Team Building - Why Is It Important For Organizations?

Team Building - Why Is It Important For Organizations?

Since the fact numerous team building books are published every year, building strong teams continues to be one of the major concerns of all the organizations. Every year organizations spend several thousand inviting resources and experts in this field to train their work to strengthen the team spirit within the organization. If this is your concern too, then you are not alone.

When you are working on your skills and goals for creating exceptional teams either by deriving the wisdom from team building books or by attending relevant seminars, you should focus on creating a positive work culture. The question however is why organizations organizations focus on this factor and on creating a positive work culture when they are actually invited to be focusing on production, marketing and sales?

The answer is very simple businesses processes such as production, marketing and sales do not happen by themselves but they are opportunities of people's efforts. Inevitably, we have groups of people working on these processes. If these people do not work united as a team then they would be undoing each other's efforts and thereby becoming a self-defeating group.

Team building should there before be the primary focus of organizations. Further goals could have been achieved only after this primary goal is realized and until then, no organization could actually achieve optimal performance levels.

Thankfully today we have access to numerous studies that help managers and team leaders with insights on building teams. Many team building books that elaborately discuss this topic come as resource manuals for the leaders. So if you are struggling to create a positive work culture or build strong teams, you need not despairs because you will never run short of resources. You will find all the resources you need online as well as offline.

Once you manage to build a strong team, all the other goals that directly affect the bottom line of your business could be achieved more easily. You will also have a more positive profit-and-loss graph once you have a strong team. When your team is working in tandem operating with a single goal in mind, you can achieve any goal, including the most challenging goals.

It is not without reason companies invest heavily on team building and on creating a positive work culture. You just need to imitate the top organizations in any industry on this goal of building a healthy team and a positive work culture.

Definition and Objectives of Bookkeeping and Accounting Systems

Definition and Objectives of Bookkeeping and Accounting Systems

Accounting is defined as "the art of recording, classifying and summarizing in terms of money transactions and events of financial character and interpreting the results thereof." In simple words, we can say:

(1) Accounting is an art

(2) of recording classifying and summarizing

(3) in terms of money

(4) transactions and events of financial nature and

(5) interpreting the results thereof

Accounting is an art of correctly recording the day to day business transactions: It is a science of keeping the business records in a regular and most systematic manner so as to know the business results with minimum trouble. Therefore, it is said to be a statistical procedure for the collection, classification and summarization of financial information.

Objectives of Accounting

The objectives of accounting are two-fold:

(1) To record permanently, all business transactions, and

(2) To show the effect of each transaction and also the combined effect of all such transactions for a given period so as to find out the profit the business has earned or loss incurred, and also to know the correct financial position on a particular date .

The necessity and importance of accounting can be understood by answering the following questions:

(1) How much we have earned this year?

(2) How much was earned during the last year?

(3) Is our business improving?

(4) How much cash do we have?

(5) How much money we owe?

(6) How much others owe to us?

Accounting Systems

There are various systems of accounting for maintaining business records:

Cash system of accounting

This system records only cash receipts and payments on the assumption that there are no credit transactions. If at all there are any credit transactions, they are not at all recorded until the cash is actually paid or received. Receipts and payments account in case of clubs, societies, hospital, educational institutions, lawyers etc. is the best example of cash system.

Single Entry System

This system ignores the two fold aspect of each transaction as considered in double entry system. Under single entry system, purely personal aspects of transaction ie personal accounts are recorded. This method takes no note of the impersonal aspects of the transactions other than cash. It offers no check on the accuracy of the posting and no safeguard against fraud because it does not provide any check over the recording of cash transactions. Therefore, it is called as "imperfect accounting."

Double Entry System

The double entry system was first discovered by Luca Pacioliin, who was a Franciscan Monk of Italy. With the passage of time, the system has gone through a lot of developmental stages. It is the only method fulfilling all the objectives of systematic accounting. It recognizes the two fold aspect of every business transaction.

These questions are of decisive importance for a trader and the answers can only be derived from up to date financial records. Only the system of keeping the perfect records of all business transactions will help the proprietor to know the amount he has gained or lost.

The main objective of any business is to earn maximum possible profits with minimum expense. In view of this, a commercial organization always tries to expand its business, increase its sales and reduce operating expenses. The progress made in this regard, is always indicated only by the properly maintained financial records.

Meaning of Accounting

In the beginning, the main objective of accounting was to ascertain the result of the business activities (whether profit has been earned or loss has been suffered) during a year and to show the financial position of the business as on a particular date. Accounting has to meet the requirements of taxation authorities; investors, government regulations; management and owners. This has claimed in widening the scope of accounting and may be defined as follows:

"Accounting is the art of recording, classifying and summarizing, in a significant manner and in terms of money transactions and events which are in part at least, of a financial character and interpreting the result thereof."

