Tag: Modern

  • The use of computerized accounting systems

    The use of computerized accounting systems

    Discover the essential role and use of computerized accounting systems in modern business. Learn how they enhance efficiency, accuracy, and decision-making for sustainable growth. Dive into key features, benefits, and emerging trends transforming financial management.

    The Indispensable Role and Use of Computerized Accounting Systems in Modern Business

    In today’s fast-paced and data-driven business environment, efficiency, accuracy, and accessibility are paramount. While manual accounting methods once reigned supreme, they are increasingly proving to be cumbersome, prone to errors, and ill-equipped to handle the complexities of modern financial management. This is where the use of computerized accounting systems steps in, offering a transformative solution that streamlines financial operations, enhances decision-making and ultimately contributes to business growth.

    The transition from manual ledgers and calculators to sophisticated software has revolutionized how businesses manage their finances. These systems, range from simple spreadsheet-based solutions to complex enterprise resource planning (ERP) modules. Provide a centralized platform for recording, processing, and reporting financial data. This article will delve into the multifaceted benefits, challenges, key features, and the evolving landscape of the use of computerized accounting systems. Highlighting their indispensable role in contemporary business success.

    The Shift from Manual to Digital: Embracing Efficiency and Accuracy

    The fundamental advantage of the use of computerized accounting systems lies in their ability to automate repetitive tasks. Manual accounting involves significant manual data entry, which is time-consuming and prone to human error. Computerized systems, on the other hand, allow for the efficient recording of transactions, automatic calculations, and the generation of reports with minimal manual intervention.

    Consider the process of invoicing. Manually creating and sending invoices can involve significant paperwork and time. With a computerized system, invoices can be generated automatically from sales data, emailed directly to clients, and tracked for payment status. This automation not only saves time but also significantly reduces the risk of errors in calculations and data entry.

    The benefits of this shift are undeniable:

    • Increased Efficiency: Automated processes free up accounting staff to focus on more strategic tasks, such as financial analysis and planning.
    • Improved Accuracy: Automated calculations and data validation minimize the risk of human error, leading to more reliable financial information.
    • Enhanced Data Management: Computerized systems provide a centralized repository for all financial data, making it easier to access, manage, and analyze.
    • Faster Reporting: Generating financial statements and reports becomes significantly faster and more efficient, providing timely insights for decision-making.

    Unpacking the Advantages: A Deeper Dive

    Beyond the fundamental improvements in efficiency and accuracy. The use of computerized accounting systems offers a plethora of advantages that contribute to overall business success.

    • Real-Time Financial Visibility: These systems provide up-to-the-minute insights into a company’s financial health. Key metrics like cash flow, profitability, and outstanding invoices are readily available, enabling informed decision-making.
    • Streamlined Auditing: Maintaining a digital trail of all financial transactions makes the auditing process significantly easier and more efficient. Auditors can quickly access and verify data, reducing the time and cost associated with audits.
    • Enhanced Collaboration: Many computerized systems offer features that allow multiple users to access and work on financial data simultaneously. Fostering collaboration within the accounting department and across different departments.
    • Improved Compliance: These systems can be configured to comply with accounting standards and regulations. Helping businesses avoid costly penalties and maintain regulatory compliance.
    • Scalability: As a business grows, its accounting needs become more complex. Computerized systems can scale to accommodate increasing transaction volumes and data complexity, ensuring long-term viability.
    • Cost Savings: While there is an initial investment, the use of computerized accounting systems can lead to significant long-term cost savings through reduced manual labor, fewer errors, and improved efficiency.
    • Better Customer Relationship Management: Integrating accounting systems with CRM platforms allows businesses to track customer payment history, manage invoices efficiently, and gain a better understanding of customer profitability.

    Navigating the Challenges: Implementation and Ongoing Management

    While the advantages of the use of computerized accounting systems are compelling. It’s important to acknowledge the potential challenges associated with their implementation and ongoing management.

    • Initial Investment Costs: Implementing a new accounting system can involve significant upfront costs for software licenses, hardware upgrades, and implementation services.
    • Data Migration: Transferring historical data from manual systems or older software can be a complex and time-consuming process.
    • Training and User Adoption: Employees need to be adequately trained on how to use the new system effectively. Resistance to change and a lack of training can hinder successful implementation.
    • Data Security Concerns: Storing sensitive financial data digitally requires robust security measures to protect against cyber threats and data breaches.
    • System Dependence: Over-reliance on the system can be detrimental if technical issues arise or if the system is not properly maintained.
    • Customization and Integration: Businesses may require customization to tailor the system to their specific needs, and integrating it with other business applications can be challenging.

    Key Features of Modern Computerized Accounting Systems

    Modern computerized accounting systems offer a wide range of features designed to streamline financial operations and provide valuable insights. These features often include:

    • General Ledger: The core of any accounting system, the general ledger records all financial transactions.
    • Accounts Payable (AP): Manages invoices and payments to suppliers.
    • Accounts Receivable (AR): Manages invoices and payments from customers.
    • Payroll: Processes employee salaries, deductions, and tax withholdings.
    • Inventory Management: Tracks inventory levels, costs, and sales.
    • Fixed Asset Management: Manages the acquisition, depreciation, and disposal of fixed assets.
    • Financial Reporting: Generates various financial statements, such as balance sheets, income statements, and cash flow statements.
    • Budgeting and Forecasting: Allows for the creation and management of budgets and financial forecasts.
    • Bank Reconciliation: Automates the process of reconciling bank statements with internal records.
    • Multi-Currency Support: Enables businesses to manage transactions in multiple currencies.
    • Integration Capabilities: Allows for seamless integration with other business applications, such as CRM and e-commerce platforms.

    Table: Comparing Manual and Computerized Accounting Systems

    FeatureManual Accounting SystemComputerized Accounting System
    SpeedSlow and time-consumingFast and efficient
    AccuracyProne to human errorHighly accurate with automated calculations
    AccessibilityLimited access, often paper-basedAccessible to authorized users from anywhere
    ReportingTime-consuming and difficult to generateFast and easy report generation
    Data StoragePhysical storage, prone to loss and damageDigital storage, enhancing security
    CostLower initial cost, higher long-term costsHigher initial cost, lower long-term costs
    SecurityVulnerable to physical damage and lossRequires digital security measures

    The Impact on Business Operations: A Holistic View

    The use of computerized accounting systems has a profound impact on various aspects of business operations, extending beyond the accounting department.

    • Improved Decision-Making: Access to accurate and timely financial information empowers managers to make more informed decisions regarding investments, pricing, and resource allocation.
    • Enhanced Operational Efficiency: Streamlined processes and automation lead to increased efficiency across different departments.
    • Stronger Financial Controls: Computerized systems provide robust audit trails and internal controls, reducing the risk of fraud and errors.
    • Better Communication: Shared access to financial data facilitates better communication and collaboration between departments.
    • Increased Competitiveness: Businesses that leverage computerized accounting systems are often more efficient and agile, giving them a competitive edge in the market.
    • Support for Growth: Scalable accounting systems can support business expansion and diversification without significant disruptions.

    The field of computerized accounting is constantly evolving, with emerging technologies shaping its future. Key trends include:

    • Cloud-Based Accounting: More businesses are adopting cloud-based accounting solutions, offering greater flexibility, accessibility, and cost-effectiveness.
    • Artificial Intelligence (AI) and Machine Learning (ML): AI and ML are being integrated into accounting systems to automate tasks like data entry, fraud detection, and predictive analytics.
    • Robotic Process Automation (RPA): RPA is being used to automate repetitive and rule-based accounting tasks, freeing up human accountants for more strategic work.
    • Blockchain Technology: Blockchain has the potential to enhance the security and transparency of financial transactions.
    • Integration with Other Business Systems: The trend towards greater integration between accounting systems and other business applications will continue to grow, providing a holistic view of business operations.

    Conclusion: Embracing the Digital Age of Accounting

    The use of computerized accounting systems is no longer a luxury but a necessity for businesses of all sizes. The advantages in terms of efficiency, accuracy, and accessibility are undeniable, contributing significantly to improved decision-making, enhanced operational efficiency, and ultimately, business success.

    While challenges exist in implementation and ongoing management, the long-term benefits far outweigh the costs. As technology continues to evolve, businesses that embrace the digital age of accounting will be better positioned to thrive in the competitive landscape. Investing in the right computerized accounting system is an investment in the future of the business. Ensuring financial health, compliance, and sustainable growth.

