FINANCIAL ACCOUNTING - I

 RECTIFICATION OF ERROR  - UNIT II

The errors may be detected:

1.     Before preparation of the trial balance;

2.     After preparation of the trial balance but before preparation of final accounts; and

3.     After preparation of final accounts.

The rectification of the errors will be guided by

·         the nature and effect of the errors and

·         the point of time at which the errors have been detected.

A. ON THE BASIS OF NATURE

1. ERROR OF OMISSION:

It results from a complete or partial omission of recording a transaction.

For example, a transaction may be recorded in the subsidiary book but omitted to be posted to any of the ledger accounts.  This is a case of partial omission.

However, if a transaction is totally omitted to be entered in the books then it is a case of complete omission.

A complete omission will not affect the agreement of the trial balance but a partial omission will affect the agreement of a trial balance.

2. ERROR OF COMMISSION:

It results from an act of commission i.e. entries wrongly made in the journal or ledger.  It may be an

·         error of posting,

·         error of casting,

·         entering wrong amounts,

·         entering a transaction in a wrong subsidiary book etc.  

Unless the effects of errors of commission counterbalance each other, the agreement of the trial balance becomes affected.

3. ERROR OF PRINCIPLE:

          It Is an error occurring due to wrong application of basic Accounting Principles.  The main reason behind such an error is incorrect classification of capital and revenue items.

For example,  purchase of an Asset may be recorded through the Purchase day book instead of debiting the Asset account.  Or wages paid for the installation of an asset may be debited to the wages account  instead of debiting the asset account with the amount of wages.

An error of principle will not affect the agreement of a trial balance. However, it will result in misrepresentation of the state of affairs and operational results of a business.

4. COMPENSATING ERRORS:

If the effect of an error is counterbalanced or cancelled out by the effect of another error or errors  then such errors are known as compensating errors.  Since the compensating errors as a whole cancel out the effect of each other,  the agreement of trial balance is not affected. Thus it becomes difficult to detect such errors.

B. ON THE BASIS OF EFFECTS:

1. ONE SIDED ERRORS:

One sided error is an error whose effect falls on only one account.  It may arise due to

·         Wrong casting of any day book;

·         Posting made to the Wrong side of the relevant account;

·         Duplicate posting of the same amount  in an account.

One Sided errors cause a disagreement of the trial balance and hence are easy to detect.

2.  TWO SIDED ERRORS:

A Two sided error maybe

·         Affecting two accounts at the same direction and not affecting the agreement of the trial balance.  For example Mr A’s account credited instead of Mr B account for an amount received from Mr B.

·         Affecting two accounts at opposite direction and affecting the agreement of the trial balance.  For example, Mr A’s account debited instead of Mr B account being credited for an amount received from Mr B.

3. MORE THAN TWO SIDED ERRORS:

An error which affects more than two accounts simultaneously falls in this category.  This may or may not affect the agreement of a trial balance depending on the situation in each case.

EFFECTS OF ERRORS ON TRIAL BALANCE

Depending on its effect on the trial balance,  the errors  may be divided into two categories-

1.     Errors affecting the agreement of trial balance;  and

2.     Errors not affecting the agreement of trial balance.

Errors affecting the agreement of Trial Balance (TB will not agree)	Errors not affecting the agreement of Trial Balance (TB will agree)
1. An error of Partial Omission	1. An error of complete omission
2. An error of commission whose effect is not cancelled out by a compensating error	2. Compensating Errors
3. Error in balancing an account or casting a subsidiary book	3. Error of Principles
4. An error of wrong posting unless the correct amount is posted to the right side of a wrong account.	4. An error of wrong posting of the correct amount to the right side of a wrong account.