Is Accounting a Science or an Art?

In simple words, science establishes relationship of cause and effect whereas the art is the application of knowledge comprising of some accepted theories, principles and rules. Since accounting docs not establish cause and effect relationship it only provides us with the procedure by which objectives of accounting can be achieved, therefore accounting is an art and not a science. Accounting is an art of recording financial transactions in a set of books; classifying in desired categories and summarizing the information for presentation in a suitable manner to the concerned persons for their benefit.

Scope of Accounting

The need of a system of accounting was felt by man early in the history of trade and commerce. The art of book-keeping is as old as the art of trading itself. This art of keeping records passed through many phases since its inception. With the development of commerce, it has attained a position of great importance. Indeed, it can be truly said that accounting has become the foundation on which the whole fabric of modem commerce rests.

Although there is no legal obligation on an ordinary trader to keep the records, every business house finds it essential and convenient to keep the systematic records so as to know where exactly it stands. Moreover, it is legally binding on some forms of business, such as joint stock companies, to prepare periodically, statements in proper forms showing the position of the business. A proper and satisfactory method of accounting is an essential part of any business house for the following reasons:

(1) If no records are kept, it will be difficult to find out accurate net profit. Under such circumstances, tax authorities may overestimate the profits and thus a trader will suffer for not having kept the business records.

(2) In absence of proper business records, the trader will find it difficult to submit the true position to the court in case he becomes insolvent.

(3) Keeping proper records helps the trader in framing future business plans & policies.

(4) It will be difficult to ascertain and fix the price of business to be sold or disposed off, if no records are kept.

(5) Finally, in spite of the best memory it is beyond the capacity of a trader to remember all the business transactions with back references.

Useful Tips to Reduce Computer Vision Syndrome (CVS) Symptoms

Useful Tips to Reduce Computer Vision Syndrome (CVS) Symptoms

Dependency on computers is increasing with time, in fact today a large number of people spend long hours on computers. This increased usage of computer leads to significant vision problems, one such Computer Vision Syndrome (CVS). Recent studies says that if you spend two or more hours a day in front of a computer, you might suffer from CVS.

What is Computer Vision Syndrome (CVS)?

CVS describes a group of symptoms like eye strain, dry eyes, burning or tired eyes, headache, blurred vision, neck and shoulder pain caused by prolonged computer use. These symptoms appear because the eyes and brain react differently to words on a computer screen than they do to printed text.

If you are facing these symptoms, you are not alone. A 2003 study by Delia E. Treaster, of Ohio State University, found that more than 90% of computer users experience eyestrain. Dr. Delia also found that people who spend more than five hours a day in front a computer suffered significantly and severe eyestrain.

Working on computers are unavoidable, but CVS symptoms are avoidable by taking some easy precautions. Do not wait until you're suffering. Make these adjustments now.

Use proper Lighting

Wherever you work, be it office or home, make sure your working area is properly lit. Too much light will cause reflection and too little light will lead to strain on the eyes.

Wear Computer Glasses

Computer glasses are specifically designed glasses with an anti-reflective lense. These lenses eliminate glare and radiations coming from computers and theseby enhances the visual experience.

These glasses can also be worn by users with corrective vision by adding anti-reflective coating on their spectacles.

Proper Computer Settings

One of the simplest ways to reduce eyestrain is to adjust your monitor's brightness and contrast settings. There's no right or wrong setting, just experiment until you're comfortable.

Adjust text size and color

Use font size that is easy to read, without putting any stress on the eyes. Also, use black text on a white background and avoid busy backgrounds. Sometimes, you have no control, but do so when you can.

Take a break!

Always take breaks at proper intervals, drink a glass of water or walk few meters inside your work area to stretch your body. These few minute breaks will allow your eyes and body muscles to relax.

Clean your screen

The easiest tip of all is to clean your screen frequently. Dust, fingerprint, stains or spots are distracting and make reading more difficult. Often, you do not even see the dust; you just look right past it, but it is there. So, make it a habit to wipe off your screen frequently.

Position copy correctly

Glancing back and forth between a printed copy and your computer screen causes eyestrain. To ease discomfort, place the printed copy as close to your monitor as possible. In addition, use a copy stand if possible to keep the copy upright.

Distance between your monitor and your eyes

Never sit too far from the system or too close to the system, always maintain an appropriate distance. The recommended distance between your eyes and your monitor is 18-28 inches.

Proper placement of monitor and keyboard

Ideally, your computer monitor and keyboard should be placed in front of you so that there is no twisting of body as you type and simultaneously read on the screen. In addition, place the monitor at or soon below eye level preventing too many rapid neck movements.

No same posture for more than 30 minutes

Change your body position frequently while maintaining good posture. A static posture for a long period of time will lead to fatigue and aches.

