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

Under accrual accounting the income statement reports the amount of revenues earned and the expenses that were incurred to earn the revenues. Expenses also include costs that expired during the period of the income statement. If a corporation’s stock is publicly traded, the income statement will also report the earnings per share of common stock. The balance sheet reports a corporation’s assets, liabilities, and stockholders’ equity as of a specific instant, such as midnight of December 31. Most balance sheets will group all of the current assets and all of the current liabilities. This allows readers to easily see the corporation’s working capital and current ratio. The statement of cash flows organizes the explanations of the change in cash and cash equivalents into three sections: operating activities, investment activities, and financing activities. The statement of stockholders equity provides a summary of the changes occurring to stockholders’ equity during the accounting period. The changes include net income, dividends declared, purchase of treasury stock, and other comprehensive income.

In order for the readers of these financial statements to make comparisons with other companies, it is necessary that the financial statements follow some common rules. The rules are referred to as generally accepted accounting principles or GAAP (pronounced gap) and consist of several components. One component of GAAP is the basic or fundamental accounting principles and concepts such as cost, matching, going concern, economic entity, materiality, conservatism, consistency, reliability, and others.

Another part of GAAP includes the detailed rules established by the Financial Accounting Standards Board or FASB (pronounced fas Bee). These pronouncements are entitled statements of financial accounting standards. FASB interpretations are also part of GAAP. The accounting rules established by the predecessors of the FASB remain as GAAP unless they have been superceded by the FASB.

Lastly, GAAP includes industry practices. For example, the balance sheet of a public utility will list the plant assets ahead of its current assets. Unique reporting practices often occur in industries that are regulated by government agencies.

The financial accounting and financial reporting of publicly traded corporations also include the annual report to the Securities and Exchange Commission (Form 10-K), the annual report to stockholders, and various press releases on financial matters.
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Reminiscing about the good old days when we were growing up is a memory trip well worth taking, when trying to understand the issues facing the children of today. A mere 20 years ago, children used to play outside all day, riding bikes, playing sports and building forts. Masters of imaginary games, children of the past created their own form of play that didn’t require costly equipment or parental supervision. Children of the past moved… a lot, and their sensory world was nature based and simple. In the past, family time was often spent doing chores, and children had expectations to meet on a daily basis. The dining room table was a central place where families came together to eat and talk about their day, and after dinner became the center for baking, crafts and homework.

Today’s families are different. Technology’s impact on the 21st century family is fracturing its very foundation, and causing a disintegration of core values that long ago were what held families together. Juggling work, home and community lives, parents now rely heavily on communication, information and transportation technology to make their lives faster and more efficient. Entertainment technology (TV, internet, videogames, iPods) has advanced so rapidly, that families have scarcely noticed the significant impact and changes to their family structure and lifestyles. A 2010 Kaiser Foundation study showed that elementary aged children use on average 8 hours per day of entertainment technology, 75% of these children have TV’s in their bedrooms, and 50% of North American homes have the TV on all day. Add emails, cell phones, internet surfing, and chat lines, and we begin to see the pervasive aspects of technology on our home lives and family milieu. Gone is dining room table conversation, replaced by the “big screen” and take out. Children now rely on technology for the majority of their play, grossly limiting challenges to their creativity and imaginations, as well as limiting necessary challenges to their bodies to achieve optimal sensory and motor development. Sedentary bodies bombarded with chaotic sensory stimulation, are resulting in delays in attaining child developmental milestones, with subsequent impact on basic foundation skills for achieving literacy. Hard wired for high speed, today’s young are entering school struggling with self regulation and attention skills necessary for learning, eventually becoming significant behavior management problems for teachers in the classroom.

So what is the impact of technology on the developing child? Children’s developing sensory and motor systems have biologically not evolved to accommodate this sedentary, yet frenzied and chaotic nature of today’s technology. The impact of rapidly advancing technology on the developing child has seen an increase of physical, psychological and behavior disorders that the health and education systems are just beginning to detect, much less understand. Child obesity and diabetes are now national epidemics in both Canada and the US. Diagnoses of ADHD, autism, coordination disorder, sensory processing disorder, anxiety, depression, and sleep disorders can be causally linked to technology overuse, and are increasing at an alarming rate. An urgent closer look at the critical factors for meeting developmental milestones, and the subsequent impact of technology on those factors, would assist parents, teachers and health professionals to better understand the complexities of this issue, and help create effective strategies to reduce technology use. The three critical factors for healthy physical and psychological child development are movement, touch and connection to other humans. Movement, touch and connection are forms of essential sensory input that are integral for the eventual development of a child’s motor and attachment systems. When movement, touch and connection are deprived, devastating consequences occur.

