Accounting Vs. Auditing: Which Is Which?

Accounting and auditing are two processes important in businesses. While many individuals confuse accounting and auditing’s purposes, people who have or are planning to build business ventures should be aware of its functions.The process of auditing begins when accounting ends. Accounting is when companies keep track of monetary transactions. It also involves reporting financial statements of the business. There are three branches in accounting: financial accounting (maintaining, grouping, processing, and analyzing financial reports), cost accounting (identifying key costs), and managerial accounting (planning and support).

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Auditing, on the other hand, is the process of determining the accurate picture of accounting books. It happens after accounting in a certain timeframe (usually a year) is completed. While accounting and auditing are related fields, auditing is a much wider one. It involves an understanding of tax rules, accounting standards, and even the knowledge of various financial activities and transactions. Excellent communication skills are also required in auditing.

Auditing is divided into two: external and internal auditing. External auditing is performed by agencies outside the company. Many countries require companies to have their financial statements audited by external agencies. External auditing is sometimes required by court order, especially if a company declares bankruptcy, or if they have been called out for fraudulent activity. Internal auditing is done to understand various accounting processes and risks. It can be done by employees of the company or by an outsourced agency.

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Eddie O’Brien is the CEO of the Americas at Arvato Bertelsmann. He has worked as an executive for various companies including Microsoft and is also a certified public accountant. Visit this blog for related reads.

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Accounting Vs. Auditing: Which Is Which?

The Role It Plays In Your Business’ Survival

In the past two decades, the world has seen a shift in the way individuals interact, research, shop, and manage businesses. Nowadays, technology is paramount to the success of ventures. Most business operations, from marketing down to security issues, now begin in the digital world.

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Business leaders need to be knowledgeable in Information Technology, given its prominence in operations. Since it has changed significantly the face of modern business, IT systems are considerable investments.

Communications, both internal and external, are simplified and expedited by technology. Internal communication is coordinated within a firm or its different departments, while external communication includes a company’s relations with clients, potential clients, and public. External communications involve managing e-mails, social media accounts, online newsletters, and other platforms.

Meanwhile, a chunk of a company’s marketing is carried out digitally. Digital marketing necessitates technology support teams to implement and repair various kinds of software. A competent IT team is as critical to business survival, as it is to the success of any digital marketing strategy. Processes such as search engine optimization, website development, blogging, and social media targeting all demand professionals with the competence to deliver.

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Edmund O’ Brien is the CEO of the Americas at Arvato Bertelsmann, overseeing the growth and execution of a multibillion-dollar business that delivers a host of BPO services including SCM, CRM, financial, and IT solutions. For more updates from Edmund O’ Brien, subscribe to this blog.

The Role It Plays In Your Business’ Survival

The Benefits Of Information Management

All successful business leaders understand that to ensure profitability or sustainability, customer and organizational preferences must be met. And with today’s abundance of data, it is easier to meet those requirements – if there is an information management system in place. The benefits of information management are the following:

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  • Operational efficiency: Because information management is capable of catalyzing high-quality and organized data to be delivered to the right people at the right time, company processes can be improved and streamlined. Redundancy of processes can be identified and eliminated, and resources, including time and finances, can be maximized.

 

  • Data security: Data is valuable not just to an organization, but also to other criminals who plan on using it for illegal activities. Therefore, it is important to make sure that proprietary information do not fall into the wrong hands. With an information management system, a security infrastructure is implemented.

 

  • Organizational agility: Most businesses operate in a continuously changing environment and market; without the ability to grow and adapt to these, organizations risk losing to competition. Information management processes help businesses thrive in these conditions. Furthermore, it also promotes scalability, if ever the company has to expand or downsize.
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There are many hurdles that challenge the implementation of an information management system in an organization, including evolving product diversity, shorter development cycles, and communication issues. Arvato Bertelsmann, the American region of which is led by CEO Edmund O’ Brien, offers an integrated information management solution that has been shaped by more than 45 years of experience in the industry. To read more about smart processes and technology, subscribe to this blog.

The Benefits Of Information Management

Skype’s ‘Content Creator’ Mode To Offer Call Recording And More

Collaborations are now easier with Skype. Microsoft has recently revealed in a blog post that it will be launching a call recording feature for Skype’s ‘Content Creator’ mode.

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The software, which is a staple for many businesses and organizations, is known for its effective, powerful audio and video call features. For businesses that allow or require telecommuting of their employees, this new update will help create a more productive workplace.

The new feature will be available soon. Skype’s ‘Content Creator’ mode targets users like vloggers, streamers, and digital broadcasters to have live streaming calls (via YouTube), podcasts, and recorded videos via the platform. With the ‘Content Creator’ mode, users won’t have to invest in studio equipment because they can easily share their experiences through Skype.

Aside from call recording, users can also import and edit recording with Adobe Premiere Pro and Audition. It also supports third-party applications like Wirecast, Xsplit, and Vmix. With these new features, other screen capture applications won’t be needed as Skype can now provide clean feeds to video call participants with the users’ NBI-enabled software of choice. The update will be available to Windows 10 and Mac users.

