...Management Accounting Costing and Budgeting Introduction: Management accounting is the most vital part of accounting process. The function of this department is increasing day by day. Because in the present world many company are rising very quickly. The function of management accounting is to manage the process of accounting department. It is very essential for manage all kinds of this activity. There are various functions in accounting. Management accounting remotes all the functions of accounting department. Managers have to evaluate the genuine results of function to budgeted data to evaluate the presentation of the business. They use managerial accounting practice such as measure to evaluate the routine of explicit departments. They then make required adjustments in those departments which are not the stage on form. The manners management accountants supply general of forecasting and planning, performing discrepancy analysis, reconsidering and monitoring costs innate in the business are ones that have double liability to both finance and the business panel. Examples of errands where accountability may be more consequential to the business management team vs. the business finance department are the expansion of new product costing, operations research, business driver metrics, sales management achieve carding, and client prosperity analysis. Equally, the research of certain financial reports, reconciliations of the financial data to basis structures, risk and dictatorial...
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...Managing Accounts Receivables Topic: Managing accounts receivables Name: Course: Instructor’s Name: Date: Accounts receivables have both positive and negative aspects. They are an indicator of robust sales and reliable customer base. However, the fact that accounts receivables do not constitute cash at hand or in the bank leaves a possibility of not collecting the money. Therefore, it is crucial to have in place, a system to manage accounts receivables, as well as logical implementation of effective credit and collection policies (Brigham, 2009). Credit and collection policies are an organization’s rules governing the functions of its credit and collection department. A billing manager should consider the organization’s mission and goals, financial obligations, and demands regarding risks when implementing such policies (Hong, 2008). In order to meet its financial obligations such as current expenses and bills, an organization should maintain an adequate float of cash in its possession. Ineffective credit and collection policies affect an organization’s cash flow. Policies that leave room for delayed collection activities, or extension in payment hinder a firm’s ability to meet its financial obligations (Hong, 2008). Any credit and collection policy should be in line with the organization’s goals. Organizations usually set goals that rhyme with their strategic direction and prevailing market conditions. Policies for managing credit should be in such a way as to foster...
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...GLOBAL ACCOUNT MANAGEMENT Introduction Due to globalization of economics, advances in communication and information technologies, rapid changes in global market and consumers and availability of a transnational media, makes the world an enormous borderless marketplace. Accordingly many of multinational companies have adopted global account management as a substantial strategic account and integral part of global marketing, and have focused on global consumers’ important demands. Global vs. Nation Account Management Global account management (GAM) emerged as a plan or process of relationship focusing on future of global client’s major demands, and understands them towards to increasing the return on company’s and stakeholders’ investments. Then companies must gain proper perceive of their customer’s demands, and tailoring their approach according to their customer’s needs (Woodburn & McDonald, 2011, pp.5-7). Nation or domestic account management implies on delivering service or serving the demands of consumers that are located in a nation or region; on the other hand, global account management is refer to delivering services or serves the customer’s demand throughout the world. Accordingly multinational companies needs to adopt larger accounts based on their multiple locations around the world while domestic or nations companies doesn’t needs to (Honeycutt et al, 2003, p.102). Then it is obvious that GAM’ faces larger and more sophisticated challenges, and in compare...
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...Rethinking Key Account Management: adapting and refining your Sales organization’s response to the new realities Managing the future Most executives recognize that the real assets of a company are embedded in the quality of the relationships between the company and its most important stakeholders, such as clients or customers, employees and suppliers. Developing strategic relationships with customers should therefore be a central issue on the CSO’s agenda moreover in current context. Key Account Management is a systematic process for managing key interactions and relationships with most valuable customers. It focuses on the creation, implementation, execution and evaluation of an overall plan to guide the account team in developing new relationships at the C-level, aligning the best resources to the most profitable opportunities and delivering what was promised. Everybody would agree on the strategy, even more when you know that the Pareto principle applies here also with 20% of the customers generating 80% of the revenue/profit. However when looking at our recent CSO Insights’ study, execution seems different: 51% More than half of the companies recognize that they need improvement in selecting key accounts 60% CSO interviewed understand they lose deals because their competitors have established a better relationship with their customer 52% Also recognize their Key Account plan need improvment 2 Why Key Account Management has become increasingly important ...