Young children require 3-4 hours per day of active rough and tumble play to achieve adequate sensory stimulation to their vestibular, proprioceptive and tactile systems for normal development. The critical period for attachment development is 0-7 months, where the infant-parent bond is best facilitated by close contact with the primary parent, and lots of eye contact. These types of sensory inputs ensure normal development of posture, bilateral coordination, optimal arousal states and self regulation necessary for achieving foundation skills for eventual school entry. Infants with low tone, toddlers failing to reach motor milestones, and children who are unable to pay attention or achieve basic foundation skills for literacy, are frequent visitors to pediatric physiotherapy and occupational therapy clinics. The use of safety restraint devices such as infant bucket seats and toddler carrying packs and strollers, have further limited movement, touch and connection, as have TV and videogame overuse. Many of today’s parents perceive outdoor play is ‘unsafe’, further limiting essential developmental components usually attained in outdoor rough and tumble play. Dr. Ashley Montagu, who has extensively studied the developing tactile sensory system, reports that when infants are deprived of human connection and touch, they fail to thrive and many eventually die. Dr. Montagu states that touch deprived infants develop into toddlers who exhibit excessive agitation and anxiety, and may become depressed by early childhood.

As children are connecting more and more to technology, society is seeing a disconnect from themselves, others and nature. As little children develop and form their identities, they often are incapable of discerning whether they are the “killing machine” seen on TV and in videogames, or just a shy and lonely little kid in need of a friend. TV and videogame addiction is causing an irreversible worldwide epidemic of mental and physical health disorders, yet we all find excuses to continue. Where 100 years ago we needed to move to survive, we are now under the assumption we need technology to survive. The catch is that technology is killing what we love the most…connection with other human beings. The critical period for attachment formation is 0 – 7 months of age. Attachment or connection is the formation of a primary bond between the developing infant and parent, and is integral to that developing child’s sense of security and safety. Healthy attachment formation results in a happy and calm child. Disruption or neglect of primary attachment results in an anxious and agitated child. Family over use of technology is gravely affecting not only early attachment formation, but also impacting negatively on child psychological and behavioral health.

Further analysis of the impact of technology on the developing child indicates that while the vestibular, proprioceptive, tactile and attachment systems are under stimulated, the visual and auditory sensory systems are in “overload”. This sensory imbalance creates huge problems in overall neurological development, as the brain’s anatomy, chemistry and pathways become permanently altered and impaired. Young children who are exposed to violence through TV and videogames are in a high state of adrenalin and stress, as the body does not know that what they are watching is not real. Children who overuse technology report persistent body sensations of overall “shaking”, increased breathing and heart rate, and a general state of “unease”. This can best be described as a persistent hypervigalent sensory system, still “on alert” for the oncoming assault from videogame characters. While the long term effects of this chronic state of stress in the developing child are unknown, we do know that chronic stress in adults results in a weakened immune system and a variety of serious diseases and disorders. Prolonged visual fixation on a fixed distance, two dimensional screen grossly limits ocular development necessary for eventual printing and reading. Consider the difference between visual location on a variety of different shaped and sized objects in the near and far distance (such as practiced in outdoor play), as opposed to looking at a fixed distance glowing screen. This rapid intensity, frequency and duration of visual and auditory stimulation results in a “hard wiring” of the child’s sensory system for high speed, with subsequent devastating effects on a child’s ability to imagine, attend and focus on academic tasks. Dr. Dimitri Christakis found that each hour of TV watched daily between the ages of 0 and 7 years equated to a 10% increase in attention problems by age seven years.

In 2001 the American Academy of Pediatrics issued a policy statement recommending that children less than two years of age should not use any technology, yet toddlers 0 to 2 years of age average 2.2 hours of TV per day. The Academy further recommended that children older than two should restrict usage to one hour per day if they have any physical, psychological or behavioral problems, and two hours per day maximum if they don’t, yet parents of elementary children are allowing 8 hours per day. France has gone so far as to eliminate all “baby TV” due to the detrimental effects on child development. How can parents continue to live in a world where they know what is bad for their children, yet do nothing to help them? It appears that today’s families have been pulled into the “Virtual Reality Dream”, where everyone believes that life is something that requires an escape. The immediate gratification received from ongoing use of TV, videogame and internet technology, has replaced the desire for human connection.