In today's day of work not using a computer / laptop etc is not an option, but its effect on the eyes can be avoided by taking right precautions. Make these precautions a must to ensure a stress free living.

How to Properly Put a Greeting Card in an Envelope

How to Properly Put a Greeting Card in an Envelope

Until someone recently asked me if there was a proper way to put a greeting card into an envelope, it had not occurred to me it was not common knowledge. With the exception of the times when I receive a greeting card that is not properly inserted. It is then just a fleeting thought before reading the message and admiring the pretty artwork of the card.

Have you ever thought about it? Did you know there was a proper way to place a card in an envelope? If not, you will be happy to know it requires little thought to present your greeting card in the best possible manner. Once you know the proper way, because it makes so much sense, it will quickly become very natural to you.

First of all, your card needs to be face up when it is opened. I know many think the front (face) should be facing the front of the envelope, like they would wrap a gift. Just the opposite is true. The card should be pretty, front, side up to the envelope opening so the receiver can enjoy the card before even removing it.

Second, the card should be placed into the envelope so that is not only face up but ready to opened and read. If the card has a side fold, opens from the side, the fold of the card should go into the envelope first. The recipient of the card will turn the envelope over so the envelope flap is right side up, open the flap, slide the greeting card out and be able to look at the front of the card without needing to turn it over first.

If the greeting card you are sending opens from the bottom, the fold is to go to the top of the envelope. Slide your greeting card into the envelope with the opening going in first, or to the bottom of the envelope. Of course, the card front is still to be face up to the envelope opening. Because we tend to open an envelope with the flap vertical to us, the recipient will need to turn the card a quarter turn to read it.

While placing your greeting card into an envelope properly may go unnoticed by the card recipient, an improperly placed card probably will be noticed. Because it is so simple to do and remember how, why not present your card so it is delightful before it even leaves the envelope?

As a hand-made card maker, this is just the last step in putting a smile on someone's face letting them know they were thought of that day.

Computer Repair Services - Tips to Select Good Computer Support Online

Computer Repair Services - Tips to Select Good Computer Support Online

Online computer repair services have become a fast and reliable problem solution for day to day technical trouble shoot needs. But with so much of service providers available to the corner it is always wise full of evaluate them prior to approaching them for your needs. Here is a list of some of the tips that one should consider.

In today's world, most of us try to look at online services, when we need to search for anything. Whether it is about searching business data or information to use in daily lives, Internet has emerged as the most reliable as well as a convenient source of search.

If you have ever purchased or owned a desktop or laptop, you will come across a problem at some point. Where do you think you can go to avail solutions for all your technical problems? Well! Internet can help. There is a plethora of online computer repair support resources available to help you with your technical complexities. However, what you should always do is contact some form of remote computer services.

Choose the online computer repair service resource who you think is professional, quick and helpful. The last thing you want to be to get in touch with some form of support to see if it is actually good fix computer problems or not. You require online computer repair services, which hold proficiency and real knowledge about their subject matter. As such, online computer repair resources hire hire qualified and certified techs. It is one place where you can have both quality and cost effectiveness hand in hand.

Most remote computer service companies offer services to both home users and to business users, and customize services to cater what you need according to your preferences. Here is the example of some services that you can expect from different computer support companies.

If you are having a slow running PC, or if you want to improve PC performance, you need to have a best online computer repair service to fix problems. Your PC can have a lot of viruses if you are regular Internet users and use the Web without having any protection on your system. You may not even know that you have any threats on your computer until it is too late. Whether a business or a personal computer gets stuck down with any of these, the effects can be catastrophic. Good computer support resource will offer you antivirus installation or spy ware removal to help you get rid of mal ware.

Finally, there are some well established and experienced online computer repairs services are offering services to fix computer problems and fix my laptop services to their clients. For more information and details, please do not hesitate to visit their web site.

Android Mobile Application Development - The Essence of Any Business

Android Mobile Application Development - The Essence of Any Business

Android is the open source operating system by Google. Since 2008, it has become the most preferred alternative to conventional operating systems especially when it comes to mobile devices. This is why android mobile application development has become essential to any business that would like to get noticed, reach out to more customers, and provide the highest-quality customer service. There are many benefits to developing an app for Android devices, most notably flexibility. App porting is hassle-free, and app developers can easily control the system resources.

When you have an Android mobile app for your business, you can make it available in the Google Play Store where consumers download the majority of their applications. Play Store has more than 1.3 million applications (and counting) to date. This shows the popularity of Android apps with millions of users around the world. A reputable Android application development company with years of experience in developing mobile apps for this operating system should be able to help you get started in creating a custom and cutting-edge mobile app that can help boost your ROI and improve your customer service.

