Accounting 101

There are several definitions of accounting. Accounting may be defined as (1) a service activity wherein its primary function is to supply quantitative information essentially financial in nature that is all about economic entities which may be significantly useful in decision making for top management. Another definition Accounting may also be defined as (2) the art of recording, classifying and summarizing in a considerable manner and in terms of money, business transactions, activities and events, which are part of a financial character and later on interpreting the results of the reports. Another definition of accounting is (3) the process of identifying, measuring and communication economic information to allow knowledgeable judgments and decisions by all users of the information.

The world of accounting follows certain guidelines and procedures that compose of acceptable accounting practice at a given time. These set of guidelines and procedures are known as GAAP which means generally accepted accounting principles. The basics of accounting principles are as follows.

Accounting

Adequate Disclosure. This accounting principle states that all relevant information which would affect the understanding and evaluation or assessment of the user of the accounting entity should be disclosed in the financial statements.

Accounting 101

Consistency Principle. As the name, consistency, implies, there should be consistence. Firms should use the same accounting method from period to period in order to attain comparability over time within a single enterprise. Nevertheless, companies are allowed to change as long as it is justifiable and be disclosed in the financial statements.

Expense Recognition Principle. In this principle, it is stated that expenses should be recognized in the accounting period wherein goods and services are used up to generate revenue and not when the entity pays for those services and goods.

Historical Cost. This principle states that purchased assets should be recorded at their actual cost and not what management thinks they are worth as at reporting date.

Materiality. It should be noted that financial reporting is only concerned with information that is significant enough that will likely affect assessments and decisions. Materiality is dependent on the size and nature of the item judged in the particular situations of its omission. Upon deciding as to whether an item or collection of items is material, the nature as well as the size of the item is assessed together. Either of the nature of the item or the size may be the determining factor, depending on the circumstances.

Objectivity Principle. Records and statements in accounting are based on the most reliable information available in order for them to be as accurate and as useful as possible. Information that is considered reliable may be verified and confirmed by independent observers. It is mainly ideal in accounting that all records are based on information, which flows from activities that are documented by objective evidence. Without the objectivity principle, accounting records may be based on opinions and impulses that may be subject to dispute.

Revenue Recognition Principle. In revenue recognition principle, revenue is to be recognized in the accounting period when services are rendered or performed or when goods have been delivered.

Accounting 101

Michael Russell
Your Independent guide to Accounting

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What is Cost Accounting?

This can be described as the process of accumulating, measuring, analyzing, interpreting and reporting cost information that is both useful and relevant to the internal and external stakeholders of a business entity. External stakeholders are those who have a vested financial interest in a business or company. For example banks (loans), financial houses (mortgages), investors (investments), etc. Internal stakeholders are the business or company directors, managers, division heads, etc.

One of the many benefits of cost accounting is that it turns data into information, knowledge and wisdom about a business entity's operations that is useful for:

Accounting

measuring performance reducing or managing costs determining the fees or prices for goods and services deciding to authorize, modify or discontinue a program or activity Another benefit is that information on the costs programs and activities may be used as a basis to estimate future costs in preparing and reviewing budget requests. Once budgets are approved and executed, cost information serves as a useful feedback on performance. Moreover, costs may be compared to known or assumed benefits to identify value-added and non-value added activities. Reliable information on the cost of programs and activities is crucial for the effective management of a business entity's operations. Cost accounting is especially important for fulfilling the objective of assessing operational performance. The objective is to improve the efficiency and effectiveness of operations by furnishing program managers and others with timely and relevant cost-based performance information to allow for continuous improvement in delivering outputs and outcomes to stakeholders. Cost accounting has been with us since early times to help managers understand the costs of running a business. Modern cost accounting originated during the industrial revolution, when the complexities of running a large scale business led to the development of systems for recording and tracking costs to help business owners and managers make decisions.

What is Cost Accounting?

In the early industrial age, most of the costs incurred by a business were what modern accountants call "variable costs" because they varied directly with the amount of production. Money was spent on labour, raw materials, power to run a factory, etc. in direct proportion to production. Managers could simply total the variable costs for a product and use this as a rough guide for decision-making.

Some costs tend to remain the same even during busy periods, unlike variable costs which rise and fall with volume of work. Over time, the importance of these "fixed costs" has become more important to managers. Examples of fixed costs include the depreciation of plant and equipment, and the cost of departments such as maintenance, tooling, production control, purchasing, quality control, storage and handling, plant supervision and engineering. In the early twentieth century, these costs were of little importance to most businesses. However, in the twenty-first century, these costs are often more important than the variable cost of a product, and allocating them to a broad range of products can lead to bad decision making.

In modern accounting, costs are measured in accordance with Generally Accepted Accounting Principles (GAAP). In accordance to GAAP the principle is to record historical events and assign a monetary value to each event that has taken place. Costs are measured in units of currency by convention. Cost accounting could also be defined as a kind of management accounting that translates the Supply Chain (the series of events in the production process that, in concert, result in a product) into financial values.

