Wahid’s Calculate - Non-conformity & conformity amid Accounting and finance

BY:MOHAMMAD WAHID ABDULLAH KHAN

Summary: Accounting generally deals with the preparation of accounting records, while Finance deals with investments, macroeconomics and business finance. Finance is important for generalists seeking careers in organization planning, management consulting, general line management, and small business management. 

Introduction: An accountant will procedure journals create accruals balance sheets and establish it is additional common and felt like had the same day for two years finance is more common and found it is very cyclical and establish it is more general and will cover accounting as auditing financial advisor etc there are many distinction jobs.

Definitions of Accounting  

Introduction of Definition:  Accountancy (British English) or accounting (American English) is the process of maintaining, auditing, and processing financial information for business purposes. Accountancy allows the creation of exact financial information that is valuable to managers, regulators, and other stakeholders such as shareholders, creditors, or owners. The day-to-day record-keeping involved in this procedure is known as bookkeeping.

At the mind of current accountancy is the double-entry book-keeping system. This system involves making at least two entries each every dealing. a debit in one account, and a corresponding credit in another account. The sum of all debits should always equal the sum of all credits. This provides an easy technique to verify for errors.

The systematic recording, reporting, and analysis of financial transactions of a business. The person in incriminate of accounting is known as an accountant, and this individual is naturally essential to follow a set of rules and regulations, such as the Generally Accepted Accounting Principles (GAAP).Practice and body of knowledge apprehensive primarily with (1) techniques for recording dealings, (2) observance financial reports, (3) performing internal audits, (4) reporting and evaluating financial information to the management, and (5) counseling on taxation matters. It is a methodical procedure of identifying, recording, measuring, classifying, verifying, abbreviation, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm's assets, liabilities and owners' equity. Accounting provides information on the (1) possessions available to a firm, (2) the means employed to finance those resources, and (3) the results achieved through their use.

Bylaw Definition

Set up companies in every industry are always looking for capital to open or develop their company. This is a tackle as many of these entrepreneurs have no prior business experience or credit and have been turned down by typical bank programs. According to the start up companies all financial transactions keeping - records, process of maintaining, auditing, and dealing out financial information’s all this  operate or coordination method called accounting. Below are obtainable accounting definitions the angles of law

01. The act or a structure of establishing how the assets of a business, estate, trust, or other similar entity were managed and willing

02. A lawful exploit for the healing of funds owed for services performed, property sold, money loaned, or for damage for the incomplete performance of minor contracts. See also account.

03. A legal action to complete or settle all of a partnership’s affairs. Usually done in connection with the dissolution of the partnership or with allegations of a associates transgression.

Definitions of finance

A stem of economics concerned with source distribution as well as resource management, achievement and speculation. Basically, finance compacts with matters connected to money and the markets. to promote money during the issuance and trade of debt and/or equity.

The faction of finance is the relevance of a set of methods that folks and organizations use to manage their financial dealings, principally the variations between income and expenditure. A character or organization whose income exceeds their expenditure can loan or devotes the surfeit. In supplementary - an individual or organization whose income is less than their expenditure can borrow, decrease their expenses, or increase their income. The lender can find a identical borrower, or can resort to a financial intermediary, such as a bank or the bond market. The lender receives interest, the borrower pays interest, and the financial intermediary pockets the dissimilarity.

Finance is used by Individuals (personal finance), by governments, (public finance), by businesses (corporate finance, ect.) as well as by a extensive mixture of organizations including schools and non-profit organizations. In universal, the goals of each of the tricks are achieved through the use of apposite financial instruments, with reflection to their institutional setting Personal Finance- Personal financial assessments absorb paying for education, financing resilient goods a. real estate and cars, buying insurance, like health and property insurance, investing and saving for retirement.

Business finance: In the case of a company, administrative finance or corporate finance is the assignment as long as the funds for the corporations' tricks. It normally involves corresponding risk and profitability. Long term funds would be provided by equity and long-term credit, often in form of bonds. These decisions lead to the company's capital structure. Short term funding or working capital is mostly provided by banks as line of credit. a different business assessment regarding finance is investment, or fund management. An investment is an attainment of an asset in the hopes that it will maintain or boost its value. In investment management - in choosing a portfolio - one has to decide what, how much and when to invest.

Finally the function of providing money in the form of a loan or capital is recognized as finance and is something that everyone from governments to the concealed character uses. It is also a division of economics that studies the management of money and other assets. Depending on your viewpoint, it can also be used to define the subject of managing the funds that the private and business sector uses. A company that has funds to manage will, more than likely, occupy the services of a finance manager who is expected an specialist in the field of economics.

