Jeff Bezos, Amazon.com Research Paper Example | Topics and Well Written Essays - 1250 words

Jeff Bezos, Amazon.com - Research Paper Example The research paper "Jeff Bezos, Amazon.com" talks about the path of Jeff Bezos who has established the Amazon in 1994, and what great decisions brought this company to the current success. Jeff Bezos underlines in his interviews that he is a really happy person and he says that it is necessary to be an optimistic person otherwise no positive results are reached. The risk is a controversial issue for Bezos. He claims that to found an enterprise is a rather risky activity and the largest risks should be eliminated at once. To be an entrepreneur is to have an appropriate mind for it otherwise it is very difficult to solve different problems and to make different solutions. Bezos tells that he has learned the importance of self-reliance from his early childhood. His grandfather told him that it was necessary to rely on oneself and support oneself by one’s own methods and strategies. There is no one around but you to fix a current breakage or to solve a current problem. A constant search for new opportunities is a perfect perspective for solving potential challenges or business hazards. Jeff Bezos demonstrates his flexible management nature and his ability to adapt new strategies of leadership and management. When Amazon had to deal with financial challenges of the Company in 2002, it should have dealt with more than $3 billion operating losses. With respect to the experienced challenges and losses of the Company, it is possible to outline the key elements of the Amazon’s business model.... Risk is a controversial issue for Bezos. He claims that to found an enterprise is rather risky activity and the largest risks should be eliminated at once. To be an entrepreneur is to have appropriate mind for it otherwise it is very difficult to solve different problems and to make different solutions. Bezos tells that he has learnt the importance of self-reliance from his early childhood. Thus, his grandfather told him that it was necessary to rely on oneself and support oneself by one’s own methods and strategies. There is no one around but you to fix a current breakage or to solve a current problem. Moreover, it is relevant to work with an open and a creative mind. A constant search for new opportunities is a perfect perspective for solving potential challenges or business hazards. Jeff Bezos demonstrates his flexible management nature and his ability to adapt new strategies of leadership and management. When Amazon had to deal with financial challenges of the Company in 2 002, it should have dealt with more than $3 billion operating losses. Therefore, with respect to the experienced challenges and losses of the Company it is possible to outline the key elements of the Amazon’s business model. The superiority of Amazon in the online market cannot be denied, because Internet was not captured by large book sellers till 1994. Brand establishment of the Company was dependant on advertising. Moreover, a spirit of community is evident on the Web site of Amazon (Isckia 2009, p. 334). The Company publishes different reviews of the customers and provides other interested persons with reliable reactions of other readers. Tastes of their customers are reviewed and the Company is able to

The use of practical resources for supporting learning within Essay

The use of practical resources for supporting learning within Mathematics - Essay Example It could help those students that have special needs, like those who have difficulties with the other resources (such as having a hard time in seeing the board due to eyesight problems). It could also help in the development of understanding number and mental calculation for as long as the correct type of resource has been used (Resources to Support Teaching and Learning Mathematics, n.d.). To support develop and learning, the use of primary resources is very important. Recent studies show that the provision of resources helped kinaesthetic learners in making sure that they learn best through movement and manipulation (Education Review Office New Zealand, 2007). Thus, so much attention has been given to such studies who aim to look into the purposes of resources in supporting learning in various subjects such as mathematics. Aside from aiding the learning of students who learn best through manipulation and movement, resources also have different purpose. Firstly, resources provide a visual image. A visual image allows mathematical concepts to be seen and understood clearly by students. As this paper focuses on primary school students, this is vital in explaining to them the different concepts in mathematics together with the different mathematical operations. Secondly, resources could help in supporting a calculation. Using practical sources in supporting calculation c ould help learners follow the process of calculating something (Tanner and Jones, 2000). At the same time, it will guide them through every stage that you have been through, making it easier for him or her to perform the same calculation. This is also necessary in teaching primary school students as they are just beginning to learn the different processes in performing the different mathematical operations. The teacher could make use of number lines in showing how calculations could be broken down in different steps, and that each ‘jump’

Inventions that change the world Essay Example for Free

Inventions that change the world Essay American statesman and inventor Benjamin Franklin was particularly interested in electricity and set up a small laboratory in his house to investigate its properties. His interest soon switched from electricity to lightning after he noticed the similarities between the two. One stormy night, he conducted a life-threatening experiment to demonstrate that lightning is the result of an electric build up. He constructed a kite that carried a metal spike and flew it into the thunderstorm. The kite had a key attached near the bottom of the ribbon and Franklin noticed that it sparked as he brought his knuckles close to it. Franklin had shown that lightning was form of electricity and he went on to use this knowledge to design a lightning rod to protect buildings. LINNAEAN TAXONOMY Linnaean taxonomy is a system of classification of living organism that is used throughout biological sciences. The most important feature of Linnaean Taxonomy is a system known as binomial nomenclature. The first name identifies the genus to which the organism belongs; the second name is its unique species. BIMETTALIC STRIP A bimetallic strip is a simple device which converts thermal energy into mechanical motion. It is used as a thermally activated switch or heat indicator and works on the principle of differential expansion of heated dissimilar metals. The bimetallic strip is made up of two different metals which are bonded together to form a straight, flat strip or a concentric coil. When the strip is heated, one of the metals heats up and expands faster than the other, causing the strip to bend. This mechanical deflection  is then harnessed in various ways to switch electrical circuits or move a dial to a give heat value indication. MARINE CHRONOMETER A marine chronometer is a clock that is precise and accurate enough to be used as a portable time standard; it can therefore be used to determine longitude by means of celestial navigation. When first