1. In understanding the Filipino culture, how would just in time technology benefit a business operation?
There are lots of challenges that can we may face in adaptation of the technological advancement because here in the Philippines person tend to rely on manual process. Just in time technology can help the business process, through monetary and conveniency from production and different aspect of the business. We all know that technology makes our job easier, we can also lessen some expenses using Just in time technology. Like a budget for a location of warehouse, the monthly bills for utilities, and expenses for security. This less in the operation expense will save a lot of money, and these money can use for future plans, like innovation or it can be added into the benefits of your employee. Through this you can create a healthy environment that has a win – win situation. The output of the products that you created will be put into a high quality, through the continuous advancement of technology the quality of the product will follow. The more convenient the technology given to us; the better product will be produced. The more quality product that is sold, more business will progressive and grow.
2. How can total quality management in the Philippines be measured?
The measurement of the total quality management here in the Philippines can be measure by the benefits it can give to the business process and to the business itself. These benefits will serve as the manifestation of the fulfillment of every elements of total quality management. The benefits that the business can attain are; stronger organizational structure in the company, satisfied number of customers who became loyal customer of the company, higher productivity in the company based in the increasing profit and the performance that make the stockholders satisfied with their investment in the company. Therefor I can say that the measurement of total quality management here in the Philippines are based on the income it generates and its contribution to the national income of our country, because the more customer value the product the more purchase and production will be made. This will serve as manifestation that more customers are
satisfied. Some other organization creates survey that measure the satisfaction of the customers.
3. what are the effects of global competition in local market?
Global competition has a big impact in local market. Different countries have their local businesses that caters that specific location. Come to think of it that a big enterprise will be operating their business in that location, the population is not change so that they will share in just one market. For example, there we’re only one in your place the tendency is all of the customers will don’t have any choice 100% of them will obviously the market of that store. And then another business enterprise came that sells similar product. There will be a chance that the market will be separated and turn into halves. That goes the same in global market. The local market is competing with each other. and with the existence of the global competitors, they will have another competition that can lessen the size of the population of the market. But on a later part it has a positive impact, because they can provide what is lacking in our country. For example, technology, to cope up to the advancement of technology we import things from other country in order to create, smart phones, tv, computers, and cars. With this they can satisfied the dynamic need and wants of the people. We all know that our natural resources cannot provide us the things we need to provide the product that satisfies the demand that the customer gives. So that international businesses can help us to fill the lack on our resources.
4. how does Asean 2015 affect the market competition?
ASEAN is an economic group composes of 10 countries in South-east Asian nations that aims to help each other by cooperating that can help boost and have economic growth, social progress and cultural development, and regional peace. The Asean 2015 is expected to have lots of impact to the economic growth of South-east Asian countries, by providing lots of investments, creating job opportunities and increase national income by creating a interconnected global market. Therefor allowing allied countries to supply us the raw materials we needed, and let them invest and start their business in specific country. We can assure that it affects the business of specific country, as well as the products that has been made. With the exchange of knowledge and culture, countries like Philippines will be affected. We embrace what enters in our country and this inter-connection of our country in terms of friendly relationship will greatly affects our market as well as our economy.
5.Why advertisement should be attuned with the cycle of the product?
Advertising will serve as the Resume of the product. This will tell you the brief information about the product, this will tell the customer the characteristics of the product and let him convince himself subconsciously that he wants that product. Honesty is very important about advertising. You must input all the necessary information in order to make your customer about the product, to ensure the public that your product is safe to use by them. And also, to avoid fake information that can cause lots of damage, like misuse of something. It is necessary to input the life span of your product or the expiry date, to avoid food poisoning, and negative effect using the products. Always remember that safety is a must, don’t compromise the health of your consumer just to earn money.
6. How would cross functional team promote better understanding of the business strategy?
A cross functional team is composed of person from different department that works together to attain specific purpose, by improving what is need to improve. Consolidate ideas that can possibly use to solve their problem easily. Since they are working in different department, they have their own expertise it is better to get suggestion about everyone in order to have the best output. Everyone will know if their decision will affect other department’s function. This will be useful to give consideration and work as a whole. They can create the most appropriate strategy to the specific problem, because they can share their expertise and experience from the department they are working, there are lots of knowledge that can be consolidate that can be used for better decision making. it can ensure high possibility that the plan will be effective. Cross functional team is important for a business to remain progressive and grow. Always remember that 2 heads better than one. Therefor many expertise works as one is the best.
Foundation of Management Accountants
1. Describe an accounting system
An accounting system for is one of the most important report that the company will ever be been made. It provides and help you to monitor all the financial transaction that happens in your company. It provides information about the company’s asset, expenses, sales, liabilities, equity.
These are the things that are very important to be monitored. The asset is all the monetary, PPE, furniture and tools. The liability is the debt, loans and payable that your company has. The equity is all about income, investments. These things must be recognized and monitored. It is very necessary to have these kinds of reports, because it will provide the management a clear set of data that they can use in decision making. because of the adaptation in modern technology, accounting system will become more hi-tech you don’t need t provide manual computation. All you have to input all the information needed, and the computer will do the rest for you. It will provide accurate data; with this you can formulate better strategies. You can easily monitor all the monetary transaction, to minimal the mistake that possibly happen, and correct it as soon as possible.
2. What is the importance of having duties and responsibilities for each member of finance department?
The finance department must be transparent all the time in order to give the company the assurance, that their budget is in good hands. The financial report should be properly presented to avoid mislead, misunderstanding and a problem as well. Therefor it is very important to the finance department to have their own duties and responsibilities to ensure that the funds are being liquidated properly, manage, and use for specific business purpose only, and to avoid inside job.
The improper management of companies will result to the fall of the business, that can be lead to a loss. Always make sure that every data is precise, every little mistake will lead into misinformation.it is better to have a book keeper who will take care of recording, analyzing and interpreting transaction in the company. This will help you to control properly all the monetary transaction that your company have, and possibly have in the future. Good financial department, better liquidation and proper growth of the company.
3. what is the importance of including the qualifications in the duties and responsibilities?
it will provide them initial knowledge that they need in order to do specific job, it will also serve as introduction to their job, for me it is the first interview that you will face. From this you will know if you’re qualified in that position. It will inform the applicants the necessary skills and traits that they need to possess in order to be suitable in a position they are applying for.
4. How would a Position of a management accountant affect the organizational structure of the finance department?
Management accountant is separated from the accounting department because it is under the management team. It can hardly affect the structure of the finance team, because his job is aligned to the management team, while focusing on financial aspect. Finance team and management accountant has some similar tasks but they differ in focus, and priority. They both focus on budgeting, forecasting, and strategic task. This where the management accountant can affect finance team. If they are not finding their common ground and still fighting for what they believe was right they might argue but in the end of the day, finance department will still the one who decide, because finance department will focus on financing and management account will focus on management. They have the same role such as monetary transaction, but still the finance focus on the general while management accountant focuses on the internal only.
