The 5R’s in Waste Management

The 5 R’s – The key factors that are to be remembered in respect of waste management are – Reduce, Reuse, Recycle, Recover and Replace. 1. Reduce – wherever possible reduce waste production. One can always reduce waste production by following these simple guidelines: a. Use or buy only what is needed – when there […]

10 Characteristics of Effective Quality Management Systems

Quality management systems can become cumbersome and bureaucratic if not properly developed, implemented and maintained. Effective quality management systems have ten common characteristics that I have discovered in my consulting practice over the past couple of decades. These common denominators of quality management, when properly implemented, can improve your organization’s ability to satisfy customer and […]

Understanding Financial Statements

Financial accounting’s focus is on the financial reports distributed to people outside of the company. The major component of financial reporting is the financial statements: income statement, balance sheet, statement of cash flows, and the statement of stockholders’ equity. The income statement indicates a company’s profitability during a specified time period such as one year, […]

Management and Financial Accounting

Accounting is usually seen as having two distinct strands, Management and Financial accounting. Management accounting, which seeks to meet the needs of managers and Financial accounting, which seeks to meet the accounting needs of all of the other users. The differences between the two types of accounting reflect the different user groups that they address. […]