Accounting

Study Accounting or Bookkeeping

10 Reasons Why You Should Study Accounting

According to our visitors, accounting is the most popular course over the years. Asan accountant, you are required to give information about the financial position and status of an organisation and it’s a very important job. An organization would not be able to handle financial decisions without them. Accountants are responsible for the financial situation of the company so you’ll have to make sure that money is flowing! Let’s find out why it’s so popular and why you should study it. View more details here for Bookkeeping and accounting course. If you have already completed a certificate IV course in account or bookkeeping you may qualify to study the Diploma of accounting, information available here on how to enrol in that accounting diploma.
  1. You need basic math skills

Accounting, these days is fully computerised. You don’t need to use complex formulas to calculate big numbers. Computers and specialised software do that for you. You still need to be good with numbers. Accountants now need to be able to have strong communication skills to be able to communicate with clients from various industries. If you still like the idea of completing bank reconciliation manually view this article. 
  1. Every industry needs an accountant

Think about it. In a business, they need someone to handle the money and accounts, deal with banks and taxes and so on. They need you if you are a professional with the right qualifications. It is not enough to just be able to have the skills to complete subsidiary accounts and ledgers
  1. You can start your own business or accountancy firm

You can be an entrepreneur if you are an accountant because it simply enables you to know the ins and outs of various industries and markets. If you are a highly qualified and professional accountant with the right skills and qualifications, you can be an independent accountant, have your own firm, and employ others.
  1. You can work abroad

With qualifications like ACCA, you can work in more than 120 countries. You might be attached to big firms that would want to send you to different countries. So, it is kind of a professional passport.
  1. More consultation, less number crunching

Accountants are not mathematicians, but they are advisors and bookkeepers for clients and a communicator. Having said that you still need to ensure you are aware of the latest technology when it comes to accounting or bookkeeping. 
  1. Seasons to make big money

During a financial year, you will be needed for auditing and assessment quarterly or at the end of the financial year. You will have to deal with taxation, speculation/predictions, and financial planning for the following season. This is a very busy time for accountants.
  1. Grow your connection with volunteer work
A lot of big organisations like (WHO, WFO, WWF, UN, Amnesty, and many others) need professionals to help and volunteer to do some work for them because they are always short on funds and get much of their work done through volunteers. You, as a qualified accountant volunteer, will meet high calibre individuals that can help you go far. They can write you a recommendation letter, connect you to other professionals, or even get a job with these organisations.
  1. A degree is not necessary

Accountancy is all about skills and professional qualifications. You can study on your own or enrol at an institution that offers the right qualifications. ACCA is a great way to get a job at a young age. It pays you well, and it is accepted in many countries around the world. One can even start studying accountancy right after SPM.
  1. Your skills are always in demand

Money is a basic requirement so jobs in finance like accountancy is always in demand. A finance professional is always needed by businesses and various industries. Where money is involved, an accountant is needed.
  1. Accounting is your Parachute

When hard times hit, companies tend to cut costs and lay off employees. Usually, the layoff process hits marketing, sales, and other departments. The accounting department is one that cannot afford to lose a member of their staff unless the qualifications are not there. Political changes also don’t impact much. If there is a change in policy, government or regulations, an accountant can always catch up with these changes. In fact, they might be the first to learn about the changes and adapt to them. However, nothing is guaranteed 100%, nothing is full-proof 100%; and in many cases, change might be necessary. If you don't want to study an accredited qualification, consider doing certain accounting and bookkeeping subjects.

By user23395, ago
business

Business SWOT Analysis

SWOT Analysis

What is a SWOT analysis in Business?

A SWOT analysis is a useful way to understand and evaluate one’s strengths, weaknesses, opportunities and threats when faced with a decision. What makes a SWOT particularly powerful is that with a little thought, it can help you uncover opportunities that you are well-placed to take advantage of. By understanding the strengths and weaknesses of yourself, or your business, you can then manage and eliminate any threats that may present. What do find out more information on how to complete SWOT analysis for your online business view details of our diploma of Business courses by clicking here for more information or have a look at the diploma of management course information here. If you are not ready to study at the Diploma level you court start by enrolling in a certificate IV level course such as the Certificate IV in Business administration.  This qualification will give you the foundation you need to have a better understanding of business administration tasks.  

How do I do a SWOT analysis for a small business?

First thought of by Albert Humphrey in the 60s, the SWOT analysis is a very powerful tool to help you understand your strengths and weaknesses, or your business’ strengths and weaknesses.  It is important to ask the hard questions, no matter how uncomfortable or confronting it might be. The characteristics of a successful business remain the same regardless if you remain the same regardless if you are trying to change the world with driverless technology or you have a small business at the local business district.  Here are some examples of questions you can ask to help you complete a SWOT analysis.  Strengths
  • What advantages does your business have?
  • What do you do better than anyone else?
  • What unique resources can you draw upon that others cannot?
  • What do people see as your strengths?
  • What is your organisation’s unique selling proposition?
  • What are the benefits of this strategy or this plan?
  • Why would a client choose you over your competitors?
Weaknesses
  • What could you improve on?
  • What should you avoid?
  • What are people in your market or your customers likely see as your weakness(es)?
  • What factors cause you to lose sales?
  • What factors cause you to lose customers?
 Opportunities
  • What opportunities can you spot?
  • What areas of the market is unserviced or under-serviced?
  • How can you help fix a problem the market/industry / a client has?
  • What changes are there in technology?
  • What local events are there that you might be able to present at?
 Threats
  • What obstacles do you face?
  • What are your competitors doing?
  • Are there any quality standards or specifications for your job, products or services?
  • Are there any changes occurring within your industry – legislative or technological advancements or consumer sentiment?
  • Do you have any bad debt or cash-flow problems?
  • Could any of your weaknesses seriously threaten you or your business?