It’s important to come together as parents, teachers and therapists to help society “wake up” and see the devastating effects technology is having not only on our child’s physical, psychological and behavioral health, but also on their ability to learn and sustain personal and family relationships. While technology is a train that will continually move forward, knowledge regarding its detrimental effects, and action taken toward balancing the use of technology with exercise and family time, will work toward sustaining our children, as well as saving our world. While no one can argue the benefits of advanced technology in today’s world, connection to these devices may have resulted in a disconnection from what society should value most, children. Rather than hugging, playing, rough housing, and conversing with children, parents are increasingly resorting to providing their children with more videogames, TV’s in the car, and the latest iPods and cell phone devices, creating a deep and widening chasm between parent and child.

Cris Rowan, pediatric occupational therapist and child development expert has developed a concept termed ‘Balanced Technology Management’ (BTM) where parents manage balance between activities children need for growth and success with technology use. Rowan’s company Zone’in Programs Inc. http://www.zonein.ca has developed a ‘System of Solutions’ for addressing technology overuse in children through the creation of Zone’in Products, Workshops, Training and Consultation services.

During the recent years many people have started doing exercise, taking yoga classes and also following strict diet in many countries. The reasons behind these activities are many, like work-stress, people suffering from diabetes, people taking lots of fats in their food and due to the pollution and the ongoing urbanization. Most of the people living in the cities suffer from heavy pollution due to heavy intakes of carbon monoxide in their bodies. Due to this heavy intake there are many side effects involved in this process.

Most of the people are also addicted to smoking and alcohol, recent studies by an organization out of 100 people 60 percent drink significantly more than is healthy. Also in most of the countries even the percentage of the female population abusing alcohol is increasing. Due to this many of the doctors suggest people take regular exercises and also play sports in their leisure time. In the last ten years heart diseases has increased enormously from 35% to 70%. In recent years most of the children are born with diseases, a result of their parents poor health and lifestyle. So in these times it is necessary to follow some rules so that our health as well as our younger generations will be healthy.

Keeping healthy is nothing but keeping our body clean with healthy habits like taking regular exercise. First of all a regular jog of 2 km is enough for an individual of an average age. During the school days till college everyone is involved in one or other sport, but when people find a job they forget about health and they soon become busy in their work. One should consult their doctor every 3-4 months for a regular checkup’s. They should not be stressed – if they find stress they should take yoga classes every day, so that their blood pressure will be normal. Otherwise that would lead them to hyper blood pressure or hypo, which may lead to heart disease. Most of the corporate companies in USA as well as rest of the world are employing dietitians, physiotherapists, and also good doctors to take care of their employees.

The next thing I want to discuss is the diet because the intake food which we are taking is responsible for all the fats, carbohydrates,proteins and necessary enzymes which will be useful for the energy conversion or utilization in the human body. We should follow the diet very strictly by avoiding the junk food available in the market. A recent survey states that most of the people fall ill by consumption of junk food. A food with little fat is advisable because by taking more fat content the fat will be accumulated in the veins and arteries in the human body which result in high blood pressure which may lead to heart disease. In order to reduce the fats in the human body we should take less oil or cheese or butter in our food there by controlling the fats in the human body. Regular exercise will be helpful to control the fat in the human body.

By playing sports it will be a good exercise in the human body. Swimming is also a good sport. We should maintain our body weight according to our height. There we can reduce our health problems to most of the extent. I conclude my discussion to the above topic by saying that a regular exercise or yoga and a strict diet and playing sports and regular check ups we can keep our body healthy after all there is an old saying “Health is Wealth”.

Being a Health and Fitness Professional, it is my job to understand terms and definitions which are commonplace to this industry, as well to keep abreast of evolving trends. Through my experience, I have found that a number of terms deserve a little more clarification than that which they are granted.

Aside from clarifying the definition of Health Related Fitness, this article intends to shed some light on a few of the associated terms, and to show their respective distinctions.

Is it simply all in a name?

The fitness world seems to use the concept Health Related Fitness like a generic fitness principle – interchangeable with others like “Physical Fitness”, “Health and Fitness” or simply “Fitness.”

While all of these terms can be included under the broad term Health and Physical Fitness, they individually refer to different aspects – both generic and specific. Unfortunately, references to these and other fitness-related terms are often vague, while consistency in their intended use is meager at best; there is a kind of “generally accepted” use for them, but individuals often rely on own interpretation, and this can lead to confusion.

With that said, does Health Related Fitness simply infer fitness by means of good health? Not quite. That is why we need to understand a little more behind these words before digesting the definition.

How did the term Health Related Physical Fitness come about?

That is a good question. One could probably ask what is this concept all about – can we not simply use the terms “Fitness” or “Physical Fitness” instead?” Why Health “Related”?