 ONE SIDED ERRORS

EXAMPLE 1

Cash paid to Ram Rs 1000, debited to Ram Account as Rs 100

Note: We have to assume that Cash Account has been correctly credited

Solution:

Point of  Detection		Guideline for Rectification		Remarks
Before Trial  Balance		Rectify Ram Account directly in the Ledger by posting shortfall  of Rs (1000-100) = 900 in the  debit side		Only Ram Account was  underdebited by Rs 900
After Trial  Balance but  before Final  Accounts		Pass the rectification entry: Ram Account……. Dr Rs 900 To Suspense Account Rs 900		Since it is a one sided error,  the Trial Balance will not agree.  Thus the excess credit of Rs  900 must have been made  good by introduction of  Suspense A/c with a debit  balance of Rs 900. Now by rectification, the  suspense account is being  abolished.
After Final  Accounts		Same as above i.e pass the  rectification entry: Ram Account……. Dr Rs 900 To Suspense Account Rs 900		If the account involved with  one sided error is a nominal  account then we will use the  P&L Adjustment Account. For example, if salary account  was involved instead of Ram  account then the rectification  entry would have been: P&L Adj Account..Dr Rs 900 To Suspense Account Rs 900

GUIDELINES FOR RECTIFICATION OF TWO SIDED ERRORS AFFECTING TWO ACCOUNTS IN THE SAME DIRECTION

EXAMPLE 2

Cash paid to Ram Rs 1000, wrongly debited to Shyam Account

Note: We have to assume that Cash Account has been correctly credited

Solution:

Point of  Detection		Guideline for  Rectification		Remarks
Before Trial  Balance		The correct account is to be  debited & the wrong account  is to be credited by the  following entry: Ram Account Dr Rs 1000 To Shyam Account Rs 1000		One account debited in place of another account
After Trial  Balance but  before  Final Accounts		Same as above		Please note that the Suspense Account was not used here as the  agreement of the Trial Balance was not affected.
After Final  Accounts		Same as above BUT------->		If the rectification involves one Nominal Account, use P&L Adj Account.  However, If both the accounts are nominal accounts then no entry is required.

GUIDELINES FOR RECTIFICATION OF TWO SIDED ERRORS AFFECTING TWO ACCOUNTS IN THE OPPOSITE DIRECTION

EXAMPLE 3

Cash paid to Ram Rs 1000, wrongly credited to Shyam Account

Note: We have to assume that Cash Account has been correctly credited

Solution:

Point of  Detection		Guideline for  Rectification		Remarks
Before Trial  Balance		Make the corrections directly in the ledger accounts of Ram and Shyam. Eg. In Ram A/c "To Error Rectified 1000" In Shyam A/c "To Error Rectified 1000"		The effects are in the  opposite direction so the  rectification cannot be  done with a journal entry.
After Trial  Balance but  before  Final Accounts		Rectify by passing the  following entry: Ram A/c Dr Rs 1000 Shyam A/c Dr Rs 1000 To Suspense A/c Rs 2000		Credit instead of a debit resulted into Suspense Account with double  amount in the Trial Balance. This Suspense A/c is now being set off with the  rectification entry.
After Final  Accounts		Same as above BUT------->		If the rectification involves Nominal Account, use P&L Adj Account.

GUIDELINES FOR RECTIFICATION OF TWO SIDED ERRORS AFFECTING TWO ACCOUNTS WITH UNEQUAL AMOUNTS

EXAMPLE 4

Cash paid to Ram Rs 1000, wrongly debited to Shyam Account as Rs 100

Note: We have to assume that Cash Account has been correctly credited

Solution:

Point of  Detection		Guideline for  Rectification		Remarks
Before Trial  Balance		Make the corrections directly in the ledger accounts of Ram and Shyam. Eg. In Ram A/c "To Error Rectified 1000" In Shyam A/c "By Error Rectified 100"		The amounts involved are unequal so the  rectification cannot be  done with a journal entry.
After Trial  Balance but  before  Final Accounts		Rectify by passing the  following entry: Ram A/c Dr Rs 1000 To Shyam A/c Rs 100 To Suspense A/c Rs 900		Shortage in Debit column of Trial Balance of Rs 900 resulted into Suspense Account with same amount. This Suspense A/c is now being set off with the  rectification entry.
After Final  Accounts		Same as above BUT------->		If the rectification involves Nominal Account, use P&L Adj Account.

