08 Aug 2013
in 21st Century Corporate Strategy
Tags: able, account, actual, agreement, amount, around, best, borrow, borrowing, buy, card, cash, charge, condition, consideration, cost, cover, credit, deal, department, even, example, goods, high, important, insurance, interest, keep, lend, lender, life, long, look, low, mind, need, pay, rate, require, run, save, sell, Services, shop, store, term, thing, vary
Just as you shop around for the best deal when you are buying goods and services, you should shop around for the best buy in credit terms. Look for the lowest interest rates but keep in mind that you may be required to pay for other services too, such as life insurance to cover the amount you are borrowing. The cost of these services and other conditions of the lending agreement will vary from lender to lender.
Sometimes the cost of borrowing may not be the most important consideration. For example, even though the interest you pay on credit card or department store charge accounts is high, you may actually be able to save in the long run if you sell them to buy things you need but don’t have the cash for, while they are on the sale.
My Consultancy–Asif J. Mir - Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures
15 Dec 2010
in Maintaining Accounting Records
Tags: accounting, amount, basic, bottom, bottom-line, building, business, challenge, compute, decision-making, financial, firm, government, great, important, information, insurance, interest, internal, investor, item, large, lender, loan, loss, maintain, manage, money, number, produce, Product, production, profit, purpose, record, rent, repair, report, salary, sold, spent, tax, track, tremendous, Use, wise
Firms must maintain accounting records. The most important number in these records is the one at the bottom—the “bottom-line” net profit or loss. To compute this number, the firm keeps track of the number of products sold and the amount of money spent on production, salaries, rent, insurance, interest on loans, building repairs, and other items.
Large firms produce a tremendous amount of accounting information. Managing this information and using it wisely are great challenges. All business firms—large and small alike—produce accounting information for three basic purposes: internal decision-making, financial reporting to lenders and investors, and tax reporting to government.
My Consultancy–Asif J. Mir - Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.