Non-conformity

Business finance and accounting is not the same thing. the modern economic theory and apply often converse the problem of business finances and potential of acquiring and utilizing financial sources, the question of expended costs, expected revenues and accounting as well as the results of the economic efficiency and mutual dealings with these categories. But, some differences in interpreting individual basic concepts arise at different levels of conflict, new ideas, approaches and tendency. Below is presented differences between accounting and finance

01. Accounting: Accountant’s (Controller) primary meaning is to expand and afford data measuring the presentation of the firm, assessing its financial position, and paying taxes. The accountant is responsible for preparing financial statements such as the income statement, balance sheets, and cash flows. It is a good job for people who want to work separately and are very organized.

01. Finance: The financial manager or professional places primary prominence on decision making. It uses the financial statements arranged by accountants to make decisions about the firm’s financial circumstance and to recommend others about possible losses and profits. In some cases, finance is more a type of guidance position. A financial manager has to deal not only with finance, but also with economics, accounting, statistics, math, and management.

02. Accounting: Accounting is concerned with the recording of business deal in a systematic manner. As such it is apprehensive with recording the business event in a fiscal form whether the cash is occupied or not at the time of recording the business transaction. Accounting functionalities engage - (I) Recording of dealings (II). Checking the most important books like- Cash book Journals and Bank book (III) produce financial statements like profit & loss account and balance sheet.

02. Finance: Finance is apprehensive with rising of funds to meet the assorted cash flow needs of the organization. Finance roles starts from assembly the cash flow information from the accounting records and also prepare projections of cash flow. Finance activities are concerned with preparing budgets and compare the same with the actual results for finding variances.

Finance functionalities involve (I) Bank co-ordination (II) Sourcing and Application of funds (III) Preparing Budgets and (IV). MIS and EIS reporting. Finance activities will encompass through the Accounting and Operations characteristics of an organization.

03. Accounting: In accountancy - an account is a make used for recording and reporting a quantity of approximately anything. Mainly frequently it is a record of a quantity of money owned or owed by or to an exacting person or entity, or allocated to a particular purpose. It may characterize amounts of money that have really tainted hands, or it may represent a guesstimate of the values of assets, or it may be a mixture of these.

03. Finance: It refers to the procurement and successful consumption of money.

04. Accounting: Accounts is the procedure of concerning dealings on day to day basics where as,

04. Finance: Finance transactions with generating funds and utilizing funds for business on a very wide viewpoint.

05. Accounting: In terms of simply speech accounts is all dealings of the firms like- all incomes & expenditures, balance sheet, profit & loss accounts research its just basic guide accounting procedure.

05.Finance: The financial stipulations in org all allied expects similar to  projects financing ,shares, bonds, debentures etc .and finance manager basically roll in finance to manage all operating expense or reducing capital expenditure its helps of gainful every business.

 

Conformity

Accounting is a vital part of finance. It is a sub-function of finance. Accounting produces information about the procedures of a business. The end-product of accounting is unruffled of financial pronouncements such as balance sheets, income declarations which include the profit and loss accounts, and the declaration of changes in financial position which includes sources and uses of funds affirmation. The data kept in these declarations and reports aids financial directors in analyzing the previous presentation and future inclinations of the company and in fulfilling certain lawful duties and responsibilities, such as payment of taxes and many more. Consequently, accounting and finance are virtually closely connected.

On the other hand, the role of the financial manager is not to provide financial information but to make decisions involving finance. In smaller business, with contracted portfolios of management skills, the accountant and the financial manager may be the same person. In the large business the roles are most likely to be discharged by different people or groups of people

Conclusion: Accounting is disturbed with financial evidence observance, the manufacture of episodic reports, statements and analyses, and the broadcasting of information to managers and, to some level, to investors and the world outside the business. It is also greatly implicated with the excellence, relevance, and timeliness of its information output. Clearly financial decision-makers will rely seriously on accounting reports and the accounting database normally.

About the Author

MOHAMMAD WAHID ABDULLAH KHAN

S/O MOHAMMAD SAADULLAH KHAN

Dhaka, Bangladesh

Home page:

Mr. Mohammad Wahid Abdullah Khan is the Chief financial officer (CFO) of Orient Polymer Group (former Project director of “Max Textiles Ltd” from May 2010 to March 15, 2011). Prior to that he had completed over ten (10) years in various fields of Business like - Accounts, Finance, Internal & External Audit, project budgeting and project costing related positions in some of the largest group companies & the join venture companies in Bangladesh.

