How to Survive in Business When the Economy is Bad

It's funny how people are more afraid to venture into businesses when the economy is having a slight downturn. It is risky, very true. But unlike staying in the office doing your day-to-day job, you can use all of your time and energy to generate more income for you and your family. When the economy is starting to look bad, prices will definitely hike up but your paycheck, of course, will definitely not. You and your family will appreciate every extra cent that is being put on the table.

Managing your business in this situation is not an easy task. During the good times, you have room for mistakes every now and then. But at times when stock values fall and people are afraid t spend their money, every little decision will be crucial. Do not make hasty moves and think about every possibility very carefully.

Here are some tips on how to survive a bad economy!

1) Trim Unnecessary Expenses

When times are good, business owners do not really pay attention to how much goes out as long as a lot keeps coming in. You would be surprised that there are lot of things that can be ruled as unnecessary expenses. You could also ask for discounts from your suppliers. If you do not try, you would not know if they could give them to you or not.

2) Be More Flexible

Be prepared to adjust your products or services according to your customers' needs. Find out what they want, how they want it and draft out a different price for them. Customers will feel happy that you are going out of your way to meet their needs and will keep on coming to you with other opportunities.

3) Advertise, advertise and advertise

If you do not advertise, your business might die. You need the public to know what you are doing. Even though you have a good number of regulars, it is always better to have more. If you are on a tight budget, try the social networks or blogging online, where advertising can be free!

4) Be Different

You cannot escape from having other companies to offer the same products as you do. But you have the choice to be different. Whether it is the design, price or color. Be creative and make your products or services stand out from the rest. Humans are very curious, as long as it is within their budget, they will want to try something different. If they like it, they will keep on being your customers.

5) Offer Something Extra

A gift, an experience or a smile. Offer something extra that will make your customers feel appreciated and come back for more. Even traditional information on the product or the benefits that it brings will make customers feel that you care enough to go through the hassle to tell them what they are getting.

So, even when things are bleak, just stay with your business, or if you have not started one, why not do it now?

~credit to Majalah PUM Selangor Bil. 35~

ANNUAL RESULTS FROM ACCA SHOW RISE IN DEMAND FOR ACCOUNTANTS

Healthy growth rates for member and student numbers

ACCA continues to see growth in member and student numbers, reflecting the need for professional accountants, especially in the context of the global economic conditions.

The global membership of ACCA now stands at 140,000, a growth of 6.5% from the 31 December 2008 figure of 131,500 members. Student numbers have increased from 366,000 to 404,000, a rise of 10.4%.

As a result of its increased global network and the reputation of members in 170 countries, ACCA is increasingly rated as the leading global professional accountancy body by employers around the world.

'ACCA has made significant contributions to the public debate on matters of world importance, such as the agenda of the G20 nations and in particular their call for the adoption of international accounting standards, COP15 and climate change, the value of audit, financial regulation and access to finance,' said Helen Brand, ACCA chief executive.

'This healthy growth comes during an economically challenging time, but it shows that the finance profession is an attractive global career. Accountants’ skills are more important than ever, to restore confidence in the global economy, to help businesses large and small to identify and manage costs and deliver sustainable growth.

'Following significant investment in enhancements to service delivery, ACCA students and members have recorded increased satisfaction with the levels of service they receive. The organisation is pleased to see that the enhancements delivered have led directly to perceived improvements in service levels by customers.'

Last year, ACCA opened offices in Brussels, Bangladesh, Chengdu and Macau, and also began collaborative work with major organisations such as KPMG, the Global Reporting Initiative (GRI), the Economic and Social Research Council (ESRC) and the IAAER (International Association for Accounting Education and Research). ACCA also partnered with CGA-Canada and CPA Australia for an Economist Intelligence Unit research report into small businesses and access to finance.

