Finance Management and Accounting Banking as an institution is dating back to the 2nd Century BC. The ancient banking came into place during the agrarian revolution. The resources were not enough for formal trade, and hence the various institutions saw the need to set up banks. However, the institution did not involve money. Instead, there was the banking of items such as cattle, gold, grains, and so on. Temples and palaces were the safest places for storage. Priests and monks served as the “tellers” at that time. The banking institution later gained significant changes due to civilization. Subsequently, different fronts embraced separate systems of banking. The western banking system was adopted by the European countries and numerous other non-Islamic states. Islamic states, on the other hand, decided to practice Sharia Banking. This paper takes an in-depth look at the comparison between the two approaches to banking. At a glance, both western and Islamic banking systems have more or less the same goal and purpose. The significant difference is that the Islamic system incorporates Sharia laws in its banking operations. Both…
Construction Management Project: Interim Report Introduction One of the crucial factors determining business investment decisions is the feasibility and potential returns from a proposed project. Feasibility of a proposed project indicates the possibility of achieving the proposed development and the applicability of development strategies. On the other hand, potential returns are the possible profits or increased stakeholders value that the investor is likely to gain from the project. These two factors often sway the managerial decisions concerning proposed projects. However, developing an extensive interim report on project proposals’ feasibility and potential return requires rigorous research on various market attributes. Some of the essential attributes that project proposals must consider are the cost of investment, the market size, projected financial returns on investment, the complexity of the project, and the financial capabilities of the investor. Therefore, this report gives an extensive analysis of two proposed schemes on a potential site in Birmingham city and recommends the most appropriate investment for a UK-based construction company. This report proposes two projects to the management of Balfour Beatty Investment Company. The report hereby refers…
5 Benefits of Using Automation in Any Manufacturing Industry Did you know that cutting production costs by 1% leads to a 34% profit? One sure way to achieve this profit is to ensure you use automation. Moreover, they don’t replace humans but instead are meant to work with them. They are intended to provide a safe working environment with people. Collaborative robots work at the same pace as people reducing the chances of accidents. They don’t require fencing or caging as found in robots because they are meant to work alone. Cobots’ primary purpose is to optimize any process. For example, they’ll help any manufacturer produce consistent quality work at low costs. They also work together with employees creating a favorable working environment. Collaborative robots are loaded with numerous benefits and have solved most work problems- thanks to Universal Robots’ manufacturing automation. Let’s find more benefits below; Deliver Accurate Results Once your cobot has been programmed and running, rest assured it will produce the same product all through. You will not have to worry about changing the quality of the…
Tasty Cola Company The business’s name is Tasty Cola Company, and it will be in the non-alcoholic beverages industry producing soft drinks. The Company was established in January 2020 and is still in its inception stage. It is located in Virginia and is currently supplying products to seven states besides Virginia. Since it just opened, the Company performs most of the business activities in-house, especially those that do not require a substantial amount of capital to initiate. Tasty Cola, however, intends to outsource several business processes that require significant amounts of capital to start to outside companies. Some of the business processes that the Company performs in-house include preparation of the syrupy concentrate used to prepare the final drink, filling, and packaging. Conversely, the main activities that will be outsourced include by Tasty Cola include accounting, bottling, and distributing. The Company will outsource accounting since it is still growing and lacks the appropriate expertise and experience required to perform the activities. Besides, it understands the disadvantages of in-house bookkeeping that face start-up companies, including costly bookkeeping mistakes, expensive and outdated…
Tips for Expanding Your Business Starting a business is one thing, but expanding it to the desired levels is the major challenge. For the business to experience any form of growth, you must have ideas on how to expand and make its financial well-being sustainable. Failure to adapt and steer your business growth forward will give your competitors an advantage hence getting you out of business. Herewith are 10 tips for expanding your business Conquer a Niche Market Narrowing down your small business to a specific niche can lead to successful growth when compared to businesses handling various niches. As such, your efforts will not be divided into multiple tasks but will focus on building a specific business. This will attract little competition and will need a few resources to reach the goals. Build a Sales Funnel Sales funnels are essential tools for automating your business. Without this, it will be difficult to experience business expansion since it is effective for scaling and fast growth of an enterprise. Although building the sales funnel involves some work in the first place,…
