Brief Overview of Accounting Principles For Business Administration and Managers

June 9th, 2011 by Clifford

There are specific accounting principles and guidelines that people in the accounting field must follow. These have become steadfast rules that the Financial Accounting Standards Board, more commonly known as FASB, uses as a basis for their own guidelines when exercising their duties as governance in the field of professional accountants. It is important that not only accountants understand this set of principles and rules, but also that anyone involved in the field of business administration knows how the business operates financially and how it accounts for all of its financial operations. For this reason, the student seeking a business degree needs to understand this set of accounting principles. Any student attending a business administration school will have exposure to accounting and will successfully learn accounting principles.

The way that a business accounts for its financial operations is also important to stockholders and any financial institutions that the business obligates itself to because of borrowing capital. When companies offer shares for sale to the public, such companies must have their financial statements audited by an independent public accountant. All personnel involved in the administration of the business, including the accountant or accountants, and the independent public accountant(s) must certify that the financial statements have been prepared according to generally accepted accounting principles, hereafter referred to as GAAP.

The GAAP is the standard of accounting terminology and definitions, assumptions, and methods. This serves as a basis for consistency in the accounting field and the actual practices of accounting itself. When professional accountants prepare financial statements interested parties can expect the reports to be reliable, verifiable, and objective. Further, one can make reasonable conclusions in regards to the financial health of a company and can statistically compare a specific company with others in the same industry. Accounting is the final measure of how well a business performs and the financial statements are its report card. Using a uniform system of accounting resolves disparities that may otherwise arise because an individual company reports its financial situation different from another.

The well-rounded business administration student will successfully complete studies of the concepts of the GAAP and understand how the importance and impact that they have on businesses overall, including the specific area of accounting. Further, if the student seeking a business degree is interested in pursuing a career in accounting, choosing the best business administration school will help him or her in the process of obtaining certification.

What Business Administrators and Managers Can Learn

In a business administration school, students learn many useful accounting principles. A business degree can open doors to a variety of interesting occupations. Start your college search at US College Search or find us on Facebook and Twitter as well. To learn how to get a degree in Business Administration and Management or Business go to US College Search. Then you can Search For Colleges By Zip code or go to the Business Administration and Management hub under Search By Degree.

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The 5 Best Sales and Marketing Strategies For Business Administrators and Managers

June 9th, 2011 by Clifford

It is said that the best way to earn money is to study how it is made. In today’s world, that means studying business administration and earning a business degree. A business college will teach you all of the skills required for a businessperson not only to survive but to thrive. Those with business degrees will enter the field with one step up on the competition. Many different topics will be studied while earning a business administration degree, but one of the most important topics is sales and marketing. While some differentiate between the two, marketing is nothing more than a way to begin a sale.

Sales and marketing require innovation. Those you who are not innovative will not develop a thriving business. Some of the most innovative strategies are very easy to implement. However, you can’t implement a strategy you don’t know about. Following are the 5 best sales and marketing strategies for your business. You will learn about these strategies and many more while studying in a business college.

1. Business Managers Always think big.

Even if you are just starting out and don’t have any employees, you should treat your business as if it were the largest and most successful of its kind. Just putting this mental image in your head will change how you operate your business. Menial office work can be pushed aside for marketing, customer relations and other important tasks done by the largest of businesses.

2. Develop a unique business idea or identity.

Developing a unique business can sometimes fill a niche that has as yet gone unseen. This can be difficult without doing the proper research to discover if there is indeed a demand. A business that is too unique will fail more surely than a business that is not unique at all. For this reason, many people start a very regular business but develop a unique identity that sets them apart from the others.

3. Build relationships with customers.

A business is nothing without its customers. Let customers know how important they are by getting to know them and providing personalized service. Keep a database of customers and stay in contact with them regularly.

4. Watch who you hire.

Your business cannot be strong without strong employees. Your sales staff is one of the most important parts of your business. Take your time and be thorough about who you hire to represent you.

5. Use the Internet.

The Internet is a powerful tool. All businesses should have a website. Allowing sales from your website is also never a bad idea.