He consults about small- medium business owners and services professionals, business consulting service and project process. He is most experience in Financial Risk Assessment, Financial analysis, Financial Advising and Project Cost Analysis. He is a co- author of “The complete performance management”, Mr. Khan has written more than 200 articles & case studies which have published in different international journals. Such as Business, finance, personal finance, international finance, auditing, Risk assessment topic and performance & industrial related,

Mr. khan’s most popular articles is  “WAK” Model - The way of best solution for an organization internal audit process,( 1st,2nd,& 3rd part)  “WAK” Model”- for successful financial resource , “Wahid khan”- cost analysis, Wahid theory – the key of dynamic series for successful financial consulting, Wahid techniques – the Significance and dependability manner for Performance audit(1st,2nd,& 3rd part) Wahid’s Opinion - non-conformity among the performance audit and financial audit, Wahid’s view- The cogent task and the confront of financial/economic analysis in the modern business decision making , Wahid’s outlook - The Business Financial Analysis Should Be Included several required Documents with the analysis report or plan, WAHID’S JUDGMENT- difference strategic plan as opposed to an operational plan ,WAHID’S METHOD– the charismatic and fruitful guideline for financial investment decision making ,WAHID’S MEASURE - the influential and evaluated of similarity between profit & non- profit business planning & Wahid’s philosophy- The examined & careful consideration of strategic planning against business planning, Planning ,programming and budgeting system Models (PPBS Model)

He has consulted with more than 35 service & product companies, in recent years Mr. Khan has been spending most of his professional time for financial consulting, Mr. Wahid khan is the owner of “WAM Associates” and “WAK business solutions

Source & published: articlesbase.com

N: B- This services has given by Wak Business Solutions 

 

 

GAAP: The rules for financial reporting.

BY:MOHAMMAD WAHID ABDULLAH KHAN

Summary: The ordinary situate of accounting principles, standards and procedures that companies use to assemble their financial statements. GAAP are a mixture of trustworthy standards and merely the frequently accepted traditions of recording and reporting accounting information

Introduction: Generally accepted accounting principles (GAAP) is the outlined, guidelines and most important rules of standards format for recording & reporting all the financial transaction in any organizations.

In extra generally accepted accounting principles (GAAP) is a set of rules, conventions, standards and procedures, established by the financial accounting standards board for recording and reporting financial information.

What Does Generally Accepted Accounting Principles (GAAP) indicates?

The ordinary locate of accounting ethics, principles and dealings that companies use to accumulate their financial statements. Generally Accepted Accounting Principles (GAAP) is a mixture of dependable values (put by policy boards) and basically the usually traditional conduct of recording and reporting accounting information.

While you have something to do with the financial reporting of a company or government being, you should recognize the principles of GAAP. Generally accepted accounting principles (GAAP) is implemented through measurement principles and revelation principles. Measurement principles recognize and decide the timing and basis of items that enter the accounting cycle and impact the financial statements, such as the period in which transactions will be recorded. Disclosure principles determine what exact numbers and other information are essential to be presented in financial statements.

When arranging financial statements prepared using GAAP, most American companies and other business unites use a lot of rules of how to report business transactions or dealings based upon the different GAAP rules. This affords for uniformity in the reporting of companies and businesses so that financial analysts, Banks, Shareholders and the SEC can have all reporting companies preparing their financial statements using the same rules and reporting procedures. There are general rules and impressions that administer the ground of accounting. These general rules referred to as basic accounting principles and guidelines form the foundation on which more exhaustive, complex, and legalistic accounting rules are based. For example, the Financial Accounting Standards Board (FASB) uses the basic accounting principles and guidelines as a basis for their own detailed and comprehensive set of accounting rules and standards

Although it is not written in law, the U.S. Securities and Exchange Commission (SEC) entail publicly traded companies and other regulated companies to follow GAAP for financial reporting. Although slighter companies are not required to use GAAP, there are confident situations, such as obtaining credit or seeking investors, which require, by contract, those companies to also follow GAAP when preparing their financial statements reporting,

Conclusion: The rules and procedures for reporting under GAAP are complex and have developed over a long period of time. Presently there are more than 150 "pronouncements" as to how to account for different types of transactions, ranging from how to report standard income from the sale of goods, and its connected inventory values, to accounting for inducement stock option distributions. By using reliable principles, all companies reporting below GAAP report these transactions on their financial statements in a dependable way.

About the Author

MOHAMMAD WAHID ABDULLAH KHAN

S/O MOHAMMAD SAADULLAH KHAN

Dhaka, Bangladesh

Home page: http://wahidbd.page4.me

Mr. Mohammad Wahid Abdullah Khan is the Chief financial officer (CFO) of Orient Polymer Group (former Project director of “Max Textiles Ltd” from May 2010 to March 15, 2011). Prior to that he had completed over ten (10) years in various fields of Business like - Accounts, Finance, Internal & External Audit, project budgeting and project costing related positions in some of the largest group companies & the join venture companies in Bangladesh.