  • The modern role of marketing manager: How to be Know

    The modern role of marketing manager: How to be Know

    The role of a modern marketing manager has evolved significantly in response to the ever-changing digital landscape. Today, marketing managers are responsible for developing and executing comprehensive strategies that drive business growth and meet the needs of a highly connected consumer base. They play a crucial role in shaping brand identity, increasing visibility, and fostering customer engagement.

    Understanding the modern role of the marketing manager

    One of the primary responsibilities of a current marketing manager is conducting market analysis. This involves researching target audiences, analyzing customer behavior, and monitoring competitors’ activities. By gaining insights into these areas, marketing managers can develop effective strategies that resonate with their target customers.

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    Strategy development is another key aspect of the modern marketing manager’s role. They create comprehensive marketing plans that align with the business goals and target audience insights. This includes deciding on the most suitable marketing channels, crafting compelling messaging, and allocating budgets.

    Campaign management is also a crucial responsibility. Marketing managers oversee the implementation of marketing campaigns across various channels, such as digital advertising, social media, email marketing, content marketing, and events. They ensure that campaigns are executed smoothly and effectively to maximize their impact.

    Brand management is another vital component of the modern marketing manager’s role. They are responsible for maintaining consistent brand messaging and positioning across all marketing activities and materials. This involves managing brand guidelines, monitoring brand perception, and proactively managing brand reputation.

    Currently roles

    In today’s digital age, digital marketing plays a crucial role in marketing strategies. Marketing managers utilize digital tools and technologies to reach and engage with target audiences. This includes managing websites, optimizing search engine visibility, leveraging social media platforms, and using data analytics for decision-making.

    Collaboration is key for a modern marketing manager. They work closely with cross-functional teams such as product development, sales, and creative teams to ensure alignment and integration of marketing efforts. By collaborating effectively, marketing managers can enhance the impact of their strategies and drive overall business growth.

    Performance tracking and analysis is another important responsibility. Marketing managers monitor campaign performance, measure key metrics, analyze data, and make data-driven decisions to optimize marketing strategies and tactics. This continuous monitoring and analysis help them stay agile and adapt their approach as needed.

    Lastly, customer relationship management is crucial for a modern marketing manager. They develop and implement strategies to attract, retain, and nurture customer relationships. This may involve customer segmentation, personalized marketing initiatives, and customer journey mapping to create tailored experiences for different customer segments.

    8 The modern role of the marketing manager

    The role of a modern marketing manager encompasses a wide range of responsibilities. They are responsible for developing and executing marketing strategies to promote products or services, increase brand awareness, and meet business objectives. Some key tasks include:

    1. Market analysis: Conducting market research, identifying target audiences, and analyzing customer behavior and competitors’ activities.
    2. Strategy development: Creating comprehensive marketing plans that align with the business goals and target audience insights. This includes deciding on marketing channels, messaging, and budget allocation.
    3. Campaign management: Overseeing the implementation of marketing campaigns across various channels, such as digital advertising, social media, email marketing, content marketing, and events.
    4. Brand management: Ensuring consistent brand messaging and positioning across all marketing activities and materials. This involves maintaining brand guidelines, monitoring brand perception, and managing brand reputation.
    5. Digital marketing: Utilizing digital tools and technologies to reach and engage with target audiences. This includes managing websites, optimizing search engine visibility, leveraging social media platforms, and utilizing data analytics for decision-making.
    6. Collaboration: Working closely with cross-functional teams such as product development, sales, and creative teams to ensure alignment and integration of marketing efforts.
    7. Performance tracking and analysis: Monitoring campaign performance, measuring key marketing metrics, analyzing data, and making data-driven decisions to optimize marketing strategies and tactics.
    8. Customer relationship management: Developing and implementing strategies to attract, retain, and nurture customer relationships. This may include customer segmentation, personalized marketing initiatives, and customer journey mapping.

    The modern marketing manager must keep up with evolving technologies, consumer trends, and industry best practices to effectively drive marketing success in today’s digital landscape.

    Bottom line

    The role of a modern marketing manager has evolved to meet the demands of the digital age. They are responsible for conducting market analysis, developing comprehensive strategies, managing marketing campaigns, maintaining brand consistency, utilizing digital tools, collaborating with cross-functional teams, tracking performance, and implementing customer relationship management strategies. They must stay up-to-date with technology and industry trends to drive marketing success in today’s digital landscape.

  • Modern packaging and Printing process design

    Modern packaging and Printing process design

    What is the relationship between modern packaging and printing process design? In the development of the field of packaging design in our country at the present stage. We are facing many challenges and pressures. In the process of packaging design in the future. We need to solve problems that only pay attention to graphic design and despise structural design and production technology.

    Here are the articles to explain, the relationship between modern packaging and printing process design

    The evaluation of the correlation between modern printing processes can maximize the overall level of packaging design and avoid being affected by some design limitations, resulting in products with low value and attractiveness. Packaging design is systematic work, so many elements involve in the design process. For example, material design, structural design, graphic design, and manufacturing techniques.

    In the field of packaging design in some developed countries, the design working group has been subdivided. The members have a certain understanding of materials and structure, which can improve the level of packaging design. An analysis of this article mainly expounds on the relationship between modern packaging design and printing technology. To provide a certain reference for researchers in related fields.

    Research background

    With the development and progress of my country’s modern society, the socialist market economy has achieved comprehensive development and progress. In the future development process of the packaging industry. Whether it is technology, materials, or equipment, there has been a relatively obvious improvement at the technical level. After being applied to packaging design, it can well improve the overall level and effect of packaging design. Printing technology is also widely used in packaging design. The development and progress of printing technology, it has brought an intuitive improvement to the overall effect of packaging design.

    For example, the cam printing process, gravure printing process, hot silver, hot stamping special printing process, etc., have been used in packaging design more comprehensively. These technologies are applied to all aspects of actual packaging design. Which can further improve the packaging design effect and solve various problems in development. Take the gold stamping and silver stamping process of cigarette packs as an example: in the packaging design, hot press transfer can use to promote the transfer of anodized aluminum, and at this time, metallic “gold” or “silver” can appear on the cigarette pack.

    Additional

    Packaging design through hot stamping and hot silver can make the cigarette case more delicate. The current packaging design process has been closely related to the printing process. And with the development and progress of science and technology. The printing process has also brought more influence on packaging design in practical applications.

    The application of various image technologies, text technologies, and plate-making technologies brings more challenges to the development of packaging design. Further promotes the rationality of packaging design, and comprehensively improves the overall effect of packaging design. Therefore, clarifying the relationship and influencing factors between different printing processes and packaging design, and clarifying the direction of development in the future development of packaging design can further strengthen the connection between the printing process and packaging design and improve the overall packaging design. Effect.

    Printing difficulties

    In the process of packaging design, it is first necessary to understand the process flow in actual production during design. Therefore, to carry out scientific and reasonable design, relevant designers need to analyze the design process and the possible problems in the printing process and use targeted analysis to make corresponding judgments and solutions to ensure the high quality of the packaging design effect presented.

    Color change

    Many designers who do not understand the printing process will directly use the colors. That can display on the monitor to determine the color of the design package. This leads to the problem that the actual color is not the same as the color of the display after printing. This problem of deviation typesetting affects the final effect of the packaging. Such a problem arises because the display and printing color rendering principles are not the same.

    The color rendering method of the display is based on the color light additive method, based on the RGB three primary colors. However, the color development method of printing mainly uses the color subtraction method, based on the four colors of CMYK. However, the color gamut of RGB is larger than the color rendering area of ​​CMYK. So many colors in RGB cannot display by ink. Luckily, UV curing, which uses UV light to instantly dry inks, coatings, and adhesives, can make colors appear more vibrant.

    In addition, the process of color digital typesetting will also affect by different color rendering methods, resulting in different colors. Secondly, due to the different structures of printing patterns, to achieve good color control during the design process. It is necessary to set up a CMYK grid and pay attention to the analysis of the basic principles of printing. To avoid the occurrence of too thin text strokes, which will lead to The problem of inaccurate overprinting occurs.

    Difficulty reading font changes and inverted white characters

    After the packaging design is complete, the content needs to check. And the film can be output after the customer signs and confirms. During the process of checking and analyzing the film, font changes often occur. This is mainly because the desktop publishing system has certain requirements for computer-designed font software. Therefore, during the output process, fonts need to be pre-processed for the presentation of design works.

    Different software fonts have different information processing methods. When processing, targeted analysis require. In the packaging design process, the reverse white characters should use with caution. To make the used reverse white characters readable. You can set a clear color in the shadow position of the reverse white characters. The proportion of dots should be more than 70%, to maximize the control of the unreasonable design.