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...design and implementation of management control systems Name Student Affiliation (1391 words) Challenges that the top management may face when designing and implementing effective management control systems in organizations. There is always no guarantee that the management control system design and implementation of the top management will always be effective as they, just like any other functions in an organization do face numerous challenges. These management controls are always designed in such a way as to enable continuous monitoring of the involved control activities as this helps identify and provide feedback on the effectiveness of these control systems (Rangaraju and Kennedy, 2012). The implementation of these control systems is carried out both internally and externally in relations to the company involved and the various individuals in the top management are allocated different roles and responsibilities to carry out. These management control systems design and implementation procedures of the top management are always carried out thoughtfully rather than mechanically and consistency in their execution is the major contribution towards the success of any organization (Macintosh and Quattrone, 2010). Just like all the processes in a normal organization, there are various challenges that the involved top management experience in their journey towards the design and implementation of the management control systems and some...
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...perfect example for micromarketing. (Barrett, 1986) Introduction: Key Account Management (popularly known as KAM) is an organizational form emphasizes partnerships and strategic alliances with customers and suppliers, and focus on relationship building through repetitive, rather than single, sales transactions. It involves the sales and marketing process like customer selection, customer satisfaction, channel management, relationship management, etc. in building long-term relationships creating competitive advantage for the organization. It improves performance, which leads to shareholder value creation (Gosseling & Bauwen, 2006). This reports discusses the briefly the business of company B and its relevance to KAM, and then looks into problems which the company B is facing in terms KAM. The issues are analysed using various frameworks and recommendations made in the research articles on the topic and identifies the ways to tackle these problems. Recommendations are made for improving the status quo in terms of KAM. The real problem The company B which is being referred is into manufacturing of industrial pressure relieving devices which are used in petrochemicals, refineries, pharmaceuticals, chemicals, food, cement and power plants. The sales forces is responsible for generating MRO (Maintenance, Repair and Overhaul) businesses, following new projects in the region and handling KA (Key Accounts), which are majorly OEMs (Original Equipment Manufacturers). The company...
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...Certified Management Account May 5th, 2010 The CMA certification was developed in 1972 to provide an objective measure of an individual’s knowledge and competence in the field of management accounting. (Institute of Certified Managment Accountants, 2009, p. 1) The CMA exam is made up of different components that test the skills an accountant or another individual in the finance field would use on the job including financial planning, analysis, control, and decision support. (Institute of Certified Managment Accountants, 2009, p. 1) There are numerous requirements for taking the CMA exam, as well as to maintain your CMA certificate but they are only mediocre compared to the benefits the Certified Management Accountant Certificate can do for you. The CMA exam is administered, developed and graded by the Board of Regents of the Institute of Certified Management Accountants. (Institute of Certified Managment Accountants, 2009, p. 2) The Board of Regents also has the responsibility to evaluate and validate the CMA applications to make sure they have meant all the requirements to be a CMA. (Institute of Certified Managment Accountants, 2009, p. 2) To be eligible to take the CMA exam you much first become a member of the IMA and pay an entrance fee, $200 for regular members but only $75.00 for any students. (Institute of Certified Managment Accountants, 2009, p. 3) Once a member of IMA the Board of Regents will make sure that you have a Bachelors Degree from an accredited...
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...and can be easily traced to a cost object. F____ 6. In an actual cost system, actual production overhead costs are typically accumulated in an Overhead Control account and assigned to Work in Process at the end of the period. __T__ 7. In an actual cost system, factory overhead is applied to Work in Process using a predetermined overhead rate. _F___ 8. In an actual cost system, overhead is assigned to Work in Process Inventory with a credit entry to the account. T 9. Variable costing is commonly used for internal reporting. _T___ 10. If underapplied factory overhead is material, it is prorated among Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold. __F__ 11. Practical capacity does not adjust for routine downtime in a production process. __T__ 12. Practical capacity is the capacity that can be achieved during normal working hours. ___T_ 13. The high-low method excludes outliers from the calculation of the slope of a regression line. ____T 14. A flexible budget is a planning document that presents expected variable and fixed overhead costs at different activity levels. __T__ 15. If sales exceed production, absorption costing net income exceeds variable costing net income. ___F_ 16. Business value-added activities add value to a product. ___T_ 17. Management should strive to reduce or eliminate non-value added activities from a production process. _T___ 18. Unit...