He consults about small- medium business owners and services professionals, business consulting service and project process. He is most experience in Financial Risk Assessment, Financial analysis, Financial Advising and Project Cost Analysis. He is a co- author of “The complete performance management”, Mr. Khan has written more than 200 articles & case studies which have published in different international journals. Such as Business, finance, personal finance, international finance, auditing, Risk assessment topic and performance & industrial related,

Mr. khan’s most popular articles is  “WAK” Model - The way of best solution for an organization internal audit process,( 1st,2nd,& 3rd part)  “WAK” Model”- for successful financial resource , “Wahid khan”- cost analysis, Wahid theory – the key of dynamic series for successful financial consulting, Wahid techniques – the Significance and dependability manner for Performance audit(1st,2nd,& 3rd part) Wahid’s Opinion - non-conformity among the performance audit and financial audit, Wahid’s view- The cogent task and the confront of financial/economic analysis in the modern business decision making , Wahid’s outlook - The Business Financial Analysis Should Be Included several required Documents with the analysis report or plan, WAHID’S JUDGMENT- difference strategic plan as opposed to an operational plan ,WAHID’S METHOD– the charismatic and fruitful guideline for financial investment decision making ,WAHID’S MEASURE - the influential and evaluated of similarity between profit & non- profit business planning & Wahid’s philosophy- The examined & careful consideration of strategic planning against business planning, Planning ,programming and budgeting system Models (PPBS Model)

He has consulted with more than 35 service & product companies, in recent years Mr. Khan has been spending most of his professional time for financial consulting, Mr. Wahid khan is the owner of “WAM Associates” and “WAK business solutions

Source & published: articlesbase.com

N:B- This services has given by Wak Business Solutions 

 

Wahid’s assumption - the business explanation of Generally Accepted Accounting Principles (GAAP)

BY:MOHAMMAD WAHID ABDULLAH KHAN

Summary: The widespread set of accounting ethics, standards and measures that companies utilize to accumulate their financial statements. GAAP are a mixture of authoritative standards and only the universally accepted ways of footage and exposure accounting in sequence.

Introduction: Generally Accepted Accounting Principles (GAAP) is compulsory on companies so that investors have a bare minimum level of stability in the financial statements they apply when examining companies for deal functions. Generally Accepted Accounting Principles (GAAP) wraps such effects as proceeds respect, balance sheet item categorization and exceptional share capacity. Companies are probable to pursue Generally Accepted Accounting Principles (GAAP) policy when reporting their financial data via financial statements. If a financial announcement is not arranged use Generally Accepted Accounting Principles (GAAP) ethics, be very suspicious.

So that we understood, maintain in intelligence that Generally Accepted Accounting Principles (GAAP) is only a set of standards. There is prosperity of opportunity inside Generally Accepted Accounting Principles (GAAP) for deceitful accountants to alter statistics. As a result when a company utilizes Generally Accepted Accounting Principles (GAAP), you would be conventional that this financial statements organized by scrutinize and utilizes the policy Generally Accepted Accounting Principles (GAAP).

What Does Generally Accepted Accounting Principles (GAAP) indicates?

The ordinary locate of accounting ethics, principles and dealings that companies use to accumulate their financial statements. Generally Accepted Accounting Principles (GAAP) is a mixture of dependable values (put by policy boards) and basically the usually traditional conduct of recording and reporting accounting information.

Business Explanation of (GAAP)

Generally accepted accounting principles (GAAP) are the overall framework within which the treatment of complex transactions are recorded and reported. It may horrify you to learn that GAAP and the accounting standards that implement them are not the same in all parts of the world.

Describe broadly the body of principles that governs the accounting for financial transactions fundamental the homework of a set of financial statements. Generally accepted principles are consequent from a multiplicity of sources, including promulgations of the Financial Accounting Standards Board and its forerunner, the Accounting Principles Board, and the American Institute of Certified Public Accountants. (CPA) and other resources comprise the general body of accounting text consisting of manual, editorial, documents, etc.

Supplementary as an importance, an accountant in the United States could arrive at very different results from his or her counterpart in the UK even if both were recording and reporting exactly the same transactions. Many UK businesses have significant ownership of their shares by US investors. Such businesses often choose to present the results as they were computed using US Generally accepted accounting principles (GAAP) and financial accounting standards (FAS) in the notes to the accounts. The results can be materially different from the UK version because of variations in principles and applications.

In brusquely: Solid system, follows, and rules inevitable to offer mutually broad guiding principles and in depth dealings for organizing financial statements and conducting exact accounting condition. They afford purpose values for evaluating and balancing financial data and its appearance, and bound the directors' independence in viewing an impractical representation through resourceful accounting.

 An auditor or inspectors have to verify that the requirements of Generally Accepted Accounting Principles (GAAP) have been pursued in reporting an organization's financial data in categorize it to be established by investors, lenders, and tax authorities. The majority large countries (Canada, India, Japan, UK, US, etc.) have their individual Generally Accepted Accounting Principles (GAAP) which may vary from those of others in minor or major details.

The meaning of Generally Accepted Accounting Principles (GAAP) is cleared by declaration of auditing standards (SAS) NO.69, "The significances of 'present fairly in conformity with generally accepted accounting principles' in the self-determining auditor's report." Under this standard, Generally Accepted Accounting Principles (GAAP) enclosed by rule 203 are construed to be FASB standards and interpretations, APB opinions, and AICPA accounting research reports.