developed in the 18th century, it was a major technical achievement, as accurate knowledge of the time over a long sea voyage is necessary for navigation, lacking electronic or communications aids. The first true chronometer was the life work of one man, John Harrison, spanning 31 years of persistent experimentation and testing that revolutionized naval (and later aerial) navigation. SPINNING JENNY The increased speed of weaving created a new problem because it now took three spinners to keep up with one weaver. This problem was resolved in 1764, when James Hargreaves invented a new machine that was capable of spinning eight threads of cotton yarn, instead of the spinning wheels one. The new machine was called the spinning jenny. All this time the processes of spinning and weaving were still being carried out at home. This was possible because both the flying shuttle and the spinning jenny were small enough to be used in the cottage. SURVEYOR’S PERAMBULATOR WHEEL The origins of the surveyors wheel are connected to the origins of the odometer. While the latter is derived to measure distances travelled by a vehicle, the former is specialized to measure distances. Much of the material on the earliest stages in the development of the hodometer is adequately covered in odometer. In the 17th century, the surveyors wheel was re-introduced and used to measure distances. A single wheel is attached to a handle and the device can be pushed or pulled along by a person walking. Early devices were made of wood and may have an iron rim to provide strength. The wheels themselves would be made in the same manner as wagon wheels and often by the same makers. The measuring devices would be made by makers of scientific instruments and the device and handles would be attached to the wheel by them. The device to read the distance travelled would be mounted either near the hub of the wheel or at the top of the  handle. STEAM ENGINE WITH SEPARATE CONDENSER A steam engine is a heat engine that performs mechanical work using steam as its working fluid. Steam engines are external combustion engines where the working fluid is separate from the combustion products. Non-combustion heat sources such as solar power, nuclear power or geothermal energy may be used. The ideal thermodynamic cycle used to analyze this process is called the Rankine cycle. In the cycle, water is heated and transforms into steam within a boiler operating at a high pressure. When expanded through pistons or turbines, mechanical work is done. The reduced-pressure steam is then condensed and pumped back into the boiler. WATER FRAME In 1769, a wig maker and pricier, Richard Arkwright, had observed that, even with these improvements, the hand loom weavers could not keep up with the demand for cloth. He therefore set out to design and produces a much larger spinning machine that would be able to cope with the increased demand. His design became known as the water frame. It was given this name because it needed energy from a watermill to power it. It was therefore too large for cottage work and, consequently, had to be placed in a large building known as a factory. This meant that, for the first time, a family involved in the production of woven cloth were now split up. The women of the family, whom, you will remember, were the traditional spinners, now, had to leave their cottages and work in a large building where the water frames had been installed. Since these factories used water as their power source, they tended to be built in areas where a good supply of fast flowing water was available. These early water powered factories, because they looked like large watermills, became known as mills. They were mainly concentrated in the mountainous areas of Britain where water was plentiful. For the first time men and women were separated in their work. The man stayed at home to produce the weaving and the women left home each day to work in the factory, producing the yarn for their men folk to weave into cloth. VENETIAN BLIND Venetian blind is a type of window covering. There are many different kinds of window blinds which use a variety of control systems. A typical window blind is made up of several long horizontal or vertical slats of various  types of fabric, wood, plastic or metal which are held together by cords that run through the blind slats. Window blinds can be adjusted by rotating them from an open position to a closed position with either a manual or remote control which allows the slats to overlap and block out most of the light. There are also several types of window blinds that use a single piece of material instead of slats. A window blind is also known as a window shade. CATERPILLAR TRACKS Continuous track, also called tank tread or caterpillar track, is a system of vehicle propulsion in which a continuous band of treads is driven by two or more wheels. This band is typically made of modular steel plates in the case of military vehicles, or rubber reinforced with steel wires in the case of lighter agricultural or construction vehicles. The large surface area of the tracks distributes the weight of the vehicle better than steel or rubber tyres on an equivalent vehicle, enabling a continuous tracked vehicle to traverse soft ground with less likelihood of becoming stuck due to sinking. The prominent treads of the metal plates are both hard-wearing and damage resistant, especially in comparison to rubber tyres. The aggressive treads of the tracks provide good traction in soft surfaces but can damage paved surfaces. Special tracks that incorporate rubber pads can be installed for use on paved surfaces to prevent the damage that can be caused by all-metal tracks. Continuous tracks can be traced back as far as 1770 and today are commonly used on a variety of vehicle including bulldozers, excavators, tanks, and tractors, but can be found on any vehicle used in an application that can benefit from the added traction, low ground pressure and durability inherent in continuous track propulsion systems. SODA WATER Carbonated water (soda water) is water into which carbon dioxide gas under pressure has been dissolved. This process, known as carbonation, is a process that causes the water to become effervescent. For people who enjoy drinking soft drinks, carbonated water can provide a calorie- and sugar-free substitute. The vast majority of carbonated water is sold in ready to drink bottles like mineral water or carbonated beverages such as soft drinks, but it is easy to prepare at home with soda makers. S-TRAP FOR TOILET In plumbing, a trap is a U-, S-, or J-shaped pipe located below or within a plumbing fixture. An S-shaped trap is also known as the S-bend invented by Alexander Cummings in 1775 but became known as the U-bend following the introduction of the U-shaped trap by Thomas Crapper in 1880. The new U-bend could not jam, so, unlike the S-bend, it did not need an overflow. The bend is used to prevent sewer gases from entering buildings. In refinery applications, it also prevents hydrocarbons and other dangerous gases from escaping outside through drains. The most common of these traps in houses is referred to as a P-trap. It is the addition of a 90 degree fitting on the outlet side of a U-bend, thereby creating a P-like shape. It is also referred to as a sink trap because it is installed under most house sinks. Because of its shape, the trap retains a small amount of water after the fixtures use. This water in the trap creates a seal