In conclusion, for any business entity - from the smallest business enterprise to the largest multinational corporation - to be successful requires the use of cost accounting concepts and practices. It provides key data to managers for planning and controlling, as well as costing products, services, and customers. The central focus is how it could help managers make better decisions. For this reason businesses and companies hire cost accountants and they are increasingly becoming integral members of decision-making teams instead of just data providers.

What is Cost Accounting?

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What Financial Planning Tools Should I Be Using?

No matter who you are, financial planning is something that's necessary for everyone. If you're like most people, financial planning might seem very complicated and confusing, and you might not know where to start. However, financial planning tools can help. Here are some ideas to get you started.

First and most importantly, you need to have a good budget in place, and you need to follow it. There is no way to reach your financial goals without a budget to help you reach them. Having a budget will help you allocate money such that you can pay your debts and plan for the future at the same time.

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The second thing that you need to plan for retirement is a savings account. Other investments are certainly important, but a savings account is something that you need in order to have easily accessible liquid cash available for emergencies, but able to earn you some interest at the same time. You can check with your bank to see what savings plans they have available. There are also many good online banks that offer very competitive interest rates, some nearly as high as a money market savings account, with the added protection of having your deposits federally insured up to 0,000. In some cases, these accounts have savings rates that go up as your balance goes up, so you might start with a lower interest rate at one level and earn a higher interest rate as your savings account level rises. Many of these places also offer "no minimum deposit" plans, so you can start saving with just to . Keep in mind that this is important, since getting in the habit of saving is just as important as how much you save. If you wait until you "have enough" money to begin saving, you never will.

What Financial Planning Tools Should I Be Using?

The next thing to check on is your credit report. Several web sites offer you a credit report for a fee, but the government also has a web site at annualcreditreport.com. There, you can check your credit report at each of the three major credit bureaus for free once a year. If you need to check it more often because of frequent changes or because you are at risk for identity theft for some reason, then a credit reporting service may be the way to go.

Managing your debt can be daunting, but there are a few financial planning tools that you can use to make it easier. Credit cards are a way of life in today's world. You can use the extreme competitiveness of credit card companies to your advantage. Only carry a few cards, and make sure that those cards have the lowest possible interest rate. Many cards will send you balance transfer offers that allow you to transfer a balance from another card at a very low rate. Be sure to take advantage of any reward programs that are offered so that you can get the most from your purchases.

Fifth, one of your most major bills is probably your rent or your mortgage. Of the two, a mortgage payment usually better for you, since you can usually deduct interest you pay on your mortgage from your taxes. When interest rates drop or some other financial situation arises where refinancing would be a good option for you, make sure you check into this and refinance if possible, in order to lower your mortgage payments. Usually, the most prudent way to handle a refinancing is to roll your refinance savings into your mortgage, so that you save on the mortgage itself rather than taking the cash out to spend on something else. This will save you up to several years on mortgage payments, depending on the length of your loan.

Finally, perhaps the greatest financial planning tool anyone has is a retirement plan. Unfortunately, for many people, this financial tool is greatly underused. If you have a job and your employer offers a 401(k) plan, you should be participating in it and making the maximum contribution, or at least as much as you can possibly spare. Choose a diversified plan that will let you save as much as possible for your retirement and protects against losses in one particular sector. Once you begin working, start funding your 401(k) right away. The earlier you start, the more money you will have at retirement.

In short, a few good financial planning tools can help you manage your money so that you live well at retirement. Do plenty of research and take advantage of all resources available to you. Many financial planning tools exist that are free or very inexpensive, either at your bank or on the Internet. If you use financial planning tools wisely, you'll get the most out of your money and eventually, out of your retirement.

What Financial Planning Tools Should I Be Using?

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Accounting for Government Contracts - Fringe, Overhead and G&A

If you are planning to have the U.S. Government as a client, you will need to have your accounting systems set up so you can handle their accounting requirements. Regardless of whether you are engaging in a plain vanilla contract or an SBIR grant, you will be required to negotiate fringe benefit rates, overhead rates, and general and administrative rates.

Fringe benefits rates include

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Compensated Absences, such as Vacation, Holidays, and Sick Leave; Medical Programs, such as Health and Dental Insurance; Retirement, such as the Defined Contribution Portion of your Retirement Plan and Plan Service Fees; Long-term Disability Coverage; Worker's Compensation Coverage; and Employee Wellness, such as Fitness Club Membership and Other Wellness Programs

Accounting for Government Contracts - Fringe, Overhead and G&A

Overhead covers direct and indirect support of the employees whose time is being billed to the Government. This includes items like

Rent (only for the space that those employees use); Depreciation of their furniture and equipment; Utilities (based on the space allotment for those employees); and Supplies that these employees share, such as office supplies.

General and administration covers other costs that are necessary for the company to perform in this contract, including:

Management (and their associated fringe, direct, and indirect costs) Legal costs State and Federal taxes Marketing to the Government costs Accounting

Note, however, that they have extensive regulations covering was is not considered an allowable cost (see the FAR section 31.205 - Selected Costs [http://farsite.hill.af.mil/reghtml/regs/far2afmcfars/fardfars/far/31.htm#P268_51249] to get a specific description as to what is allowable and what is not.