In August 2017, Microsoft partnered with PayPal to allow users to send money through Skype. It looks like Microsoft is aggressive when it comes to launching new features for Skype.

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Eddie O’Brien is the CEO of the Americas at Arvato Bertelsmann. Before joining Arvato, he worked at Microsoft. For the latest technology and business updates, click here.

Skype’s ‘Content Creator’ Mode To Offer Call Recording And More

How Microsoft Took Over The World

Microsoft is undoubtedly one of the biggest tech companies in the world. It’s been just that for several decades now. Almost everyone knows what Microsoft is, and what the brand is all about. Almost every household in the world with technology has something related to Microsoft. And it doesn’t show any signs of stopping anytime soon. However, it started off from very humble beginnings.

Back in the mid-70s, it was Bill Gates and Paul Allen who came up with an interpreter and a simulator, both of which were designed so well that there were no hiccups when they operated together. It was an instant hit when the project was presented to the public in ’75. In fact, a lot of industry experts, technology consultants, and even government officials predicted this interpreter-simulator pair to be the next big thing in the tech industry. A company was built on this invention, and its name was Microsoft. Bill Gates would go on to lead it into the future.

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Five years later, another industry leader, IBM, started using Microsoft’s OS in its computers. Microsoft would earn a percentage for every IBM unit sold in the market. That was how it was going to be for the next five years, with both tech giants making a killing in the tech market.

In 1985, Microsoft developed two operating systems, with one for IBM, and the other, it did in secret. The secret OS, which was almost exactly the same as the second one Microsoft handed to IBM, would be made available to everyone. This third OS catapulted Microsoft above all other competitors. The company even surpassed IBM.

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This was the start of global domination for Microsoft.

Edmund O’Brien currently serves as the CEO of the Americas at Arvato Bertelsmann. He has held several positions in other companies in many different countries in the past including Microsoft. For more on him and his work, follow this Facebook page.

How Microsoft Took Over The World

Why Should Employers Consider Applicants With Diverse Work Experience

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A few years ago, fresh graduates were usually instructed to specialize and focus on one field. While such advice has helped many, some people succeeded even with a diverse work experience. In this generation of young professionals, the number of so-called “career jumpers” are increasing, suggesting that most of these people are no longer anxious when it comes to switching jobs.

Given their lack of focus and expertise, why should employers consider applicants with diverse work experience? Here are some reasons:

These professionals have gained different skills.

An applicant with experience in retail and healthcare can help a management firm in another aspect of business compared to someone who has been working in the same field all his life. Despite lacking technical knowledge, the skills an applicant gained from other industries may help the company when it comes to drawing up new strategies or services. Bringing in new talent to work with experienced industry movers can produce better results. It can also expose the team to other approaches and processes that can be helpful in the long run.

They are also more willing to be trained.

The so-called “career jumpers” are aware that they are skilled in a lot of things but lack expertise. This makes them willing to be trained compared to those who have been working in the same industry for many years. Working in a new field makes them more attentive, helping them acquire new skills in a short span of time. When these professionals’ potentials are harnessed, they might decide to eventually focus all their energy and specialize in one field.

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They approach matters with a wider perspective.

Hiring a person with a different set of skills and experience can provide more insights to a team. With the same training, a team is only exposed to the same methods and resources. Having a fresh talent in the mix can help others approach problems with a different perspective that they might not have conventionally learned.

When it comes to hiring applicants, it is also important to look at the work ethic and achievements. Combining these factors with a person’s skills will determine if they are ready to take on the job.

Edmund O’Brien is a certified public accountant and serves as the CEO of the Americas at Arvato Bertelsmann. He has previously held executive positions in Arvato partner Microsoft from 1999 to 2014. Follow this Twitter page for similar updates.

Why Should Employers Consider Applicants With Diverse Work Experience

Predictions And Industry Shifts: CRM Trends For 2017

When people know future challenges to expect, they usually feel some levels of confidence that they could thrive in whatever situation. When the time comes, these people with foresight know how to react.

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The ability to infer future trends is also an important aspect of business. It’s quite tricky, but there is a method to it. Customer relationship management (CRM) allows a high level of market anticipation in highly competitive environments, where retaining customers is integral to survival.

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AI-based bots will occupy a prominent role in customer relationship management in years to come. Businesses are burdened with huge amounts of data. Sifting through the noise in order to find relevant information is a herculean task. With the amazing rate of data growth, the burden only grows exponentially. Machine learning and predictive algorithms are developed to eliminate the guesswork in marketing decisions, leading to campaigns which are innovative, creative, and exciting.

Another emerging trend in customer relationship management is contextual CRM. More often than not, consumers view adverts as annoyances. To boost their appeal, products need to be marketed as a “best-friend brand.” This can be achieved with hyper-targeting, catering to micro-segments of customers, and giving the right messages to the right customers at the right time. This is the bread and butter of contextual marketing.

Edmund O’ Brien is the CEO of the Americas at Arvato Bertelsmann, overseeing the growth and execution of a multibillion-dollar business that delivers a host of BPO services including SCM, CRM, financial and IT solutions. To know more about him and his industry, visit this page.

Predictions And Industry Shifts: CRM Trends For 2017