What Business Administrators and Managers Can Learn

In a business administration school, students learn these sales and marketing tips and more. A business degree can open doors to a variety of interesting occupations. Start your college search at US College Search or find us on Facebook and Twitter as well. To learn how to get a degree in Business Administration and Management or Business go to US College Search. Then you can Search For Colleges By State or go to the Business Administration and Management hub under Search By Degree.

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Understanding Marketing – Questions Business Administrators Should Ask

June 3rd, 2011 by Clifford

Whether you want to start your own business or help grow an established one, you will need to become skilled in marketing techniques and sales. Marketing may sound boring to those who are not yet initiated into the business world, but it is actually one of the most important and exciting aspects of a business. Successful companies invest greatly in their marketing department. Most marketing professionals have a degree in business administration from an accredited business college. Those that don’t, have another type of business degree or a degree in marketing.

One man who used his business degree to get ahead in the world of marketing is Tim Cohn. Tim Cohn has been a professional marketing consultant since 1989. He has helped over 100 companies develop marketing strategies and more fully realize their business’ potential. Since 2007, Mr. Cohn has focused on Internet marketing. He is a Google Certified Partner who has generated almost 1 billion advertisement impressions that have drawn in 5 million visitors and 100,000 sales leads through Google alone.

Mr. Cohn now writes for his own blog and for national business magazines. He has written more than 1,500 articles for his blog. He has also been the subject of interviews for several important publications, including Forbes Magazine and Inc. Magazine. Cohn has a book that is widely distributed entitled For Sale By Google.

Cohn attributes much of his success in business to Peter Drucker, a prominent writer, business consultant and teacher. Drucker put forth the idea that all business owners and marketing professionals need to ask themselves 5 important questions. He expanded on all of the questions in his book The Five Most Important Questions You Will Ever Ask About Your Organization. Those 5 questions are as follows:

    1. What is our business’ mission?

 

A company mission guides every aspect of a business and is important to every department, be it sales, marketing or executive administration.

    2. Who is our customer?

 

Knowing your customer demographic allows you to bring them the specific products and services they require. It also allows you to market directly to them instead of to people who are never going to become customers.

    3. What does the customer value?

 

This is an extension of question 2. Knowing what your customers value is part of knowing your customer.

    4. What are our results?

 

You must be able to quantify the results of your efforts in order to improve on them.

    5. What is our plan?

 

A mission is not enough. A company must have a plan on how they are going to succeed in their mission.

A business administration and management degree can open doors to a variety of marketing opportunities. Start your college search at US College Search or find us on Facebook and Twitter as well. To learn how to get a degree in Business Administration and Management or Business go to US College Search. Then you can Search For Colleges By State or go to the Business Administration and Management hub under Search By Degree.

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What Business Administrators and Managers Need to Know about Interest Rates

May 31st, 2011 by Clifford
 It is virtually impossible to get by in today’s modern world without taking out credit. Unfortunately, many people don’t fully understand how credit and interest rates work. Therefore, the creditors end up getting much more out of them than they should be paying. You don’t have to have a degree in business administration to understand interest rates, but it sure helps. Individuals who get a degree in business administration from an accredited college or school will not only be able to make a decent living from the knowledge they gained, but they will also be able to make their money go farther than those who do not understand how business and interest rates work.

One basic skill that can be learned while earning a business degree is how to calculate interest rates. If you know the principal amount, which is the amount borrowed, the interest rate and the time known, calculating the amount of interest you will end up paying is simple. All that has to be done is multiply the principal (P) by the annual interest rate (r), and multiply the product by the time in years (t). The equation for this is I=prt.

It is also helpful to be able to calculate interest on investments. This is a form of interest that is paid to you. The amount of interest you will earn can be calculated through the same formula used to calculate the total amount of interest you pay on money you borrow, I=prt.

Sometimes a monkey wrench gets thrown into the calculations when the numbers provided do not meet specifications. For instance, if the time is not given in years, it becomes necessary to enter a term for the time in years. For example, if the time is 300 days, you can enter the time as 300/365 of a year. If the time is 5 months, it can be entered as 5/12 year.

Using permutations of this formula will allow you to calculate any of the terms. If you want to know the principal but have only the interest, rate and time, the formula P = I/rt can be used. This formula is useful for being able to tell how much money you would have to invest to earn a specific amount in return.

