Accounting Skills For Everyday Success

While some people may do anything to avoid tasks involving math and numbers, the plain truth is that math, especially accounting, is not only inescapable but also integral to everyday life. So instead of dodging accounting, the better tactic is to learn and appreciate the following essential life skills:

Image source: quotesgram.com
                          Image source: quotesgram.com
  • Basic accounting – One doesn’t jump into the most complicated aspects of accounting, after all. Every fledgling business owner, employee, or, really, anyone who has a budget to keep track of is doing accounting. It’s basically how one tracks his finances.
  • How to use accounting software – Once one has the basic principles down pat, it’s easier to look into using technology for bookkeeping. Aside from tables, one can even use visualization tools to see things more clearly. Microsoft Excel is one of the more standard tools used by professionals and regular folk, but there are many others available for computers and mobile devices.
  • How to speak the language – There are a lot of technical terms involved in accounting and words like “debit,” “credit,” and “taxation” will come up often. Even if one were to leave the work to an accountant, one should be able to understand what the accountant is reporting.
Image source: binary.edu.my
                                     Image source: binary.edu.my

Just going through everyday life, one is bound to encounter accounting one way or another so it just won’t do to ignore the task. All one really needs is to get a basic understanding of accounting principles to track one’s income and expenses properly. This way, one can make educated decisions on how to proceed with one’s finances.

Eddie O’Brien is a certified public accountant and CEO of the Americas at Arvato Bertelsmann. Follow this Facebook page for more articles on business and accounting.

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Accounting Skills For Everyday Success

Why Accountants Can Make Good Leaders

Image source: treelineassociates.com
Image source: treelineassociates.com

Accountants have made quite a name for themselves in the corporate world. Almost every corporate entity survives, in large part, due to the success of its accounting operations.

Because their roles are crucial, accountants have had very rewarding careers, and often, they have taken the route of owning their independent businesses, which are likely to have become successes as well. Here are a few reasons as to why they can be good leaders.

Accountants typically have strong organization skills. This is what enables proper delegation of tasks and prioritization of goals. Doing these the right way can dictate how successful a company’s overall management will be.

It is typical too of accountants to be very detail specific. As looking for small mistakes in a balance sheet can be likened to finding a needle in a haystack, accountants’ brains are hardwired into this kind of orientation. This kind of talent is most useful, especially when dealing with people in an organizational framework.

Another reason why accountants can be reliable leaders is their skill to make decisions fast. It so happens that accountants are quite immersed in a certain environment that can also speed up their ability to classify things with much success. In leadership, this makes for swift decision-making that enables actionability.

Image source: accouting-leader.ro
Image source: accouting-leader.ro

Accounting is no joke, and neither is the business of leadership. When these two combine, they can make a strong foundation for a powerhouse corporate entity to make waves soon enough.

Edmund O’Brien is the CEO of the Americas at Arvato Bertelsmann. He is a successful leader who started out as a certified public accountant. To get more business insights in his field, visit his profile on LinkedIn.

Why Accountants Can Make Good Leaders

Outsourcing: Increasing a Business’ Efficiency

Outsourcing is defined as sending job functions to an outside party instead of completing them internally. When a company is unable to manage everyday transactions efficiently or reach the target quota, it might be helpful to consider outsourcing.

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In 2011, the United States Commerce Department reported that approximately 31 million U.S. employees of multinational companies work abroad. This number continues to rise as the fastest growing markets are outside the U.S.

Companies resort to outsourcing primarily as a cost-cutting measure, but it has advantages that go beyond this. A study conducted by Bain & Co. reports that the leading companies (out of the 2,000 companies that they have studied) use outsourcing in more strategic and innovative ways compared to the companies that do not have sustained and profitable growth.

Eighty-five percent of the leading companies utilize capability sourcing, outsourcing, and offshoring to improve client satisfaction, hone world-class talent, and bring fresh ideas and new products to the market faster for a thriving business.

Insufficient talent can be one of the factors that impede an emerging market’s growth. One way to solve the shortage is tapping into global talent. Aside from saving costs, this will cultivate fresh and skillful employees that can deliver positive results for the business.

Tapping global talent also widens market opportunities. A brilliant demonstration of this is AstraZeneca’s offshoring partnership with Chinese companies and universities, which eventually made it the largest pharmaceutical multinational firm in the industry of Chinese prescription drugs.

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External collaboration can also lead to faster production, which subsequently increases revenue, especially among companies with in-demand products and services. Handing off work to the right set of people will also help in-house employees devote their time on strengthening the companies’ core competencies by setting and achieving new goals.

Read more about BPO services by subscribing to this Edmund O’Brien blog.

Outsourcing: Increasing a Business’ Efficiency

The Advantages Of Working In The Bpo Industry

Image source: dnaindia.com
Image source: dnaindia.com

With today’s wobbly economy, finding employment can be tough. Many individuals struggle with finding a career that suits their educational attainment and salary expectations. One industry, however, that offers many work opportunities for job seekers is the business process outsourcing or BPO industry. In fact, even during the most recent global economic crisis, the BPO industry performed well.

For those who are looking for employment or a new career, below are some of the reasons people choose to work in the BPO industry.

