The Basic Terminology of Project Management

Posted on November 13, 2011 by Alex Bhaswara

If you’re new to the intricate world of Project Management, you have to learn all the basic terminologies before you could become an expert. Such is the case with most industries; Project Management also has its own set of jargon and terminologythat may seem confusing at first – especially to those who just been assigned to complete their first project. Further, it is not uncommon for some people to be given the authority to become a project manager ‘accidentally’ in their workplace – which makes it an even more daunting prospect. Let’s take a look at some of the most common project management terms. Do note that these are just the basic, but it should be enough to get you started.

Project
Let’s start with the first word of the Project Management. A project can be defined as a temporary activity with a starting date, specific goals, defined responsibilities, a budget, a plan, and a fixed end date. In short, it’s a set of related tasks with specific goals.

Plan
The project plan basically outlines those related to the project – or the who, what and when. The plan is used to ensure a successful project deliverables. That’s why the plan is considered to be the main tool to control the project. It usually consists of tasks/activities, resources, milestones, timeframes, as well as key deliverable items.

Deliverable
Cut to the chase, a deliverable is the product of the project! They may be a product – such as a car, building, and software, or a service – such as courses and training. Projects are all about the deliverables.

Milestone
A milestone in project management is defined as a significant event that occurred in the project. An example of a project milestone is the completion of deliverable, but it can also mark other events such as a decision point.

Issue
A project issue is something that occurs to the project – either externally or internally – that may impact the project. It is important for project manager to assess and manage any possible arising issues.

Risk
A project risk is defined as something that may happen to the project, either externally or internally. In a way, risks are quite similar to issues – as both may have an impact on the project. Hence, project manager should also assess and manage risks.

Critical Path
As you will soon learn from your own experience, you’ll find that critical path is one of the most important aspects of project management. It basically outlines the project activities that should be completed in sequence and on schedule – should you wish for the whole project to be completed successfully on time. If there’s any delay to the activities that are on the critical path, it may severely impact the timeline of the overall project.

Project Management Body of Knowledge
PMBOK is the most used project management approach in the world. It is in essence a project management guide. The PMBOK identifies project processes into the following five basic groups: Initiating, Planning, Execution, Controlling and Monitoring, and Closing. It also identifies the following knowledge areas: Project Integration Management, Project Scope Management, Project Time Management, Project Cost Management, Project Quality Management, Project Human Resource Management, Project Communications Management, Project Risk Management, and Project Procurement Management.

Prince2
Being one of the more recognized project management methodologies in the world, the Prince2 provides a structured method for an even more effective Project Management. Businesses use Prince2 because it can be tailored to suit specific projects and environment. Prince2:2009 – the latest iteration of the methodology – identifies the 40 activities that are organized into the following processes: Starting up a Project, Initiating a Project, Directing a Project, Controlling a Stage, Managing Stage Boundaries, Closing a Project.

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Kinds of Taxes

Posted on November 12, 2011 by Alex Bhaswara

Taxation is an important part of any country’s development. The different kinds of taxes imposed on the citizens serve as the government’s fuel for funding different areas of development such as infrastructure, public security, health services, and more.

There are different types of taxes and the kind of taxes imposed on the people can vary from country to country. In Canada, personal income taxes, which come from an individual’s salary, are the most significant source of government revenue. Just like in most countries, people who have higher income pay a higher percentage of tax. Another kind of tax is corporate tax which is imposed on companies and corporations. This tax is based on the company’s profit income and capital.

Sales tax is also imposed in Canada, wherein 5% is added to goods and services. This is often referred to as goods and services tax (GST) or harmonized sales tax (HST) in some provinces. Other kinds of taxes are property taxes which are taxes on residential, industrial, and commercial properties; excise taxes for products such as cigarettes, gasoline, and alcohol; and estate taxes.

All these taxes are used by the government to provide the necessary benefits and services to its citizens. This is the reason why it’s very important that you do your duty as a citizen and pay your taxes on time. However, preparing and filing your tax is not an easy thing to do, that’s why there are tax preparation Danforth, Toronto companies that provide such kind of services.