The main reason stems from the fact that most health and fitness terms are used inconsistently and often refer to different concepts or notions. Subsequent to the 1996 report from the US Surgeon General (Physical Activity and Health; a report of the Surgeon General), there was a move to try and address the alarming rise in obesity levels among the general American public. Studies and initiatives required standardization among clinicians, health practitioners and fitness trainers to grapple with the task at hand. Enter “Health Related Physical Fitness”, a working term to address the general state of health among the public.

The definition of Health Related Fitness

According to the American College of Sports Medicine (ACSM), the main authority in this field, ineffective definitions with unclear and subjective wordings, as well as definitions containing terms which themselves require defining, have contributed to confusing the term “Physical Fitness.”

There exists no reliable guide for Health and Fitness Professionals to measure “Physical Fitness”, because the term has been so loosely and inconsistently defined. It is therefore that one should consider the concept of Health Related Fitness. The definition therefore centers on the 5 Components of Physical Fitness which relate to “good health.” These Components are:

  • Cardiorespiratory Fitness
  • Body Composition
  • Flexibility
  • Muscular Strength
  • Muscular Endurance

On the other hand, Skill Related Fitness Components are:

  • Balance
  • Reaction Time
  • Coordination
  • Agility
  • Speed
  • Power

According to the Centers for Disease Control and Prevention (CDC), the definition of Physical Fitness emphasizes the difference between Health Related Physical Fitness and Athletic Ability Physical Fitness. Its point-of-departure is the “health” of the US nation, which is often referred to as the “public health perspective.” In that respect, the 5 Health Related Fitness Components are more important than those related to Athletic Ability (or Skill Related Components).

Although the concept of Health Related Fitness has an integral association with “good health”, the 5 Components are addressed individually by health professionals to allow for their measurement.

Now that we have a deeper understanding of the term, what purpose does it serve?

Continuing from where the definition left off, the objective of measuring the 5 Components is to advise clients about their own particular Health Related Fitness, and to use data obtained from the tests to design appropriate exercise programs which can then be evaluated.

The 5 Components contribute evenly to make up a holistic Health Related Fitness, which is of direct interest to the health of the ordinary citizen, in that the concept is normative. In other words, it is a standard which allows for consistent application.

It is therefore important for those working in the health and fitness industry not to mistake “overall physical fitness” with “Health Related Physical fitness.”

To conclude, let us consider this distinction between Physical Fitness and Health Related Fitness

One needs to bear in mind that regular physical exercise can improve overall Physical Fitness, as well as Health Related Fitness. However, overall fitness is a generic term and is up to subjective interpretation, while Health Related Fitness can be assessed.

The distinction therefore, between these two terms, exists in that Health Related Physical Fitness can be measured according to a set of established comparative norms.

This is where the “rubber hits the road.” The guidelines set out by the ACSM enable health professionals to work with clients to assess and measure their response to exercise and prescribe appropriate exercise programs. A client’s progress can then be monitored and adjusted where necessary in order to obtain the desired fitness goals.

 

In any Listing Agreement there is a point in time when the agency relationship ends.

A Listing Agreement, as it is widely known, is none other than a contract between the rightful titleholder of an interest in land (the ‘Principal’) and a duly licensed real estate firm (the ‘Agent’), whereby the firm stipulates and agrees to find a Buyer within a specified timeframe who is ready, willing and able to purchase the interest in land that is the subject matter of the contract while acting within the realm of the authority that the Principal confers onto the Agent, and wherein furthermore the titleholder stipulates and agrees to pay a commission should the licensee ever be successful in finding such Buyer.

As in all contracts, there is implied in a Listing Agreement an element which is commonly know at law as an ‘implied covenant of good faith and fair dealings’. This covenant is a general assumption of the law that the parties to the contract – in this case the titleholder and the licensed real estate firm – will deal fairly with each other and that they will not cause each other to suffer damages by either breaking their words or otherwise breach their respective and mutual contractual obligations, express and implied. A breach of this implied covenant gives rise to liability both in contract law and, depending on the circumstances, in tort as well.

Due to the particular nature of a Listing Agreement, the Courts have long since ruled that during the term of the agency relationship there is implied in the contract a second element that arises out of the many duties and responsibilities of the Agent towards the Principal: a duty of confidentiality, which obligates an Agent acting exclusively for a Seller or for a Buyer, or a Dual Agent acting for both parties under the provisions of a Limited Dual Agency Agreement, to keep confidential certain information provided by the Principal. Like for the implied covenant of good faith and fair dealings, a breach of this duty of confidentiality gives rise to liability both in contract law and, depending on the circumstances, in tort as well.