    Processing sequence

    In packaging design in the past, designers and printers were often out of sync. They did not have a sufficient understanding of the printing process. This led designers to analyze and design from the perspective of appearance. The finished product could not adapt to subsequent production and processing. For example, there is a lack of expansion analysis after printing. So it requires understanding the specific process type in the process of processing to achieve good special effect processing.

    Analysis of the relationship between modern packaging design and printing technology

    Lithographic printing process

    The development and progress of printing technology have brought a relatively direct impact on packaging design. The lithographic printing technology used in the printing process can make wider use of its printing carrier. At the same time, with the development of various technologies, the printing quality has stood significantly improved.

    For example, under the sleeve processing method of computer direct plate making, flexible drive, and convenient operation. It can meet the requirements of various printed materials in the actual application link. For example, it has stood well used in the fields of self-adhesive printing and packaging, trademark labels, food packaging, and pharmaceutical packaging. With the development of the market, people put forward higher design requirements for packaging design.

    Other Process

    In the actual design, it is necessary to ensure the advanced nature and specificity of the entire design process, coupled with the rationalization of energy-saving and environmental protection requirements for packaging materials, it is necessary to conduct a rational analysis of the printing process in the modern packaging design process. The overall consideration of the printing process is basically to use the printing process to comprehensively process the text, graphics, colors, etc. in the packaging design. So that incompatibility can avoid after the various technologies and equipment of the printing process update. question.

    Secondly, in the current development of packaging design. Whether it is in the process of media publicity, corporate image, or environmental design. It is necessary to conduct comprehensive and rational analysis and processing of various designs in daily life. The development of the entire design work will have a more direct impact on the development of the market. Along with the development of printing technology. It is necessary to actively carry out comprehensive and reasonable analysis and processing of modern packaging design links.

    For example, by adopting diversified packaging design methods (such as seals, calligraphy, and traditional pattern comprehensive design methods), the printing process is more complicated, and the process is more, and requirements are higher so a higher level of product packaging can be designed. At the same time, some In the analysis of excellent packaging design products. It stands found that many printing processes are comprehensively used in design works. Such design effects put forward higher requirements for the understanding of printing processes. We must actively use perfect processing methods to comprehensively improve the processing effect and Level. The packaging design shown integrates a variety of printing processes.

    Three-dimensional printing process

    Compared with other types of modern printing processes, the three-dimensional printing process used in the actual use process can help the packaging design to present a more special effect. The use of such a printing process can often present a more obvious three-dimensional visual effect on a two-dimensional plane. Secondly, the reasonable application of three-dimensional printing technology in packaging design can bring an intuitive and positive impact on packaging design. In the processing of the printing process, since it has entered a new field, it is necessary to conduct a comprehensive analysis and processing of special process characteristics and advanced technologies in the future development process.

    In my country’s current packaging design field, the use of three-dimensional printing technology divides into several common types, namely holographic three-dimensional printing, dynamic three-dimensional printing, and ordinary three-dimensional printing. The use of three-dimensional printing is mainly based on the use of optical principles to process and analyze two-dimensional image information. Secondly, in the three-dimensional processing method, the three-dimensional printing technology needs to photograph in an arc movement. In this way, the overall effect after printing can comprehensively improve under the special printing process.

    Corresponding printing process

    The corresponding printing process is mainly based on laser holography to form a new three-dimensional printing image, and correspondingly adopts a special laser imaging process to comprehensively improve the overall post-finishing effect of the product. Holographic three-dimensional printing (left) and dynamic three-dimensional printing (right). Three-dimensional printing technology is an advanced technology in the printing process at present. With the development of science and technology in our country, this process will undergo comprehensive development. After printing in the future In the process of processing. It can well help various design elements and pattern information in packaging design to present with high quality and high effect.

    Secondly, when three-dimensional modern printing applies to packaging design, it can get good anti-counterfeiting treatment, especially in the process of anti-counterfeiting treatment, avoiding scanning and copying. Under such a post-processing method, it is also necessary to comprehensively consider the design concept and printing process to ensure that the designed graphic content can display using three-dimensional printing technology. In the development of packaging design in the future, the processing method of the three-dimensional printing process will analyze more from the perspective of the designer, to obtain a more comprehensive performance and processing ability.

    Additional printing process

    On the other hand, after adopting such a three-dimensional modern printing process, the recognition of packaging design has also stood improved. So it has stood well used in the market, allowing consumers to better identify it. For designers, in the packaging design process, the use of three-dimensional printing technology needs to strengthen the concept of printing technology in the early design planning Understand and analyze, use perfect design concepts, such as the PDCA cycle design concept, to comprehensively increase the added value of products, and actively improve the marketing of products accordingly, to avoid serious problems of homogeneity and avoid There is fierce competition in packaging design in the open market.

    To sum up, in modern printing, in the process of packaging design, the subdivision of design work must always conform to the various printing process methods of the product, and at the same time strengthen the design concept. Providing good visual effects, strengthening the added value of product packaging, improving the level of packaging design, and attracting consumers’ attention, is an important considerations for the development of packaging design in the future.

    What is the relationship between modern packaging and printing process design Image
    What is the relationship between modern packaging and printing process design? Photo by Neven Krcmarek on Unsplash.
  • Modern Project Management Software in Jira

    Modern Project Management Software in Jira

    How to Use Modern Project Management Software in Jira a Step-by-Step Guide and Training. They help groups arrange and prioritize duties to higher reap commercial enterprise goals. To cope with the complicated methods concerned in initiatives like creating an app or onboarding a new employee, you want a current project management platform.

    Here are the articles to explain, a Step-by-Step Guide and Training for Use Modern Project Management Software in Jira!

    Jira is amongst the most established, powerful, and feature-complete modern project management equipment available. It is simple to set up and reachable each on the cloud and on-premises. And its native and cutting-edge project management abilities can be — and regularly ought to be — heavily personalized and more advantageous through a broad range of plugins to meet development, tracking, price range management, and Scaled Agile Framework (SAFe) needs.

    Jira offers a unique way of connecting processes with project data. Building a WBS is no longer a separate sheet of tasks. Everything connects and becomes one, which leads to an increase in communication, information flow, reportability, etc. Currently, the best tool for Jira when it comes to project management is BigPicture training. This is a whole piece of information to modern project management in Jira, from placing up your first assignment to customizing it to shape your organization’s needs.

    Startup a New Project in Jira

    Projects in Jira stand used to crew devices of work, which Jira calls “issues”. An easy challenge for writing weblog posts may consist of solely a few issues, every one corresponding to a single post, that all use the identical workflow. On the different quit of the complexity spectrum, a mission for creating a complex piece of software ought to embody heaps of troubles assigned to dozens of group participants that rent a range of specific workflows.

    There are two kinds of tasks in Jira Software: basic and next-gen. Classic tasks characteristic standardized, world configurations that can copy throughout a couple of projects, and they can solely create by using Jira administrators. Next-gen tasks can configure individually, and any Jira consumer can create one by way of default. In general, traditional tasks provide larger customizability than next-gen projects, which are less difficult to set up and use but lack the flexibility and energy supplied via traditional projects.

    To create both kinds of projects, follow these steps:

    • Select Projects from the menu on the left facet of the screen, then click on View all projects.
    • Choose Create project and then both Classic assignment or Next-gen.
    • Name the project and pick out its templates, such as Scrum or Kanban. If you’re growing a traditional project, you can reproduce the traits of some other project, such as workflows and problem types, for use in your new project at this point.
    • Click Create to whole the process.

    Now that you’ve created the project, you can cross on to some extra necessary setup tasks.

    Why use Jira for Modern Project Management Software?

    Modern project management software is an exercise that entails planning, executing, and monitoring all of the strategies and duties required to attain a set enterprise goal. While all three variations of Jira — Core, Software, and Service Desk — are strong project management tools, Jira Software is required to take gain Jira’s agile capabilities, like Scrum and Kanban boards.

    Jira was once at first developed with the aid of Atlassian to meet the desires of software program improvement teams. However, it is now well-equipped to deal with nearly any challenge administration use case. Here are simply a few examples of how you can jump-start modern project management in your agency with the use of Jira:

    From recipe to business reality.

    You can’t dive into cooking earlier than creating a recipe. Likewise, mission planning doesn’t begin till you become aware of the commercial enterprise case, crew members, goals, and solutions. With a clear vision, your mission can in the end take shape.