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...I. STATEMENT OF THE PROBLEM The problem in the case “Hewlett-Packard’s Global Account Management” was the conflict of Global Account Managers (GAM) and country managers while implementing the GAM program. Beyond the performance measurement system, country managers felt threatened by the GAM as a whole. Country managers that did not buy into the GAM program were given several opportunities to accept the program and work with the GAMs. If managers did not eventually buy into the program they encouraged to pursue opportunities elsewhere in the organization or outside HP. II. OBJECTIVE The objective of this case study was to be able to understand the importance of delegation of tasks to employees in an organization. III. AREAS OF CONSIDERATION The three most important areas of consideration for this case are the following: 1. The Global Management Program itself. 2. The delegation of tasks to Hewlett-Packard’s employees. 3. The benefits of GAM to Hewlett-Packard’s customers. IV. ALTERNATIVE COURSES OF ACTION The following are the alternative courses of actions for this case study: 1. To continue the Global Account Management Program and maintain the existing policies. 2. To discontinue the GAM program and formulate other strategy since it creates conflict between the global account managers and country managers. 3. To continue the GAM program and have further analysis or re-evaluation on the proper delegation of tasks to...
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... What is Strategic Account Management? * Strategic account management is a systemic process for managing key interactions and relationships with critical accounts * 20% of customers generate 80% of the revenue/profit * Strategic accounts tend to provide a disproportionate share of a firm’s revenue/profit * Must manage account relationships, and be accountable for ongoing and long-term financial growth 2. 3. What are the benefits of Strategic Account Management? * Strategic account management can offer a competitive advantage, the key to greater loyalty, and the road to higher profitability * A well-designed and well executed strategic account management program can minimize, or in some cases, eliminate competition 4. What are the challenges of implementing Strategic Account Management? * Programs falter when firms underestimate the time, resource requirements, and complexity of rolling out the program * Creating a systemic way to manage strategic accounts is a little like putting down the road as you’re driving on it * You must maintain your firm’s financial performance while reinventing the way it serves its most critical customers. This is perhaps the greatest challenge in implementing strategic account management. 5. Create cross-functional executive leadership * This leadership helps create and communicate the urgency that ensures organizational commitment to strategic account management * These cross-functional...
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...My sister does market research for the government, and I am an advertising student at the Art Institute. Market research is the gathering and evaluation of data regarding consumers' preferences for products and services. Advertising is the activity of attracting public attention to a product or business, as by paid announcements in the print, broadcast, or electronic media. When I asked my sister if I could get a job working for the government after I graduate; she took me to her job only to find out that market research is not advertising. Though advertising does do market research some companies feel a business marketing degree is better for their services. However, I can take some business classes, and become an intern. Advertising is a single component of the marketing process. It's the part that involves getting the word out concerning your business, product, or the services you are offering. It involves the process of developing strategies such as ad placement, frequency, etc. Advertising includes the placement of an ad in such mediums as newspapers, direct mail, billboards, television, radio, and of course the Internet. Advertising is the largest expense of most marketing plans, with public relations following in a close second and market research not falling far behind. The best way to distinguish between advertising and marketing is to think of marketing as a pie, inside that pie you have slices of advertising, market research, media planning, public relations, product...