Once you have negotiated these rates, you will be required to back them up yearly using an indirect cost model to show that you are matching your negotiated rates. This model is subject to audit.

Although you can figure out what needs to go into these calculations, it will take a long time to read all the regulations. If you believe that you want to win Government contracts, you must think ahead or hire a consultant to assist you with the process.

Accounting for Government Contracts - Fringe, Overhead and G&A

Ms. Worrall is the President of Worrall Consulting, LLC. Worrall Consulting is a finance and business strategy consultancy providing professional services to high growth, early stage companies. The company provides capital formation assistance, market research and business intelligence, and business planning strategy. More information about the company can be found at http://www.worrallconsulting.com - Additional financial and strategy advice can be found at http://www.cfoyourself.com

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Principles of Accounting and Accounting Assumptions

In the modem world no business can afford to remain secretive because various parties such as creditors, employees, taxation authorities, investors, public and government etc., are interested to know about the affairs of the business. Affairs of the business can be studied mainly by consulting final accounts and the balance sheet of the particular business. Final accounts and the balance sheet are end products of book-keeping. Because of the importance of these statements it became necessary for the accountants to develop some principles, concepts and conventions which may be regarded as fundamentals of accounting. Such fundamentals having wide acceptance give reliability and creditability to the financial statements prepared by the accountants. The need for 'generally accepted accounting principles' arises for two reasons: First, to be logical and consistent in recording the transactions and second, to conform to, the established practices and procedures.

There is no agreement among the accountants as regards the basic concepts of accounting. There is no uniformity in generally accepted accounting principles (GAPP). The terms-axioms, assumptions, conventions, concepts, generalizations, methods, rules, doctrines, techniques, postulates, standards and canons are used freely and inconsistently in the same sense.

Accounting

Principles

Principles of Accounting and Accounting Assumptions

"A general law or rule, adopted or professed as a guide to action, a settled ground or basis of conduct or practice." This definition given by dictionaries comes nearest to describing what most accountants mean by the word 'Principle'. Care should be taken to make it clear that as applied to accounting practice, the world principle, does not connote a rule for which there can be no deviation. An accounting principle is not a principle in the sense that it admits of no conflict with other principles.

Postulates

Mean to assume without proof, to take for granted or positive consent, a position assumed as self- evident. Postulates are assumptions but they are not arbitrary deliberate assumptions but generally recognized assumptions which reflect the judgment of 'facts' or trend or events, assumptions which have been borne out in past by facts supposed by legal institutions making them enforceable to some extent.

Doctrines

Mean principles of belief: what the scriptures teach on any subject. It refer to an established principle propagated by a teacher which is followed in strict faith. But in accounting practice, no such doctrine need be adhered to but the word denotes the general principles or policies to be followed.

Axiom

Denotes a statement of truth which cannot be questioned by anyone.

Standards

Refer to the basis expected in accounting practice, under different circumstances. In Indian context, the Institute of Chartered Accountants of India (ICAI) constituted an Accounting Standards Board on 21st April, 1977. The main function of ASB is to formulate accounting standards taking into consideration the applicable laws, customs, usages and business environment.

Accounting Assumptions

The International Accounting Standards Committee (lASC) as well as the Institute of Chartered Accountants of India (ICAI) treat (vide IAS-I & AS-I) the following as the fundamental accounting assumptions:

(1) Going concern

In the ordinary course, accounting assumes that the business will continue to exist and carry on its operations for an indefinite period in the future. The entity is assumed to remain in operation sufficiently long to carry out its objects and plans. The values attached to the assets will be on the basis of its current worth. The assumption is that the fixed assets are not intended for re-sale. Therefore, it may be contended that a balance sheet which is prepared on the basis of record of facts on historical costs cannot show the true or real worth of the concern at a particular date. The underlying principle there is that the earning power and not the cost is the basis for valuing a continuing business. The business is to continue indefinitely and the financial and accounting policies are followed to maintain the continuity of the business unit.

(2) Consistency

There should be uniformity in accounting processes and policies from one period to another. Material changes, if any, should be disclosed even though there is improvement in technique. A change of method from one period to another will affect the result of the trading materially. Only when the accounting procedures are adhered to consistently from year to year the results disclosed in the financial statements will be uniform and comparable.

(3) Accrual

Accounting attempts to recognize non-cash events and circumstances as they occur. Accrual is concerned with expected future cash receipts and payments: it is the accounting process of recognizing assets, liabilities or income for amounts expected to be received or paid in future. Common examples of accruals include purchases and sales of goods or services on credit, interest, rent (not yet paid), wages and salaries, taxes. Thus, we make record of all expenses and incomes relating to the accounting period whether actual cash has been disbursed or received or not. If a fundamental accounting assumption (i.e. Going concern, consistency and accrual) is not followed (in the preparation of financial statements) the fact should be disclosed. [AS-I para 27].