ILLUSTRATION ON RECTIFICATION OF ERRORS

The following errors have been located from the books of Mr Bajaj:
1. Cash paid to Jeet Rs. 950 has been posted to the debit of his account as Rs. 590.
2. Purchase day book was undercast by Rs. 1000
3. Sales day book was overcast by Rs. 300
4. Wages paid Rupees 600 for the installation of a new machine has been debited to wages account.
5. Interest paid Rupees 59 has been credited to interest received account.
6. Goods sold to Mr Tom for Rupees 500 has been recorded through the Purchase Day Book.

Indicate, with reasons, the accounts which have been affected due to each of the above errors and rectify the errors if those are detected:
(a) Before preparation of the Trial Balance
(b) After preparation of Trial Balance but before preparation of Final Accounts
(c) After preparation of the Final Accounts.

Solution:

1. CASH PAID TO JEET RS. 950 HAS BEEN POSTED TO THE DEBIT OF HIS ACCOUNT AS RS. 590.

Accounts Effected: Jeet Account

Reason: The entry in the cash book is correct but Jeet Account is debited by Rupees 590 in place of Rupees 950. It is under debited by 950 – 590 = 360. It is a one sided error.

Rectification Before Trial Balance

Jeet Account is to be debited by Rs 360 directly in the ledger. Write “To Error rectified Rs 360” in the debit side of Jeet Account.

Rectification After Trial Balance but Before Final Accounts

Pass the journal entry:

Jeet Account Debit     Rs 360

To Suspense Account   Rs 360

Rectification After Final Accounts

Pass the journal entry:

Jeet Account Debit     Rs 360

To Suspense Account   Rs 360

2. PURCHASE DAY BOOK WAS UNDERCAST BY RS. 1000

Accounts Effected: Purchase Account

Reasons: The total from the Purchase day book, on daily or weekly basis, is posted to the debit of Purchase Account in the ledger. On the other hand, each transaction of purchase recorded in the Purchase day book is separately posted to the credit of the relevant supplier or creditors account. As a result, the undercasting of the Purchase day book will only affect the debit side of the Purchase account. It will not affect the suppliers or creditors accounts.

Rectification Before Trial Balance

Purchase Account to be debited with Rs. 1000 directly

Rectification After Trial Balance but Before Final Accounts

Pass the journal entry:

Purchase Account  Debit   Rs 1000

To Suspense Account    Rs 1000

Rectification After Final Accounts

Pass the journal entry:

P&L Adjustment Account*  Debit   Rs 1000

To Suspense Account    Rs 1000

*Since Purchase Account is a Nominal account, the total debit balance of the Purchase account will be transferred to the Profit and Loss Account during preparation of the Final Accounts. Thus for making the rectification after preparation of the Final Accounts, the Profit and Loss Adjustment Account is required to be debited.

3. SALES DAY BOOK WAS OVERCAST BY RS. 300

Accounts Effected: Sales Account

Reasons: Same as above in point 2

Rectification Before Trial Balance

Sales Account to be debited with Rs. 300 directly

Rectification After Trial Balance but Before Final Accounts

Pass the journal entry:

Sales Account  Debit   Rs 300

To Suspense Account    Rs 300

Rectification After Final Accounts

Pass the journal entry:

P&L Adjustment Account*  Debit   Rs 300

To Suspense Account    Rs 300

*Same justification as in point 2 above.

4. WAGES PAID RUPEES 600 FOR THE INSTALLATION OF A NEW MACHINE HAS BEEN DEBITED TO WAGES ACCOUNT.

Accounts Affected: Wages Account and Machine Account

Reasons: It is an error of principle. And since this error affects two accounts, it is a two sided error. Wages paid for installation of Machine is a Capital expenditure for which the Machine Account should have been debited. But wrongly the Wages Account has been debited. Since the error is in the same direction (i.e the wrong account has been debited instead of the correct account being debited) the agreement of Trial Balance will not be affected. We will have to assume that the Cash Book is correct.