that prevents sewer gas from passing from the drain pipes back into the occupied space of the building. Essentially all plumbing fixtures including sinks, bathtubs, and toilets must be equipped with either an internal or external trap. Because it is a localized low-point in the plumbing, sink traps also tend to capture heavy objects (such as jewellery) that are inadvertently dropped into the sink. Traps also tend to collect hair, sand, and other debris and limit the ultimate size of objects that will pass on into the rest of the plumbing, thereby catching over-sized objects. For all of these reasons, most traps can either be disassembled for cleaning or they provide some sort of cleanout feature. SUBMERSIBLE CRAFT Submersible is a small vehicle designed to operate underwater. The term submersible is often used to differentiate from other underwater vehicles known as submarines, in that a submarine is a fully autonomous craft, capable of renewing its own power and breathing air, whereas a submersible is usually supported by a surface vessel, platform, shore team or sometimes a larger submarine. In common usage by the general public, however, the word submarine may be used to describe a craft that is by the technical definition actually a submersible. There are many types of submersibles, including both manned and unmanned craft, otherwise known as remotely operated vehicles or ROVs. Submersibles have many uses worldwide, such as oceanography, underwater archaeology, ocean exploration, adventure, equipment maintenance/recovery or underwater videographer. BORING MACHINE A tunnel boring machine (TBM) also known as a mole, is a machine used to excavate tunnels with a circular cross section through a variety of soil and rock strata. They can bore through anything from hard rock to sand. Tunnel diameters can range from a metre (done with micro-TBMs) to 19.25 m to date. Tunnels of less than a metre or so in diameter are typically done using trenchless construction methods or horizontal directional drilling rather than TBMs. Tunnel boring machines are used as an alternative to drilling and blasting (DB) methods in rock and conventional hand mining in soil. TBMs have the advantages of limiting the disturbance to the surrounding ground and producing a smooth tunnel wall. This significantly reduces the cost of lining the tunnel, and makes them suitable to use in heavily urbanized areas. The major disadvantage is the upfront cost. TBMs are expensive to construct, and can be difficult to transport. However, as modern tunnels become longer, the cost of tunnel b oring machines versus drill and blast is actually less—this is because tunnelling with TBMs is much more efficient and results in a shorter project. STEAMBOAT A steamboat is a boat in which the primary method of propulsion is steam power, typically driving propellers or paddlewheels. Steamboats sometimes use the prefix designation SS, S.S. or S/S (for Screw Steamer) or PS (for Paddle Steamer), however these designations are most often used for Steamships. The term steamboat is used to refer to smaller, insular, steam-powered boats working on lakes and rivers, particularly riverboats. As using steam became more reliable, steam power became applied to larger, ocean-going vessels.

Roles of a financial manager

Roles of a financial manager Introduction Of The History Of The Function And Qualifications Of A Financial Manager First we need to understand the term ‘financial manager, Brealey, Myers and Allen (2008, p.6) referred this term to anyone in an organization who is specialized in finance and responsible for the companys investment or financing decision, large corporation may name it as ‘controller, international conglomerates even appoint a Corporate Financial Officer [CFO] to be responsible for corporate planning. History Of The Financial Managers Function Ever since 1900s and even after the Great Depression in 1930s, the primary role of a finance people was only a descriptive discipline on bookkeeping which means accurately recording all transactions related to the payment of suppliers, billing of customers, and handling of cash passing through the accounts department and issuing periodic financial statements. Until late 1960s increased competition in industries forced financial managers to shift their focus towards evaluating investment opportunities and making decisions on the choice of assets and liabilities necessary to maximize the companys value. The 1970s and 80s was a period of increased international competition, CEOs became concerned with operational efficiency to cope with the fast growing market, this included the accounting functions which was streamlined and required to reach out to becoming a profit center for the whole organization (Besley Brigham, 2005, p.6). This transitional shift was gradual and finance managers r oles are no longer stuck solely to the accounting functions, hence a new operational trend brought in a new breed of heavily educated controllers profession with MIS training and computer systems operational capabilities to bring forth efficiency and accuracy in management reports and analysis versus the old accounting systems. Olley (2006) quoted a study by the Institute of Management Accountants (IMA) [The Practice Analysis of Management Accounting (1996)] which mentioned that since the mid 1980s, management accountants have transitioned from the traditional role of being a ‘number cruncher to an internal management consultant and decision-support specialist. Over the century, finance manager has risen to a highly educated, professional and useful positions in the entire corporate structure. Qualification Requirements Of A Financial Manager [FM] In normal practice, a finance manager has to have ACCA/ HKICPA or degree in accountancy or financial planning academic track record or even a chartered accountant qualification, who may possess a minimum of 10 years experience in accounting and financial planning. The traditional career path towards a Financial Manager was through the accounting clerical ranks, then move onto being an assistant accountant and accountant. Other recruiters would prefer one who has been an auditor as this experience allows the individual a wide exposure to auditing and learning from different industries, knowledge of financial situations and how to avoid human or systems errors, so that the person is more affluent on how to manage a smooth transaction flow. Expectations From Corporations, Job Description And Key Attributes Of FM Expectations From Corporations The functions, levels and scopes of responsibilities of financial managers can be very different depending on the size of organizations. For large corporations, the generic role is highly focused on strategic analysis while for smaller organizations, the role could only be more concerned on the collection and preparation of accounts and ledgers. Michael Page International, one of the worlds executive recruitment agent, posted a front page headline advertisement in Classified Post of South China Morning Post on 14 November 2009 in the need of a Chief Financial Manager. The advertisement stated the incumbent will be an integral part of the senior management team, report to the Managing Director [MD] with the ultimate responsibility for the control of the global finance operation of a new venture. The person will need to manage the cash situation of each branch of the business and exercise the financial strategy across