Finally, it is also helpful to be able to determine the interest rate when you know the amount of interest, the time and the principal. The formula for this is r = I/pt.

Are you still with us? Do you think you can be a business administrators and managers? Then US College Search should calculate into the equation. We are on Facebook and Twitter as well. To learn how to get a degree in Business Administration and Management or Business go to US College Search. Then you can “Search For Colleges By State” or go to the Business Administration and Management hub under “Search By Degree.”

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5 Things Business Administrators Should Include in a Business Plan

May 26th, 2011 by Clifford
 In order for any type of business to be successful, it must have a well developed business plan. Many times, a person will learn how to create a business plan while obtaining a Business Administration degree. Any person obtaining a Business Administration degree will testify developing a business plan takes time and a lot of effort. There are several aspects to include within a business plan. All business plans will differ because each and every business differs to some degree from its competitors. Sometimes a business plan will be only a few pages long, while others might be more than 50 pages long. No matter what type of business plan is being developed, it is important to include the following five elements.

1) Details Describing the Business

All Business Administration students understand the importance of including a detailed description of a business in its business plan. This detailed description enables a business owner to fully understand exactly what its business offers to consumers, as well as what manufacturers, distributors, and suppliers it partners with.

2) Short and Long Term Expectations and Goals

Within a short term goal list, goals would be listed that the business owner expects to achieve within the next year. These types of goals often include deciding on permanent name for the business, obtaining a business license, or attending a business administration college. Long term goals usually include goals expected to be reached within the next three to five years. These types of goals will often include expanding a business to additional store locations, starting a website, and more.

3) Analyze Competition

A business plan should always include analyses of competition. This helps a business to determine how its competitors are pleasing customers. Upon discovering how competitors are pleasing their customers, a business can focus on their techniques and build upon them.

4) Analyze Financial Situation

Businesses always need to take a realistic look at their financial situation. The best way to thoroughly look at one’s financial situation is to create a business budget. The budget includes all expenses being paid, as well as all income coming in. Many times, after creating a budget, some business owners will find it helpful to obtain some type of business loan.

5) Marketing Techniques

One of the most important parts to include within a business plan is a marketing techniques section. This section provides details as to how the business will market its products and/or services to consumers. Effective marketing techniques can be learned at a business administration college.

So now that you have what you need for your new business plan it is important to continue your education. To find out how to get a business administration degree from an accredited business administration college or online school go to US College Search or to find a school in your area search for schools by your zip code here.

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Learn About Economic Indicators with a Business Administration Degree

May 26th, 2011 by Clifford
 Business administration degrees can prepare students for a variety of careers. Whether you are working as an investment advisor, an economist, or in any position where you need to track the health of various economic sectors, there is one thing you will need to know: how to read economic indicators. While a business degree is probably the best way to learn how to use these indicators, learning about them before you get started in business administration college can help you get a leg up on the competition.

In general, economic indicators consist of various data about employment, prices, and confidence among businesses and consumers, among other measures of economic activity. However, because these indicators are released by so many different sources, and consist of many different kinds of data, learning how to read them is very important in evaluating what they really mean for the health of the economy.

For example, one of the most important economic indicators is the Consumer Confidence Index. This is one of the only major indicators that measures the attitude of everyday consumers toward the economy. Although it has historically been a good predictor of consumer spending, and thus the health of the economy (since so much of the U.S. economy is based on consumer spending), the sample size is small and its data somewhat subjective. This means that with a business degree you will generally learn that you should look at several months’ worth of Consumer Confidence Indexes before drawing any conclusions about the economy.

As another example, another important indicator is the Federal Reserve’s “Industrial Production” and “Capacity Utilization” reports. These reports can be used to track a variety of trends, from price inflation to the relative health of various manufacturing sectors. However, because this report only tracks data from industries that produce physical goods (as opposed to service industries), it only includes about half of the U.S.’s economic activity.

As we can see, the common thread between economic indicators is that they all have their strengths and weaknesses. Each economic indicator must be read keeping these strengths and weaknesses in mind in order to gain a complete sense of what a particular indicator means. A business administration degree from an accredited business administration college or online school can help you read these economic indicators with confidence, and prepare you for many different careers in exciting business administration and related fields. Go to US College Search to find out more or find a school in your zip code.

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