Principles of Accounting and Accounting Assumptions

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Accounting Theory - Basic Accounting Concepts

There are four basic accounting concepts. The concepts specify and explain the guidelines that should be followed when managing the accounting of a business. Below there is a list of the these four basic accounting concepts and a brief summary of each concept.

1. Accruals Concept

Accounting

The accruals concept states that revenue from transactions and transactions which cause liabilities are accounted for when they occur, even if cash or property has not actually been exchanged between the entities involved in the transaction. For example, a dentist, Dr. Payne orders and receives 6 months worth of toothpaste for 0 in January. Even if he does not pay for the toothpaste until February, Dr. Payne should still record the 0 liability in January and not wait until February, since he owns the goods and is liable to pay for them to the supplier. On its turn the supplier will be accounting for the sale of toothpaste to Dr. Payne.

Accounting Theory - Basic Accounting Concepts

2. Consistency Concept

Once certain accounting method has been applied by the accountant, this methods must be applied throug all the further periods for the accounting purposes. The accounting method should only be changed if there is a valid reason that requires the change. For example, if the accountant starts recording transactions using the double-entry accounting method in January, he or she should continue applying the double-entry method for the remainder of the accounting period. He or she should not begin applying the double-entry method and suddenly switch to the single-entry accounting method mid-accounting cycle for no identifiable, valid reason. This means that all the accounting methods and procedures must be applied consistently to ensure comparability of information among periods.

3. Going Concern Concept

When the accounting of a business is being managed, it should be assumed by the accountant that the business is viable and will still operational in the foreseeable future. If the accountant has any reason to believe that the business will not remain viable in the foreseeable future, he or she must state the reasons for coming to that conclusion in the financial reports of the business. If the accountant has an opinion that the company will not remain in business and there are no sufficient evidence to proof the opposite, the accountant may simply include a disclaimer in the financial reports stating that he or she believes, but cannot show evidence to prove that the business will not remain viable.

4. Prudency Concept

Liabilities are accounted for in the balance sheet even if they is only a possibility for such liabilities to occur, despite they are potential. However, revenues are accounted for in the financial statements only if the business has title for such revenue and has already collected or will collect cash or other assets in the future. If there is a doubt about this or there is no strong legal basis to recognize revenue, it is not accounted for in the accounting books. This concept helps to ensure that businesses make provisions for potential losses, not just realized losses, and do not erroneously include revenues that are simply anticipated, but not yet earned.

Accounting Theory - Basic Accounting Concepts

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Accounting Basic - Understanding the General Ledger

The general ledger contains an entry for every transaction ever made with a business. The general ledger's first entry should be the one of the business's transaction, and it should be updated as often as necessary to ensure that every single future transaction is recorded. Since the general ledger holds all of the information regarding every single transaction in the business's history, it is the core of all of the business's accounting activity. Balance sheets and income statements are both derived from information contained in the general ledger. Each entry it records the following information:
the date of the transaction, the balance of the transaction, and a description of the transaction

Entering this information is referred to as "posting" a general transaction and the entry itself is referred to as a "post".

Accounting

The general ledger may consist of smaller sub-ledgers, or accounts. Examples of commonly used sub-ledgers are accounts receivable sub-ledgers and accounts payable sub-ledgers. Each transaction either posts only in the general ledger or in both sub-ledger and the general ledger.

Accounting Basic - Understanding the General Ledger

When a general ledger is set up for the first time, the value of the starting balance and the balances of all of the sub-ledgers should be carefully determined. The worth of a business's assets such as cash and equipment, for example, should be included in the starting balance of the asset sub-ledger.

A business's general ledger should be updated to include new transactions as often as it is necessary to prevent the process from becoming cumbersome. Sometimes, a particular sub-ledger should be updated more often than another sub-ledger.

When using a double-entry accounting method, a method which relies on the accounting equation, the general ledger is kept with two opposite posts for each transaction in two separate ledgers or sub-ledgers. This is a beneficial method because it helps ensure that the accounting is kept in balance, and any errors in the accounting are quickly identified.

If it is kept up properly, the general ledger can be a great resource for finding, verifying, and identifying transactions, even if the transactions were completed a relatively long time ago. For example, in case the accounting activities and reports of a business are audited, either externally or internally, a well-kept general ledger can be a source of detailed transaction history.

Accounting Basic - Understanding the General Ledger

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Basic Accounting Principles - What Are They?

There are four basic accounting principles that, along with four basic accounting assumptions and four basic accounting constraints, make up the generally accepted accounting principles, or GAAP, in the U.S. The GAAP are the accounting rules under which businesses record and report their financial earnings and losses for the accounting period. These rules are issued by the Financial Accounting Standards Board, usually in conjunction with other government entities. Accountants are not necessarily required to follow the rules, but the rules should be followed as closely as possible as they set standards that should be met to ensure appropriate accounting activity, understandability and comparability of the accounting data for different businesses.  Below is a list of the four basic accounting principles and a brief explanation of each one.