multiple locations and will need to build the necessary reporting, risk and control frameworks. The person also needs to prepare analysis and financial models and ensure compliance to corporate policy and national accounting practices. In addition to technical finance advice, the incumbent should possess strong commercial acumen and will work closely with the MD on strategic growth and development plans for the b usiness, furthermore, to liaise with shareholders, key investors and build relevant banking relationships. The client expected someone with experience working within an entrepreneurial environment and display the ability to be part of a dynamic team. Allicolven, another executive search consultant, listed the criteria on its advertisement in JobsDB (13 November 2009) that the applicant has to provide value-added insight into opportunities and risks, responsible for completing the statutory consolidated financial audit for the organization, as well as ensuring the impeccable application of global accounting policy issues for the company and its subsidiaries, the development and maintenance of global controls surrounding treasury and cash management. The client required from the incumbent excellent leadership, proven understanding of regulatory capital issues and align with regulators, excellent communication and command of English and Chinese. These advertisements include all the criteria this paper aims to discuss on and one can easily see the challenging roles of a finance manager nowadays which exceeds the normal accounting functions already. Job Description Of FM Typical work activities, stated in the Job Description of a Financial Manager in JobsDB (9 Nov 2009), Prospects (16 Dec 2009), and Careerplanner (16 Dec 2009) are summarized below, with each requirement stating clearly a standard that has to be met and how the results of the good work would impact the organization: Manage and oversee the daily accounting functions to ensure relevant accounting activities are handled in compliance with the regulatory requirements and group accounting policies and maintain the highest standard; Coordinate and execute all financial related activities in the groups businesses to ensure the proper financial management and minimize the financial risks; Assist the top management to formulate strategic and long-term business plans; Monitor and supervise the month-end closing to ensure all management reports are tendered on time and with accuracy; Prepare and review monthly financial charts for all offices, debrief the financial data and results into business implication to relevant divisional heads; Compile various periodic analytical reports and hold discussion meetings with department heads timely to alert them of the updated business performance; Liaise with external auditors to ensure annual auditing is performed smoothly; participate in the group internal audits to ensure proper control procedures are in place; Monitor cash flows, oversee the total funding, predict future trends of cash and fund management to optimize the benefits of the companys fund usage; Establish the annual budget program and financial models to sustain a smooth and comprehensive process; Handle taxation and legal matters; Review and implement efficient and effective internal control system, make recom- mendations on existing work procedures to improve efficiency. Set up accounting software to ensure it meets the corporate accounting requirement; Supervise the accounting staff locally and ensure the accounts department is well managed, liaise with overseas accounting heads to make sure appropriate guidance and directions are given. Assist in appropriate recruitment and provide coaching and training programs to staff members and conduct performance review for them; Work independently, when applicable, take the initiative to provide input on process improvements as it relates to reconciliations; Develop network and relationships with community and external contacts, such as customers, auditors, solicitors, bankers, brokers, creditors, insurance companies and statutory organizations. Provide assistance and solutions to them whenever necessary; Analyze and keep updated of changes in legislation, financial regulations, competitors move and market trends, research and report on factors influencing the organizations business performance and advise the management accordingly. The Key Attributes And Competencies Required For FM It is almost a prerequisite for a professional finance manager to be analytical, rational, cautious and meticulous yet possessing a macro view of the whole accounting picture, ethical, risk sensitive and inquisitive to detect fraud in any areas in the organization. General personal attributes such as being hardworking, independent with initiative, responsible and accountable, well organized, efficient, timely, cost-effective, self motivating, willing to work under pressure are expected. In addition, management skills to enhance productivity of the accounting team, interpersonal skills in proactively communicating the financial facts and findings to the management, coordinating with other department personnel and decision makers, and being a team player would be most appropriate and eligible to be a finance team leader. Typical Accounting Roles Of Financial Managers And The Critical Aspects Gitman (1992, p.8) defined that financial management is in the arena of business management, dedecated to a careful selection of sources and prudent use of capital, with the aim in enabling a spending unit to move towards the direction of reaching its goals. The duties and responsibilities of financial managers vary with their specific functions and position titles in different organizations, this includes being a controller, treasurer, credit manager, cash manager, internal auditor, taxation manager, risk and insurance manager. Each of these functions has their critical aspects and prime objectives. Function As A Controller Controllers direct and compile the preparation of financial analysis reports concluding and forecasting the organizations financial status. These analyses include income statements, balance sheets, continual review of revenue and expense trends and analysis of future earnings. Controllers provide periodic compilation of business cycle forecasting statistics and periodic calculation of a standard set of ratios for corporate financial performance and regulatory authorities. Controllers make financing decisions typically including should the company raise funds by borrowing short term or long term debt or by selling stock and equity, timing to pay dividends and timing to sell the debt and equity. The long range plan should include a listing of capital investments required and calculate the economic benefits to attain the revenue and profit objectives. Brigham Ehrhardt (2002, p.502) mentioned clearly that effective capital budgeting and funding allocation including cash management, budg eting, sourcing and requirement can improve both the timing and quality of asset acquisitions, all of these decisions affect the investment profile of the company hence impact the shareholders value. It is common that controllers oversee the accounting, audit and budgeting, logistics departments and are responsible to communicate any financial variances and adverse trend results to management, along with recommendations for improvement. With regards to budgeting, Mason (2007, pp.121-123) briefed that