Pursuant to a recent decision of the Real Estate Council of British Columbia (http://www.recbc.ca/) , the regulatory body empowered with the mandate to protect the interest of the public in matters involving Real Estate, a question now arises as to whether or not the duty of confidentiality extends beyond the expiration or otherwise termination of the Listing Agreement.

In a recent case the Real Estate Council reprimanded two licensees and a real estate firm for breaching a continuing duty of confidentiality, which the Real Estate Council found was owing to the Seller of a property. In this case the subject property was listed for sale for over two years. During the term of the Listing Agreement the price of the property was reduced on two occasions. This notwithstanding, the property ultimately did not sell and the listing expired.

Following the expiration of the listing the Seller entered into three separate ‘fee agreements’ with the real estate firm. On all three occasions the Seller declined agency representation, and the firm was identified as ‘Buyer’s Agent’ in these fee agreements. A party commenced a lawsuit as against the Seller, which was related to the subject property.

The lawyer acting for the Plaintiff approached the real estate firm and requested that they provide Affidavits containing information about the listing of the property. This lawyer made it very clear that if the firm did not provide the Affidavits voluntarily, he would either subpoena the firm and the licensees as witnesses to give evidence before the Judge, or he would obtain a Court Order pursuant to the Rules Of Court compelling the firm to give such evidence. The real estate firm, believing there was no other choice in the matter, promptly complied by providing the requested Affidavits.

As a direct and proximate result, the Seller filed a complaint with the Real Estate Council maintaining that the information contained in the Affidavits was ‘confidential’ and that the firm had breached a duty of confidentiality owing to the Seller. As it turned out, the Affidavits were never used in the court proceedings.

The real estate brokerage, on the other hand, took the position that any duty of confidentiality arising from the agency relationship ended with the expiration of the Listing Agreement. The firm argued, moreover, that even if there was a duty of continuing confidentiality such duty would not preclude or otherwise limit the evidence that the real estate brokerage would be compelled to give under a subpoena or in a process under the Rules Of Court. And, finally, the realty company pointed out that there is no such thing as a realtor-client privilege, and that in the instant circumstances the Seller could not have prevented the firm from giving evidence in the lawsuit.

The Real Estate Council did not accept the line of defence and maintained that there exists a continuing duty of confidentiality, which extends after the expiration of the Listing Agreement. Council ruled that by providing the Affidavits both the brokerage and the two licensee had breached this duty.

The attorney-client privilege is a legal concept that protects communications between a client and the attorney and keeps those communications confidential. There are limitations to the attorney-client privilege, like for instance the fact that the privilege protects the confidential communication but not the underlying information. For instance, if a client has previously disclosed confidential information to a third party who is not an attorney, and then gives the same information to an attorney, the attorney-client privilege will still protect the communication to the attorney, but will not protect the information provided to the third party.

Because of this, an analogy can be drawn in the case of a realtor-client privilege during the existence of a Listing Agreement, whereby confidential information is disclosed to a third party such as a Real Estate Board for publication under the terms of a Multiple Listings Service agreement, but not before such information is disclosed to the real estate brokerage. In this instance the privilege theoretically would protect the confidential communication as well as the underlying information.

And as to whether or not the duty of confidentiality extends past the termination of a Listing Agreement is still a matter of open debate, again in the case of an attorney-client privilege there is ample legal authority to support the position that such privilege does in fact extend indefinitely, so that arguably an analogy can be inferred as well respecting the duration of the duty of confidentiality that the Agent owes the Seller, to the extent that such duty extends indefinitely.

This, in a synopsis, seems to be the position taken by the Real Estate Council of British Columbia in this matter.

Clearly, whether the duty of confidentiality that stems out of a Listing Agreement survives the termination of the contract is problematic to the Real Estate profession in terms of practical applications. If, for instance, a listing with Brokerage A expires and the Seller re-lists with Brokerage B, if there is a continuing duty of confidentiality on the part of Brokerage A, in the absence of express consent on the part of the Seller a Realtor of Brokerage A could not act as a Buyer’s Agent for the purchase of the Seller’s property, if this was re-listed by Brokerage B. All of which, therefore, would fly right in the face of all the rules of professional cooperation between real estate firms and their representatives. In fact, this process could potentially destabilize the entire foundation of the Multiple Listings Service system.

In the absence of specific guidelines, until this entire matter is clarified perhaps the best course of action for real estate firms and licensees when requested by a lawyer to provide information that is confidential, is to respond that the brokerage will seek to obtain the necessary consent from the client and, if that consent is not forthcoming, that the lawyer will have to take the necessary legal steps to compel the disclosure of such information.

The professional title of producer is one of the most commonly misused titles in the music industry. This article will cover the three different types of music producers as well as the roles they play within the music industry and inside the recording studio.