Conclusion: World-wide agreement on the way that complex transactions should be recorded and reported is still some detachment missing. However, extensive development is being completed, especially in the conduct of (I) allowance fund assets and compulsions; (II) postponed tax; and (III) goodwill paying off. I estimate that the popular of complex dealings will be evidenced and accounted in the similar method, anyway of the country in which they are calculated, contained by the subsequently five years.

About the Author

MOHAMMAD WAHID ABDULLAH KHAN

S/O MOHAMMAD SAADULLAH KHAN

Dhaka, Bangladesh

Home page: http://wahidbd.page4.me

Mr. Mohammad Wahid Abdullah Khan is the Chief financial officer (CFO) of Orient Polymer Group (former Project director of “Max Textiles Ltd” from May 2010 to March 15, 2011). Prior to that he had completed over ten (10) years in various fields of Business like - Accounts, Finance, Internal & External Audit, project budgeting and project costing related positions in some of the largest group companies & the join venture companies in Bangladesh.

He consults about small- medium business owners and services professionals, business consulting service and project process. He is most experience in Financial Risk Assessment, Financial analysis, Financial Advising and Project Cost Analysis. He is a co- author of “The complete performance management”, Mr. Khan has written more than 200 articles & case studies which have published in different international journals. Such as Business, finance, personal finance, international finance, auditing, Risk assessment topic and performance & industrial related,

Mr. khan’s most popular articles is  “WAK” Model - The way of best solution for an organization internal audit process,( 1st,2nd,& 3rd part)  “WAK” Model”- for successful financial resource , “Wahid khan”- cost analysis, Wahid theory – the key of dynamic series for successful financial consulting, Wahid techniques – the Significance and dependability manner for Performance audit(1st,2nd,& 3rd part) Wahid’s Opinion - non-conformity among the performance audit and financial audit, Wahid’s view- The cogent task and the confront of financial/economic analysis in the modern business decision making , Wahid’s outlook - The Business Financial Analysis Should Be Included several required Documents with the analysis report or plan, WAHID’S JUDGMENT- difference strategic plan as opposed to an operational plan ,WAHID’S METHOD– the charismatic and fruitful guideline for financial investment decision making ,WAHID’S MEASURE - the influential and evaluated of similarity between profit & non- profit business planning & Wahid’s philosophy- The examined & careful consideration of strategic planning against business planning, Planning ,programming and budgeting system Models (PPBS Model)

He has consulted with more than 35 service & product companies, in recent years Mr. Khan has been spending most of his professional time for financial consulting, Mr. Wahid khan is the owner of “WAM Associates” and “WAK business solutions

Source & published: articlesbase.com

N:B- This services has given by Wak Business Solutions 

Wakbs Instructions (part 02) - What important things you should maintain to develop Your Business and get your business dreams

BY: WAK BUSINESS SOLUTIONS

Summary: Businesses can generate revenue from selling more of the current products to more of the current customers, more of the current products to new customers new products to current customers or new products to new customers you have maintain a good relationship with your clients, If you have any inquiry regarding the fittingness of any evidence presented by contenders, you should contact your External Verifier to confirm if the evidence is acceptable.

Introduction: The world of the business policy prosecutions plan competitions every things as we are know it rapidly changing , even as little as 01 decade ago the times were mediator then they are today but they doesn’t mean that we didn’t experience and change back then on the country we were as are toddy in a status of change today but the change to be happening make sure rapidly as a part of organizations then human resource management must be prepared to deal with the effects of the changing world of work , That means understanding the implications of the technology change workforce diversity labor shortage changing skill requirements continuous implement institute

Author comments: this articles I have make clear that as a business owners how you manage your clients if you want to maintain effective business support relationship with your client you should keep all of clients report as a filing system whether an individual or a team,  You should develop your providing services that clients trust in your organizations and your work, in support of this requires you to train skills from good listening to accounts manager and the promotion of your organizations services , for maintain effective business relationship and achieve your business goal  You need to know, understand and be able to apply each of the following.

01. Give you an idea about: 

Whenever clients procure from your business, you could include the name of your clients into the list and then try to preserve a good contact with them. This technique is vital to keep good relationship with the customers of your business as they should have visited many websites before making a decision to purchase from you and they would certainly have a positive reason for doing this. You could listen to them and follow the implications from these clients to get better your website. You should try to answer questions from your clients even though they show that they are not enthusiastic to buy the products. You should act competently and answer the questions as detailed as possible.

