that certain group of listeners the company may struggle to gain. Mainly because the music industry have already captured the attention of this group over the past ten years with music that has a sound of its own, a sound that has captivated them with what LS Muzik Group deems as over synthesized sounds. It is unclear however, as to how the company plans to win over that demographic, when all they know is what the music industry have force-fed them.

And because of this, the dividing line between the two demographics has left a void in the music industry, simply because true music lovers aren’t as fascinated with listening to over synthesized sounds that has little to no substance. This has crippled record sales over the past ten years.

In spite of the clever marketing initiatives by the music industry to capture true music lovers, the effort hasn’t been significant enough to impact their decisions to enjoy listening to the music released today thereby causing most of the music released today to barely go gold or platinum. This is all due in part not only to the Internet, but because true music lovers in their mid twenties, thirties, and older who enjoy good music, are not buying what is most popular today. But if what’s popular is Trey Songz or Chris Brown, then how is it that either of the two artists survives in such an industry where their level of success or failure is dictated by their marketing, and not their music.

“Record companies have gotten somewhat smart on how they market and release artists. Their idea to market and release Chris Brown or Trey Songz on the same Tuesday as they would Robin Thicke or K Jon isn’t the same. Simply because record sales for Chris Brown or Trey Songz may be slim for the first week of release, that marketing and releasing Trey Songz against K Jon on the same date would immobilize their sales goal of going gold or platinum, against a more likely artist that can, who has a more mature fan base of true music lovers who enjoy listening to good music,” says one industry executive.

This scenario is all too common in the industry today, whereas album release dates are rescheduled all due in part to industry executives being aware of the competition. Often times that competition is welcomed in what appears to be a rivalry to see who can out sell the other, as with the Kanye West and 50 Cent release in 2007. Rivalries such as this makes for clever marketing that will often propel record sales through the roof the first week of release, causing artists to go platinum. However at what cost to record companies? “Record companies can pay millions of dollars to market an artist all at the expense of gaining a few true music lovers. The gamble is to win the few they think will be loyal followers. While hoping the artists does their part to deliver good music to keep them [the fans] loyal.”

But with dismal record sales on the rise, artists are struggling to deliver good music to keep true music lovers devoted. Long gone are the days of the Motown Sound, Disco, P-Funk, and New Jack Swing era that we’ve all grown so accustom to that has found its way in music today through the practice of “sampling”; that most artists have lost all sense of creativity to produce almost anything remotely appealing to true music lovers. In order to win them over without the over synthesized sounds, they must sample or take portions of music from great artists like Teddy Pendergrass or The O’Jays just to get their attention.

So how can music get a fresh revitalization to capture the attention of true music lovers? Well according to LS Muzik Group, “bring back live musicians and artists who feel passionate about love and family values.” This could well be true, being that everything in heavy rotation on the radio is all about sex. “Where are the family values in the songs we hear today, there aren’t any. Most parents today don’t want their children listening to the radio, mainly because all they’re hearing is about sex.” From Trey Songz “Invented Sex”, to R. Kelly’s “Number One”, songs like these have saturated commercial radio and have left somewhat a bad taste in the mouth of true music listeners.

However artists like R. Kelly who has a solid fan base of loyal true music listeners, releasing songs like “Number One” is often well taken, being that an artist of his caliber is able to release just about anything and go platinum.

The musician in R. Kelly has allowed for him to survive in an industry that lacks creativity. Yet, he manages to stay in touch with his fan base while adjusting his talents to accommodate both younger and older audiences with songs like, “Number One”. But can the same be said of an artist [like a] Trey Songz? “Trey Songz is a talented artist; however, his fan base of course is entirely different from that of an R. Kelly or Robin Thicke not only because of the way he’s marketed, but also how he appeals to an audience that doesn’t understand good music. But considers what he sings to be. Keep in mind we are talking about a group that may not have even grew up listening to “good music” from the 70’s, 80’s or 90’s.”

Because of this lack of understanding, Trey Songz is able to sustain a fan base based entirely on his talents as a singer, songwriter and producer and thereby, creating music that his record label deems worthy of marketing and releasing to his fans. It is this group of listeners who are twenty-five and under, the music industry caters to without a second thought of catering to the older audiences. Why is this? It appears that a majority of the top ten songs on the Billboard charts is created by artists who themselves are twenty-five years of age and under, and who are basically creating music just for their age group. This has allowed for teenagers and young adults with a great deal of disposable income to spend their earnings from part-time jobs, birthday and holiday money on music, thereby pumping a small breath of life into the industry to keep it a live. So what’s going to happen once this age group gets much older and mature? Are they likely to even consider listening to Trey Songz or Chris Brown ten years from now?