A business example of a SWOT analysis

Strengths
  • Qualified workers
  • Constantly meet regulatory requirements without any haste
  • Able to respond very quickly
  • Can change direction very quickly
  • Low overheads
Weaknesses
  • Avoid negative conversations in the workplace
  • Has little to no market presence
  • No funds for marketing
  • Vulnerable to vital staff being sick or leaving the organisation
  • understanding of Budgets and industry
Opportunities
  • More technically capable and cheaper software out on the market
  • Local government wants to encourage small businesses
  • Competitors slow to adopt new technologies
  • Industry expanding with customers now more educated on their options
  • Workforce requirements 
Threats
  • Favouritism for staff with a particular manager
  • A small change in the focus of a large competitor might wipe out any market position the business has
  • The downturn in the market
  • Burnout from over working
   

By user23395, ago
Project Management

What are the five stages of project management?

The five phases of a project

There are five phases in the life cycle of a project. These being initiation, planning, execution, controlling and closure phases. The initiation phase involves definition of the project at a broad level. Project feasibility is determined and investigation of if the project should be undertaken. Project planning involves developing a plan for the project that is robust enough to give guidance on resourcing, finance, procurements and can give a team direction for producing quality outputs, handling risk and communicating benefits to stakeholders. It will also outlay the costs, scope and timeframe of the project. Project execution phase is the phase that ties most closely to project management. Execution phase is all about the deliverables. The executions phase is about implementing the plan developed in the planning phase. If you want to study a Diploma of Project management click here. Project control and monitoring is often done at the same time as the execution phase. As the teams execute the project plan, constant monitoring of progress, risk, resources and progress is required. Monitoring of the scope to prevent creep, identifying key performance indicators and reviewing milestones against baselines is important. Closure phase is the final phase of the life cycle of project management. This phase is the completion of the project, communicating completion to stakeholders and often demobilisation and reallocation of resources to other projects. A strong review is often required in this stage to evaluate performance and allow the team to develop stronger processes and develop skills and know how.  

Decomposition

Decomposition is a very important in the creation of a work breakdown structure as it involves dividing a large piece into simpler and smaller pieces of tasks and activities. Decomposition determines the project components, identifies milestones and creates packages that can be individually targeted. It is important to realise how much time spent in decomposition is correct for the project, as it is possible to do excessive decomposition which may lead to more work without much value in the time spent and decreased work efficiency. A correct decomposition will generate an individual task which can be effectively programmed and resources allowing effective planning. Decomposition is required in many applications as even simple projects require clear definition of activities from a work breakdown structure. The outcome of decomposition should be task that are able to be individually resourced and programmed for duration and effort.  

Creating and monitoring schedules

Creation of a schedule begins with understanding the project and the tasks and activities that are required to be completed in order to complete the project. Once the tasks are established, the activities that are required to complete the tasks can be listed and then resourced as required for duration and effort. Each activity and task will be listed with a predecessor and successor in order to establish a timeline and also identify the critical path. It is important to identify the critical path so that these tasks can be adequately resources as delays on these items will affect the progress of the project as they do not havea float for a delay. Monitoring of this schedule can be done in several ways individually or indeed combined. Monitoring of documents including procurement information, minutes created on site progress and in planning and developments need to be absorbed and often incorporated into programming. For instanc,e a progress on site is often a common header for minutes, if the certain tasks are running behind or ahead the appropriate changes can be introduced into the program and a comparison Gantt chart can be used to compare the impact on the program. Procurement of contractors can also be used to monitor the schedule as often timelines may need to be adjusted once expert advice is received. Many projects will also require regular attendance from the project manager or his staff and information from these inspections can be incorporated into the project. Such things as delays in getting the plant to a site can be identified this way and the impact monitored in the schedule.  

Work breakdown schedules

Work breakdown structures (WBS) are the high level overview which are composed of activities. A work breakdown structure is oriented towards deliverables so they are able to be read as manageable sections of the project that can be further broken down to smaller activities that can be achieved. They will form essentially the bones of the project. The top level of the work breakdown structure is the project deliverable, these are defined further into smaller sections or portions of the project. Once all of these summary activities are completed the relevant summary task will be complete. The work breakdown structure is essential as they provide a structure of work where the project can be reduced to a series of task that can be easily completed. The WBS can also be used in estimation and project maintenance purposes as they allow the project to be assessed in smaller portions. Creation of relevant work breakdown structures can also be useful in identifying risks in the projects as if the activities are not able to be correctly defined or planned it will flag an area that may need additional planning or development. Whilst not all work breakdown structures will not have the same amount of detail under them, it is important for them to be able to be completed once all of the relevant activities are finished. Learn about cash flow from project managers by reading this article   

By user23395, ago