Android mobile application development is cost-effective, and this makes it ideal for small and medium-sized businesses that may not have the resources to invest in apps for another OS. Being open source is the reason why Android mobile app development requires a lower investment. This means developers can use the software development kit freely and develop apps based on Java, resulting in a development method that is easier to master and conduct. Likewise, developers can easily make the application more intimate at a more reasonable cost.

App development for Android tends to have faster turnaround, too, since the stages typically involve only three steps: (1) application development, (2) testing, and (3) deployment to Google Play. Seasoned developers follow a streamlined approach for developing Android mobile applications, too, and they offer further maintenance and support for your apps, so you do not have to worry about managing periodic updates and addressing bugs and vulnerabilities by yourself.

Android mobile application development can be practical for a business that is implementing a BYOD policy. With Android, a company will find it more feasible to adopt a BYOD policy, since many Android devices are reasonably priced, and the cost for application development can be lower. Developers can create an app that have diverse functions for business, while making sure that it is secure.

Insurers Use a Variety of Key Tools When Assessing the Financial Stability of a Potential Account

Insurers Use a Variety of Key Tools When Assessing the Financial Stability of a Potential Account

For many small and medium sized businesses, most insurance underwriters will be able to determine the quality of risk by looking at a few key factors such as loss history, location, years in business, revenues, qualifications of management and accounting information if warranted. Yet for much larger and complex risks with revenues in the 10's of millions, ratio analysis has become mandatory. There are many types of ratios that can be derived from the accounting records. We will look at a few key ratios that assist insurers in identifying the following key objectives.

• The overall financial strength of the company
• The ability to pay premiums
• Growth and future shortcomings

I will examine 4 of the more common types of ratios used by underwriters and actuaries.

Total Assets Turnover Ratio

Leverage Ratio

Liquidity Ratio

Profitability Ratio

Total Assets Ratio- numbers from both the balance sheet and the income statement are needed to determine this ratio. The total assets turnover ratio helps determine the financial strength of the company and its ability to use assets to generate sales. It is often used in back to back year comparisons

Total assets turnover ratio = ____Sales______

Average total assets

Ex: MYcompany = 1,500,000 / ($ 960,000 + $ 1,000,000)

= 1.3

A ratio amount of less than 3 is a good indicator that there may be an issue with one or more of the asset categories such as fixed assets, inventory or account receivables. The insurer would most likely look into this further to seek out if there could be a problem with inventory or if the firm's collection period is too long.

Leverage Ratio - this ratio looks at the company's ability to meet its financial obligations. The larger the debt may be, the greater the chance that the company will be unable to meet their debt payments.

The most commonly used Leverage ratio is total debt to total assets and can be calculated as follows

Total debt to total assets ratio = ___Total debt___

Total assets

EX: Mycompany = $ 650,000 / $ 1,400,000

= .46

For each dollar of the company's assets, creditors are financing 46 cents. This is very close to 50% or 50 cents and should be monitored closely with calculations done on previous years to see how the company is trending.

Liquidity Ratio - this really quick ratio allows one to determine the company's ability to pay short term debts. A low ratio will indicate the company may be struggling and unable to meet expenses as they come due. A ratio amount of less than 2 is usually an indication of poor performance.

The most common liquidity ratio is the Current ratio calculation

Current ratio = __Current assets___

Current liabilities

EX: Mycompany = $ 130.00 / $ 48,000

= $ 2.7

Mycompany has $ 2.7 of Current Assets to meet $ 1.00 of its Current Liability. This is a good ratio.

Profitability Ratio - this ratio measures the overall performance of a company. The Net profit margin is the most easy and commonly used ratio. It quickly indicates how much of each dollar shows up as net income after all expenses have been paid. For example, if the net profit margin is 5% that means that 5 cents of every dollar is profit. A ratio amount of 5% or greater is a good indication.

Net Profit Margin = Net Income

Net Sales

EX: Mycompany = $ 45,000 / $ 560,000

= $ .084 or 8.4%

Thus Mycompany realized an 8.4% net profit after taxes.

Once a few or all of the above scenarios are run by the insurer, they can then determine if the risk presented fits their guidelines guidelines and what premiums and coverage's will be applied. If the risk is unfavorable, the insurer will most likely decline the risk and keep a record on file indicating this risk was presented and declined usually for a 3-5 year period. In addition to insurance companies, many banks have also run these formulas to help determine the efficiency of operations and credit worthiness of loan applications. These simple and quick calculations can provide instant information about a company's performance and can trigger alarming numbers that may need to be reviewed more closely. Small and medium sized business owners can do these calculations on their own or seek out an accountant to see how their business is trending before the year end income statement and balance sheet are produced.

It must be pointed out that different industries have different ratio benchmarks. Many insurance companies have gathered this information from many years of data from a number of different industries. An excellent place to obtain key business ratios is Dun and Bradsweet. Feel free to drop me a line if you have any questions or looking for other key ratio indicators.