Rectification Before Trial Balance

Pass the journal entry:

Machine Account Debit     Rs 600

To Wages Account          Rs 600

Rectification after Trial Balance but Before Final Accounts

Pass the journal entry:

Machine Account Debit     Rs 600

To Wages Account          Rs 600

Rectification after Final Accounts

Pass the journal entry:

Machine Account Debit     Rs 600

To P&L Adjustment* Account Rs 600

* Since Wages Account is a nominal account.

5. INTEREST PAID RUPEES 59 HAS BEEN CREDITED TO INTEREST RECEIVED ACCOUNT.

Accounts Affected: Interest Paid Account & Interest Received Account

Reasons: Interest has been paid which is an expense. The Interest Paid Account should have been debited for the same. However the Interest Received Account has been credited wrongly. This is a two sided error in the opposite direction. The agreement of the Trial Balance will be affected by double the amount of the error.

Rectification Before Trial Balance

Debit the Interest Paid Account by Rs 59 directly in the ledger. Also Debit the Interest Received Account by Rs 59 in the ledger for nullifying the effect of the error made.

Rectification After Trial Balance but before Final Accounts

Pass the entry:

Interest Paid Account Debit   Rs 59

       Interest Received Account Debit  Rs 59

To Suspense Account Rs 118

Rectification After Final Accounts

Pass the entry:

P&L Adjustment* Account Debit    Rs 118

To Suspense Account   Rs 118

* Interest Paid and Interest Received are both Nominal Accounts

6. GOODS SOLD TO MR TOM FOR RUPEES 500 HAS BEEN RECORDED THROUGH THE PURCHASE DAY BOOK.

Accounts Affected: Sales Account, Purchase Account & Tom Account

Points to be noted: The correct entry should have been:

Tom Account Debit    Rs 500

To Sales Account       Rs 500

However, the entry passed (wrong entry) is:

Purchase Account Debit   Rs 500

      To Tom Account          Rs 500

Trial Balance will agree as a set of double entry has been totally missed. Another set has been wrongly but totally introduced.

Rectification before Trial Balance:

Pass the entry:

Tom Account Debit   Rs 1000

To Purchase Account  Rs 500

To Sales Account       Rs 500

Rectification after Trial Balance but before Final Accounts:

Rectification after Final Accounts:

Pass the entry:

Tom Account Debit   Rs 1000

           To P&L Adjustment* Account  Rs 1000

* As the Purchase and Sales  Accounts are nominal accounts.

 

Alumni form for the UG - [2016- 2017 ] , [2017-2020] & PG [ 2018 - 2020 ]

Girls here with we have attached you the link for Alumni database. Kindly ensure and register the details by using the following link

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with regards,  

Department of Commerce (Aided)  

Sri GVG Visalakshi C ollege for Women(Autonomous), Udumalpet

Features of Management- Dr.C.Pushpalatha

 

Management:-Features

 

Defintion:

}  Management is an organ; organs can be described and defined only through their functions.”

                                                                                                                                               Peter F. Drucker 

Features of Management:

}  Management aims at maximising profits

}  Decision making

}  Management is a profession

}  Universal application

}  Management is getting thing done

}  Management as a class or a team

}  Management is a career

}  Direction and control

}  Dynamic

}  Management is needed at all levels

}  Leadership quality

 

Management aims at maximising profits:

Ø Management aims to utilise the available resources properly to get desired results. 

Ø The results should be maximising profit or increasing profits by the economic function of the manager. 

          Decision Making:

Ø Management  needs to take number of decisions everyday.

Ø Decision making arises only when there are alternative courses of action.

Management is a Profession:

Ø Management  possesses all the  qualities of a profession .