The combination of good marketing combined with good talent can make artists such as Trey Songz a huge success because of the trend set in the industry today. Allowing record companies to capitalize off their talents now, and possibly tomorrow, depending on the terms of the artist-recording contract. Whereas in the days of Motown-“good music” was all it took to propel the success of an artist. It was imperative that Berry Gordy developed and released artists he knew could create “good music” that’s worth listening to many years after. This process of artist development became a critical element in the music industry up until 2000, when record labels took the time to develop an artist for longevity.

But if the trend has been set in motion to follow music that’s been hot for over the past ten years, then going against what the industry is doing to bring back “good music” with great lyrical content, is what LS Muzik Group looks to do and pave a way of their own in the industry.

With a well driven team of professionals and a roster of talented musicians and singers like Mr. Tao Jones and Jackie Watson who seek to change the direction of music released in the industry today, it is likely that “good music” can make a major comeback in commercial radio.

But what would be the downside to all of this? One major downside would be discovering more artists like Mr. Tao Jones and Jackie Watson who have the passion to write and sing “good music”. The other is how to reach the demographics twenty-five and under who are captivated with what they’ve heard on the radio for the past ten years. To this group of listeners, growing up in an era where music is either sampled or synthetically created is all they know to be good music. However not understanding where the music they’re listening to originally derived from.

Music from the 70’s, 80’s, and 90’s is now considered old school to this younger audiences, which today has all become obsolete, leaving room for a younger hip sound that’s all synthetically created like fast food. So what was once old, is now new again.

Take Monica’s “Everything”, a melodic rendition of Denise Williams, “Silly”. This is a classic example of an artist who feels passionate about love and family values, has great talents, a solid fan base, and understands that the industry needs “good music”. However with the odds against her to accommodate her fans, record label, and a younger audience who thinks her music is old school, it is difficult for Monica or any artist of her stature from 70’s, 80’s and 90’s to make a comeback.

“In order to survive in the music industry today, an artist who once were in high demand during those days, would have to readjust their talents to accommodate the trend today in the industry. This doesn’t necessarily mean change the style of music that made them successful for years, but do what it is they do best while incorporating a younger hip sound that will appeal to both audiences.”

However not all artists can readjust and appeal to a younger audience. Artists like Monica are learning that the industry has changed dramatically over the years with an all-new sound that has made it somewhat complicated to adjust to, making it difficult to comeback. But often times an old school artist can return like they’ve never left and go platinum. Take Charlie Wilson, former member of the famed G.A.P Band or George Clinton architect of the band Parliament-Funkadelic, these artists have set a perfect example on how to readjust their talent in rap music to accommodate the trend of the industry to reach the younger audiences. It is this adjustment that Charlie Wilson and George Clinton were able to comeback with rap artists like Snoop Dogg and Ice Cube.

Although this strategy may have worked for Charlie Wilson and George Clinton-it is by far a long shot that other artists of 70’s, 80’s and 90’s can achieve. Because of the generation gap within the music industry, it is clear that fans are divided between what’s considered “good music” and what’s not. Therefore making it difficult to bridge the gap. And if record executives continue to overlook this issue, artist they consider as today stars will suffer immensely with record sales in the coming years, leaving them with a short term musical career. Here today, gone tomorrow.

Advertising is a form of mass communication with the public. It is usually one sided i.e. from the company to the buyer/potential user of the product. It is a form of communication that typically attempts to persuade the potential customers to purchase or consume more of a particular brand of product/services. As rightly defined by Bovee, “Advertising is the non-personal communication of information usually paid for and usually persuasive in nature about products, services or ideas by identified sponsors through the various media.”

Advertising an important tool of communication is use to promote commercial goods and services, it can also be used to inform, educate and motivate the public about non-commercial issues such as AIDS, Don’t drink and drive, Polio, Save water, electricity, animals and trees etc. “Advertising justifies its existence when used in the public interest – it is much too powerful tool to use solely for commercial purposes.” – Attributed to Howard Gossage by David Ogilvy.