ACCA now has 57 global accountancy partnerships with organisations around the world. In 2009/10 ACCA forged partnerships through a range of agreements and Memoranda of Understandings (MoUs) with:

• the Auditors Chamber of Ukraine
• the Georgian Federation of Professional Accountants and Auditors
• the Jordanian Association of Certified Public Accountants (JACPA)
• the Institute of Certified Public Accountants of Greece - SOEL (Soma Orkoton Elegkton Logiston)
• the Business Development Company Ltd (BDC), the umbrella body for small business development in Trinidad and Tobago
• the Jamaica Business Development Corporation (JBDC)
• the Barbados Small Business Association (BSBA).

Table: ACCA's regional performance in 2009 (please note: ACCA changed its year-end from December to March, so the table represents 15 months)

10 Inspiring Quotes for a Depressed Heart

Entry for this time I want to share something that I guess everyone need to face our daily~~ I remember one of my friend tell me "When you feel like there is no one standing there for you, He always with you."

Guys, let live our life with smile in our face. Here you can some quotes to help you thinking positively.

Begin Each Day Anew

"Have patience with all things, but chiefly have patience with yourself. Do not lose courage in considering your own imperfections but instantly set about remedying them -- every day begin the task anew."

Saint Francis de Sales

A Treasured Pearl

"A pearl is a beautiful thing that is produced by an injured life. It is the tear [that results] from the injury of the oyster. The treasure of our being in this world is also produced by an injured life. If we had not been wounded, if we had not been injured, then we will not produce the pearl."

Stephan Hoeller

Find Your Joy

"Sometimes your joy is the source of your smile, but sometimes your smile can be the source of your joy."

Thich Nhat Hanh

Make Humor an Asset

"Good humor is a tonic for mind and body. It is the best antidote for anxiety and depression. It is a business asset. It attracts and keep friends. It lightens human burdens. It is the direct route to serenity and contentment."

Greenville Kleisser

The Building Blocks of Character

"Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved."

Helen Keller

Listen to Pain

"Pain insists upon being attended to. God whispers to us in our pleasures, speaks in our consciences, but shouts in our pains. It is his megaphone to rouse a deaf world."

C.S. Lewis

Be Healed by C

ompassion

"The greatest degree of inner tranquility comes from the development of love and compassion. The more we care for the happiness of others, the greater is our own sense of well-being."

Tenzin Gyatso, the 14th Dalai Lama

Change Your Thoughts

"What you thought before has led to every choice you have made, and this adds up to you at this moment. If you want to change who you are physically, mentally, and spiritually, you will have to change what you think."

Dr. Patrick Gentempo

What Saves You?

"Nothing worth doing is completed in our lifetime,
Therefore, we are saved by hope.
Nothing true or beautiful or good makes complete sense in any immediate context of history;
Therefore, we are saved by faith.
Nothing we do, however virtuous, can be accomplished alone.
Therefore, we are saved by love.
No virtuous act is quite as virtuous from the standpoint of our friend or foe as from our own;
Therefore, we are saved by the final form of love, which is forgiveness."

Reinhold Niebuhr

The Power of a Touch

"Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around."

Leo Buscaglia

However your life goes, just remember one thing. SMILE and the world will smile with you. (^_^)

Are You An Accounting Nerd? TRY THIS QUIZ..INTERESTING

There are varying degrees of accounting nerdiness. Some accounting nerds live normal lives, marry and, according to Kinsley, even propagate. Some never marry since everyone they ever dated lapsed into comas, never to be heard from again. Others are complete introverts and should never have left the convent or monastery. (The Father of Accounting, Luca Pacioli, was a monk. He never left the monastery. Ergo, he was also the Father of Accounting Nerdiness.)

Do you know how much of an accounting nerd you are? Of course you do. Or do you?! Like most accounting nerds, you probably suffer from the mistaken belief that you are not an accounting nerd at all. However, unless the confidence interval of your belief of not being an accounting nerd possesses an alpha significance value of less than 5%, then how can you be so sure that you are not a nerd after all? Let’s face facts: chances are you don’t have a clue about how nerdy you really are. And it’s totally irrelevant how you perceive yourself; rather, what is relevant is how all of your friends, associates, clients, and family members laugh hysterically and derisively about you behind your back, ridiculing you as the nerdiest geek they ever met. But they won’t ever tell you how much of an accounting nerd you are because that would ruin their enjoyment of ridiculing and laughing about you behind your back at every opportunity they get.