What A Producer Isn’t

A producer isn’t a musician that makes his or her own music. The proper title for this position would be a musician, plain and simple. Producers also tend to work with a team of recording professionals, industry executives and reliable musicians to complete a recording project. Because the skills involved in managing a recording project take time to learn and are very demanding, someone who works on their own to create music isn’t typically considered a producer. The title of producer is often wrongfully associated with the roles of songwriters and general musicians.

Executive Producer

An executive producer is generally the person that funds the recording project. Executive producers also ultimately determine the direction of the recording project and carefully maintain the relationship between the artists or bands involved in the project and the record label that oversees the completion of the project. Executive producers essentially maintain the bridge between the record label and the recording artists as well as make sure that the project makes sense financially from a business perspective and a creative perspective.

Music Producer

A music producer typically spends a majority of their time creating or arranging music for the recording project. Music producers usually have a strong background in music theory and occasionally have degrees in music theory or music composition from established universities and colleges. Another job of the music producer is to make sure that the music within the recording project is of the highest possible quality and that the musicians involved in the project are making the best music they possibly can. Sometimes music producers are also given the task of maintaining communication between the artists and the record label executives, which is often a task that is more difficult than a lot of people within the music industry realize.

Engineering Producer

The engineering producer understands the technical aspects of the recording studio more than the other two types of producers. Engineering producers know how to work the recording console, setup the microphones for recording, use the recording software efficiently and effectively, and keep the recording project organized. A lot of engineering producers start out as either mixing engineers or assistant engineers to record label producers. They also tend to understand the technical aspects of recording and what it takes to make the music sound great from an engineer’s perspective.

 

Technology has become part of our daily lives, and there is probably no aspect in human life which is left untouched by Internet. Technology also plays a positive role in managing a business, particularly food business. If you are into catering, you may probably want to save yourself some hassles in managing your files, stocks and inventory system by acquiring a catering business software.

This software can help you in many ways you never thought possible. Many caterers use the Point-of-Sale system to help them track the sales and purchases that the business had made. It can generate report for easy reference; you can get daily, weekly, monthly and yearly report to see the progress of your catering business.

In this catering business software, you can do bookkeeping with so much ease. You do not have to be an Accountant to know how to run it. Bookkeeping is very vital for all businesses. When you put up the business, your aim was to get the return of investment (ROI) in the shortest possible time. The POS system can keep track of all the incoming sales and outgoing expenses. It can also help the caterers to know other hidden costs involved in the business which is often neglected by the owners when it comes to computation of the profit-and-loss.

Aside from the accounting and inventory software, caterers may also need events management software. This will keep track of all the upcoming events wherein your catering business was hired to serve. This is a database management software where you can input all your clients information and special requests or notes for the events. This will save you from collecting all those calling cards inside your wallet. All you need to do is to input necessary information about your clients and your possible customers too.

Being organized in all your business transaction would make your life easier as a business entrepreneur. It will be easier for you to know whether your business is doing good or not. You can also see what areas you can improve on with regards to handling expenses and purchases. There will be lesser grey areas in terms of accounting because you have all the necessary details you need.

These are the only aspects wherein you can rely on technology in terms of handling your business. The rest of business management would require personalize touch, most especially when it comes to customer service. Your employees are important part of your catering business too. They are the ones who interact with your clients and they create the image of your business too.

Market segmentation is widely defined as being a complex process consisting in two main phases:

– identification of broad, large markets

– segmentation of these markets in order to select the most appropriate target markets and develop Marketing mixes accordingly.

Everyone within the Marketing world knows and speaks of segmentation yet not many truly understand its underlying mechanics, thus failure is just around the corner. What causes this? It has been documented that most marketers fail the segmentation exam and start with a narrow mind and a bunch of misconceptions such as “all teenagers are rebels”, “all elderly women buy the same cosmetics brands” and so on. There are many dimensions to be considered, and uncovering them is certainly an exercise of creativity.

The most widely employed model of market segmentation comprises 7 steps, each of them designed to encourage the marketer to come with a creative approach.

STEP 1: Identify and name the broad market

You have to have figured out by this moment what broad market your business aims at. If your company is already on a market, this can be a starting point; more options are available for a new business but resources would normally be a little limited.

The biggest challenge is to find the right balance for your business: use your experience, knowledge and common sense to estimate if the market you have just identified earlier is not too narrow or too broad for you.

STEP 2: Identify and make an inventory of potential customers’ needs

This step pushes the creativity challenge even farther, since it can be compared to a brainstorming session.

What you have to figure out is what needs the consumers from the broad market identified earlier might have. The more possible needs you can come up with, the better.