This is quite important because if you show no interest to talk to your clients when they ask questions about things which are not connected to the products you are selling; they would think that you are not unswerving. There are a lot of sellers who are willing to give good customer services to the clients so if you are not willing to offer good customer service, they would find another one. So, good customer overhaul would be the key to found good relationship with your friend. And of course, if you think that personal care is not enough,

02. Interpersonal and communication ability:

A good communication plan can bring value to the engagement in a number of ways It helps set customer expectations, acts as an assurance factor that bolsters the client’s confidence, builds consensus around the assignment and helps market its benefits, and gives the client and the various electorate in the organization an opportunity to give feedback on the results of our efforts.

You need to be sure that we’re communicating clearly what you have committed to deliver, what you can or can’t complete, and what your role is and what the clients’ or subcontractors’ roles are, and you need to be sure that we are setting budgetary and schedule expectations. Maintaining an email relationship with a client helps to better understand what, when you are working with a client that you have built a healthy relationship with and have worked on different projects with before, you know what quality and type of work that client wants from you.

03. Personal behaviors:

Good office behavior plays an important role in establishing a manner of personal behavior by employees in an office. This will help to encourage positive interaction between co-workers and between employees, business partners and clients as well. Hence to produce more productivity and happier working environments.

You we must handle every telephone calls with a pleasant voice. Even during rushing time, try to appear calm and unhurried while leading the call to a conclusion. Always be polite during the conversation. That your personal appearance plays an important role as self image at the office. However, please ensure the correct time line for making up yourself. Makeup should be applied on before starting to work, at home or in the rest room. Applying makeup at the desk will withdraw our working attention.

You need to show the following behaviors.

 Appreciate how an organization operates in different client sectors, modify your approach to align with the client’s goals and circumstances, respect the client’s need for information, commitment and confidentiality. Build and maintain rapport over sustained periods. Also invite a two-way exchange of information and feedback with clients and others.

04. Support relationships aptitude:

One of the most important parts of our work is maintaining and enhancing our relationships with our clients. Maintaining and growing these relationships makes the time spent on a project more enjoyable, satisfying and effective. Improved relationships also improve the chance that we will get referrals and future business.

This is the number one guideline for a successful client engagement. Without a clear contract neither you nor your client can be clear on roles and responsibilities, deadlines and deliverables, methodologies and measures. Beyond the importance of the contract to the project itself, a clear contract also is a great aid to a good working relationship. The goal of a contract is clarity, not legalese - as such; it is a great aid to improved client relationships. You need to understand and take account of: the conditions for accepting clients onto different business support services benefits and drawbacks of working in different physical locations ,the boundaries of the relationship between you and the client;&  the ways that different clients prefer to work;

Conclusion: This advice starts before you investigate for those evils. It creates with being alert, and considerate the big image of the client's business objectives. Patrons will normally be delighted if you can recognize areas for development - particularly when you have suggestions on how to improve the situation.

WAK BUSINESS SOLUTIONS

MD.W.A.KHAN

Wak Business Solutions blog: http://wakbusinesssolution.blogspot.com

BACKGROUND: WAM Ltd was founded by Mr. MOHAMMAD WAHID ABDULLAH KHAN (director) & Mr. SYED MAHTAB UDDIN (director) in 13 March 2007 for home based & freelance consulting firm. Then 11 August 2009 WAM Ltd newly abloom as a WAK BUSINESS SOLUTIONS with wide range in business consulting market arena, WAM ltd was created to address the need for quality service of comprehensive Accounting, Finance and tax documentation. WAK BUSINESS SOLUTIONS will continue to expand its client base within the greater market area.  

Wak Business Solutions is a sole proprietorship, owned by Mr. W.A.KHAN. As the business expands the firm may develop strategic alliances with other companies. Wak Business Solutions decided to continue to provide specialized consulting services to small and medium sized Businesses

SUMMARY: WAK BUSINESS SOLUTIONS is an accounting, finance, marketing & research, industrial human research and professional business plan certified management consulting firm that helps to companies develop. Business plans, and so on. We guide our clients through the creation of top-notch business plans, financial projections, and other supporting materials to powerfully present their company,

EXECUTIVE SUMMARY: WAK BUSINESS SOLUTIONS provide its professional development services in the most effective manner and with an ongoing comprehensive quality-control program to provide 100% client satisfaction. General Ledger, Accounts Payable and Receivable, Payroll, Billing, Collections, Filing of national & international standard, also local Forms, and Tax Preparation are services necessary to each corporate entity and individual. Assistance in these endeavors is the basis of Wak Business Solutions and the makings of a highly profitable venture.

Conclusion:

More than 10 years of professional consulting, we’ have sold our services to more than 30companys, also provide free consulting services more than 50 (fifty) International organization through online and we can sum up ours ideas in one dictum: we are not a public prosecutor, so this is not legal advice. It is strategic or conceptual advice. We never use the word "contract" with a client, but rather, "agreement," or simply "letter.” Never submit a proposal until after you've agreed to all the terms—and keep it short, we say “Do you want to cover X and Y, but not Z; or would you prefer X and Z, but not Y?" And most important of all, "What is your budget for this? Why we're the best to take on the assignment?

