Corporate Governance is the strong foundational base prevalent within all business organisations. It is an element of atmost importance which helps businesses function seamlessly, efficiently, structurally and carry out its regular activities like company rules, legal compliance, stakeholders satisfaction, etc.
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GST stands for ‘Goods and Services Tax’. It is a One Nation One Tax. GST was introduced with the intent to demolish the cascading effect which was prevalent before its introduction.
Final accounts, also known as financial statements, are a set of reports prepared at the end of an accounting period to summarize a company’s financial performance and position. They provide a comprehensive overview of a company’s financial health to stakeholders like management, owners, and investors. The main components of final accounts include the Trading and Profit & Loss Account and the Balance Sheet.
In order to be well versed in the subject matter of accounting one must have a clear understanding of the following common business expressions which are commonly used in the business accounting.
Primary security refers to the main asset the borrower provides to secure and safeguard the lender for the loan. It serves as the primary source of repayment in case of default.
Collateral security acts as a secondary security, supplementing the primary security to mitigate/reduce the lender’s risk further.
“Investment management is the process of management of money including investments, budgeting, banking and taxes also called as money management.” It is the strategic and systematic process of managing a portfolio of investments to meet the estimated end goals. It involves buying and selling assets, creating investment strategies, and managing risk.
Hire purchase is an important financial strategic tool which helps people to purchase an asset or investment by giving out certain installments in a certain period of time and thereby eventually getting the ownership transferred from the hire vendor/seller to the hire purchaser.
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Finance is such a powerful medium that, it performs an important role to operate, co-ordinate and control the various economic activities of the business enterprise.
Finance is essential for expansion, diversification, modernization, as well as for establishment of new projects.
Building a great and effective business needs a strategic framework and an excellent execution system on a consistent and continuous basis.
Great leaders are great planners who can analyse a given situation and build an ecosystem to reach the end potential.
Entrepreneurs are known to be the innovators, they are creative and with their entrepreneurial mindset, innovate products which create value to the end consumers.
The core value proposition of entrepreneurship is to analyse a given market and try to fill up the gaps by introducing products which help consumers to solve their day to day problems.
Entrepreneurship is a full time job which requires dedication, consistency, hard work, self motivation, willingness to go to great lengths in order to achieve the set benchmarks.
Entrepreneurs are known to be the innovators, they are creative and with their entrepreneurial mindset, innovate products which create value to the end consumers.
Entrepreneurship Development is a systematic program designed to help a person in strengthening his or her entrepreneurial motive and in acquiring skills and capabilities necessary for playing his or her entrepreneurial role efficiently with a top level approach.
It is defined as ‘a programme designed to help a person in strengthening his/ her entrepreneurial motive and in acquiring skills and capabilities necessary for executing the entrepreneurial role efficiently.’
Leaders are the ones who show and create the path for the members, they are the ones who create the strong work ethic with the set of goals to achieve and delegative the work and responsibilities accordingly.
Leadership is a skill which helps people channelise the actions through someone towards the right direction. Effective leadership and motivational strategies can provide individuals with the range of insights that are applied in various personal and professional settings.
The financial manager is a person who is a professional/expert in the field of finance and looks after the fiscal affairs and financial health of the business organisation.
He/she is responsible for the various financial transactions, decisions, deployment of cash, return on investment (ROI), cash inflows and outflows.
Employee retention refers to the retention of effective and efficient employees within the organisation. It is the organisational goal of keeping productive and talented workers and reducing turnover by fostering a positive work environment to promote healthy relations showing gratitude towards the employees, providing competitive pace and various benefits while encouraging a healthy work life balance.
Human Resource Management which is also known as HRM is a strategic, systematic and the most important function within an organisation which primarily focuses on the effective, efficient and strategic management of people to attain various business goals.
Goodwill plays an important role in strengthening the fundamentals and overall image of the business organisation, it is an intangible asset but not a fictitious asset which means that it has some realisable value.
By understanding various financial terms and the mechanism in which it functions, one can reach great heights. Finance is a vast subject with several branches.