Perhaps it’s time for you to assess objectively your accounting nerdiness. Below are a series of questions designed to measure just how much of an accounting nerd you are. Please answer all of these questions truthfully, since if you are truly the nerdiest accountant on the entire planet, no one would care in the least bit anyway.

1. Do you examine your sales receipt before you leave the register at a store, adding it up in your mind to verify its accuracy, even though twenty people are behind you waiting in line and the store is closing?

2. After you have examined your sales receipt while at the register of a store and added up every item on the receipt to ensure its accuracy, do you then tick and vouch each item on the receipt to the actual goods in your carriage?

3. When you go out to lunch with others, when the check arrives, do you whip out your calculator and tally up each individual’s share to the penny, including tip and tax?

4. When your spouse borrows money from you, do you
a. Charge her/him interest
b. Compound the interest daily
c. None of the above

5. Did your tax filing status influence the timing of your wedding date?

6. On your honeymoon, did you select a Caribbean resort offering a CPE course in order to deduct its cost?

7. During tax season, do you
a. Bring your laptop to bed
b. Have sex via remote access
c. Practice celibacy
d. A and b
e. None of the above

8. On your office desk, do you have a picture of Spock from Star Trek?

9. Do you reconcile your personal savings account bank statement every month in QuickBooks, even though the only transaction is an interest posting?

10. Out in the field on audit assignments, when you discover a client error requiring an adjusting entry, do you scream “gotcha”, and dance around the table singing “We are the champions of the world”?

11. Do you eat lunch at your desk, dropping your food in your keyboard, and continue typing with ketchup and grease on your fingers?

If you answered no to all nine questions and selected 4c and 7e, you are not an accounting nerd; however, you probably will never pass the CPA exam and should change careers before you are fired.

If you answered no to all nine questions but selected 4b and 7c, you are not an accounting nerd but you would be advised never to marry.

If you answered yes to at least five questions, and did not select 4c or 7e, you are bi-nerd and could swing either way.

If you answered yes to all nine questions and selected 4b and 7c, you are a true accounting nerd destined to be a partner at a public accounting firm as long as you do not enter a religious order in order to avoid taxes on your wages and obtain a non-taxable living allowance.

There are four main types of accounting: public accounting, management accounting, governmental accounting, and internal auditing, each with its own financial management specialties.

Public accounting

Public accounting, also called "assurance services," is the broadest and most varied type of accounting. Public accountants practice bookkeeping, financial analysis and account management services for their clients, whether they are individuals, private businesses, public firms, government agencies or not-for-profit organizations. A public accounting business can be one accountant, a partnership involving two or more accountants, or a firm containing hundreds of accountants.

Management accounting

Management accountants are also called private accountants, or cost, industrial or corporate accountants. Rather than offering their services to the general public, this type of accountant is employed by a business or agency for the purpose of recording and analyzing the company's financial data. The accountant uses this data to carry out tasks such as asset management, budgeting, performance evaluation and cost management. They are often involved in budgeting for the release of new products, as well as in preparing financial data for investors and tax authorities. As opposed to public accountants, management accountants primarily look at past and current data in order to plan for the future.

Governmental accounting

Governmental accounting is a form of public accounting, applied to government agencies and private businesses that are subject to government regulations. Accountants in this field perform public accounting duties for these agencies, making sure revenues and expenditures are carried out according to law. Accountants employed by the Federal Government can be part of the IRS, or can be involved in budgeting and government asset management.

Internal auditing

Internal auditing accountants review their company or firm's financial management practices, checking for mismanagement, fraud and waste. They evaluate the company's budgeting and management systems and operations for performance, efficiency, and compliance to laws and regulations. Under this designation, internal auditing accountants may specialize in areas such as information technology auditing, compliance auditing or environmental auditing.

Accounting job titles

Enrolled agent (EA)

These agents are usually accountants, but not necessarily. EAs represent taxpayers before the IRS, and must pass an exam administered by the IRS. This is a popular type of accounting for new entrants in the field.