    Create and personalize workflows to supply constant results.

    Every venture relies upon workflows that will preserve groups on a timetable and reliably produce the anticipated outcome. Jira’s workflow-related aspects are amongst the most precious for modern project management. Administrators can personalize the steps and resolutions of workflows and have an excessive degree of manipulation over how and when workflows transition from one step to the next.

    Envision your plan.

    There are many factors to defining a task scope. Envision the composition of your mission with the aid of answering the question: What does the project purpose to achieve? What work ought to accomplish it? Using Confluence, you can without difficulty visualize your project plan and talk it to stakeholders.

    Be it traditional documentation or an immersive prototype with flowcharts, the software program can manage it all. The satisfactory part? You can immediately convert each motion object into a Jira challenge as the project kicks off.

    Discover treasured insights.

    To correctly manipulate ongoing projects, you want to be in a position to tune the personnel. Sources are allotted to every and determine the place work stands at a glance. Jira’s reporting and visualization facets supply you with a real-time viewpoint on crew performance. Which makes it less difficult to meet deadlines, alter workloads, and enhance efficiency.

    Practice agile project management.

    Jira Software’s agile skills are a magnificent boon for modern project management. An agile strategy emphasizes rapid responses to change, high-quality collaboration, and the profitable completion of tasks over painstaking documentation. Jira Software customers can pick both Scrum, an agile framework targeted at simplicity and self-organization, or Kanban. Which is situated around the use of Kanban boards that permit everyone to shortly prepare and tune tasks.

    Choose from heaps of handy plugins.

    Jira’s native and modern project management competencies can be better with many beneficial plugins. For example, you can take gain of the street mapping aspects handy via add-ons like Portfolio for Jira. In addition, automate Jira with the use of an app like ScriptRunner, or enhance reporting on your tasks with a plugin like eazyBI Reports and Charts.

    Improve alignment and collaboration amongst group members.

    It’s effortless to lose song of initiatives as they cross from one group member — or branch — to another, or for techniques that are codependent to stall due to a lack of coordination. Your crew individuals can use Jira to screen their very own assigned troubles for every assignment and to see how others are progressing. They can additionally go away feedback on troubles and tag different customers in them to facilitate common collaboration.

    Plan it out.

    Jira’s roadmap characteristic is high-quality for long-term task planning, enabling you to crew associated duties and preserve tune of what absolutely everyone is working on at a glance. Despite its strong capabilities, the Jira roadmap solely approves you to visualize dependencies between epics. It lacks a granular view of work order, as nicely as the relationships between tasks.

    But there’s a workaround. You can without difficulty smash down duties and arrange the whole mission with WBS Gantt-Chart for Jira, an app through Ricksoft. Not solely that, it lets in you manipulate group potential and see the relationships between tasks.

    Using project management software for execution and tracking.

    Now that you’ve got kicked off the project, it is time to begin executing and tracking. Project management software lets you assign duties and lets you and your group continue to be on the pinnacle of due dates and statuses. Although duties are assigned to individuals, it takes an entire crew to grant comments and control approvals. Use a project management device like Jira Core to stop delays and supply tasks on time.

    Once you’ve determined to use Jira to enforce project management in your organization, it’s time to create your first project.

    Summary

    When project management software is used properly. It can assist you to supply your initiatives on time with a minimal quantity of emotional scars. We’ll name that a win. Spend much less time looking matters down and extra time making matters take place with Confluence and Jira.

    Modern Project Management Software in Jira Image
    Modern Project Management Software in Jira
  • Business Accounting and Management Strategy

    Business Accounting and Management Strategy

    Essay Discussion on Business Accounting and Management Strategy of Modern Enterprises. Commercial accounting is an important part of modern enterprise management, and it is also the soul of an enterprise. It occupies a very important position in the development of an enterprise. In recent years, as my country’s reform and opening up have continued to increase, the economic and trade exchanges between China and other countries in the world have become more and more frequent, and China’s developmental economic policies have attracted more and more foreign investment. The degree of domestic enterprises participating in the market competition has also increased significantly.

    Here are the articles to explain, A Brief Discussion on Business Accounting and Management Strategy of Modern Enterprises Essay.

    Modern enterprises have shown signs of diversified development in cross-industry, cross-ownership, and cross-domain aspects. Which greatly promotes the vigorous development of modern enterprises in my country. In such an era background, the traditional accounting management system appears to be unable to meet the needs of the market economy development, and various problems have also appeared in the actual enterprise management. Modern enterprises are faced with the dual pressure of domestic and international competition.

    How to maintain long-term and stable development in the market competition. And how to make the business accounting management system a powerful driving force for enterprise development have become important issues that modern enterprise management has to face and solve. . After my country entered the WTO, cooperation with other countries in the fields of economy, technology, culture, and politics has gradually increased. Our country’s open economic policy has attracted a lot of foreign investment, and multinational enterprises. And Sino-foreign joint ventures have sprung up like mushrooms after a rain.

    This favorable economic situation provides a rare opportunity for the development of domestic enterprises. But it also makes domestic enterprises face huge challenges. They have to face the pressure of domestic market competition and seize a place in the international market. Therefore, to achieve long-term development in today’s market environment, modern enterprises must continuously improve and innovate in all aspects of enterprise internal management. As the core content of modern enterprise management, the commercial accounting system should also take corresponding management measures. . This paper analyzes the relevant content of modern enterprise commercial accounting. And proposes relevant measures to improve modern enterprise commercial accounting management.

    An overview of business accounting management

    In modern enterprise management, the accounting management system undoubtedly occupies an extremely important position. It controls the economic lifeline of the enterprise and is indispensable. And important content in the process of production, operation, and development of the enterprise.

    Commercial accounting management refers to systematic, continuous, comprehensive, and comprehensive reviews. And the recording of the capital in and out of enterprises through capital statistics, double-entry bookkeeping, accounting, and currency measurement. And other methods are based on the development of modern commercial enterprises. , supervision, and internal economic management activity. Also, a professional knowledge system to improve the economic benefits of the enterprise.

    Commercial accounting is mainly aimed at commodity circulation enterprises. It conducts accounting and management through the purchase, sale, and storage of circulating commodities escorts the commodity circulation of enterprises, and achieves the purpose of serving enterprise management.

    The characteristics of business accounting management

    The support type of business accounting management in modern enterprise management

    In the various experience activities of modern enterprises, capital management is an extremely important link. It is the economic basis for enterprises to carry out various business activities. And the capital management and financial management of enterprises must be established based on various business activities of the enterprise. It must also be based on the business activities of the enterprise. The two are interrelated and inseparable. From this aspect, business accounting management provides important support for the management and development of modern enterprises.

    The dynamic nature of business accounting management in enterprise management

    The ultimate purpose of business accounting management is to improve the economic effect of the enterprise. And promote the long-term and stable development of the enterprise. It essentially serves the management and development of the enterprise. Today, with the rapid development of the market economy, modern commercial enterprises are faced with dual pressures from home and abroad, and must constantly improve their management. Therefore, business accounting management must also continue to innovate and reform and make reasonable decisions for the development of enterprises from a long-term perspective. planning, to realize the dynamic management of business accounting for enterprises.

    The fullness of business accounting management in enterprise management

    As an important part of modern enterprise management, business accounting management is not an independent individual. It has a close relationship with enterprise leaders, management, and various functional departments. From a horizontal perspective, business accounting management is inseparable from the cooperation and support of various departments of the enterprise, and it also plays an important role in all aspects of enterprise management. From a vertical perspective, business accounting management requires close unification and coordination among managers of financial departments, various staff, and enterprise managers. Therefore, commercial accounting management has a strong hospital-wide character in the operation and management of modern enterprises.

    Reciprocity of business accounting management in enterprise management

    At different stages of enterprise development, the accounting management system has different support for enterprise development, and there are also great differences in the way it acts on enterprise management. However, fundamentally speaking, the subjective wishes of enterprise managers are to improve the economic benefits of the enterprise and maintain the long-term and stable development of the enterprise, especially in the face of financial risks, the importance of business accounting management is more prominent, it needs Reciprocal responses to various financial risks.

    The important position of commercial accounting management in the process of modern enterprise management

    Business accounting management can escort the development of modern enterprises at different stages

    In the early stage of enterprise development, the biggest problem faced is the problem of capital and production. The focus of business accounting management is also on fundraising and ensuring the smooth development of the production and operation process; in the mature stage of enterprise development, business accounting management can be used to a large extent. To ensure the safety of enterprise funds and improve the economic benefits of enterprises; even in the recession period of enterprises, business accounting management can make reasonable plans for the future development of enterprises and promote the transformation of enterprise management strategies.