a controller should determine various budgets on sales and revenue, revenue expenditure, profit and loss, capital expenditure and cash budgeting. The prime purpose of budgetary control is to maintain expenses to be spent within the limits of income. As the budget is set, a controller must control costs and management overheads and allocate the costs accordingly. Figure 1.0 illustrated basic elements of management overheads, listing clearly actual expenses versus the budget assigned. Function As A Treasurer Treasurers are responsible to oversee the organization cash, execute capital-raising strategies to support expansion of the company. Basically, as Brealey et al. (2008, p.6) mentioned, treasurers look after the investment of funds and manage associated risks, supervise cash management and deal with merging and acquisition activities. To ensure tasks to be properly processed, they need to maintain relationships with bankers, stockholder and other investors holding the companys securities. An example of Allied Air Products, given by Besley Brigham (2005, pp.690-691) which issued different classes of securities because the finance team was aware that different investors had different risk and return trade off preferences, so to appeal to the broadest possible market, Allied offered securities to attract as many different types of investors as possible. Besides, different securities are more popular at different points in time, the company can issue whatever is popular at the time they need money. A wise strategy that takes advantage of market conditions can lower a companys overall cost of capital. Function As A Credit Manager Credit managers have to tailor make credit agreements that concerns the indebtedness limits, evaluate the credit applicants, ensure that the company maintains a fixed amount of working capital to cover the companys operating cash needs. Primarily, they monitor the companys issuance of credit, develop credit rating criteria and determine the ceilings, establish an accounting system for the sake of banking transactions (Van Horne, 2002, pp.449-459). Furthermore, they are responsible to review the collection reports, status of outstanding balances, then arrange to collect debts of past-due accounts or submit the delinquent accounts to solicitors or outsourced agencies for collection. This role ensures the company to have valid funds for the operation and arrange new sources of finance for a companys debt facilities. Function As A Cash Manager Cash managers monitor and control the flow of cash, control check stock, signature plates, separate the responsibility for the cash receipts and bank reconciliation functions, process all accounts payable and receivables, and cash application transactions in accordance with rigidly defined procedures. Petty cash authorization and usage is to be supervised, recording incoming cash payments and verify amount of cash discounts taken. All above measures have to be scrutinized to ensure proper cash in-flow record and usage to meet the business and investment needs of the company and avoiding the risk of committing fraud if the operations are not monitored well. Least to mention, cash flow projections are required so that the management needs to determine if external loans are needed to meet the cash requirements or if surplus cash can be invested in other interest-bearing instruments. Cost accounting and Inventory accounting is another major role of Cash Managers, they need to conduct job or process costing and verify the inventory valuation, because inventories form a link between production and sale of products. Van Horne (2002, p.463-465) explained that cash managers measure the benefits of inventory versus the cost, like account receivables, inventories hedging should be increased as long as the resulting savings exceed the total cost of holding the added inventory. Other than paper work, cash managers have to coordinate periodic physical inventory counts, audits and allocation methods, and provide periodic compilation and evaluation of the inventory costs. Function As An Internal Auditor And Coordinator With External Auditors The scheduling and management of periodic audits within the company lies upon the shoulder of the Internal Auditor. The preparation of audit reports and communicating the findings and recommendations to the management and board of directors is essential. Without saying, they are responsible to assist the annual external auditing. Auditing for fraud especially for small scale transactional fraud is difficult, so by observing the environment, the managing persons accountabilities and employee lifestyles may help in detecting unnoticeable fraudulent act. American and European based corporations have their own internal auditors who perform ad hoc auditing within the corporation worldwide at least once or twice a year. Function As A Tax Manager The reporting requirements of all governmental authorities have increased significantly and become more complex, so it becomes mandatory that companies comply with the changing federal and local tax laws and regulations. Tax managers handle the tax filing and reports for the organization so they must be familiar with tax laws and report timely to the Inland Revenue and tax authorities. Profound knowledge of and experience in international business and personal tax laws will help in this role although company may hire external tax consultant or tax attorneys. Tax managers should review the annual and strategic plans to develop the tax jurisdiction and liabilities for each period, develop tax shelter policies, research the foreign tax consequences of the business plan, recommend actions concerning all tax adjustments and at times, defend the company in respect to disputed tax matters. Eun Resnick (2001, pp.475-486) recommended some measures to be taken by tax managers, such as acceler ating deductions which involve depreciation, making use of local and foreign countries tax credits, avoiding non-allowable expenses, increasing tax deferrals and obtaining tax exempt income to use the excess tax savings in other forms of investment. It is critical that the application of tax laws must be considered in many day-to-day operating decisions, setting up business operations overseas, utilize tax havens, consider personal tax situation when hiring expatriates which will help to avoid paying excess taxes by the company or individuals. Function As A Risk And Insurance Manager And Liquidity Crisis Manager Risk and insurance managers oversee the operations, projects and production programs to minimize risks and losses that may arise from financial transactions and business operations. They need to manage the insurance budget, analyze and measure risks of the investments, direct operations of brokerage firm which were commissioned in buying and selling securities, insurance negotiations, and finally select the insurance brokers and carriers. Establishing procedures for custody and control of assets, records, loan collateral, and securities, review reports of securities transactions and price lists is critical to ensure safekeeping and analyzing the market conditions. Rowe et al. (1994, pp.383-386) suggested risk managers to work on the capital cost overruns, nationalization of facilities as some countries may nationalize certain industries with little or no compensation to the previous owners, ecological costs notably in the asbestos and tobacco industries, sales fluctuations, market