Ø  A fund of knowledge is imparted and transferred and the same is followed by management.

Universal application:

Ø The principles and practices of management are applicable not to any particular industry alone but applicable to every type of industry.

Ø The  practice of management is different from one organisation to another according as to its nature.

Management is getting things done:

Ø A Manager does not actually perform the work but he gets things done by others.

Ø According to Knootz and O’Donnel “Management is the art of getting things done by through and with people in formally organised groups.

Management as a team:

Ø A team may be defined as a group of people having homogenous characteristics to achieve common objectives.

Ø Ex.Engineers and Doctors are  grouped as a class. 

 

Management as a career:

Management is developed as a career focussed on certain specialisation.

Area of the specialisation  of Management

Ø  Financial management

Ø  Cash management

Ø  Marketing management

Ø  Personnel management

Ø  Industrial management

Ø  Business management

Direction & Control:

A  manager can

Ø direct the sub-ordinates in the performance of a work

Ø control them whenever necessary

Ø direction and control deals with the activities of human effects

Dynamic:

Ø The management is not static.

Ø In the fast developing  business world new  techniques are developed and adopted by the management .

Ø It  is changes according to the social change

Management is needed at all levels:

Ø The functions of management are common to all levels of organisation.

Ø The top executives perform the functions of planning, organising, directing, controlling, and decision making .

Ø The same functions are also performed by the lower level supervisor.

Leadership quality:

Ø Leadership quality is developed in the person who is working in the top level management.0

Ø  According to R.C Davis ,” Management is the function of executive leadership everywhere”.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BUSINESS COMMUNICATION

 

R.VANAMADEVI - 11.09.2020

What is Business Communication?

Business communication is the process of sharing information between people inside and outside a company. Some types of business communication include:

• A team of employees holding a brainstorming session
• Two coworkers sharing information to work on a project together
• A manager giving feedback to a direct report
• A leadership team sharing the company’s vision with their staff
• An account manager presenting a deliverable to a client
• A client giving feedback on a deliverable

Beyond just sharing information, effective communication is also essential for conducting day-to-day business processes and tasks such as:

• Making and sharing plans and proposals
• Presenting new ideas to clients, coworkers, or leadership
• Having productive meetings
• Reaching agreements as a team or organization
• Executing decisions
• Making sales
• Taking, sending, and fulfilling orders

Working with other companies in your supply chain

The Importance of Business Communication

Effective communication is a must for any modern business that wants to develop a competitive advantage and be truly successful. Why?

The purpose of business communication is to improve processes and reduce errors—which has become even more vital in today’s hyper-connected, digitally-driven business world. When you and your employees are using so many different devices, tools, software, applications, and platforms to conduct various business processes, you need to ensure that everyone is on the same page and working towards the same organizational goals. Although using many different tools at once increases the risk for error or something slipping through the cracks, strong communication can greatly minimize their risks.

If there are miscommunications, your core systems and processes could quickly fall apart—negatively affecting your business, your customers, and your employees. In fact, yet another benefit of strong business communication is higher employee engagement. When employees are aware of their personal goals, team goals, and the goals of the overall organization, they can work towards them with motivation and confidence.

After all, if your employees have no idea what the goals of a certain initiative are, don’t feel comfortable going to their manager with a problem, or asking their coworker for feedback, how are they supposed to do their jobs effectively?

Plus, when employees feel they can communicate and build relationships with their managers, coworkers, and clients, they’ll be happier on the job. This helps to reduce your turnover rate and the high expenses associated with employee turnover.

When your employees are engaged and satisfied, they’ll also be more productive, which means they’ll be able to produce a higher quantity and quality of work—meaning happier customers and more revenue for your business. The proof is in the numbers: companies with a highly engaged workforce see a 19.2% growth in operating income over a 12-month period, while those with low engagement scores earn on average 32.7% less!

Problems Solved by Effective Business Communication

Without the right business communication processes in place and tools to carry them out, the flow of information in your business will be quickly interrupted—which means miscommunications, uncertainties, and errors.

