A bill of lading (B/L) or (BOL) is an essential document when transporting cargo or freight from one place to another. It is meant to act as a transport document and evidence of a contract for the movement of goods. There are various types of bill lading which can be classified based on different criteria …
Communication is important for business success and has become a critical element of the modern business environment. In order to communicate effectively one’s message or information has to be complete, concrete, correct, courteous, clear, considerate and concise. These are the 7 C’s of effective communication and they represent a requirement that a message should meet …
Time management techniques are essential for business and the management of any project. Time is an important resource and its management is critical in order to achieve the goals of a project. Time pressures have become commonplace and people struggle desperately to cope with time and the demands pressed on them. Thus, the techniques of …
There are various ways in which an organisation employs people to fill a position. These sources of recruitment can be internal (present employees, referrals and previous applicants) or external (advertisements, campus recruitment and E-recruitment). The main aim is to locate sources of skills and/or experience in order to meet job requirements and job specifications. The …
Management accounting looks a very small discipline that is not important from the outside looking in. However to those within the organisation such as management and decision makers management account provides key information on business operations and is in some ways the most important discipline in the business from an accounting perspective. What Is Management …
Businesses work with budgets to plan for future period operations. In very rare circumstances what was budgeted for and what actually happened are the same. In reality, more often than not there is a difference, a variance between budgeted figures and actual figures. The process of Variance analysis drills down into the numbers to find …
In a simple world, profit maximisation and wealth maximisation would seem like the same thing but there are marked differences between the two approaches. The two can certainly go hand in hand and are by no means mutually exclusive. We can find key differences in their time horizon, approach to risk, bench-marking, time value of …
Management accounting as a discipline has grown as business has grown as a practice. While the name may bring to mind budgets, cost benefit analysis and costing the objectives of management accounting go far beyond those disciplines. What Is Management Accounting? Management accounting is a distinct accounting branch that provides information for management primarily for …
In order to maximise output, increase profits or to remain competitive, firms must continually look out for ways to maximise efficiency. One of the ways in which organisations can increase efficiency is through line balancing. Line balancing ensures that workers and machinery work together in a balanced way. That way no worker or machine is …
An Intercreditor agreement is used by lenders to establish their rights and security to a loan taken by a borrower when the borrower has more than one creditor for the same loan. Normally, the lenders simply acknowledge that each of them is entitled to a specific claim on the assets of the borrower. In cases …