Advertising is most effective with products that can be differentiated from similar products based on consumer accepted quality difference. Tom Egelhoff has classified advertising in 6 types, i.e. for company image, name brands, advertising service instead of a product, business-to-business advertising, co-op advertising and public service advertising. Television, Radio, Cinema, Magazine, Journal, Newspaper, Video Game, Internet, Billboard, Transit Cards, Sandwich Board, Skywriting are the different mediums used to deliver the message. The companies choose the method according to the cost, budget, target audiences and their response. However, word of mouth advertising/ personal recommendations is an unpaid form of advertising which can provide good exposure at minimum cost.

Various new forms of advertising are growing rapidly. One of them is Social Networking Advertising. It’s an online advertising with a focus on social networking sites and use of the internet/ World Wide Web in order to deliver marketing messages and attract customers. The other is E-Mail advertising; E-Mail Marketing is often known as “opt-in-email advertising” to distinguish it from spam. “I believe ‘credibility’ is one of the biggest issues yet to be addressed by Internet advertisers. Everyone has their eye on ‘privacy’ as a critical concern, but credibility will be far more enabling or disabling to website profitability. A company can have a web presence and, unless the brand name is familiar, consumers have no way of knowing whether it’s a big company, a small company, an honest company, or a single scoundrel. I may be worried about my personal data being disclosed in violation of my privacy, but I’m far more concerned about whether or not the person or company with whom I’m dealing is reputable. Can I believe their claims? Will I have a recourse if something is wrong with the merchandise? Credibility no longer is strictly a brick-and-morter issue. I can’t judge someone by their place of business, when I conduct that business on the Internet. I can’t grasp a hand and look into their eyes to judge their veracity. Credibility is a huge issue.” – Jef Richard.

For a message to be effective keep it short, simple, crisp and easy to absorb. It is essential to translate the products/services offer into meaningful customer benefit by advertising and to build awareness and generate response. REMEMBER: – THE AIDA MODEL -ATTENTION, INTEREST, DESIRE AND ACTION.

In the modern scenario, most of the companies outsource their advertising activities to an advertising/ad agency which is a service business dedicated to creating, planning and handling advertising and sometimes also performs other forms of promotion like public relations, publicity and sales promotion for its client. Departments of the advertising agency includes: – The Creative Department (who creates an actual advertisement), Account Service (who is responsible for co-ordinating the creative team, the client, media and the production staff), Creative Service Production (here the employees are the people who have contacts with the suppliers of various creative media), Other department and Personnel. (like public relations). As said by David Ogilvy once that the relationship between a manufacturer and his advertising agency is almost as intimate as the relationship between a patient and his doctor. Make sure that you can life happily with your prospective client before you accept his account.

Thus, I would conclude by the famous words of Bruce Barton (1955), “Advertising is of the very essence of democracy. An election goes on every minute of the business day across the counters of hundreds of thousands of stores and shops where the customers state their preferences and determine which manufacturer and which product shall be the leader today, and which shall lead tomorrow.”

 

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 sole proprietorship, partnership and incorporated businesses with limited liability to the not for profit organizations whose existence is not mainly driven by financial gain.

Regulations that govern the preparation of financial statements largely apply only to the incorporated entities. This has given rise to accounting standards setting bodies and legal provisions that form the frameworks used when preparing the financial statements. The process of preparing the reports in accordance with the GAAPs and legal requirements presents advantages and disadvantages to the organizations and to other interested groups. The International Financial Reporting Standards are increasingly being adopted by many national accounting standards setting bodies leading the way to a single set of accounting standards all over the world. It is therefore worthwhile to look at the advantages and disadvantages of financial reporting to create an awareness of the complexities that corporations and accounting professionals contend with.

THE ADVANTAGES

A number of advantages of corporate financial reporting can be enumerated and perhaps among the most important is that organizations are able to compare their individual performance with others in the same industry or line of business. This is because the established principles, standards and regulations ensure that there is a benchmark to be followed in the preparation of financial reports. Recognition of income, expense, assets and liabilities is standardized by the existing framework and any deviation can be countered with disciplinary or legal action. Organizations strive to prepare their financial statements to closely match the set frameworks as much as possible. In some countries for example Kenya, this has been translated into an annual competition (the fire award) where companies performance in this area is assessed by professional bodies including the national accounting professionals body with the aim of awarding the company with the best prepared financial statements. This in turn promotes staff and professional development which is a desirable aspect in the growth and wealth creation of the corporate organizations.