gr owth rate, companys market share, investment required, cost of production, raw material scarcity, deterioration of margins for competing products, and technological advances. They would identify the key variables that have impact on the business decision, after all, a long range plan should include an in-depth assessment of the risks that may occur as a result of the business plan. If impending problems are predicted, company can avoid going into involuntary liquidation. Functions Specifically Required In Financial Institutions Financial managers who serve in financial institutions, such as commercial and investment banks, finance associations and credit unions, oversee a variety of functions, including loans, trusts, mortgages, futures, lines of credit and investments. They must be highly familiar and operate in compliance with the State laws and investment regulatory rules and always keep abreast of the fast growing array of financial services and products. Arnold (2005, p.627) suggested that managers have to evaluate and examine application, approve or reject, lines of credit and commercial, real estate and personal loans, they also need to be aware of, and assess the international risk that arises due to foreign currency exchange rates and inflation rates, economical and political situations which may impact the local and foreign countries bonds requisition. Liability Responsibility Financial manager, regardless of the functions above, should monitor the accruals, take a standard review of customer advances in the closing procedure if the company regularly deals with a large amount of customer deposits. They should plan the current and long-term liabilities, such as accrual for bonuses, commissions, property and income taxes, royalties, unpaid wages and vacation pay, warranty claims, by period, in addition, they can analyze each way to reduce the companys obligation such as using just-in-time inventory methods to reduce accounts payable and arrange for a good payment terms for product or materials purchase and update the projected debt status to the year-end closing (Spiceland et al., 2009, p.358). A cautious procedure and alertness will assist the companys growth with little draw back. Organizational And Strategic Roles Of A Financial Manager As computerized systems are unanimously used in corporations, so finance managers can utilize more time in establishing strategies and implementing the short and long term goals for their corporations. As Part Of Management With Management Skills A Financial Managers function can be very distinct and like any other department manager, a finance manager needs to have general management skills such as A) Planning on what work is to be done and the completion schedule in the accounting department, especially in the timely processing of transactions and guiding the budgeting process; B) Organizing the financial tasks, office management, and software, hardware utilization; C) Directing the department work to ensure it operates in an orderly manner; D) Measuring the performance of all key aspects of the department to ensure that performance meets or even exceeds the standards set; E) Delegating work to accounting subordinates and F) Process controlling and constant reviewing if assignments are completed with accuracy and within the time frame; F) A finance manager must have a good knowledge of both company and industry operations in order to know how they impact the operations and new strategic move of the organization. As A Strategic Business Partner Any business decision, in particular the crucial strategic move, cannot dart ahead if without assessing the financial implications. This extends the domain of a finance manager to be involved in strategic business management. To compete successfully, a company must analyze its cost position relative to that of competitors, finance manager will play a strategic role here to provide competitive-cost analysis, if all competitors costs are researched, the company can project future price levels, anticipate competitors moves, prepare countermoves, and assess the potential of its strategies for success. Van Horne (2002, p.199-200) interpreted competitive-cost analysis begins with an analysis of strategic cost-driving factors which determine a companys relative long-run position. The initial question is to determine which costs are relevant in a strategic sense, should the company ‘do the things right by cutting costs in the short run or ‘doing the right things to position the o rganization for long term cost advantages by exploiting opportunities for excess returns. Rowe et al. (1994) had a good insight by raising a number of questions while revealing the financial analysis, the manager should ask if the new strategy is appropriate given the companys current financial position in the industry, do we have the financial resources to initiate the strategy, are financial resources being allocated correctly in order to achieve the strategic goal, should acquisitions be considered, should outsourcing be considered. Finance manager can help in companys growth by determining a wise use of the strategic funds (which is total funds available minus the baseline funds) for purchase of new tangible assets such as facilities, equipment, and inventory, to increase working capital, and to fund direct expenses for research and development, marketing, advertising and promotions and even for mergers and acquisitions. As Corporate Policies Writer And Evaluator Being cautious and versatile in the financial principles and discipline, knowing a thoughtful planning would affect the strategies of the company, finance manager should initiate the details of all procedures, the authorization and limitations of peoples act, regardless such act is aggressive or ignorant, into written polices and procedures. Such policies can include the operation of the accounting systems and statements issuance, the inventory purchase and control, capital and asset investments, human resources compensation plans and expenses, capital evaluation and auditing control measures must be enacted into a procedural manual for all divisional managers to follow suit. Besides, authorization and procedures of credit and collection policies, dividend polices with regards to the dividend amount and payout timing must be thoroughly documented and regulated because rightful process allow less human error or falsified ethics, avoid paying excess tax which would overall influence th e level of a companys accounts receivable. A good policy and practices impact the quality of the trade accounts, increase the companys branding and competitive edge in the market. Handle Mergers And Acquisitions And Consolidations Financial managers have an essential function in mergers and consolidations, in global expansion and related financing. The primary motive and purpose of merging two companies is to increase the value of the combined enterprise. Say if company A and company B merge to form a company C, and if Cs value exceeds that of A and B separately, then synergy exists and such merger should be beneficial to both As and Bs shareholders. A recent headline is Bank of Americas [BA] 2008 acquisition of Merrill Lynch which made BA the worlds largest wealth manager. Both Brealey (2008, p. 883) and Brigham Ehrhardt (2002, p.970) cited on the same record breaking example of AOL spending a significant amount of USD156 billion in acquiring Time Warner, aimed to