On the other hand, having the proper business communication processes can minimize risk, frustration, and a whole slew of problems, including:

• Email overload. Nothing feels more overwhelming than an email inbox overflowing with hundreds of new messages. This isn’t only frustrating, but makes it easier to misplace or completely overlook a crucial piece of information. By outlining clear business communication processes (for example, when it’s appropriate to send a quick instant message rather than a whole email), you can reduce the number of digital distractions and create more space for creativity and collaboration.
• Drains on productivity. When your employees can’t find a piece of information they need to complete a project, they’re often left searching through endless email chains or wasting time trying to track down the right person to ask. But, when they have organized communication processes in place and access to the right communication tools, these drains on productivity will come to a halt.
• Horizontal and vertical communication silos. Often times, teams and departments within an organization don’t talk to each other as much as they should be. These silos can be easily remedied with clear communication processes in place for how to reach out between departments and get answers in a timely manner.
• Low Job Satisfaction. Statistics show that remote workers are 57% more likely to be satisfied with their jobs when working remotely. Effective communication is key for ensuring remote employees remain engaged with their work and feel that their contributions have an impact.
• Lack of clarity on company culture. When your employees aren’t clear about your values and vision, your company culture won’t be as strong as it could be. This could lead to morale issues in the workplace that negatively impact both job satisfaction and productivity.
• Employee turnover. Losing top talent is expensive, and one of the biggest reasons for employees leaving their jobs is a lack of communication and disengagement. According to data from Owl Labs, employees who remote work report being likely to stay at their "current job for the next 5 years 13% more than onsite workers."
• Poor customer service. If there’s poor communication inside your organization, chances are that employees in customer-facing roles won’t have the information they need either. This can affect the quality of the customer service you’re able to provide, which can quickly frustrate customers and send them straight into the arms of the competition.

Types of Business Communication

There are two main types of business communication in a typical organization:

1. Internal Business Communication

Internal business communication is any form of communication between people inside your organization. There are three main forms of internal business communication:

• Upward communication. This is any form of business communication that comes from a subordinate to a superior, such as a manager, team leader, or C-Suite executive. An example would be a team member asking their boss for more information about a task before completing it.
• Downward communication. This is any form of business communication that comes from a superior to a subordinate. An example would be a manager giving their direct report a job performance review.
• Lateral communication. This is any form of internal or cross-departmental communication between coworkers at the same level of the organization’s hierarchy. An example would be an employee in the creative department giving an employee in the marketing department a design to use for a promotional piece.

2. External Business Communication

External business communication is any form of communication that leaves your office and internal staff. It involves communicating with external parties, which might include:

• Customers
• Clients
• Vendors
• Suppliers
• Stakeholders
• Investors

Methods of Business Communication

When business communication actually happens, it’s either verbal or in written form. Furthermore, both verbal and written forms of business communication will take place either in-person or remotely.

There are pros and cons of each—while in-person communication makes it easier to read the other person’s body language and reduce miscommunications or errors, remote communication is essential in our modern workforce while “working from wherever” is the new norm.

That being said, here are some of the most common methods of business communication:

• Web-based communication. This includes online communication channels such as emails, plus instant messaging applications like Slack.
• Telephones & audio conferencing. These tools make it possible to run productive meetings even when some or all participants are remote. This type of business communication often enables a better exchange of ideas compared to written communication because it allows you to pick up on the tone of voice of the person speaking.
• Video conferencing. This is the most effective way to conduct virtual meetings that feel as close to in-person meetings as possible because you can see body language as well as hearing tone of voice.
• Face-to-face meetings. Research shows that in-person meetings generate more ideas than virtual meetings, so when you are able to get all meeting participants in the same room, you should do so. But, for modern businesses with lots of remote employees or customers across the world, this might not be possible.
• Reports, files, presentations, and documents. Having important business information in written form reduces the chance for confusion, can be referred back to later to provide extra clarity, and can easily be shared between parties.
• Surveys. Both internal employee surveys and external customer surveys are a great way to gather feedback, open an additional communication channel, and find ways to make future improvements as a business.
• Customer management activities. This could include gathering or sharing information through live chat support, a customer relationship management (CRM) system, your customer onboarding process, customer reviews, etc.