Tax service Danforth, Toronto companies can assist you in your tax accounting needs. They can especially come in handy if you’re self-employed and have no idea on how to compute, prepare, and file your tax accordingly. Such companies can also help you in tax planning, preparing financial statements and bookkeeping and accounting.

Never neglect your duty of paying your taxes. Though taxes can be burdensome, the money you pay works for you and your society in the long run. With the help of tax preparation Danforth, Toronto companies, you can help contribute to your nation’s development through the simple act of paying taxes.

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What to Look For in Non Profit Financial Software

Posted on November 12, 2011 by Alex Bhaswara

Those who work in accounting for non profits have to make the most of each dollar every day. To do that they have to find the tools, strategies and tactics that empower their organizations to focus maximum resources on accomplishing their missions, increasing efficiency and productivity across all departments and, ultimately, delivering required reports with the consistency, accuracy and timeliness necessary to reinforce their funders’ continued confidence.

Non profit financial software built with specific requirements for accounting for non profits has unique capabilities not found in more general purpose solutions. Special features found in nonprofit accounting software help organizations better manage budgets and grants and improve reporting.

The most fundamental elements to search for when comparing non profit financial software offerings include a single point of access to all financials in real-time with automatically balanced funds and fund classes to keep projects on track and within budget. The ability to allocate expenses in real-time is key, because it increases data accuracy and timely completion of reporting, in addition to identifying and avoiding budget overruns.

Non profit accounting software at a minimum should provide the ability to handle budgeting and forecasting, core financials, fixed assets, inventory, purchase requisitions and purchase orders. A fully integrated solution provides the transparency and accountability required for awarded funding, grants, programs and projects. A solution that mirrors all of a non profit’s business processes across departments and funding organizations will be the most effective.

Not all non profit financial software solutions on the market today can handle the mission-critical financial management and business operations required by international non-government organizations (NGOs). For example, non profit accounting software that can provide multiple currency and multiple language capabilities is essential for organizations with global locations who work in remote areas of the world. NGOs need non profit financial software that can be deployed as a centralized solution with remote access or as a completely decentralized model, allowing organizations to operate in multiple countries where the network environments may not be ideal. This empowers employees to have access to accurate and meaningful financials, and strengthens confidence in the integrity of the data, making it easier to provide the right reports at the right time.

With the right non profit accounting software in place, accounting for non profits can be simplified through web-based portals, user-defined budget rules, workflow processes and full integration with Microsoft Office. A workflow process to enable a paperless approval system can be used to electronically sign-off on purchase requisitions and expense reports, allowing users to focus on completing projects on time. Easy access to financial data saves time across the organization – from accountants and grants administrators to development managers and volunteers – allowing proactive tracking of expenditures against user-defined budget rules. Updates showing progress against award and grant milestones can easily be made in the non profit accounting software, to increase accuracy and accountability throughout a project.

Those involved in accounting for non profits should look for all of these features and benefits from a non profit financial software system to make more confident decisions based on the most accurate information possible.

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Bad Credit Installment Loans- Good Finance in Bad Financial Crises

Posted on November 12, 2011 by Alex Bhaswara

Bad credit spot is no more any barrier for sound credit finance flow in US money market. Today, any person involved in bad credit position can compete with ordinary people. Moreover, they get more privileges from government and society as compared to any other section of society. In modern era, bad credit score has gone in to the wind. Whenever, they caught in financial emergency they can borrow from same lender and same institute from where any ordinary person can move for their quick financial solution. These institutes and lenders are working under bad credit installment loans schemes.

Today, under bad credit installment loans scheme, if you have poor credit performance, you can get quick finance in few minutes just after application of finance. Do not get surprised! This is absolutely true. He can also apply for installment schemes when amount required is quite bigger. He must apply online for these schemes. There, he may find lots of pop-ups displaying lenders who are ready to serve you financially. Choose that suits you the most with its terms and conditions. Before selecting that party, read his terms and conditions very carefully. Choose the amount and its corresponding installments. You may negotiate for favorable rate of interest. But, rate of interest is not an issue for these finances as your requirement need urgent attention after having poor credit performance.