create a company which offer consumers a comprehensive package of media and information products. Financial managers possess extensive and special knowledge in the areas of risks reduction, valuing the targeted firm, compliance of merger regulation s, international foreign exchange, tax considerations, analysis of the companys current surplus funds, merger analysis of benefits of the complementary resources of income, and last of all provide a post-merger report. Without the merger analysis by financial managers, these merger and acquisitions and consolidation in the market would not have been active worldwide, especially in the USA. Maximize Shareholders Value A competent finance manager should act in the interests of the companys owners and shareholders, maximize current wealth and profit of the organization by increasing the companys market value. To do so, monitoring the equity of the organization in terms of debt and credit is important, because investors expect a high return on the capital invested in terms of dividends, minimized liabilities and a maximized stock price. Brealey et al. (2008, p.22) explained that the real assets of the organization need to produce sufficient cash to satisfy bankers debt, so the capital budgeting responsibility of the finance manager plays an important role to calculate how much money the company can invest and into what kind of assets that could be predicted to earn the most and fastest, and diffuse all concerned risks. This measure is to ensure enough flow of money from investors into the company is well utilized and then maximize the return back to them to satisfy the shareholders. Summary With any and all of above accounting and organizational functions that Financial Managers have to perform and fulfill, it is almost imperative that they should take the initiative to advise, make recommendations for improvement to the management on all financial related matters. Acting as a counselor and invigilator of senior management is critical and affect the survival of the company. Prince (2005, p.15) quoted an example on the CEO of Kmart who exercised extensive high spending manners, extravagances and received excessive executive compensation in the cost of the corporation finally led to the bankruptcy of the company in January 2002, now became a subsidiary of Sears Holdings Corporation. Likewise, General Motors Company [GM] which was ranked as the largest US automaker, filed for liquidation in June 2009, finally assisted by US â€Å"Governments Troubled Relief Program and commenced its reorganization since July 2009. On the other hand, the low resource utilization manner of Murdoch (Prince 2005, p.15) was advised to use the high value assets to offset News Corporations debt, eventually, the company was spared liquidation due to the financial approach. Nowadays Financial Manager Versus Traditional Accounting Manager And The Challenges Accompanied With This Role There is a growing realization that a Financial Manager is no longer called on only to process accounting transactions and issue financial statements when these tasks require detailed technical knowledge but no considerable management or analysis skill. Instead, the modern finance manager or controller must exhibit additional mastery of a multitude of management skills, so that the accounts department runs in an efficient and effective manner, offers a detailed analysis of financial statement results, recommends improvements, and monitors the activities of other departments and perhaps even manages the computer systems in a smaller organization. They should no longer focus on the paper driven reports, so modern finance managers need to radically change the finance report styles and to be efficiently generated by the computerized systems. Financial managers need to cope with the competitive advantage, add values to the corporation, and advance into the use of electronic spreadsheets for financial analysis, target costing, disaster recovery planning, fraud prevention plan, inventory valuation, activity-based costing and budgeting, outsourcing information systems security and software package integration. Nowadays finance managers should utilize the analyzed information to strategize plans to maximize profits and act as business advisors to top management. Global Expansion And International Financial Management Globalization is a trend where business enterprise can search for lower production and labor costs complemented with high quality merchandise and production efficiency, companies may have a need to broaden the markets, seek for raw materials and new technology. Kim Kim (2006, p.4) defined globalization means integrating the world marketplace and creating a â€Å"borderless world† for goods and services. In the era of heightened global competition, international finance managers have to be a strategic partner by starting off to consider the external environment in terms of economic situation, the current and future stage of the business cycle, entrance of the new competitors, political

Internet bank failures :: essays research papers

Product failures happen more often than many people would think. The failure can result from many elements of a products campaign such as the introduction to a stale market, missing the target through improper ad campaigns, and most importantly, not modifying a products concept to appeal to a foreign market. Web banks, also known as internet-based banks, are one such example where the success that originated in the United States was not transferred to Europe. Instead, failure occurred because of three main reasons: the money plant, the lack of access points, internet fraud, and lack of unity among neighboring countries. Banking in Europe before the introduction of web banks was very basic. People were drawn to the personal attention they received from the customer service staff, the multiple access points such as ATM’s and local branches, and the ability to use new technology such as the internet to check balances and transfer funds. The banking structure was very similar across borders of countries and was what people were used to since the evolution of banking. People trusted their banks and showed a great deal of brand loyalty, an important factor that was overlooked when introducing web banks in Europe. Web Banks very quickly turned into a large failure for many companies across Europe. The initial concept of web banks was that they would provide many services to you in the comfort of your own home, often at far lower rates than traditional banks. While many traditional banks such as Vontobel Holding AG have many requirements to hold accounts with them such as a minimum balance charge and low interest rates, web banks main concept was to offer banking for free with no balance requirements, multiple loan opportunities, and the tracking of many separate accounts under one umbrella. Realization soon came that most banks were built on the personal customer service that it provided and the money that kept the bank afloat was the money earned off loan interest and account charges. This left many bankers in Europe to second guess the new web banks. "It would have been hard for us to establish full relationships with new customers, and we couldn't really see where the revenue was going to come from." With no solid revenue stream and no personal attention, a cornerstone for banking success, it is any wonder that the proposed web banks even were invested in.