Creating Your Business Communication Process

Solid business communication processes are essential for the happiness and productivity of your employees, as well as the satisfaction of your customers. But where do you even start when creating them? Follow these steps to set clear processes that will transform communication in your business:

1. Analyze your current state of business communication

You can’t improve your business communication processes if you don’t know where they currently stand. So, the first step towards creating new processes that will take your business communication to new heights is to take a good hard look at where you’re at right now.

2. Identify gaps and roadblocks

While you’re taking stock of your current business communication processes, think about the issues you and your employees often face. For example, is there one specific team that had low employee engagement scores from a recent job satisfaction survey you conducted? Are employees in a particular department struggling to complete projects effectively and on time? Do you have poor customer service reviews online?

3. Outline core groups in your organization and how they communicate with each other

Look into the structure of your organization and how these groups interact with each other. Just some examples of questions you’ll want to ask include:

• Which teams and people have to talk to each other on a daily, weekly, and monthly basis? What are they talking about?
• How are managers tracking progress in their departments? How does that reporting process work? How is feedback given?
• Which projects and processes need approval from other people in the company? How is this approval process requested and facilitated? What happens after approval is given?

4. Set future business communication goals

Now that you know where your business communication processes currently stand, where the issues are, and who everyone needs to be able to effectively communicate with going forward, it’s time to set some goals. You want your goals to be realistic, timely, and measurable. For example, some business communication goals could include:

• Having an employee turnover rate of 10% year-over-year by 2022
• Having a specific employee satisfaction rate on your next quarterly survey, for example, 90% of employees answering with an 8 or above to the question: “On a scale of 1-10, how engaged do you feel your current job role?”
• Reducing the amount of unnecessary emails sent next quarter by 20%
• Reaching a specific customer satisfaction rate, for example, an average review of 4.5 stars or above on Google Reviews, within six months

5. Define methods of communication

Now that you have some goals set, you can choose the methods of business communication that will align. For example, for the goal of reducing the amount of unnecessary emails sent next quarter by 20%, a great start would be outlining when is the right time to send a quick instant message instead of an entire email.

6. Document and share your new business communication processes

Setting goals won’t mean anything if you can’t hold yourself accountable to actually meeting them, and defining methods of communication for various situations will be futile if your employees don’t know about them. For these reasons, it’s essential to actually document your business communication goals and processes. Then, you can easily share these documents with others in the organization and refer back to them as needed. These documents will also be a valuable tool that can be shared with new employees to get them up to speed quickly.

7. Evaluate progress and readjust as needed

The goal here is to continuously improve your business communication processes so your business can become more efficient and your employees can stay engaged on the job long-term. For this reason, it’s important to continuously check in on your progress and identify if you’re on track to meet your goals or missing the mark. This way, you can make adjustments as necessary.

You may want to consider creating a recurring calendar reminder for yourself and your team to reevaluate your business communication processes and progress towards your goals once a quarter. This way, you can determine if you’re still on the right path or if you need to pivot.

 

FINANCIAL ACCOUNTING II REVISION - Dr.C.Brindhadevi

HIRE PURCHASE SYSTEM

                                     https://youtu.be/WaGva6HAWbE


HIRE PURCHASE JOURNAL ENTRY SYSTEM


                               https://youtu.be/tgRBEv4r-EA

FINANCIAL ACCOUNTING II REVISION - Dr.C.Brindhadevi

PART I -INTRODUCTION TO HIRE PURCHASE SYSTEM

BY

Dr.C.Brindhadevi

Assistant Professor of Commerce

Sri GVG Visalakshi College for Women,udumalpet