To be successful in business it is essential to have the right kind of knowledge. To elaborate on the term “right knowledge”, one must be updated with relevant, contemporary and practical understanding of concepts. Management education consists of a lot of core, integrative as well as functional subjects. However, as important the theoretical knowledge is, it is also essential to give complete importance to the pedagogy of imparting that knowledge. Techniques like case studies, lectures, internships and research provide plenty of scope to develop superlative business skills. The new age business schools need to train the students to develop a keen business acumen and optimist attitude because it is necessary for accurate decision making. Analytical skills are as important asset for any business graduate. Imbibing these skills require a case-based learning strategy. Few colleges perform this job better than the top management college of India, IBS or ICFAI Business School.About IBSEstablished in 1995, ICFAI Business School has emerged as one of the top class destinations for management aspirants in recent years. The college is known for its excellent infrastructure and extraordinary academicians who impart the best-in- class education to students. The college is unique since it believes in 100 percent case-study approach. There are many campuses of the college situated at different places in India. However, it’s the Hyderabad campus, which has gained the reputation of being one of the top ten management institutes of the country. A constituent of IFHE (a deemed to be university) in Hyderabad, IBS offers multiple programs in various fields of management to students, executives and professionals across India. All the annual Business school surveys conducted by different magazines and journals agree to the fact that ICFAI Business School, Hyderabad is a ground for developing highly qualified, ethical and intelligent decision makers who can add value to the organization. More than 5000 professionals have passed out from the Hyderabad campus alone and make for the who’s who of the corporate world all across the globe.CampusesIBS has around 14 campuses spread across the top economic destinations of the country. Some of these cities include names like Ahmadabad, Kolkata, Bangalore, Gurgaon, Jaipur, Pune and Mumbai. Obvious it is that the ICFAI franchisee has made every buzzing economy hub of the country its home. Out of these the campuses at Gurgaon, Mumbai and Hyderabad deserve special mention since they have been ranked amongst the best B-Schools of the nation many times over year after year by leading business journals.IBS, Hyderabad: Located in the picturesque Cyber city of India, IBS Hyderabad is one of the first three B-schools from the whole South East Asia to be accredited by AMDISA and UGC as SAQS (South Asian Quality Assurance). Further, to give it a better standing against the top MBA institutes of the world, ICFAI Business School Hyderabad has the membership of the Association to Advance Collegiate Schools of Business (AACSB), USA. It is the pioneering B-School to be graded with a grade of A** by CRISIL at the national level.IBS, Mumbai: There could not be a better place to setup a management institute than the financial capital of the country. Leveraging the direct interaction with industry, IBS Mumbai ensures a smooth transition of students into the managerial roles.IBS, Gurgaon: The College has been set in the top corporate hub of the northern India. Due to the rigours of the faculty and the students, this institute has seen a meteoric rise in its reputation. It has been ranked as A5 by Buisness Standard IMRB.
Creating a digital photography business is not that hard. If you already have the photography skills and some basic equipment, you could have a part time business up and running right away. So what types of businesses and avenues are out there for photographers? The list is quite large but here are a few of the most common businesses that involve photography.Candid Portraiture: If you love taking photos of your family, friends and pets, and get lots of compliments on them, then you have what it takes to be a “candid” portrait photographer. Candid portraits are different from studio portraits. In candid photography, you are usually shooting someone in their home or outdoors. There is no studio and generally, no studio lighting involved. Lots of weddings have one candid photographer on hand to capture the more fun and/or personal moments of the special day. Candid photography is now a growing industry and is a fairly easy digital photography business to get into.Online Stock Photography: This used to be a pretty hard digital photography business to break into, but with the internet it has become much more accessible. There are now lots of online sites where you can upload your photographs for clients to purchase and download. If you are an avid shooter and are generating 1000s of images just for fun, why not put them online and earn money from them.Photo Stock CDs: You can create your own stock photography CDs to sell. Just burn your images to CD and sell them online at eBay and other sites. You’ll want to compile your images into different categories; like flower, pets, city scapes, etc. For both types of stock photography you must be careful about including people in the photos. Unless you get photo releases from the people, they can sue you, or your purchasers, for using their image without permission. Therefore, when taking images of people make sure you can’t tell who they are: shoot people in silhouette or from the back.Art Sales and Cards: Putting beautiful, funny and whimsical photographs on note cards is always popular and lots of local coffee and gift shops look for local artists to sell note cards and artwork in their shops. You can do this without laying out a bunch of money for high quantity printing. All you need are some great images, a printer, note card printing paper, and envelopes. This little digital photography business could lead to bigger things, like getting signed to a big note card publishing company.Journalism and Magazine: Taking photographs of local events, places, and people is another great business avenue to pursue. Large newspaper have their own staff of photographers but small community newspapers and business journals are always in need of freelance photographers. And this is a great way to learn about your community, meet new people, and get into events that you would not otherwise get to attend. It is fairly easy to enter this field.