Got yourself stuck in this stage of segmentation? Try to put yourself into the shoes of your potential customers: why would they buy your product, what could possibly trigger a buying decision? Answering these questions can help you list most needs of potential customers on a given product market.

STEP 3: Formulate narrower markets

McCarthy and Perreault suggest forming sub-markets around what you would call your “typical customer”, then aggregate similar people into this segment, on the condition to be able to satisfy their needs using the same Marketing mix.

Start building a column with dimensions of the major need you try to cover: this will make it easier for you to decide if a given person should be included in the first segment or you should form a new segment. Also create a list of people-related features, demographics included, for each narrow market you form – a further step will ask you to name them.

There is no exact formula on how to form narrow markets: use your best judgement and experience. Do not avoid asking opinions even from non-Marketing professionals, as different people can have different opinions and you can usually count on at least those items most people agree on.

STEP 4: Identify the determining dimensions

Carefully review the list resulted form the previous step. You should have by now a list of need dimensions for each market segment: try to identify those that carry a determining power.

Reviewing the needs and attitudes of those you included within each market segment can help you figure out the determining dimensions.

STEP 5: Name possible segment markets

You have identified the determining dimensions of your market segments, now review them one by one and give them an appropriate name.

A good way of naming these markets is to rely on the most important determining dimension.

STEP 6: Evaluate the behavior of market segments

Once you are done naming each market segment, allow time to consider what other aspects you know about them. It is important for a marketer to understand market behavior and what triggers it. You might notice that, while most segments have similar needs, they’re still different needs: understanding the difference and acting upon it is the key to achieve success using competitive offerings.

STEP 7: Estimate the size of each market segment

Each segment identified, named and studied during the previous stages should finally be given an estimate size, even if, for lack of data, it is only a rough estimate.

Estimates of market segments will come in handy later, by offering a support for sales forecasts and help plan the Marketing mix: the more data we can gather at this moment, the easier further planning and strategy will be.

These were the steps to segment a market, briefly presented. If performed correctly and thoroughly, you should now be able to have a glimpse of how to build Marketing mixes for each market segment.

This 7 steps approach to market segmentation is very simple and practical and works for most marketers. However, if you are curious about other methods and want to experiment, you should take a look at computer-aided techniques, such as clustering and positioning.

Corporate Financial Reporting is part of corporate reporting that consists of financial statements and accompanying notes that are prepared in conformity with Generally Accepted Accounting Principles (GAAP). The financial statements are summaries of business transactions during the financial year of the corporation. The business world has many forms of organizations ranging from the for profit sole proprietorship, partnership and incorporated businesses with limited liability to the not for profit organizations whose existence is not mainly driven by financial gain.

Regulations that govern the preparation of financial statements largely apply only to the incorporated entities. This has given rise to accounting standards setting bodies and legal provisions that form the frameworks used when preparing the financial statements. The process of preparing the reports in accordance with the GAAPs and legal requirements presents advantages and disadvantages to the organizations and to other interested groups. The International Financial Reporting Standards are increasingly being adopted by many national accounting standards setting bodies leading the way to a single set of accounting standards all over the world. It is therefore worthwhile to look at the advantages and disadvantages of financial reporting to create an awareness of the complexities that corporations and accounting professionals contend with.

THE ADVANTAGES

A number of advantages of corporate financial reporting can be enumerated and perhaps among the most important is that organizations are able to compare their individual performance with others in the same industry or line of business. This is because the established principles, standards and regulations ensure that there is a benchmark to be followed in the preparation of financial reports. Recognition of income, expense, assets and liabilities is standardized by the existing framework and any deviation can be countered with disciplinary or legal action. Organizations strive to prepare their financial statements to closely match the set frameworks as much as possible. In some countries for example Kenya, this has been translated into an annual competition (the fire award) where companies performance in this area is assessed by professional bodies including the national accounting professionals body with the aim of awarding the company with the best prepared financial statements. This in turn promotes staff and professional development which is a desirable aspect in the growth and wealth creation of the corporate organizations.

Investors and owners of companies in jurisdictions where corporate financial reporting follows strong established and clear frameworks can make the appropriate investment decisions. Corporate reporting in this case enhances the development of understanding of the activities of the companies and at the same time keeps the companies themselves on their toes as the wider society is well-informed of the expected reporting standards. This also acts as an incentive to managers to perform at their best and to institute control measures that aid the organization to comply with the frameworks.