    Business accounting management is an important part of modern enterprise management decision-making

    In the process of business development, enterprises will face various opportunities and risks. How to seize the opportunities to promote the long-term development of the enterprise. And how to face the challenges and minimize the risks of the enterprise, enterprise managers need to make scientific and reasonable decisions. The decision-making resolutions guide the future development of the enterprise. In these decision-making decisions, business accounting management is undoubtedly the most important content. Only by ensuring the safe and reliable operation of the funds of the enterprise can it escort the development of the enterprise.

    Business accounting management is consistent with the management characteristics of modern enterprises

    The ultimate goal of modern enterprise management is to improve the economic benefits of the enterprise and promote the long-term development of the enterprise. Inside the enterprise, the production system, marketing system, personnel system, and financial management system are the most important links. Modern enterprises will make different management strategy adjustments according to different era backgrounds in their operation and management so that the management of enterprises can better meet the needs of the market, and the dynamic management of business accounting also makes it consistent with the management of enterprises themselves.

    Business accounting management is a necessary means to improve the competitiveness of enterprises and promote the development of Business accounting management is the core link of enterprise operation and development and is also an important guarantee for escorting enterprises at all stages. With the continuous development of society and the economy, the opportunities and challenges faced by modern enterprises in the process of operation and management continue to increase.

    To maintain strong competitiveness in the market competition, enterprises must use commercial accounting management to put forward scientific and reasonable plans for the development of enterprises; In addition, with the continuous influx of foreign-funded enterprises, enterprises must maintain sufficient vitality and competitive advantages in the external market while facing competition in the internal market. From this point of view, the role of business accounting management is particularly important. It is also a necessary means to promote the long-term development of enterprises.

    Business accounting management strategies based on modern enterprises

    Improve the financial management system and department functions of the enterprise

    In the process of operation and development of modern enterprises. The operation of commercial accounting management is inseparable from. The support of relevant financial management systems and the due diligence of financial departments. In the process of enterprise development, it is necessary to continuously improve the financial management system to provide a scientific basis for commercial accounting management. In addition, the financial department must actively perform its functions. So that commercial accounting management can provide solid backing for the development of the enterprise.

    Improve the team building of enterprise financial management personnel

    The financial department is the core department of a modern enterprise. And the comprehensive quality of financial personnel directly affects the efficiency of enterprise accounting management. Therefore, modern enterprises should continuously improve the comprehensive quality of financial management personnel through various means, and make them realize the importance of their responsibilities. In addition, enterprises should vigorously cultivate and introduce professional financial technical personnel to continuously inject fresh vitality into the financial system of the enterprise and to continuously improve the overall quality of the financial personnel of the enterprise.

    Maintain a balance between corporate profits and liabilities

    In the production and operation process of an enterprise, profit is the main purpose. But if there is profit, there will also be debt. This is inevitable, and once the balance between the two is broken, it will hurt the development of the enterprise. However, we can maintain the balance between the two at a relatively scientific, reasonable. And safe level through a series of means of business accounting management, to ensure the smooth progress of the production and operation of the enterprise.

    Strengthen the control and supervision of the financial system within the enterprise

    The financial department of an enterprise is a relatively independent special department, which controls the economic lifeline of the enterprise. Therefore, in the process of enterprise development, it is inevitable that there will be vicious phenomena. Such as the use of power for personal gain, the misappropriation of public funds, and the misappropriation of public funds. bad influence. Therefore, modern enterprises should strengthen the control and supervision of the financial management system, and promptly remove all kinds of financial hidden dangers that endanger the production and operation of the enterprise to ensure the smooth progress of financial management.

    Improve the anti-risk ability of the enterprise financial system

    Enterprises will encounter various difficulties and risks in the process of production and operation. Which greatly affects the development of enterprises. Based on this, the ability to resist the risks of enterprise finance is extremely important. Therefore, modern enterprises should continuously improve their financial anti-risk ability. Make various anti-risk plans, and take established measures to solve various risks in an orderly manner. To ensure the safe and stable development of enterprises.

    Expanding the source of enterprise funds Enterprises need a lot of funds as support in the process of development. And the lack of funds and follow-up shortages will seriously affect the long-term development of enterprises. However, it is not enough to rely solely on the support of external funds. Enterprises should constantly improve their internal financial hematopoietic mechanism. Expand the source of funds for the enterprise, and continuously provide sufficient funds for the development of the enterprise.

    Conclusion

    With the continuous development of the market economy, modern enterprises will face more and more challenges. To maintain sufficient competitiveness in the market competition, enterprises must continuously improve their management systems and improve the scientific and reasonable decision-making of enterprises. To achieve these, business accounting management is an indispensable means, which can maximize the utilization efficiency of enterprise funds and resources, improve the economic benefits of enterprises, and thus promote the long-term and stable development of enterprises.

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    A Brief Discussion on Business Accounting and Management Strategy of Modern Enterprises Essay; Photo by Tyler Franta on Unsplash.
  • What is Modern Management Accounting? Discuss

    What is Modern Management Accounting? Discuss

    Modern Management Accounting; Over the last two decades, managerial accounting has developed as a practical tool for executives and as a topic for academic education and research; Thus, managerial accounting states that “It is the process of identifying, measuring and communicating economic information that enables informed judgments and decisions of information users”. Managerial accounting plays a very important role; where it gives the manager enough time and relevant information and sets goals, monitors performance; and systematically improves the efficiency and effectiveness of the organization in achieving goals. . within the organization.

    Here are the articles to explain, Modern Management Accounting Discuss, Definition, Role, techniques, and TQM!

    To bring our history of management accounting closer to date, developments since 1975 have identified an information and reporting system that affects individuals. Although managerial accounting developed in the fourteenth century, with the principles of financial accounting and bookkeeping, business accounting and small business owners did not practice it before the Industrial Revolution. In the nineteenth century, new accounting methods developed when entrepreneurs began hiring people on a long-term basis, investing capital, and introducing more complex technologies.

    Definition of Modern Management Accounting;

    “Critically discuss the role of modern management accounting and the extent to which it shapes, or is shaped by, the changing organizational and global context within which it is practiced”.

    “Concerning relevant literature, critically evaluate the effectiveness of Three recent developments in management accounting techniques, within specific organizational or national contexts of your choice (e.g. Manufacturing or Service Sectors, Advanced or Emerging Economies)”.

    Concerning the relevant literature, there have been few recent developments in management accounting techniques within the manufacturing and service sectors. The practice of modern management accounting is different from traditional accounting. The recent developments enable managers to make sound decisions to minimize cost; as well as at the same time add value to the products and services by improving the quality of products; which is required by the customers and reducing waste.

    However, the pendulum swung in the other direction over the next decade as an effect of new “Techniques” in the management accounting area. Activity-based costing (ABC), Just-in-time (JIT), and Total-quality-management (TQM) have been developed to update the traditional accounting model so it adequately reflects today’s manufacturing environment.

    Role of management accounting;

    The relation between accounting and management has been commonly expressed by the phrase, “Accounting is a tool of management”. Accounting practice has developed in response to a changing business economy. Because of these changes, effects have been made to clarify, redefine, and seek acceptance of accounting doctrine and practice.

    Management accounting systems (MAS) are recognized as providing a most important source of journal information in organizations, a source of power deriving from the possession of that information, and a means for distributing that power and managing the organizational system.

    The direct impact of organizational changes on the different roles of management accounting is difficult to measure. The changing role of management accounting becomes evident through the substantiation of management accounting. Pointed out that the role of management accounting consists of;

    Direct attention:

    This means providing full information to specific situations e.g. Where the problem occurs, and who creates a loss. In the highly competitive market, this role alerts the manager about competitors’ information such as their strategy, and new products.

    Keeping the score:

    This role aims to answer the questions: how much and how many. (How much implies those things is related to allocation and the share of costs within the whole organization, and how many refers to the number of inputs that will be used). In strategic management, the answer to those questions may be extended; such as how much the market share, is and how many compared to the competitors.

    Solving the problems:

    Management accounting is a good channel for managers to provide the nearest relevant methods for solving the subsisting problems. Due to M/A, the manager can collect all detailed information about the problems such as what causes them, and when it starts and then based on that information, several answers will be provided and the task of a manager is to choose the most appropriate one.