1. The Cost Principle

Accounting

Businesses are required to record and report assets based on the actual cost incurred to acquire them rather then the free-market value of the acquired assets themselves. The idea behind this principle is that this method of recording and reporting is reliable and lessens the opportunity for factors such as biased market values to interfere with the accounting.  However, this method may be viewed as irrelevant as it relates to the actual value of assets.

Basic Accounting Principles - What Are They?

2. The Accrual Principle

Businesses are required to record and report revenue at the time it is earned and realized by the business, not when the cash for the revenue is received by the business.  This method is known as accrual basis accounting. The purpose of this principle is to actually show what work has been completed and not what is to be done in the future.

3. The Matching Principle

This principle allows for real time analysis of the expenses and revenues. Using this principle will show just how well the business has done financially and how effective it was.  Somewhat like the Accrual Principle, expenses in this case can only be recorded and reported when revenue is to which such expenses are related was earned.

4. The Disclosure Principle

The accounting records of a business must be disclosed so that judgment about the financial status of a business can be easily made.  However, the disclosure of accounting and financial information should not cause the business to accrue unreasonable expenses or cause erroneous opinions.

Basic Accounting Principles - What Are They?

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Human Resources Job Description

The interesting role of a Human Resources (HR) Manager ranges from interviewing prospective candidates, to providing the best possible environment for task efficiency at a minimal cost to the company.

Those who are interested in becoming a Human Resources Manager, or beginning their career in this field, must possess Master's degree in the area. They must acquire the skills of short listing candidates for various job positions and interviewing candidates to find out how far they are suitable to perform the tasks in the company and many others. Once a new employee enters the company, they should be made to integrate their work so as to become a part of the well-organized work culture of the company. This is important as the new employees often bring their old habits or work ethics into the new office, which may be at odds with the existing work atmosphere. By being a part of the team, the new employee must assimilate their qualities and must exhibit a give and take attitude to perform better.

Accounting

The manager, or those employed in the Human Resources section, must work closely with those in the production team of a company to find out the requirements for temporary staffing and other needs. This assumes urgency at the time when there is most demand for the product. For instance, the demand for heaters goes up tremendously just before winter sets in. In this case, if the heater company fails to stock the products in the market well in advance, their competitors will walk away with the sales and leave the company in financial straits. Therefore, the Human Resources Manager must co-ordinate with all the departments, including the Management and Marketing departments, to know their latest requirements in staffing, and must start the necessary process accordingly.

Human Resources Job Description

In addition, Human Resources departments must also develop retention strategies for skilled workers. To keep such talented persons, the HR department must revise the promotion guidelines with the help of management, and reward all important persons involved in key areas of the company. Frequent reward and making sure the company meets the expectations of the employees mostly results in employees continuing in the company. Instead of an external recruitment drive, retaining the existing workforce in a company's key areas is most profitable to the company. The HR department must always work to promote senior, experienced workers to fill such vacancies. This will improve the employee loyalty and also improves the productivity.

Working in Human Resources is an important and rewarding job, which simultaneously helps the employer to serve the employees as well as helping the employees serve the employer.

Human Resources Job Description

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Career Planning Tips - Free Tips For Effective Career Development

Career planning involves planning your career path ahead and determining in advance the career development things you need to do to get to your desired career destination.

The first step to effective career planning is to ask yourself what you want to be in life. What career do you want to pursue?

Accounting

Want to be a medical doctor, pharmacist, engineer, or lawyer?

Career Planning Tips - Free Tips For Effective Career Development

Career development along these professional disciplines is often straightforward. For example if your intended career path is to become a lawyer, you know you have to have a bachelors degree in law and thereafter attend law school.

However, career planning and career development go way beyond what you studied in school or the discipline where you majored during your university years. Career planning is way bigger than that.

Career development when properly planned involves taking your destiny in your own hands, deciding what makes you happy, and then structuring all your training and career efforts in the direction of your chosen career path.

For example, suppose you have a bachelors degree in economics and now have a job. Ask yourself, "Why did I study economics?"

Generally, there are one of three reasons why people study a particular discipline in college or university.

1. They may be very passionate about the course or

2. They may have studied the course because that is what mom and dad wanted or

3. They may have studied the course because they could not get admission to study their preferred course

The good news is... you can shape or re-shape your career path irrespective of the reasons that led you to your current profession.

For example, some category 1 people... people who were passionate about their profession as teenagers... may lose their passion for the profession as they grow older and face the reality of day-to-day life. This loss of passion may also result from the pressures from family demands and the peculiar
challenges associated with the profession in practice.

Category 2 professionals, mentioned above, are likely to go after their heart's first love when they are no longer under the control of mom and dad.

Category 3 professionals are also likely to go after their first love after their first degree.

For example, I know people who are passionate about accountng. However, they could not make the score for the accounting department during their pre-university days. Some of them eventually went for courses like economics, sociology, statistics, and similar social science courses.

What happened after leaving school?

A good number of them went back to register with the professinal accounting body and now have professional certificate in accounting. In simple words... they are now chartered accountants.