You must be sure of following facts or conditions before applying for this scheme:

  • You are above 18 years of age.
  • You are US national or residing in US from atleast 6 Years.
  • Your current income is more than 1000 US dollars.
  • You are employed on your current post from atleast 6 months.
  • You must have valid bank account in any US based bank.
  • You must have sufficient credentials to prove you have bad credit performance to get extra privileges from lender.

This is the only procedure. Once you will apply, loan will be transferred in your bank account within minutes.

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Management Training-Improvising the Business

Posted on November 12, 2011 by Alex Bhaswara

It has been nowadays noticed that almost every type of business is investing in the quality management training in order to make the company successful. Even the managers of the big levels require these kinds of training programs so to have the proper knowledge in order to guide their staff. These business startup programs not only help the employees in improving their work flow but also help the managers to direct their employees in the proper working environment.

Even the small business startup companies are going for these sessions so that they can make their employees more assertive. It has been noticed that these training programs help people in developing their time management, diplomacy and analytical skill. All these skills are very much important for the success of the business.

  • Assertiveness: Developing this kind of skill, will definitely help you in resolving the difficult situations, help you in making the quick decision and also help you in delegating the tasks. If a manager is direct, bold and firm then he can definitely lead his employees even without raising his voice. This would definitely help a company in making a goal-oriented marketing plan. Most common mistake which most of the people commit is that they become aggressive instead of becoming aggressive. Aggression is not the right way to get the things done.

  • Analytical: This would definitely help the people in thinking in critical manner. Emotions should never be mixed in your workplace. If you want to achieve the desired outcomes then you should have a solid analytical foundation. This will not only help in finding the gaps but also help you in dealing with the tactical issues.

  • Diplomacy: A manager must be able to maintain a complete balance among the team members in order to maintain a healthy working environment. It is very much necessary to know about the desires and needs of the team as workplace culture is like the two-way relationship.

  • Time Management: It is considered to be the biggest aspect of any industry as it helps in the planning of allocation of the resources in an efficient manner.

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Quickbooks Help Equals Tax Savings

Posted on November 11, 2011 by Alex Bhaswara

So, you’ve worked hard all year, keeping records in your Quickbooks file and now you come to tax time. You’ve dotted all the “I’s” and crossed all the “Ts” but how can you be sure that you’re getting the maximum tax benefits and are not paying too much? The answer is simple, by having a review of your Quickbooks file, an experienced consultant can often find simple mistakes that happen in your bookkeeping and save you big bucks.

The first way a mistake can occur happens when you make a contribution to your business. Many small business owners give their own money out of pocket to pay business expenses. If this money is misclassified as income, it will be taxed. No one wants to pay tax on their own money. This type of credit must be classified in Quickbooks as an owner contribution rather than regular income. It’s a quick change that can save you lots.

Sometimes instead of giving money to your business, a business owner may loan money to their business account. These funds will be refunded to the owner and should not be considered income to the business. Be sure that this type of payment is recorded as a loan so that it is not accidentally taxed as profitable income.

When using a credit card to make purchases for your business, is it important to correctly record every charge so that it is correctly classified within your Quickbooks file. Instead of classifying a charge as just a business expense, it is important to be specific as to what type of expense it is. For example, if you purchase paper, staples and printer ink, this should be recorded as an office expense. Keeping track of expenses is an important part of bookkeeping in your business that will result in tax savings if recorded correctly.

Quickbooks also keeps track of how much sales tax you will need to pay to the state comptroller each year. However, if you have not recorded each of your income and expense transactions correctly, the sales tax payment may be too high. For each sale to customer, the amount of the tax must be recorded separately from the cost of the item. The amount you will pay to the comptroller will also need to be correctly recorded through the ‘Pay Sales Tax Liability’ window.

One other mistake that business owners often make in their Quickbooks bookkeeping is incorrectly recording ATM withdraws or debit card purchases. Consider each of these like writing a check. You must record the details of the transaction each time, as it happens. Don’t get caught swiping your card and walking away and then later trying to recall the transaction.

If you are a Quickbooks user, you know the helpfulness of this program. That said, it is always a smart move to have an experienced Quickbooks consultant in your area look over your files to be sure that you haven’t missed a thing.

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