    Comparison of Traditional and Modern management accounting;

    During the 1950s and 1960s, accountants gradually discovered that product costs; which had been constructed for financial reporting purposes, were being taken seriously by operating executives. In the late 1960s and early 1970s, management accounting thought developed that attempted to subsume the two previous approaches into a broader conceptual framework.

    Historical and contemporary studies of accounting have shed light on the diverse ways in which accounting has been and is been implicated in a wide range of activities and social arrangements. Accounting cannot be understood simply concerning its supposed functional properties because it stands implicated in shaping its context.

    This said much of the evidence to date suggests that, in practice, traditional management accounting techniques remain popular. However, it appears also that such traditional techniques stand used alongside new and ‘advanced’ accounting techniques, such as ABC, JIT, and TQM.

    Management accounting stands used to help managers make solid business decisions. Because of the revolution in management accounting, both the smallest corner stores and largest multinational organizations start their innovation in their accounting perspective.

    Successful organizations adapt to changes in their environment and proactively change their environment. Management accounting should help organizations recognize the need for initiating change and suggest the appropriate response to an environmental change.

    Change in Global/ Organisational context and management accounting;

    Since 1975 important changes have taken place in the context of political, economic, and social settings. Management accounting faces a few challenges over environmental changes as well as an internal process within organizations. Therefore, management accounting must respond to these changes by adopting new techniques and concepts.

    The measurement of costs:

    By using modern management techniques, the value and profitability of information services can generate.

    The birth of “hybrid” accountants:

    As a result of new forms of organizations and requirements of strategic management accounting (SMA). SMA links performance measurement systems with corporate vision and strategies.

    Open-book accounting:

    These techniques are an important part of outcome control measurement for companies in inter-organizational relationships; which are another result of increased globalization.

    In discussing the nature of settled habits of thought and action Hodgson, defined habits as more or less self-actualizing dispositions or tendencies to engage in previously adopted or acquired forms of action.

    A strategy of change provides a critical appraisal of current ideas about “organizational culture“, “total quality management“, “flexibility”, and “excellence”. Dealing is an integrated way with the full spectrum of survival in today’s changing environment.

    Characteristics of manufacturing and service sectors;

    Much of the literature on international business has taken on a manufacturing perspective. The recent literature has paid attention to the internationalization of service firms.

    Characteristics of service production.
    • Intangible output.
    • Customized output.
    • Labour intensive.
    Manufacturing Orientations in Service firms.
    • Physical goods as a component of a service package.
    • Manufacturing logic in back-office service operations.
    • Deprofessionalization of service production and delivery.
    Service Orientations in Manufacturing Firms.
    • Component of the product.
    • Element of product strategy.
    Characteristics of manufacturing production.
    • Tangible output.
    • Standardized output.
    • Technical care buffered from the customer.
    The conflict between manufacturing and service sectors.

    The center box exhibits orientations among manufacturing and service sectors. Also, The right box exhibits the features of the manufacturing firms and the left box exhibits the features of the service firms. Manufacturing firms, particularly those with diversified product lines, have a good deal more flexibility and control than extractive investors; they may be able to exercise considerable choice in their response to host country demands.

    The continued growth of service sectors in almost all the developing economies has fascinated and occasionally alarmed economists and other observers. Why is the problem more serious in some of the service sectors? Partly it is a data problem, importantly, it is a conceptual one. Both manufacturing and service company managers need operational control systems that will enhance the cost-improvement, quality-improvement, and process-time reduction activities of their employees.

    Management accounting techniques:

    The following Three techniques below are:

    Activity-Based Costing (ABC);

    “Activity-based costing is a method that is projected to provide managers on cost information for strategic and other conclusions that potentially affect the capacity and therefore fixed costs”.

    Benefits related to activity-based costing (ABC) are many. In ABC, the aim is to understand the overhead and profitability of the products and customers. ABC works mainly in the large cost drivers related to a decision to be sure of or a process being studied.

    In developing countries, the manufacturing industries started adopting new techniques, to maintain the relationship between market development and technological innovation to archive long-term success. Seemingly, ABC developed as an accounting technique to provide applicable information for advanced manufacturing firms producing various products in a competitive environment.

    Whilst the thoughtfulness, ABC as yet focused on manufacturing firms, ABC can be useful to a few service organizations. There are few very disputes among the manufacturing and service sectors. Manufacturing firms execute similar types of activities; however, there is a slight similarity between the activities of an insurance firm, a hospital, and law firms. The service sector is less tangible and, harder to define.

    In developed countries like the UK, when the survey of ABC took place for nearly 1000 companies, the result indicated that even after adopting ABC; it has stood rejected by a healthy number, and the majority of the companies have to still decide on its use.

    As cost driver and ABC concepts improve the measurement of costs and allocation of information for service departments within manufacturing firms, service firms such as accounting/law firms could also use cost driver and ABC concepts.

    Just-In-Time (JIT):

    “JIT is a process which is capable of instant response to demand without the need for any overstocking, either in exception of the demand being forthcoming or as a result of inefficiencies in the process”.

    Under certain circumstances of the JIT concept, a company maneuvering a JIT system would buy only enough raw materials each day to meet that day’s need. JIT manufacturing scheme calls for making a good or service only when the customer, internal or external needs it. JIT manufacturing is simple in theory, however, one had to practice. ”Keeping everyone busy”, is another characteristic of conventional manufacturing.

    JIT has many advantages, for eg,

    “An American standard uses cell manufacturing to cut inventories and reduce manufacturing time. The result is a breakthrough in speed. Manufacturing a pump now takes six minutes than two weeks”.

    JIT production process and the manufacturing effectiveness ratio for manufacturing operations apply to service companies too. The service delivery process is even more important than in manufacturing companies. Eg. In the banking industry, the process of gaining approval for a mortgage on a house that we like to purchase needed 26 days, and after applying the JIT process they just need 15 min.

    Total Quality Management (TQM):

    “TQM is the most popular approach to a continuous improvement. Its major characteristics are to focus on serving customers and the systematic problem-solving team made up of front-line workers”.

    A few thousand companies have existed involved in TQM and similar programs. For a business, the major driving force is the element of competition. The competitiveness of suppliers stands determined by the quality of its product or services. Most manufacturing companies adopt TQM, either to improve the work atmosphere for the employees or to help improve the profits of a company. “Penril Datacomm is a Maryland designer and producer of data communications equipment. Before TQM the defect rate of the company was high.

    Applying TQM techniques resulted in an 81% decrease in defects, an 83% decrease in failures, and a 73% decrease in first-year warranty repairs”. The concept and tools of service began with Thomas Peters and Robert Waterman’s “In Search of Excellence”, to achieve customer satisfaction, service companies such as Disney Corporation and SAS Airlines adopted TQM. TQM in education as a business is difficult.

    What is Modern Management Accounting Discuss Image
    What is Modern Management Accounting? Discuss; Image by Megan Rexazin from Pixabay.
  • How to define the Consideration in Contract Law?

    How to define the Consideration in Contract Law?

    Essay on the Consideration in Contract Law; What does mean consideration? They have many different meanings; some will tell you it means calculations while some say it signifies affability. But in the law of contract, there will be only one definition that exists. What do the Means of Racial Profiling? Somewhat of worthy changes hands between the parties at the time of the contractual undertake is what ‘consideration’ only means in the law of contract.

    Here is the article to explain, It is define the Consideration in Contract Law!

    Consideration plays an essential role to create a contract binding. It is also a part of a must element to a successful contract formation, followed by the offer and the acceptance. For example, it could be the payment of cash when there is an exchange for goods or services, or else the goods or services themselves in the case of a trade deal. The main point is consideration is it ought to be related to something valuable, something one party would not normally have but merely for the agreement.

    ‘Although consideration has withstood direct assault from both the bench and from law reformers over the years; its Holdworthian image as an anachronistic doctrine tried to the law of actions long since dispensed with, has proved impossible to entirely shake off. However, the function of consideration as an arbiter of agreements to vary long-standing arrangements has also existed challenged by the development of alternative doctrines such as duress and promissory estoppels. In overturning almost two hundred years of legal history, the Court of Appeal held that an agreement to vary a contract is enforceable without consideration.

    What are the types of consideration approaches?

    The following consideration approach is two types Traditional and Modern below are;

    Traditional approach;

    Two rules existed under the word ‘consideration’ in the law. There are the traditional approach and the modern approach. The traditional approach is an ‘existing duty’ which is a very direct rule; as it stands concerned merely with the completion of a duty that exists stated on a contract. Dealing with the “existing duty” rule, if a party is already under a duty to perform an act, according to an existing contract, to promise to perform this act on behalf of the same person will not support a new contract between them. The above rule existed found in the case of Stilk v Myrick. The mentioned case is about a seaman named Stilk who wanted to sue his ship’s captain for not recovering his additional wages which existed promised at an earlier stage.