Business owners know that when they educate themselves in business writing skills, they communicate and connect with more clients that are of a high caliber client. So there is a lot of value in learning exceptional writing. Announcing 4 amazing methods to amplify your skills.1. Keep writing those niche-appropriate article marketing articles. This is a great way to showcase your writing communication. When your articles get virally spread all over the Internet, people learn fast that you are an authority in your niche. A lucrative niche in which to get involved is one where you support business generally. When you do things that can help other businesses excel and achieve their goals, businesses will come to you for your services and gladly pay your fee.2. Keep a business journal of your daily activities. It is a great way to develop your written communication skills. Additionally, you keep track of activities you do including marketing techniques, customer service techniques, customer retention techniques, etc. that benefit your business. You can refer to your journal as you progress along in your business history to see which activities are real money makers.3. Intentionally learn new vocabulary words. It keeps your written skills crisp. Also, as you develop new vocabulary and use it, your creative processes seem to be stimulated. That’s good for your business, too.4. Keep in contact with your customers and potential customers by e-mail. It is a great way to practice your business writing skills and show your customer you are here to help.
“I Quit” John said to his boss. He said that certain of decision but uncertain of the long-term implications for his life. His decision was final, he would be focused on growing his business from this day forward.There comes a point in a business when you are all vested in and have no option but to make it work. For some that point comes at the beginning of the business, for others it may come towards the middle part where they have actually left a job or forsake other suitable or gainful employment for the sake of the business. It may come at a surprise, but it may not occur to the business owner that they are at a point of no return while they are in the midst. Instead of living day by day in faith for the success of the business they do the necessary without editorializing every decision. This outlook will help ensure the ultimate success. Lack of editorialization over small business decisions helps keep the owner focused on the survival of the business rather than philosophizing about every step. However, certain pivotal moments must be noted. Those who editorialize do it for many reasons. For starters, many people find it helpful to maintain a business journal to help steer them on track. This journal provides for regular reflection into the state of the business. If a person is not into journaling they may find other methods of reflecting which may be storytelling.Storytelling can take place in various forums such as networking groups, small business groups or sharing personal stories with friends and family members. Often time, when people recount stories of their business they may be modest about their accomplishments. They may not even realize the extent of their commitment. The purpose of the recounting of the tales of the business will enable self-reflection into the commitment that’s been made. The extent of the involvement may not even be clear to the speaker. It’s not so much about extracting a philosophy as much as exchanging ideas or stories about what made you make the jump into the entrepreneurship track. You may even surprise yourself with the stories that you may share. Stories in this sense, include stories of actualities and what is presently happening with the business or past stories of hurdles overcome or accomplishments.The forum you join will determine the type of stories you share. For example, if you have joined the Chamber of Commerce meeting groups you may be limited in the type of vulnerabilities you choose to expose yourself to. Smaller groups like business masterminds help facilitate these types of dialogues. Some of the topics of conversations, include: “what are some of the challenges you’ve faced or what are some ways you’ve overcome a hurdle this past week? In their forum, the issue is framed properly to enable the dialogue, the internal self-discourse that leads to the public dialogue. The public dialogue will be sufficient recounting to identify defining moments where the point of no return may have been reached.The point of no return may be different for some, it may be a subtle moment of saying “no” or for some it may be a triumphant moment of raising the stakes and putting all our eggs into that business basket. It may be quitting your 9-5 job to focus on the business, or it may be a small decision to simply expand and grow an exclusive clientele; or the type of clients you want to work with as opposed to targeting everyone as a client. All these typed of choices are pivotal moments in the life of a business that should not be undocumented. Narrating these moments to ourselves and others give them their due significance in the story of the business.© Copyright, All Rights Reserved.