The Tower Of London Essay -- essays research papers

The Tower of London The Tower of London, the oldest fortified palace in Europe, was built by William the Conqueror in the late 1000's. It has served as a fortress, prison, palace, and the final resting-place of many people ("Tower of London" Encarta 1). Its history is full of amazing and horrific stories of life and death. To truly appreciate this magnificent group of structures a look must be taken into its history through it's architecture, uses, and those held in the prisons and dungeons. The Tower Of London is not actually one tower, it is a group of 13 towers located on 7.5 hectares of land known as Tower Hill ("Tower of London" Encarta 1). To the south of the tower is the Thames Rivers, which used to feed a moat that was drained in 1830. The general shape of the tower is a square with two lines of defensive walls surrounding it. The outer wall is defended by six towers on the river face, and there are two semi-circular bastions at the northeast and northwest corners (Tower of London Virtual Tour 3). The original tower, also known as the White Tower, is flanked by four turrets (Encarta 1). By looking carefully at the architecture of the tower you can see the painstaking workmanship put into every little detail. The group of thirteen towers collectively known as the Tower of London has five areas, which are especially interesting. One such tower was...

Marketing Mix Of Audi Essay

Audi is a German based car manufacturing company, known around the world as part of the big three luxury car manufacturers. Along with Mercedes and BMW, Audi is the biggest luxury car manufacturing company globally. Audi oversees all its global production from its head quarters in Bavaria, Germany, and has further nine production facilities world-wide that manufactures their vehicles. Audi has been a majority owned subsidiary group of Volkswagen since 1966, after a purchase by Daimler-Benz of Audi’s predecessor group Auto Union. Volkswagen re-launched the Audi brand with the F103 series, and Audi has gone on to carve itself a niche as a quality manufacturer of automobiles, producing aesthetically pleasing designs combined with a satisfying drive and being mechanically reliable as well. Audi has been selling their luxury cars in India since 2004, but in 2007 Audi India was established as a division of Volkswagen Group Sales India, and began to set up long term plans, involving large scale investments, recruitment drives and high quality sales services to meet its goal of becoming the number one luxury car to be driven in India. Audi is represented in 110 countries world-wide. Product in the Marketing mix of Audi In the early 1990s, Audi had some problems with its microprocessors, causing electronic failures that threatened the company’s reputation, especially in the American market. Audi have worked hard to remedy the problems, and their new motor cars today have much less issues with the electronics, as new and improved technology is found. Audi have added to their range and now offer a wider variety of cars, from the A1, through to the company’s venture into the 4Ãâ€"4 market with the Q5 and Q7. The Audi A4 remains popular, as does the impressive looking Audi TT. As part of the Big Three of car companies in Germany, Audi are one of the top selling luxury sports car brands in the world. In late 2009, Audi posted profits of $1.85 billion. In 2012, the company enjoyed a 10% increase in sales. Audi has a good presence in India, boosted by the opening of a production plant in 2007. As a result, many of the vehicles from the Audi range are available, and car owners are able to go to Audi garages to repair and maintain their vehicles properly. Where Audi India sold 3,003 units in India in 2010, it has sold 10,002 units in  2013 showing 200% growth in 3 years. Place in the marketing mix of Audi Presently, Audi has 28 dealerships across 11 states in India, and in 2010 Audi India reported an increase in sales, compared to the previous year, of 81%. In mid-2014, Audi India will start production of its premium sedan, the A3 at its facility in Aurangabad, and go on to sell it across its dealerships in the country. Although based in Germany, Audi has a world-wide presence, and continues to be a prolific seller of motor cars. The company has set out major plans and investments in markets such as India, to achieve long term goals, and it continues to grow in the Asian countries. Establishing and maintaining a presence through exclusive dealerships and excellent after care services are being used by the company to build on its European reputation. Production numbers for the Audi Company are impressive, with well over a million vehicles being produced in total in 2013. Promotions in the Marketing mix of Audi Audi are involved in many sports and sponsorship ventures, such as sponsoring some Italian football teams, and having a permanent feature in Sony’s Playstation Home. Audi manages to keep itself in the public eye without over doing it. Advertised on billboards and in magazines, and with advertisements on television (TV commercials) over the years, the company was famous for its slogan â€Å"Vorsprung durch Technik† meaning progress through technology and today still uses the same words on its adverts. Recently, it was changed, in the USA only, to ‘truth in engineering’. Audi relies on the quality of its cars, as well as its reputation as one of the Big Three, to ensure that sales and production figures continue to grow. Its cars in India are often launched by celebrities like the recent launch of Audi RS 7 Sports coupe was done by Bollywood biggie Salman Khan. Because of its niche market, Audi never takes part in mass marketing but instead advertises only in the very premium segment so that it can pull its target market towards the brand. Price in the Marketing mix of Audi The cost of a new Audi A1 in the UK is around 14,000 GBP and in India it is around 19 lac rupees, which shows that Audi has premium pricing or skimming price. Off course, the pricing is completely justified looking at the  quality and the brand image of the car. This pricing is also necessary for the proper positioning of the brand. People like the reputation of the company, and this is reflected in the production of this car – 123,000 plus units in 2013. Dealerships and showrooms offer repayment plans allowing a wide variety of people access to the brand. Of course, Audi has a well respected range of sports cars, such as the Audi TT RS Coupe or the R8 Coupe, but continues to show a steady growth in production of most of its cars over the last 15 years. Audi has witnessed a stellar performance during the last year and the first quarter of 2014 in India. There has been a price rise off late which has been attributed to the increase in the forex rates. However, the company tries its best to rationalize the prices and provide innovative finance options through their own Audi Finance making the purchase attractive. It has it closest competitors in BMW, Volkswagen and Skoda among others.