    The promises stood taken when two sailors had deserted in a foreign port and the captain wanted his remaining crew to work the ship back to London. Unfortunately, Stilk’s claim stood unsuccessful under the ‘existing duty’ rule; as it existed argued that Stilk had not done anything further according to his original stated contract. While in the case of Hartley v Ponsonby which is related to the ‘existing duty rule; it stood about a seaman named Hartley who sued his master for reneging his promise of paying him 40 pounds added to his wages. The promise stood made to induce those remaining crews to sail when seventeen out of thirty-six workers refused to work and ended up in prison. Hartley’s claim was successful as he did do things extra beyond his original contract which didn’t mention.

    Modern approach;

    For the modern approach as a ‘commercial realistic’ rule; it existed known as a duty which consider logically; concerned about the additional risk, beyond what exists already stated in the original contract. In the case of William v Roffey Bros & Nicholls, the facts stood the carpenter worked on a series of flat renovations; which stood subcontracted by the plaintiff and existed agreed to exist paid 20000 pounds for the workmanship. And, with an additional of 575 pounds for completion of each unit of the flat; when the carpenter got into financial difficulty then intended to stop the renovations.

    It stood held that the plaintiff has the right to own the additional wages due to the ‘commercial realistic’ rule. ‘Practical benefit’ became a good role on consideration as the defendant had avoided both obstacles; which were the penalty of late completion and troublesome in engaging another carpenter to continue the renovations.

    Other things;

    Thus, it can seem that both parties did contribute and received practical benefits. Next, comes the case of Musumeci v Wendell, in this case, a landlord named Winadell who operates a shopping center leased a fruit shop to Musumeci, on the other hand, leased another part of the shopping center to a large fruit retailer.

    This had caused Musumeci to face a strong competence hence Winadell agreed as a ‘concession’ to reduce their rent by a third. But at a later stage, Wendell intended to evict the Musumeci. Hence, turn up to bring up the case to the court to determine if the reduction rent was contractually binding. After the dispute, it stood judged that the promise was binding by applying the ‘practical benefit’ test from the case of Williams v Roffey Bros & Nicholls. This can see as Winadell received ‘practical benefit’ by having a maintained fully let shopping center in exchange for reducing Musumeci’s rental fees. In a nutshell, the main component of this rule is when there are practical benefits and contribution exists between parties, a contract follows to exist.

    History of modern approach;

    In the case of William v Roffey Bros & Nicholls, ‘commercial realistic’ existed involved. The decision made in this case existed driven by a pragmatic approach to consider but universal approval has not existed greeted. It was first designed to gain what the court regarded as the commercially acceptable solution. The fact, in this case, was Glidewell LJ was the knowledge that in return for the additional payment the main contractors intended to avoid those obstacles. Therefore, ‘practical benefit’ did exist criticized for hopelessly compromising the doctrine of consideration’. Nevertheless, this rule was more to the public’s support; as it concerns more on an individual’s benefits logically compare to the ‘existing duty rule.

    To have a better description of the above rule, I would take an example of the case mentioned in the ‘existing duty rule in addition to the promoters working overtime to reach the target of selling off at least 50 stocks without being entitled to paid extra wages during their extra working period.

    More to know;

    Due to the ‘commercial realistic’ rule, the promoters have the right to sue the dealer as it stood précised that both parties did contribute and gain benefits. On the promisor side, the dealer could avoid remaining an enormous amount of old stock; which may be an obstacle from ordering new stocks and earning more profit in the way of selling off large amounts of old stocks.

    While the promoter did give up their precious time spent on selling off the stocks; which they can choose to use the period doing other things. Hence, they won in the above case in getting the extra benefit of having a trip to Europe due to the word of ‘practical benefit’. Followed by the development of the world, the rule changed over time from ‘existing duty to ‘commercial realistic’; when limitations existed found in the rule through the days. The decision made in the case which mainly influenced the development of the rule was Musumeci v Wendell. In conclusion, the ‘existing duty rule existed created to please where the promise confers a benefit on the promisor without suffering any loss just like the case of Stilk v Myrick.

    History and Criticism of traditional approach;

    According to the researches, the ‘existing duty rule existed trenchantly criticized, avoided during its two hundred years history. It was noted that the court wasn’t focused on the presence of the consideration; but, on the need on public policy grounds to prevent extortive and fraud agreements existing between parties. This issue existed focused to solve especially in the nonexistence of an expanded concept of the duress. Besides, this rule leads to a few effects which include when a new promise exists; the court cannot use the existing duty of contract as a consideration while judging those cases.

    Next, the rule affected a promisor facing a not legally bound to a new promise. In addition, whenever the promisor was not able to fulfill the new promise; a promisee would not have the right to sue a promisor. The above rule has strongly supported the side of a promisor and may lead a promise to a loss.

    Different History and Criticism;

    Hence, this rule wasn’t fully supported by an amount of public led to the development of several avoidances of techniques. To provide a better explanation, an example of mine in the ‘existing duty’ rule is when a dealer intends to sell off all the remaining old stocks, the dealer orally provided a promise of a trip to Europe for promoters who successfully sold above 50 stocks.

    The above oral promise existed not written in black and white beyond the original contract. The dealer reneged his promise by refusing to commit the expenses for the trip to Europe. Hence, those promoters who reached the target sued the dealer for not admitting the promise. By using the ‘existing duty rule, the promoter’s claim will be unsuccessful; as it stood not written as a statement in the original contract. It stood also to argue that selling off the number of goods is not an additional act being a promoter. This is because the responsibility of a promoter is to promote a product, convincing customers to purchase it. Hence this is the responsibility but not an additional act of being a promoter.

    Strength and Weakness of the rules;

    Referring to the new ’commercial realistic’ rule from William v Roffey Bros & Nicholls and Musumeci v Wendell; its puzzle is that one party can threaten another party in extracting more payment or benefit additional provided under the original terms in the contract. While the ‘existing duty rule existed used in Stilk v Myrick, had overlooked; the additional risk in the terms of the original contract. Within these two rules, pros and cons existed found in them.

    The ‘existing duty’ rule has protection against threat which requires something exceeds; unformulated can easily fulfill practical benefit as it’s a good motivation for a requirement of consideration. But, it does not protect when a new agreement stands substituted while the parties terminate an existing one. A situation where additional payment promises compromise if a bona fide dispute does not exclude too.

    Additional rules;

    ‘Bona file is a Latin word which means ‘good faith’, it indicates sincerity; the fact in the case of a party claiming the title as ‘bona file buyer or possessor, innocence or lack of understanding of any fact that would occur doubt on the right to hold title is also what it signifies. Even a promise which undertakes additional risk, act, and forbearance wasn’t protected by the ‘existing duty’ rule too.

    The “Commercial realistic” rule views its strength in the way of benefiting parties; that facing additional risk, act, or forbearance under the original terms in the contract as these will undertook. It merely had difficulty in defining the word ‘practical benefit’ as it has many different meanings. For example, ‘practical benefit’ can act as an effective doctrine of consideration that protects parties against casual promises; it could also be the advantage of obtaining the actual contract performance that is already due. Last but not least, it fails in meeting the expectation of parties to a renegotiated contract; and, ignores any actual benefits received by the promisor as a result of the contractual variation.

    Summary;

    In conclusion, the development of the rule existed influenced by the changing of ‘existing duty to ‘commercial realistic’; and eventually lack of precision in the traditional definition in Stilk v Myrick. The rule and its development have existed perceived through the situation of ‘commercial realistic’ in Musumeci v Winadell; and the modern law of ‘economic duress’ by legal experts. It should focus on the good faith of the contracting parties to decide the existence; and relevance of any supposed practical benefit in the development of contract law. Both doctrines of consideration and the more basic underlying basis of the law; themselves stood harmed by the introduction of practical benefit in the consideration.

    How to define the Consideration in Contract Law Image
    How to define the Consideration in Contract Law?
  • Difference between Traditional and Modern Concept in Business

    Difference between Traditional and Modern Concept in Business

    Difference between Traditional and Modern Concept of Business: Business is concerned with producing and distributing goods and services to make a profit. These are two Concepts: The traditional concept of business and the Modern concept of business. A regular process of exchange of goods and services that involves risk and also uncertainty. Business is an economic activity aimed at meeting needs through the supply of goods and services to customers and their satisfaction.