Bottom line.

The course you studied in the teenage years in school need not hold you captive for the rest of your life if you have lost passion for it.

I recommend you get involved with a profession you love. If you missed your way when you were young, you can always retrace your professional steps no matter where you are currently or how old you are.

Now with that background, let's get back to the real question.

What career planning strategy can you use to plan your career path? What practical career development strategy can you put to use right now?

Do the following to move your career in the direction you want.

1. Determine where you are right now in your career

2. Determine and document where you want to be

3. Draw an outline of the skills you need to get there

4. Kick-start the process of acquiring skills you need that you don't already have

5. Discuss your career plan with your wife and then your boss

6. Ask to be given assignments that move you more and more in the direction of your career

7. Get involved in community work (where possible) that offers you an opportunity to function in the position you expect to be

8. Let nothing stop you from making that noble career a reality

Where do you see yourself in 10-15 years?

That question should help you appreciate what career development plans you need to put in place to achieve your dream.

If you have not taken career planning seriously before now, now is the time to start.

Planning ahead for a blissful and eventful career is the key to a happy life. It gives you a future to dream about and pursue... a purpose to work and live for.

Here's a toast to your career success.

Career Planning Tips - Free Tips For Effective Career Development

Samson Itoje is a career development expert. He provides a free job opportunity database where employers can post job vacancies free at http://www.job-opportunity-and-free-resume-bank.com/job-opportunities.html. Resources include a free resume database at http://www.job-opportunity-and-free-resume-bank.com/free-resume-database.html. Job seekers post their job resume free in the free resume database.

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Causes Of Software Project Failure

Most software projects fail completely or partial failures because a small number of projects meet all their requirements. These requirements can be the cost, schedule, quality, or requirements objectives. According to many studies, failure rate of software projects is between 50% - 80%. This essay is a compilation of failure causes of software development projects; this essay summarises several areas that play a vital role in software project failure.

So, what really is the reason for software project failure? The sad fact is that software projects fail because we do not recognize that good engineering principles should be applied to software projects just as they are to building office buildings. We try to defend ourselves by saying that software construction is "different".

Accounting

One of the most serious complaints against software failure is the inability
to estimate with acceptable accuracy the cost, resources, and schedule necessary
for a software project. Conventional assessment methods have always produced
positive results which contribute to the too well-known cost infested and
schedule slippage.

Causes Of Software Project Failure

Over the last 20 years many cost and schedule estimation techniques have been
used with mixed sensation due to restrictions of the assessment models. A major
part of the estimations failure can be due to a lack of understanding of the
software development process and the effect of that method used in the project
plan, schedule and cost estimates.

Failure Case Studies
Below are few of the case studies considered which will be analysed to fetch
the main reasons of failure of the software system.

Northumbria University developed accounting software to manage its day to day
business. The project could not come up with the desired results and failed to
meet the deadlines. Te investigations showed that the basic project management
procedures were not followed. This case study is referenced in this essay at
different points where necessary. [1]

Thai subsidiary (SMTL) of a Hong Kong-based multinational company (SMHK)
engaged in the manufacturing of electronic equipment. They implemented an
integrated software package; which was a failure at the several factors. These
factors were mostly management related. Such as a poor fit between the business
process assumptions inscribed in the software and the business processes in SMTL,
poor leadership at different levels, cultural differences, organizational
environment, and poor human resource management.

St John's Hospital is a District General Hospital provides medical and
nursing services, which includes both general surgery and medicine.All these
services are supported by diagnostic imaging, laboratory, ambulance, pharmacy
and therapy services, which are all on site. As the major hospital in a tourist
area, it deals with many visitors in the holiday season, generating a large
amount of non-booked admissions work.

Software Management & Leadership
It has been shown repeatedly, that effective leadership is essential for successful IT implementation (Klenke, 1994). A leader must also have cultural sensitivity, communication skills, creativity, ability to delegate, and the ability to develop and retain human resources (Luthans, 1994). The software manager at (SMHK) was a western, where as the lower managers were Eastern. So there was a cultural clash going on always. Jack (Manager) always try to introduce creative thoughts. And most of the time the lower management could not do them. Hence there was a clash going on all the time.

Employees also felt that management hardly ever "listened" to their concerns
or attempted to address them. Consequently, many employees were eager to leave
the company, and did so as soon as they found alternate opportunities in other
companies.

Project Planning & Scheduling
Project planning means creating work breakdown, and then allocate responsibilities to the developers over time. Project planning consists of construction of various tasks, timelines and essential pathways including Gantt charts and PERT charts and different written plans for various situations.

It is quite usual in software development process to work backward from the
project end date which results in complete software project failure. It is
impossible that a project can be completed efficiently from the planning stage
to the implementation stage.

Allocation of roles and responsibilities has to be clearly defined, and it
becomes crucial while hiring the stall from outside. University's higher
management failed to apply the basic project management rules which laid to the
project failure.