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...Relationship Management and Key Account Management [Name of writer] [Name of institution] Table of Contents Introduction 1 Customer Relationship Management 1 Customer Relationship Management in Business to Business 1 Customer Relationship Management in Business to Customer 2 Issues related to CRM in B2B and B2C 2 Customer Privacy 3 Technical Immaturity 4 Ownership and Accountability 4 Importance of Customer Loyalty 5 Conclusion 5 References 7 Customer Relationship Management and Key Account Management Introduction This paper intends to focus on the importance and need of customer relationship management for business organizations. The paper will focus the role of customer relationship management in business to business marketplace. In addition to this, the paper will incorporate the role of customer relationship management in business to customer marketplace. The paper will further illustrate the issues which are associated with customer relationship management in business to business marketplace. Issues related to customer relationship management in business to customer marketplace will also be included in the paper. Positive and negative impacts of relations on business dealings will also be discussed in the paper. All of these discussions will help in understanding proper role of customer relationship management in the both B2C and B2B marketplace. Customer Relationship Management CRM i.e. Customer Relationship Management is referred...
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...ACCOUNT PLANNING MANAGEMENT MCC2543 ASSIGNMENT 1 CONTENTS Part 1: Research Background 1. Company/Product Background 2. Research Problem 3. Research Question 4. Research Objective 5. Methodology Part 2: Finding and Recommendation Report 1. Problem Identification 2. Identification of Consumer Behavior 3. Demographics and Regional Subcultures 4. Consumer Expectations 5. Consumer Motivations 6. Brand Loyalty 7. Creative Recommendation PART 1 1/ Company Background History of VW Volkswagen AG is a Germany-based automobile manufacturer. The Company develops vehicles and components, and also produces and sells vehicles, in particular Volkswagen brand passenger cars and commercial vehicles. The Company consists of two divisions: Automotive and Financial Services division. The Automotive division is responsible for the development of vehicles and engines, the production and sale of passenger cars, commercial vehicles, trucks and buses, and the genuine parts business. The Financial services division's portfolio of services includes dealer and customer services in the field of financing, leasing, direct bank, insurance and fleet business. The Company's brands include Volkswagen, Audi, Bentley, Bugatti, Lamborghini, SEAT, Skoda, Scania and Volkswagen Commercial Vehicles and each brand offers a product range from low-consumption small cars to luxury class vehicles, as well as pick ups, busses...
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...CHAPTER 2 SYSTEM DEVELOPMENT LIFE CYCLE TYPES OF INFORMATION SYSTEM Transaction Processing Systems A transaction processing system provides a way to collect, process, store, display modify or cancel transactions. Most of these systems allow multiple transactions to take place simultaneously. The data that this system collects is usually stored in databases which can be used to produce reports such as billing, wages, inventory summaries, manufacturing schedules, or check registers. Management Information Systems A management information system is an information system that uses the data collected by the transaction processing system and uses this data to create reports in a way that managers can use it to make routine business decisions in response to problems. Some of the reports that this information system creates are summary, exception and ad hoc reports. All this is done to increase the efficiency of managerial activity. Decision Support Systems A decision support system helps make decisions by working and analyzing data that can generate statistical projections and data models. This system gives support rather than replacing a managers judgement while improving the quality of a managers decision. A DSS helps solve problems while using external data. Expert Systems and Neutral Networks An expert system, also known as a knowledge-based system, is a computer system that is designed to analyze data and produce recommendations, diagnosis and decisions that are controlled...
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...A Service Level Agreement for Provision of Specified IT Services Between Finman Account Management, LLC, Datanal, Inc., and Minertek, Inc. 1. Period of Service The service level agreement (SLA) is for a period of three years, commencing on July 1, 2011, and concluding on June 30, 2014, with provision for renewal and extension upon agreement of all parties and contingent upon satisfactory fulfillment of specified services, as determined by semiannual review. 2. Parties to the Agreement Finman Account Management, LLC, employs more than 9,000 professional staff in 70 offices located in 20 countries and realizes gross income of nearly $4 billion annually. Finman provides a range of business management services and takes particular pride in staying abreast of information technologies, trends, and applications—particularly those that help control costs, eliminate overlap, and enhance efficiency and productivity. With more than 50 years experience in business management, Finman has gained a broad and deep understanding of their own and their customers’ resources, needs, and growth potential, particularly in the present rapidly evolving and expanding IT environment. After meticulous review, Finman has determined that with the assistance of the above-named firms, Finman will be positioned to significantly improve and expand its services to its existing customers and compete more effectively nationally and internationally. Datanal, Inc., was established by five IT entrepreneur...
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