    What is the Difference between Traditional and Modern Concepts in Business?

    They are two types:

    1] Traditional Concept:

    The traditional concept states that the business aims to make a profit through the production and marketing of products. Also, Products can be of various types. Furthermore, The traditional concept states that the objective of the business is to earn profit through the production and marketing of products. For example, the main objective of the business of material goods, services, ideas, information, etc. is to get maximum profit according to the traditional concept.

    Meaning of Traditional Concept:

    Business is the production and distribution of products for personal gain. The profit-oriented concept stands also known as the traditional concept of business. Any human activity directed towards the acquisition of wealth or earning profit through the production or exchange of goods was treated to be a business.

    2] Modern concept:

    Consumer satisfaction is the focal point of the modern concept of business. The modern concept states that a business earns profit through customer satisfaction. Business without consumers is not business. Also, It develops long-term relations with customers. The business should earn profit with social responsibility. It should care about the welfare of society and consumers. it must work within the law. Furthermore, Profits can exist made by maintaining social accountability. It attempts to incorporate every aspect of human civilization. It sees modern business as a socio-economic institution that is always responsible to society.

    Meaning of Modern Concept:

    The business organization should determine the needs of the customers and also deliver them the desired products. The business organization began to think that businesses should earn profits through the service and also the satisfaction of the customers. Do you like to play online casino games?

    Traditional and Modern Concept – Table:

    Difference between Traditional and Modern Concept in Business
    Difference between Traditional and Modern Concept in Business.
  • What is the different Concept of Business? Discussion

    What is the different Concept of Business? Discussion

    Concept of Business: Business activity has been conceptualized by many business persons, business managers and academicians in the field of business management, ever since business emerged as an organized activity. Therefore the concept of business has changed over the years of history of the business. Traditional and Modern Concept of Business, Business is an economic activity aimed to fulfill the need and wants of customers through the supply of goods and services for their satisfaction.

    What is the different Concept of Business? Discussion with Definition and Assumptions.

    The term “business” refers to all the economic activities carried out by people and organization for generating incomes. It is concerned with producing and distributing goods and services for earning a profit. It is a regular process of exchanging goods and services which involve risk and uncertainty.

    Definition of Business:

    The following definitions below are;

    According to L.H Haney,

    “Business may define as a human activity directed towards producing or acquiring wealth through buying and selling of goods.”

    According to James Stephenson,

    “Economic activities performed for earning profits are termed as the business.”

    From the above definitions, it is clear that the business is the economic activity of individuals and organizations aimed to earn profit through the production and distribution of goods and services.

    Generally, there are two concepts of the business:

    • Traditional Concept: The traditional concept explains that the purpose of business is to earn profit through production and marketing of products. Products may be different types. For example physical goods, services, ideas, and information, etc. The main motto of business is to maximize profit only as per the traditional concept.
    • Modern Concept: Consumer satisfaction is the central point of the modern concept of business. Profit can earn by maintaining social responsibility. It strives to include every aspect of human civilization. It views the modern business as a socio-economic institution which is always responsible towards society.

    What is the different Concept of Business Discussion
    What is the different Concept of Business? Discussion.

    The different Concept of Business:

    So far, the following concept of business has emerged:

    1. Profit Oriented or Traditional Concept, and.
    2. Customer Oriented or Modern Concept.

    Now, explain each;

    Profit Oriented or Traditional Concept of Business:

    In the early age of the business, it was conceiving to be a profit-making economic activity. Any human activity directed towards the acquisition of wealth or earning profit through production or exchange of goods was treated to be a business. The profit-oriented concept also knows as the traditional concept of business.

    When people start doing business by forming organizations, the business was conceiving as an organization, organize and operate to produce and provide goods and services to society under the motive of private gain or profit. The traditional concept states that the objective of the business is to earn profit through production and marketing of products.

    Products can be:

    • Goods: They are physical goods. They can own. They are tangible and can touch. Examples are books, computer, clothes, etc.
    • Ideas: They are ideas based on knowledge. Examples are environment protection, human rights, consumer welfare, etc.
    • Services: They cannot own. They are intangible and cannot touch. Examples are a class lecture, banking service, etc.
    • Places: They are specific places such as the USA, London, Delhi, etc.
    • Persons: They are celebrities, such as politicians, movie stars, sportspersons, etc.
    • Information: They are data-related activities. Examples are research, newspapers, internet, etc.

    Assumptions:

    • The sole objective of the business is to earn profit by production and distribution of goods.
    • Customers will buy the products that are available in the market at the most competitive rates.
    • There is hardly any need to think for customer service and satisfaction for running a business.
    Customer Oriented or Modern Concept of Business:

    This concepts came into existence around the 1950s and gained momentum during the 1960s and 1970s. The business organization began to think that business should earn profits through service and satisfaction of the customers. The organization was forced to regard customer as the king of the market.

    The modern concept states that business earns profit through customers satisfaction. Business without consumers is not business. It develops long term relations with customers. The business should earn profit with social responsibility.

    It should care about the welfare of society and consumers. it must work within the law. Business encompasses all economic activities involving production and marketing of products to earn profit and wealth through satisfaction of human needs.

    The main points in the concept of business are as follows:

    • Business money-Oriente organizes economic activity.
    • The business produces and markets products.
    • The business makes a profit to acquire wealth.
    • Business satisfies customers needs by creating utilities.
    • Business behaves legally with social responsibility, and.
    • The business works within the law.

    Assumptions:

    • Business organizations should produce and provide the goods and services that are need by customers.
    • The products and services provided by the business should satisfy the needs of the customers.
    • The business should earn profits through the service and satisfaction of the customer.
  • Partnership: How Does it work in Business?

    Partnership: How Does it work in Business?

    Explaining, What is Partnership? and learn, How Does it work in Business?


    A partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations. Organizations may partner to increase the likelihood of each achieving their mission and to amplify their reach. A partnership may result in issuing and holding equity or may only govern by a contract. Also learn, What are the Features of Sole Proprietorship? Partnership: How Does it work in Business?

    History!

    Partnerships have a long history, they were already in use in Medieval times in Europe and in the Middle East. In Europe, the partners contributed to the Commercial Revolution which started in the 13th century. In the 15th, century the cities member of the Hanseatic League would mutually strengthen each other; a ship from Hamburg to Danzig, would not only carry its own cargo but was also commissioned to transport freight for other members of the league. This practice not only saved time and money; but also constituted the first step toward partners. This capacity to join forces in reciprocal services became a distinctive feature, and a long-lasting success factor, of the Hanseatic team spirit.

    Meaning!

    A partnership is a formal arrangement in which two or more parties cooperate to manage and operate a business. Various partnership arrangements are possible: all partners might share liabilities and profits equally, or some partners may have limited liability. Not every partner is necessarily involving in the management and day-to-day operations of the venture. Such as in the case of a “silent partner.” In some jurisdictions, partners enjoy favorable tax treatment relative to corporations.

    Definition!

    “A type of business organization in which two or more individuals pool money, skills, and other resources, and share profit and loss in accordance with terms of the partnership agreement. In absence of such agreement, a partnership is assumed to exit where the participants in an enterprise agree to share the associated risks and rewards proportionately”.

    How does it work in Business?

    Business-partners is similar to a personal-partners. Both business and personal involve:

    • Pooling money toward a common purpose.
    • Sharing individual skills and resources, and.
    • Sharing in the good and bad times.

    A business-partners is a specific kind of legal relationship form by the agreement between two or more individuals to carry on a business as co-owners. Also, A business with multiple owners, each of whom has invested in the business. Some partners include individuals who work in the business. While other partnerships may include partners. Who has limit participation and also limited liability for the debts and lawsuits against the business?

    As different from a corporation, is not a separate entity from the individual owners. The partner’s income tax is paid by the partners, but the profits and losses are divided among the partners, and paid by the partners, based on their agreement. As well as, a sole proprietorship, is a pass-through business, meaning that the profits and losses of the business pass through to the owners. Also learn, What is Leadership?

    Partnership How Does it work in Business - ilearnlot
    Thanks, Also, Photo Credit to pixabay.com/ More free Images!

    Reference!

    1. Meaning – //www.investopedia.com/terms/p/partnership.asp

    2. Definition – //www.businessdictionary.com/definition/partnership.html

    3. History – //en.wikipedia.org/wiki/Partnership

    4. Work in Business – //www.thebalance.com/what-is-a-business-partnership-398402