(01). what we will do to solve the problem(s)? (02). what is included? (03). what is excluded?

(04). Professional fees & (05) Warm ending otherwise Proposal-writing is fruitless.

 SOURCE & PUBLISHED: articliesbase.com

N: B – This service has given by Mohammad Wahid Abdullah khan

Wahid's verdict - How Cost accounting serves to management process in an organization inside & how Cost Accounting is typically utilized

BY: MOHAMMAD WAHID ABDULLAH KHAN

The accountants who handle the cost accounting information and generate add value by providing good information to managers who are taking decisions. Among the better decisions, the better performance of your organization, regardless if it is a manufacturing company, 

What is cost accounting?

Cost accounting consists of the identification, measurement, collection, analysis, preparation, and communication of financial information. Cost accounting, sometimes also referred to as managerial accounting, helps provide financial information used to:

I. Equip managers for decision-making

II. Improve a manager’s ability to make decisions

III. Control and manage resources.

The Need for Cost Accounting

This can be described as the process of accumulating, measuring, analyzing, interpreting and reporting cost information that is both useful and relevant to the internal and external stakeholders of a business entity. External stakeholders are those who have a vested financial interest in a business or company. For example banks (loans), financial houses (mortgages), investors (investments), etc. Internal stakeholders are the business or company directors, managers, division heads, etc.

Access to affordable health care has become a much more difficult goal to achieve than ever before. Cost accounting can be a useful tool for managers as they deal with the challenges of reduced donor funding, competition from other health service providers, increasing costs of service delivery, and, often, increased poverty within the communities they serve.

One of the many benefits of cost accounting is that it turns data into information, knowledge and wisdom about a business entity's operations that is useful for:

I. Measuring performance

II. Reducing or managing costs

III.Determining the fees or prices for goods and services

IV.Deciding to authorize, modify or discontinue a program or activity

Decision Making

Cost accounting serves the decision-making needs of managers and facilitates the management process inside an organization. Management processes comprise four major activities.

I. Planning:  A business plan revolves around the strategic aspects of a project and is intended to allow the project manager and core team make intelligent and educated day-to-day decisions by helping organize and put in place a series of resources commensurate with the objective to be achieved. Traditionally, business plans were not included in the typical project to-do list? Regardless of this unfortunate antecedent, experts in the field of project management who have practiced and taught this discipline for many years strongly recommend including a business plan when setting the basis for a newly assigned project. Cost accounting can provide long- and short-term planning tools for financial forecasting, budgeting, pricing decisions, cost-volume-profit analysis, break-even analysis and more.

II. Disorganization and Implementation: Implementation plan to indicators of success if the plan is not being followed as expected, then consider: Was the plan realistic? Are there sufficient resources to accomplish the plan on schedule? Should more priority be placed on various aspects of the plan? Should the plan be changed?

Much of what managers and supervisors do is solve problems and make decisions. New managers and supervisors, in particular, often make solve problems and decisions by reacting to them. They are "under the gun", stressed and very short for time. Consequently, when they encounter a new problem or decision they must make, they react with a decision that seemed to work before. It's easy with this approach to get stuck in a circle of solving the same problem over and over again. Therefore, as a new manager or supervisor, Cost accounting helps managers quantify their resources in order to implement their plans.

III. Control: Determined variety from among a set of alternatives in light of a given object. Decision-making is not a disconnect function of management. In actuality, decision-making is entangled with the other functions, such as Planning, Coordinating, and Controlling. These functions all necessitate that decisions be made. For example, at the outset, management must make a critical decision as to which of numerous strategies would be followed. Such a decision is often called a strategic decision because of its long-term impact on the organization. Also, managers must make scores of lesser decisions, tactical and operational, all of which are significant to the organization's well-being. Cost accounting provides data for comparing performance against set targets. This response information is used to assess, correct, and therefore, control operations.

 IV. Leadership and Communication: Decisions are at the heart of leader success, and at times there are critical moments when they can be difficult, perplexing, and nerve-racking. However, the boldest decisions are the safest. This source provides useful and practical guidance for making efficient and effective decisions in both public and private life. Nothing succeeds a success better than another sweet success. Cost accounting has a major role in promoting leadership and communication. Cost control techniques provide information that can be shared within an organization to provide direction to all.

Cost Accounting Utilized

All accounting systems are designed to provide information to people who take decisions. Either way, it is desirable to classify accounting systems based in the primary user of the information. Investor’s creditors, government agencies, tax authorities and others are outside the organization. Managers are within the organization. The classification of accounting systems in financial and cost systems capital this distinction between the people making decisions. Cost accounting can be used to answer numerous types of questions. Here are some examples:

I. How many patients can we treat before we run out of money?

II.where is the best position to cut costs?