Investors and owners of companies in jurisdictions where corporate financial reporting follows strong established and clear frameworks can make the appropriate investment decisions. Corporate reporting in this case enhances the development of understanding of the activities of the companies and at the same time keeps the companies themselves on their toes as the wider society is well-informed of the expected reporting standards. This also acts as an incentive to managers to perform at their best and to institute control measures that aid the organization to comply with the frameworks.

Requirements of corporate financial reporting lead to timely preparation of financial reports. This is desirable to the stakeholders who may be more interested in the organizations immediate past rather than wait for a long time before the outcome of their input is known. When financial reports are prepared and published within the stipulated time, it is possible for necessary actions to be taken to correct any anomalies that may have led to undesirable outcomes. In a more serious case where a material error happens to be discovered, it can be corrected and the necessary measures taken to avoid a repeat of such occurrences.

IFRS give room for flexibility as they are based on principles rather than rules. As principles are based on value, corporations can adopt the standards that best suit their circumstances as long as fair value is adequately reported. This also encourages professional development as accounting standards setting requires qualified academics who can develop the required standards after lengthy and rigorous discussions and considerations to come to a consensus.

Overall, corporate financial reporting acts as a control measure as management, owners, employees, customers, creditors and the government are dependent on the reports in their decision-making. For instance the government in taxation of companies relies at the outset on the financial reports prepared and examined by qualified public or certified professionals. Trends on the growth of the companies can also be quickly determined by comparing sets of reports for different periods.

THE DISADVANTAGES

Corporate financial reporting does not bring desirable results only. There are some undesirable outcomes that should be mitigated against. The consideration of cost guides many companies in their operation. In preparing corporate financial reports in accordance with laid down standards and rules, expertise is required and the company has to engage highly qualified professionals for this task. The fee payments to qualified professionals can be prohibiting especially to small companies controlled closely by their owner managers. Compared to larger companies the small entities do not have adequate resources to implement adoption of the standards or even to train or employ qualified staff. In many instances such small and medium enterprises (SMEs) are tempted to forgo compliance with certain aspects of the standards or rules leading to problems with regulatory bodies including the government.

Freedom to adopt standards that suit the particular circumstances of the company leads to manipulation of reports. Disclosure of important information is in jeopardy as there is no legal enforcement for implementing the standards. Even where the government imposes legal obligations on what financial reports are to be prepared, there are still loopholes that can arise especially when the accounting standards and the legal stipulations are not in conformity in some areas.

For multinational companies, there are challenges in preparing their consolidated financial reports especially where operations are in countries with different accounting standards and legal regimes. There are also other challenges in dealing with for instance exchange rates, interest rates and transfer pricing where treatment of such aspects may be considered differently in different countries. Taxation and existence or non-existence of dual taxation treaties also poses another challenge.

CONCLUSION

It can be concluded that corporate financial reporting is essential and the gains from following accounting standards based on principles far outweigh the disadvantages as freedom to prepare reports in whatever way organizations deem appropriate may lead to financial chaos.

The 21st century has been the age of so many technological breakthroughs and advances, technologies aimed for one purpose and that is to make the lives of people better by helping them become more efficient in their work. One such technological breakthrough is computer technology.

Computer technology has grown in great proportions starting from a computer with a size that of a room to a small well-designed palm top computer. Computers nowadays have become an indispensable part of the lives of people, especially at work, at companies, businesses, schools, offices and even in homes.

It has made the world smaller, but has it made our world better? It would then lead us to ask whether computer technology is good or bad. Now let us try to look at first some of the bad effects. With the advent of computers and with the internet it has become easy to access pornographic sites, children are more exposed to explicit content; some students would lose focus on their studies as they play computer games. The number of obesity cases has increased and it has been attributed to too much computer activity that led to less physical activity among a number of people.

On the other side of the coin, computers have opened a whole new world of possibilities. It is now easier to gain information on world events; you can even find a job in the internet; you can spread advocacies to a vast number of people all over the world; and most importantly it is now easier to be connected with one another even if you are on the other side of the globe.