Proper scheduling is also required before the start of the project. It
includes the time scheduling, teams scheduling. Project managers don't know what
they have to plan and schedule. They just only tell the programmer what to do
and the programmers can come up with a proper solution.

The development was moved to a new office and the office was not fully
equipped with the proper infrastructure. As time is also a big factor in success
or failure of a project. So it delayed the development process and contributed
towards the project failure. Infrastructure was not fully scheduled and
management team didn't know where and how the project development will be
started.

The top secret of a winning software development project is to control the
quality up and lower the risk. Contingency plan is also the part of planning. In
case things went wrong then this plan can be followed to lower the affect of the
failure of project. Same was the case with university's accounting software. The
management team had no such a contingency plan nor did they evaluate the risk
involved in the development of the new system. So it caused more trouble without
the backup system or backup plan.

The management just try to follow the methodologies like SDLC or RAD, but don't know which methodology to use and at which time should apply the right technique.

Cost Estimation
Cost estimation is mainly involved the cost of effort to produce the software project. But it's not limited to the effort only. It also includes the hardware and software cost, training the employees and customer, travelling to the customer, networking and communication costs. Cost estimation should be done as a part of the software process model.

Cost estimation needs to be done well before the start of the project
development. Failure of the budgeting for the cost of the project results in
complete disaster. As stated above the infrastructure cost, development tools
cost and hardware cost also needs to be estimated first.

Same thing happened to university's accounting system development. They
purchased the new system well with out any serious estimation of the cost and
the income sources.

Below are the reasons why wrong cost estimation is done.

Inappropriate estimation methodology
Another reason would be the use of an inappropriate cost estimation methodology. Not a single methodology is better than other. Every methodology has its own strong and weak points which should be considered. Dr. Barry Boehm's book Software Engineering Economics lists seven estimation methodologies. One or more of these methodologies can be used to estimate the cost of a project

"Good suggestion is that more than one software cost estimation methodology
should be used for accurate estimation".

Cost estimation tools
There are many drawbacks in manual cost estimation. This technique is almost obsolete now. These days successful cost estimation includes the use of appropriate commercial software cost estimating tool.

Good software estimating tools do not always guarantee reliable software
estimates. Wrong input of the software size will result in wrong estimate.
Estimation software also needs to be customised for the specific need of
organization. These customisations require the data from the past projects as
input for the tool to estimate.

There are number of reasons these tools can return the wrong estimate.

Choosing the right estimation tool
Choice of a right estimation tool is necessary for the right estimation. The tool is not capable of handling the input and thus it can come up with the wrong estimate and hence cause the software project to fail.

Ease of customisation
As mentioned above the selected tool must be customisable according to the organisation needs, so that the organization can customise it according to the needs and past project data.

Easy to use and learn
The cost estimation tool should be easy to use and learn. It must include help and examples, simple and straight forward user interface. It must require less training to learn the system and inputs should be well defined.

Accurate Estimation
The estimation tool must have the capability to analyse all the parameters and come up with the accurate estimation for the cost.

Risk Management
Risk management is an important factor towards software project failure if it's not managed timely and effectively. As nothing can be predicted that what will happen in future so we have to take the necessary steps in the present to take any uncertain situation in the future. Risk management means dealing with a concern before it becomes a crisis.

Risk Identification

According to the Universal risk Project there are two types of conditions which can be a symbol of as risk.

IF-THEN Statements "IF technology is not available, THEN we will not meet the requirement" "IF we cannot hire sufficient qualified software engineers, THEN we cannot meet the planned development schedule

Given the "condition", there is a likelihood that the "consequence" will occur "Given that this specific test fails (the CONDITION), the CONSEQUENCE is that the planned schedule will slip"


Project managers have to identify the areas where the risk can be and how it
can affect the development of the project. Risk can be of technical nature or
non technical. Project managers needs to be aware of both the risks. Most of the
projects managers are not good in either of the side. A good manager with
programming skills can be good in identifying the technical risk but not in non
technical risk.

Risk Analysis
After the risk is identified there is a need to make the categories of that risk. Risk analysis is the process of examining the project results and deliverables after the risk analysis and applying the technique to lower the risk. After risk analysis is complete, the proper risk analysis plan needs to be made to cope with any uncertain situation. First identified risks are categorized and make the hierarchy of those risks. At this point the risk is classified as the positive or negative risks.

Risk Prioritization
After the risk is analyzed, the next step is to priorities the risk. At first focus on the most sever risk first; and les sever later. These risk factors can worked from time to time so that the final project out come is free of risk. So most of the time project management team fails to identify the sever risk and work on the less sever risk. This often results in the form of a crisis.

Risk Avoidance
Dealing with the risk is an art. Some times the management takes the projects with out identifying the proper risk involved in the project. So an experienced manager will take the project after proper risk analysis and avoid any risk involved in the project.

Risk control
Managing the risk to achieve the desired results and deliverables is done through controlling the risk at its best. This is a pure intuitive process and depends on the experience of the project management team, or risk already managed in past projects which were done by the same organization.