Bookkeeper

This is an entry-level position within the field of accounting, but bookkeeping is one of the most valuable services accountants can provide, as all other data depends on the accuracy of bookkeepers' work. Bookkeepers record all financial business transactions implemented by a company, keeping all financial data in organized ledgers, which they update and check regularly. They are responsible for balancing these ledgers against the company's assets, making sure every dollar is accounted for.

Accounting Clerk

Another entry-level accounting job, the role of a clerk is to maintain ledgers and prepare financial reports, reporting financial data to the management. This type of accounting can be repetitive and mundane, but is useful for learning the processes of a company's accounting department. The clerk's role usually leads to higher positions within an accounting department.

Accounting Director

Accounting directors are responsible for managing the activities of lower accountants, clerks and bookkeepers. They handle such business needs as payroll, cost accounting and other administrative tasks, and report to higher management within the accounting department.

Controller (or Comptroller)

This job title refers to a management-level accountant within a company or organization who oversees the accounting activities within the organization. These accountants oversee the company's internal accounting controls, ensuring they function properly, and is responsible for creating and enacting policies and practices within the accounting department. The controller usually reports to the Chief Financial Officer.

Chief Financial Officer (CFO)

The CFO is a high-level accountant whose job it is to analyze the financial risks within a business or firm. They receive data from the business's accounting and finance department, using it to assess the wisdom of future financial undertakings on a company-wide level and reporting financial data to higher management. The CFO is usually part of a firm's board of directors, and reports directly to the Chief Executive Officer (CEO).

There are four main types of accounting: public accounting, management accounting, governmental accounting, and internal auditing, each with its own financial management specialties.

Public accounting

Public accounting, also called "assurance services," is the broadest and most varied type of accounting. Public accountants practice bookkeeping, financial analysis and account management services for their clients, whether they are individuals, private businesses, public firms, government agencies or not-for-profit organizations. A public accounting business can be one accountant, a partnership involving two or more accountants, or a firm containing hundreds of accountants.

Management accounting

Management accountants are also called private accountants, or cost, industrial or corporate accountants. Rather than offering their services to the general public, this type of accountant is employed by a business or agency for the purpose of recording and analyzing the company's financial data. The accountant uses this data to carry out tasks such as asset management, budgeting, performance evaluation and cost management. They are often involved in budgeting for the release of new products, as well as in preparing financial data for investors and tax authorities. As opposed to public accountants, management accountants primarily look at past and current data in order to plan for the future.

Governmental accounting

Governmental accounting is a form of public accounting, applied to government agencies and private businesses that are subject to government regulations. Accountants in this field perform public accounting duties for these agencies, making sure revenues and expenditures are carried out according to law. Accountants employed by the Federal Government can be part of the IRS, or can be involved in budgeting and government asset management.

Internal auditing

Internal auditing accountants review their company or firm's financial management practices, checking for mismanagement, fraud and waste. They evaluate the company's budgeting and management systems and operations for performance, efficiency, and compliance to laws and regulations. Under this designation, internal auditing accountants may specialize in areas such as information technology auditing, compliance auditing or environmental auditing.

Accounting job titles

Enrolled agent (EA)

These agents are usually accountants, but not necessarily. EAs represent taxpayers before the IRS, and must pass an exam administered by the IRS. This is a popular type of accounting for new entrants in the field.

Bookkeeper

This is an entry-level position within the field of accounting, but bookkeeping is one of the most valuable services accountants can provide, as all other data depends on the accuracy of bookkeepers' work. Bookkeepers record all financial business transactions implemented by a company, keeping all financial data in organized ledgers, which they update and check regularly. They are responsible for balancing these ledgers against the company's assets, making sure every dollar is accounted for.

Accounting Clerk

Another entry-level accounting job, the role of a clerk is to maintain ledgers and prepare financial reports, reporting financial data to the management. This type of accounting can be repetitive and mundane, but is useful for learning the processes of a company's accounting department. The clerk's role usually leads to higher positions within an accounting department.

Accounting Director

Accounting directors are responsible for managing the activities of lower accountants, clerks and bookkeepers. They handle such business needs as payroll, cost accounting and other administrative tasks, and report to higher management within the accounting department.