Computer technology, just like any other material on earth has been created with a common good in mind. Just like a knife, it has been made to cut and slice food to speed up cooking time for people but it can also be used to kill people, and you cannot ban the use of knives in order to stop killing. And so you can’t blame computers for the problems it may have caused for it is the people who use them who caused the problem. It has disadvantages and advantages that must be taken into consideration.

But the problem is not computer technology itself; the problem resides on the people who use it. Computer technology is generally good for it can bring in a lot of good if it is used properly, but can do great harm if used unwisely.

People have choices on how they make use of earth’s resources, and that choice will determine how certain materials will affect people, be it good or bad.

 

One of the most important skills you should look for in your selection of a real estate agent is his or her communication skills. A real estate agent’s ability to effectively communicate with all parties involved in a transacation can effectively make or break a deal.

At the top of the list of communications traits to seek in a real estate agent is listening skills. Yes, communication involves not only the effective transmission of information, but most importantly the receipt of information. A real estate agent should ask you questions, and then listen (which means internalize and digest) the information that you are transmitting to them.

Common questions which the real estate agent should ask include queries as to your financial situation. This is important so that the real estate agent can effectively guide you in the right direction when it comes to your need for both purchasing and selling a home.

Communication also involves you, however. The most effective communicator is unable to provide much assistance if you do not provide them with the information he or she requires. A good real estate agent will know how to obtain this information from you, by asking key questions regarding important topics that you might not have considered to volunteer but which are nevertheless crucial for the agent to do his or her job.

Questions asked may include the time frame for buying or selling a home, the amount of down payment you have available, whether or not you are a first time buyer, and of course questions about neighborhood, school and other requirements.

Effective communication is also required with respect to the other parties involved. Your real estate agent should not only be able to communicate well with you, but equally well with the other parties to the transaction. The ability to calmy communicate one’s way through glitches in closings and financial negotiations benefits all of the parties involved.

Together with the advancement of science and technology, technological innovations grew along with it, resulting to the emergence of new equipment and gadgets. No matter how big or small your company is, technology brings both intangible and tangible benefits to become cost efficient and to meet the growing demands and needs of customers. Technological innovations affect corporate efficiency, culture and relationship among employees, clients, suppliers and customers. The type and quality of technology used affect the security of confidential business information.

Due to the burden brought by administrative tasks, like inventory, bookkeeping and records keeping, both big and small companies rely on computers to do their administrative works. The birth of Internet and online social networking sites tremendously decreased the costs of business operations. It also makes it easier for companies to use the Six Sigma management methodologies. Some firms shifted to outsourcing instead of hiring their own personnel due to the low costs associated with it. Because of the huge impact of technological innovations to companies, it is impossible for them to live with it.

Commonly used high technology equipment:

  • Computers
  • Photocopier
  • Telephone
  • Computer printer
  • Internet
  • Paper shredder
  • Multimedia projector
  • Touch screen monitors
  • Computer mouse
  • Laptop computers

Advantages of Technology to Business:

  • Customer Relations. Technology affects the way companies communicate and establish relations with their clients. In a fast moving and business environment, it is vital for them to interact with clients regularly and quickly to gain their trust and to obtain customer loyalty. With the use of Internet and online social networks, firms interact with consumers and answer all their queries about the product. Establishing effective communication with customers not only creates rapport with them, but it also creates strong public image. It allows business enterprises to reduce and to cut carbon dioxide emissions.
  • Business Operations. With the use of technological innovations, business owners and entrepreneur understand their cash flow better, how to manage their storage costs well and enables you to save time and money.
  • Corporate Culture. Technology lets employees communicate and interact with other employees in other countries. It establishes clique and prevents social tensions from arising.
  • Security. Modern security equipment enables companies to protect their financial data, confidential business information and decisions.
  • Research Opportunities. It provides a venue to conduct studies to keep themselves ahead of competitors. It allows companies to virtually travel into unknown markets.
  • Corporate Reports. With technology, business enterprises communicate effectively with their branch offices to deliver quality financial and operational reports.
  • Industrial Productivity. Through the use of business software programs or software packages, it automated traditional manufacturing process, reduces labor costs and enhances manufacturing productivity. It enables companies to increase efficiency and production output.
  • Business mobility. Technological innovations improved companies’ sales, services, shorted lead time on receiving and delivering goods and services. Enables them to penetrate multiple markets at least costs.
  • Research capacity. It enables them to conduct studies on various companies to gain knowledge on the new trends in the market and way on avoiding them.