II.which values do accuse for our yield or services in order to convalesce call our costs?

IV.if we have dissimilar prices for dissimilar services, what amalgamation of products or services provides the furthermost economic benefit to the workshop?

V.What is the most gainful service delivery technique? Should we stress static workshop or mobile workshop?

The extensive assortment of questions that can be answered with cost accounting information fall under three common areas of decision-making:

01. Cost control: Finally, Cost control and cost reduction are the most pressing issues facing the health care industry. Rising costs, coupled with decreased funding from government and other funding agencies, force health programs to examine their operations to identify how costs can be reduced.

During the execution of a project, procedures for project control and record keeping become indispensable tools to managers and other participants in the construction process. These tools serve the dual purpose of recording the financial transactions that occur as well as giving managers an indication of the progress and problems associated with a project. The problems of project control are aptly summed up in an old definition of a project as "any collection of vaguely related activities that are ninety percent complete, over budget and late. The task of project control systems is to give a fair indication of the existence and the extent of such problems.

02. Program funding: A contract is a legally binding agreement between one or more sponsors and the terms of the agreement outline specific goals and requirements for goods and/or services to be provided to the sponsor by the organizations. It is routine for these goods or services to be provided on a specific schedule. The relationship between the sponsor and the organizations is one of procurement. This type of arrangement is not considered for public use but for the direct benefit or use of the sponsor. Cost reduction efforts can lead workshop to reduce sometimes dramatically the range of health services they offer. Management must prioritize, focusing on the services that can be supported with less money. Cost accounting is an important tool for making decisions about whether to continue a program or discontinue it.

03. Pricing: The main cost essentials acceptable in the pricing of non-competitive government contracts are outlined in the Government Accounting Conventions (GAC). They include a Direct (Prime) cost that is Direct Labour, Direct Material and Direct Expenses (subcontracts and bought-out). In health care organizations, pricing involves calculating the cost of individual procedures and setting an acceptable price for a given service (or package of services). Evaluating price against costs is essential even when the price is not intended to fully cover the costs. In addition to cost, other factors must be considered in setting a suitable price for a service. These include:

I.  Prices exciting by other health care providers for analogous services

II effortlessness of administering the price charged: for example, one may choose to round up or down all prices to the nearest to make the arithmetic easier for cashiers and supervisors

III. Introductory offers to popularize a service in the society: preliminary offers help clinics increase their penetration of the target market and provide opportunities to sell other services as well

Conclusion: Cost accounting information is designed for managers. Since managers are taking decisions only for their own organization, there is no need for the information to be comparable to similar information from other organizations. Instead, the important criterion is that the information must be relevant to decisions that managers operating in a particular environment of business including strategy make. Cost accounting information is commonly used in financial accounting information, but first concentrating in its use by managers to make decisions

About the Author

MOHAMMAD WAHID ABDULLAH KHAN

S/O MOHAMMAD SAADULLAH KHAN

Dhaka, Bangladesh

Mr. Mohammad Wahid Abdullah Khan is the Project director of “Max Textiles Ltd”.Mr. Wahid has been in accounting field since 1999. Prior to that he had completed over ten (10) years in various fields of Business like - Accounts, Finance, Internal & External Audit, project budgeting and project costing related positions in some of the largest group companies & the join venture companies in Bangladesh.

He consults about small- medium business owners and services professionals, business consulting service and project process. He is most experience in Financial Risk Assessment, Financial analysis, Financial Advising and Project Cost Analysis. He has published more than 200 articles & case study in different international journals. Such as Business, finance, personal finance, international finance, auditing, Risk assessment topic and performance & industrial related,

Mr. khan’s most popular articles is  “WAK” Model - The way of best solution for an organization internal audit process,( 1st,2nd,& 3rd part)  “WAK” Model”- for successful financial resource , “Wahid khan”- cost analysis, Wahid theory – the key of dynamic series for successful financial consulting, Wahid techniques – the Significance and dependability manner for Performance audit(1st,2nd,& 3rd part) Wahid’s Opinion - non-conformity among the performance audit and financial audit, Wahid’s view- The cogent task and the confront of financial/economic analysis in the modern business decision making , Wahid’s outlook - The Business Financial Analysis Should Be Included several required Documents with the analysis report or plan, WAHID’S JUDGMENT- difference strategic plan as opposed to an operational plan ,WAHID’S METHOD– the charismatic and fruitful guideline for financial investment decision making ,WAHID’S MEASURE - the influential and evaluated of similarity between profit & non- profit business planning & Wahid’s philosophy- The examined & careful consideration of strategic planning against business planning,&  PPBS MODEL,

He has consulted with more than 30 service & product companies, in recent years Mr. Khan has been spending most of his professional time for financial consulting, Mr. Wahid is the owner of “WAM Associates” and “WAK business solutions”

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