Conclusion
This essay has presented three basic factors which can cause the software development project to fail. Planning & Scheduling, cost estimation and risk management. All of these factors are to be considered at the management level and then transferred to the lower management.

Planning & Scheduling comes at first, good planning and scheduling makes the
strong foundation for the software project. Project planning consists of
construction of various tasks, timelines and essential pathways including Gantt
charts and PERT charts and different written plans for various situations. If
these factors are not taken into part then the software may encounter problems
during the development and the final product will be a failure.

Cost estimation depends on the budget of the project, customer type and the
size and effort to be put in the project. Cost estimations are done many times
during the life cycle of a project. It affects the project in many ways, wrong
estimation complete failure, affect the good-will of the organisation if the
costs are not covered, stake holders are affected and waste of resources.

Managing the risk is a practical approach for decreasing the ambiguity and
possible loss related with a software development project. Potential measures
can be considered as opportunity-focused (positive risk) if their consequences
are favourable, or as threat-focused (negative risk) if their consequences are
unfavourable.

Causes Of Software Project Failure

[1]. infoNet is an Advisory Service funded by JISC retrieved on November 26 2006 from http://www.jiscinfonet.ac.uk/ Jones, Capers, Patterns of Software Systems Failure and Success, International Thompson Computer Press, Boston, Mass., 1996. Boehm, B.W., “Software Risk Management: Principles and Practices”, IEEE Software, January 1991 http://sunset.usc.edu/classes/cs510_2003/notes/risk.pdf “Software Risk Management: Back to Basics – The Top 10 (or so) Software Risks”, Software Technology Conference, 2003

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How to Start A House Cleaning Business In 7 Simple Steps

One of the main reasons people start businesses is to make money. For some it's a blessing to make money doing something they love. I'm not saying that you have to love house cleaning in order to have a successful house cleaning business; however it would be a good idea if you didn't hate it.

How much money you make depends on how big you want your business to be. It could be a one person operation where you set up at home and service areas close to home, or you could set up a commercial office and hire people to work for you.

Accounting

Here are 7 simple steps to get you started on your own house cleaning business.

How to Start A House Cleaning Business In 7 Simple Steps

1) Decide exactly what kind of house cleaning services you will offer.

Here you decided what cleaning you will do, like making beds, vacuuming, mopping and waxing floors, dusting and so on. Also note what you won't do, e.g. laundry. You can also decide to specialize, e.g. by cleaning carpets only, or cleaning suspended ceilings only.

2) Pricing your housecleaning service.

To have an idea of how to charge for your housecleaning service, use your competition. Check your telephone directory and the classified ads section in your local newspapers for cleaning businesses, call them up (pretend to be a prospective client) and find out exactly what cleaning services they offer and how much they charge. With this information gathered decide the best price to charge for your cleaning service.

3) Workout startup costs.

For this you need to consider, tools, material, transport, advertising, insurance etc. Write down a list all the tools and material you need, like cleaners, sponges, mops, carpet cleaning equipment etc. Next find out the cost of each item on the list and write it down next to the item.

Transport: you will have to estimate your costs here. You see it depends on where your client is located and your means of transportation to get to your client. (Having your own vehicle would be to your advantage).

Advertising: You can use free advertising (word of mouth) and paid advertising (classifieds, telephone directory ads etc). Phone calls to your local newspaper and the telephone company who publish your telephone directory will tell you the cost of placing ads.

Once you've gathered all this information, calculate your total startup costs.

4) Name your business.

Choosing an appropriate name for your house cleaning business is important. Here are a few examples I got of the internet, 'Maid Brigade', 'All Shine Cleaning', 'White Glove Cleaning Service'. Please avoid using 'Your Name Cleaning Services'. Using your own name as part of your business name is over done by many house cleaning businesses. Brainstorm and come up with a name that helps you stand out of the crowd.

5) Learn the zoning regulations of your community.

Check the city clerk's Office or your local library for a copy for a copy of the zoning laws governing your community. Your reason for doing this is that some zoning regulations prohibit home businesses in a community.

6) Do a few free cleaning jobs.

Well you're not actually doing them for free. You're doing them in exchange for references (these add to your credibility for future paying clients and are invaluable). You can offer these free cleaning jobs to friends, non profit organizations in your communities etc.

7) Get your first paying client then get another and another and another and so on.

Tell everyone you know that you've started a cleaning business and place ads in the local newspapers. In the beginning you need to spend most of your time and money getting paying clients. However, the more clients you get the less time and money you spend on marketing and more time you spend on cleaning and making your clients happy.

This is just the beginning. Once you start making money take a house cleaning business course to help you better manage your business in terms of growth, accounting, taxes, insurance better marketing strategies and more.

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You have permission to publish this article electronically or in print, free of charge, as long as the bylines are included. A courtesy copy of your publication would be appreciated. fayolap@yahoo.com

How to Start A House Cleaning Business In 7 Simple Steps

Fayola Peters is the webmaster of housecleaning-tips.com. To find more information about a house business cleaning course check out her website at http://www.housecleaning-tips.com.

fayolap@yahoo.com

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