No discrimination: For job seekers looking for a great opportunity to earn well, joining t the BPO world is a great choice. And unlike in other industries, BPO companies do not hire a person based on their age, educational status, or race. As long as the person shows interest in working for the company for a long time, they will most likely get hired.

Better pay: A lot of people contest that working in the BPO industry a means having to battle with shifting schedules. However, such work setup can mean more money and better benefits for employees. This is a great thing, especially for breadwinners and those who are saving up for their future.

Image source: officesense.com
Image source: officesense.com

Work stays in the office: Teachers, for example, take home their students’ exams for checking. Sales agents have to meet their clients even after business hours. But for those who work in BPO firms, their work stays in the office. Most employees do not have to worry about doing extended work at home because all BPO work must be done during office hours.

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 articles on the BPO industry, visit this blog.

The Advantages Of Working In The Bpo Industry

Accounting And Technology: Will Machines Soon Be Taking Over?

Technology is changing the world at an exponential rate. Numerous advances have been brought to a wide range of disciplines, such as medicine and business, allowing for a drastic change in the way organizations work or how people solve problems.

finance_and_accountingImage source: nwscc.edu

While such shift has generally been welcome, there are fears that the accelerated pace of technological advancements could lead the replacement of professionals, such as accountants, by machines. Experts argue, however, that such a scenario remains remote.

These fears have been popping up for decades. What happened, however, was that technology only made the life of the accountants easier, as it removed laborious processes. With all the freed up time that accountants have on their hands, they could now branch out and enter into different fields such as giving out financial advice and providing counsel to businesses. This resulted in the unprecedented increase in the professionals’ commercial value.

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The automation of tasks is still rapidly becoming more diverse and abundant, yet this is actually an opportunity and not a threat to the many accountants around the world. With the proper mindset, accountants will arrive at ways to make technology work for them and not the other way around.

Eddie O’ Brien is a certified public accountant (CPA) and the current the CEO of the Americas at Arvato Bertelsmann, a multibillion-dollar business that delivers a host of BPO-related services. He once served on executive positions at Microsoft. For more information on his career, click here.

Accounting And Technology: Will Machines Soon Be Taking Over?

Technological Logistics: How Digital Technology Is Transforming The Supply Chain

Every company operates on some form of supply chain and logistics command. These nodes of communication are how companies interact with their businesses in the most expedient and efficient manner. As a business grows, so do the nodes that it connects. Global companies understand the importance of maintaining a superior supply chain web. Maintenance steps differ depending on the company and the industry involved yet financial experts all agree on the importance of optimizing digital technology in a logistics operation.

iDeaLabs3783808534209Image source: slatecube.com

The reason is simple: consolidation and efficiency. The advent of technology has allowed globalization to occur at a rapid pace. Geography is no longer a limitation when it comes to interaction. This has several major implications. One of the more important ones is that every country, in theory, has access to the same technology and goods and services.

manufacturingImage source: softwareag.com

For example, a medication or vaccine may be used in another country. For that particular medicine to reach another country, there are a few steps and processes to undertake. This involves logistics. Certain medications require specific handling; some need to be at a set temperature or be used within a number of days, etc. Digital technology allows companies to deliver that medicine on time. Furthermore, the technology allows for real-time checks. This means that companies can utilize contingency plans on the spot and ensure quality.

This type of delivery insurance has led many global companies to seek the assistance of many IT and cloud solutions companies. The initial expense may seem daunting, but the overall long-term success is priceless.

Edmund O’Brien is currently the CEO of Arvato and is known in the technology industry as an expert in IT and cloud solutions, among others. Learn more by visiting this LinkedIn page.

Technological Logistics: How Digital Technology Is Transforming The Supply Chain

Facilitating Cloud Migration for Businesses

These days, businesses large and small are depending on cloud computing to ease the daily workload. The adoption of cloud computing is a task that needs strategizing, and the transition is not as simple. Data transmittal, software changes, employee orientations, and adjustment to the new process may take time but going for this change will be worth it in the long run in terms of improving efficiency and the bottom line.

Part of the preparation is research. The company must be aware of all the implications of moving to the cloud. If possible, the company should involve the staff in listing crucial tasks during transition. After gathering and disseminating the primary information, the next step is to take action.

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Once the move has been finalized, all the data to be transferred to the cloud must be prepared. Companies should take care to create backup in case of a crash or other technical problems. All computers should also be equipped with the new software and with a reliable connection for smoother operations. Finally, the adoption of the technology requires new policies encouraging compliance with the new system.

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Image source: Technologydatagroup.com

A change like this may take some getting used to. With expert planning and preparation, the new structure will be beneficial for everyone in the business. Doing most of the daily tasks through cloud computing is becoming common practice in many businesses. It’s the new normal in the workplace, and enterprises that have not made the move should ponder the good reasons for catching up.

Eddie O’Brien is currently serving as a regional CEO of Arvato Bertelsmann’s operation in the Americas. He has held executive positions in Arvato partner Microsoft from 1999-2014. Follow this LinkedIn profile for further updates on cloud computing.

Facilitating Cloud Migration for Businesses