Controller (or Comptroller)

This job title refers to a management-level accountant within a company or organization who oversees the accounting activities within the organization. These accountants oversee the company's internal accounting controls, ensuring they function properly, and is responsible for creating and enacting policies and practices within the accounting department. The controller usually reports to the Chief Financial Officer.

Chief Financial Officer (CFO)

The CFO is a high-level accountant whose job it is to analyze the financial risks within a business or firm. They receive data from the business's accounting and finance department, using it to assess the wisdom of future financial undertakings on a company-wide level and reporting financial data to higher management. The CFO is usually part of a firm's board of directors, and reports directly to the Chief Executive Officer (CEO).

ACCOUNTANTS FOR BUSINESS

Learn about the crucial role accountants are playing to support businesses and the economy return to growth.

This year, ACCA will continue with the theme Accountants for Business, reflecting the important role accountants have in helping organisations recover and grow following the global economic recession.

Through the campaign, ACCA highlights the important roles accountants play in both the private and public sectors, promoting their role as advocates of sound business practices, champions of sustainable business development and identifiers of value drivers which lead to high-performing organisations.

'This is an agenda for business which puts sound financial management at its heart. It highlights the importance of accountants to fostering long-term corporate success,' said Dr Steve Priddy, ACCA director of technical policy and research.

The theme will be supported by research reports, opinion pieces and events around the world.

To find out more visit the Accountants for Business website

Perhatian !!!

Perhatian kepada pelajar yang mendapat tawaran perakauanan :

sila wajibkan pengesahan tempahan jaket dan buat pembayaran RM70 selewat-lewatnya 7 Jun 2010.

Arahan Dr. Sabri kerana anda diwajibkan memakai jaket ini pada hari interaksi nanti ( 11 Jun 2010)

Bayaran boleh dilakukan melalui bank CIMB iaitu 12150005025206. Selepas membuat pembayaran , sila hantar nama dan no matrik serta nick name ke no 0173752523

CPA Australia + adidas

Melissa's Story

Melissa began her career as a financial accountant at adidas Australia in 1996. She rapidly rose through the ranks as a Management Accountant, Finance Manager, Group Senior Financial Controller and Controlling Director China to her current role as CFO of adidas Hong Kong and Taiwan.

Renowned for her exceptional collaboration skills, Melissa works across different regional and operational divisions of the company. Her job is to ensure that all parties are all on the same ‘ledger’ at all times.

As Melissa says 'I love everything about my job. As a finance professional I get to interact with the marketing team, with the sales team, retail team, I see every facet of the business as a finance professional.

I think that the CPA designation has helped me to achieve so much at Adidas, and to really bring out those leadership qualities.'

The training that CPA Australia provided to Melissa is available to all finance professionals, from a variety of educational backgrounds. Employers who put their staff through today’s CPA Program not only benefit from the practical and strategic knowledge they gain. They also set up the opportunity to tap into ongoing learning and resources. So staff continue to add value to the businesses they work for.

About CIMA

The Chartered Institute of Management Accountants (CIMA) is a UK professional accountancy body whose focus is on the training and qualifying of accountants in business. It represents financial managers and accountants who work in industry, commerce, not-for-profit and public sector organisations. Its key activities are related to strategies for use within business.

CIMA's aim is to provide a valuable qualification for students, to support members and employers, and protect the public interest. CIMA has over 88,000 students and 70,000 members in 161 countries. CIMA's focus on management functions makes it unique, and it is internationally recognised as offering the financial qualification for business. CIMA works with leading employers in the UK and around the world to train and qualify financial managers.

CIMA Syllabus

The CIMA Syllabus comprises of three fundamental levels, and a final test of professional competence in management accounting.

Certificate level

• C01 Fundamentals of Management Accounting
• C02 Fundamentals of Financial Accounting
• C03 Fundamentals of Business Mathematics
• C04 Fundamentals of Business Economics
• C05 Fundamentals of Ethics, Corporate Governance and Business Law

Managerial level

The number, sequence and grouping of papers studied at Managerial level is completely flexible. You may choose any combination of papers to suit your own study requirements. However, we recommend taking between two and four papers at any single examination sitting.