Describe in 500 words the disaster recovery plan and who is responsible at your place of employment. Consider the critical business functions and your recovery point objectives and recovery time objectives. A disaster recovery plan is a plan set by an organization to enhance stability in the incident of a disaster that may destroy part or all the business resources. These resources include; data records, information technology (IT) tools, and the overall physical space of a company. However, according to Berke et al. (2014), a recovery business plan has several stages to ensure its efficiency and effectiveness. The first stage of disaster recovery requires a critical understanding of the business’ activities and how all the resources they are using are interconnected. Second, disaster recovery involves critical and acute assessment of the firm’s vulnerability in all the sectors. These areas include; equipment, physical space, operating measures, emergency planning, and data integrity. Third, disaster recovery involves a practical understanding of how the event of the disaster will impact other levels of the firm. The fourth stage requires the development of a short-term…
Overview of financial management and planning Yes, the CEO should be removed from the review and check the approval process of the nonprofit organization. However, there are certain types of financial controls that the organization should replace the CEO as the signatory for checks (Murphy et al. 2010). They include bank reconciliation, cash receipts, vendor listing, bills for payment, and accounts payable ledgers. Organizations that do not require employees to document the purpose of travel even though they submit an expense sheet do not meet the generally accepted accounting standards (Berkeley). According to these standards, both the expense sheet and the purpose of the trip are mandatory requirements for the processing of the expense report. Fundamental concepts of management of financial controls and their importance. Cash flow management Cash flow management is the process through which a company maintains control over the outflow and inflow of funds (Lam, 2014). It is an essential concept in financial control as it ensures solvency and creditworthiness of the organization. Also, it enables investment and Capex and boosts employee and vendor relations. Budgeting Budgeting…
Walmart company analysis Walmart is one of the fastest-growing multinational retail organizations headquartered in Bentonville. It is expanded in more than 11,438 stores. Product diversity is one of the critical advantages of the company. From electronic equipment to party supplies, Walmart ensures all kinds of products. Apart from product diversity, it has brought innovativeness in product details, which has made the brand attractive for its target customers. The service options which the company provides to its valued customers are Walmart-to-Walmart, Walmart money card, pick up today, and various financial facilities. The company has a reliable inventory management system that properly coordinates the supply chain management of the organization. A quality supply chain management helps the company to maintain a substantial brand value across the globe. The brand value has a significant impact on the profitability of the organization earning a steady amount of revenue of $514.405 billion in the previous financial year. The company is also efficient in managing the ethical standard of business by complying with international labor regulations and equal wage legislations. The company is currently aiming to…
Social media in the current world Social media in today’s is widely used. Its role has, therefore, been vital in people’s lives. For instance, individuals today receive news and interact with their friends with the help of the internet. Social media use and the internet have raised significant issues, especially on data privacy. It is from this backdrop that Bill Densmore discusses the dangers of internet use in the modern-day world. From his discussion, Densmore argues that journalists should remain professional and feed the audience authentic information. Journalists control a large group of the audience around the world. The news they present, therefore, reaches a diverse group of people around the world. As a result, journalists should be articulate in their reports because they control what individuals receive in their daily lives. As Densmore argued, journalists should proofread and edit their works before they release it to a broader global audience. Proofreading and editing are vital in the journalism profession. Its primary role is to edit any information that they feed to the larger audience. Proofreading enhances the elimination of…
anti-Islamic content on social media You often see anti-Islamic content on social media, with cartoons, photographs and writings presenting content intended to spread chaos as well as defame sacred beliefs and personalities. You must be curious as to who are the people who post this kind of religion. When you look at their accounts, groups and pages, you will be surprised to find that they have a large number. It would be surprising for you to know whether such a large number of people really like anti-Islamic content and have friends or followers of such accounts, as well as being included in such groups and like pages. This happened in the Mashal Khan case and the recent Junaid Hafiz case. Likewise, there are a large number of networks on social media that engage in blasphemy. And spreading lateness as a campaign while misunderstandings about sacred figures and religious beliefs are spreading. You may be wondering how people become millions of followers by becoming part of the anti-Islamic ID page or group? If you start reviewing IDs, groups and pages…