Requirements of corporate financial reporting lead to timely preparation of financial reports. This is desirable to the stakeholders who may be more interested in the organizations immediate past rather than wait for a long time before the outcome of their input is known. When financial reports are prepared and published within the stipulated time, it is possible for necessary actions to be taken to correct any anomalies that may have led to undesirable outcomes. In a more serious case where a material error happens to be discovered, it can be corrected and the necessary measures taken to avoid a repeat of such occurrences.

IFRS give room for flexibility as they are based on principles rather than rules. As principles are based on value, corporations can adopt the standards that best suit their circumstances as long as fair value is adequately reported. This also encourages professional development as accounting standards setting requires qualified academics who can develop the required standards after lengthy and rigorous discussions and considerations to come to a consensus.

Overall, corporate financial reporting acts as a control measure as management, owners, employees, customers, creditors and the government are dependent on the reports in their decision-making. For instance the government in taxation of companies relies at the outset on the financial reports prepared and examined by qualified public or certified professionals. Trends on the growth of the companies can also be quickly determined by comparing sets of reports for different periods.

THE DISADVANTAGES

Corporate financial reporting does not bring desirable results only. There are some undesirable outcomes that should be mitigated against. The consideration of cost guides many companies in their operation. In preparing corporate financial reports in accordance with laid down standards and rules, expertise is required and the company has to engage highly qualified professionals for this task. The fee payments to qualified professionals can be prohibiting especially to small companies controlled closely by their owner managers. Compared to larger companies the small entities do not have adequate resources to implement adoption of the standards or even to train or employ qualified staff. In many instances such small and medium enterprises (SMEs) are tempted to forgo compliance with certain aspects of the standards or rules leading to problems with regulatory bodies including the government.

Freedom to adopt standards that suit the particular circumstances of the company leads to manipulation of reports. Disclosure of important information is in jeopardy as there is no legal enforcement for implementing the standards. Even where the government imposes legal obligations on what financial reports are to be prepared, there are still loopholes that can arise especially when the accounting standards and the legal stipulations are not in conformity in some areas.

For multinational companies, there are challenges in preparing their consolidated financial reports especially where operations are in countries with different accounting standards and legal regimes. There are also other challenges in dealing with for instance exchange rates, interest rates and transfer pricing where treatment of such aspects may be considered differently in different countries. Taxation and existence or non-existence of dual taxation treaties also poses another challenge.

CONCLUSION

It can be concluded that corporate financial reporting is essential and the gains from following accounting standards based on principles far outweigh the disadvantages as freedom to prepare reports in whatever way organizations deem appropriate may lead to financial chaos.

Any business owner that is experiencing financial difficulties from the recession, or anything else for that matter, should definitely consider adverting with flyers. You can benefit from this type of advertising in several ways. Here are seven of them to help you determine if this method of advertising is right for you.

1) Instant results. There’s no waiting for your advertisement to be published when advertising flyers person-to-person. Your sales will increase the same day as you launch your advertising campaign. This is the number one reason why every business owner should be thinking about using this form of advertising right now.

2) Low priced. No matter how large of an advertising budget you have to work with, this form of advertising allows you to promote your products and services within your means. Advertising flyers person-to-person is the cheapest form of flyer advertising. You can design and print your flyers in house to save hundreds of dollars on unnecessary costs.

3) Quite simple. Other forms of advertising require months of planning and preparation. This strategy eliminates the timely process of searching for professional graphic designers and copywriters. Simply put, you can launch your advertising campaign the same day.

4) Consumer feedback. Talking to people face-to-face off the streets allows you to ask serious questions about your business without having to hire an overpriced survey service. You can find out what people really think of your products and services, allowing you to immediately correct any serious issues you may have. On the other hand, this also gives you the opportunity to inform people of all the positive changes and improvements you have made.

5) Viral injectors. Advertising flyers person-to-person on the streets is proven to generate word of mouth buzz and referrals. In fact, a struggling business can be back on the road map to success within weeks of launching the first promotion. There’s even the possibility of your promotion being picked up by your local newspaper.

6) Moral boosters. Advertising flyers on the streets to people is a great way to liven up the spirits of your team when times are hectic. The positive energy from your promotion will bolster the performance of your staff and spread to your customers like a wildfire. Your team will feel a since of pride as people start to complement them about the positive changes you made in your business.

7) Highly Effective. Since your talking to people in person, response rates can be as high as 50% in comparison to other forms of advertising. In addition, you’re more likely to convince consumers into purchasing whatever it is you have to sell with this strategy. The results are always phenomenal considering the price and time it takes to advertise flyers.

Advertising flyers person-to-person is just one of the ways you can recession proof your business while making a sizable income in the process. Think about using this strategy to sell your products and services if your advertising budget is small, and you need a way to generate sales quickly.