• P1 Management Accounting Performance Evaluation
• P2 Management Accounting Decision Management
• P4 Organisational Management and Information Systems
• P5 Integrated Management
• P7 Financial Accounting and Tax Principles
• P8 Financial Analysis

Students must pass all of the Managerial Stage papers before attempting the Strategic Level.

Subjects can be taken in any order, and in any combination. The pass mark is 50% – permanent credits are awarded for a mark of 50% or higher.

Strategic level

• P3 Management Accounting Risk & Control Strategy
• P6 Management Accounting Business Strategy
• P9 Management Accounting Financial Strategy

TOPCIMA: Test of Professional Competence in Management Accounting

The three Strategic level papers must be sat together at the first attempt. All marks of 50% or higher are awarded a permanent pass. Students must pass all Strategic level examinations before attempting TOPCIMA.

women in accountancy~~

Accounting’s flexibility and dynamism make it an ideal profession for women.

As more women are given the opportunity to have better qualifications (compared to 50 years ago), it is very common to see more of them holding prominent positions in corporations and organisations, be it in business, the public sector, or other industries. In fact, most of the time, the number of women in schools and universities is much higher than that of their male counterparts.

The accounting profession is also experiencing similar global trends. The news could not have come at a better time.

(a) Lady president
As the immediate past president of ACCA (Association of Chartered Certified Accountants), Gillian Ball will go down in ACCA’s history as the third woman president in the organisation’s 100-year existence. "This is definitely an interesting trend for us, and good news for the profession," Ball says.

Asked if she would do anything mind-blowing once she resumes the post, Ball smiles and says: "It is an honour and I am excited, but I won’t be doing anything that others have not seen me do as Vice President. ACCA has everything put in place. I would like to continue that by creating more awareness of the organisation. ACCA Malaysia’s statistics are very encouraging. Even more so now that our numbers reveal that 50% of our members globally are women. It goes to show that accounting as a profession has certainly changed in landscape."

(b) Numbers don’t lie
These recent results indicate a positive shift in women’s attitudes towards the profession, which was once often thought of as being very male-dominated.

The Georgia State University School of Accountancy, for instance, reported that the number of women in the accounting major has jumped from 50% five years ago to 65% in 2005. In addition, the American Institute of Certified Public Accountants revealed that 57% of new accounting graduates in 2006 are women, and women account for roughly 59% of accountants, up from about 39% in 1983.

In Canada, the Canadian Institute of Chartered Accountants reported that 27% of its current membership is female, and that number is growing; the gender breakdown is 50/50 among accounting students leaning towards this designation.

(c) Why more women are in accounting
In explaining the rise in female accounting students’ numbers, Ball offers: "I believe that women who do accounting, do so because they understand the prestige and importance of having such a qualification. The rewards of earning the qualification are tremendous. I think women are finally seeing the many career responsibilities that can spring out from an accounting qualification."

"accounting is not just about balance sheets and numbers: it is also about strategy, organisational skills, management and problem solving. And now, more so than before, accounting requires strong social skills as you interact more with clients nowadays. And that is one skill that a woman is naturally good at," Ball continues.

Ball also notes that women students generally do better in the course than their male counterparts. Female students study harder, score higher and often graduate at the top of their class.

(d) Of business, self-confidence and work-life balance
As it is now, more and more females are holding prominent positions in accounting and finance. There are many things one can do with an accounting qualification. It does not necessarily mean you need to work in the accounting department all your life. The qualification is also an interesting way for you to get into business and progress further in the organisation.

"But a strong sense of self – the confidence to know that they can do the job – is also important," Ball advises. She continues to say that "there is no reason for a female graduate to doubt herself. These are the additional skills you need and once you have that, you can achieve many things."

With many accounting firms and other companies pushing for a more work-life balance in recent years, this will only give rise to more lady CFOs and CEOs in future.

This is not discrimination of gender but it just want to share how women nowadays can stand as a men. (^_^)