Where Are The Health Care Dollars Going?U. S. health care costs have increased from $1,100 per person in 1980 to $7,900 in 2009. Currently $1.5 trillion, 75 percent of all health care spending, is devoted to treating chronic diseases which are often preventable. Ninety-nine percent of all Medicare dollars spent are linked to chronic disease. Obesity and complications (diabetes, cancer, and heart disease) are responsible for an estimated $147 billion a year. Health care reform must address coverage for all Americans while dramatically reducing costs. Failure to address the situation will prevent American companies from competing in the global marketplace, increase taxes, and undermine our economy.More than 130 million Americans suffer from chronic disease and millions of lives are cut short unnecessarily. The Partnership for Prevention report claims that better utilization of just five preventive services would save more than 100,000 lives annually. Eliminating just three risk factors – poor diet, inactivity, and smoking – would prevent 80 percent of heart disease, stroke, Type 2 diabetes, and 40 percent of all cancers in the U. S. The Greatest Public Health Threat Our Nation Has Ever Faced A recent study conducted by Emory University revealed that obesity is the fastest growing public health challenge our nation has ever faced. The Center for Disease Control (CDC) attributes the problem to environments that promote increased food intake, unhealthy foods, and physical inactivity. Obesity is defined as having a body mass index (BMI) of 30 or greater which is calculated by dividing weight in kilograms by height in meters squared. For those of us who haven’t memorized the metric conversions and can’t perform the calculations in our heads, The U.S. National Institutes of Health has an online BMI calculator.The rates of obesity have increased from 12 percent in 1989 to 28 percent in 2010. If the current trend continues, half of the adult population will be obese by the year 2020. Direct health care costs for obesity are expected to climb to $344 billion (21 percent of the nation’s direct health care spending) unless the current trend is halted (The Future Costs of Obesity, 2009). The 2009 report on obesity in America produced by the Trust for America’s Health and the Robert Wood Johnson Foundation indicates the rates of obesity increased for 23 states and did not decline for any states between 2008 and 2009. Obesity rates among children have climbed to an unprecedented 30 percent (Obesity Rates Continue to Climb, 2009). Dr. David L. Katz, director of the Yale University School of Medicine Prevention Research Center states, “It truly is a public health crisis of the first order, driving many of the trends in chronic disease, in particular the ever-rising rates of diabetes.” (The Future Costs of Obesity, 2009).According to the New England Journal of Medicine, smoking rates have dropped by 20 percent in the last 15 years. Unfortunately, any health benefits we should be realizing from the decline in smoking have been offset by the obesity rates that have shot up by 48 percent in the same time frame (Mertens, 2009). What should we conclude? As a nation we tackled smoking as a public health threat. The numbers speak for themselves. We can do the same thing with the obesity epidemic.Reversing the Trend Raising public awareness of the seriousness of this threat is a starting point but is not enough to provide the impetus for change. Reversing the trend will require a full scale national campaign involving evidence-based approaches. While there is no specific template for health initiative program design, successful programs involve community, schools, health care systems, and workplace intervention. The Partnership to Fight Chronic Disease (PFCD) suggests the following five elements are essential:
Removing barriers and empowering Americans to take control of their health
Educating Americans to see obesity as a serious medical condition that is life threatening
Ensuring that fear about the stigma of obesity does not eclipse the need to combat it
Redesigning our health care system to treat obesity like a preventable medical condition
Engaging employers and communities to get them invested in promoting wellness (The Lewen Group, 2009)
Business Necesssity The U. S. workforce is truly the backbone of our economy. Employers are a critical piece of the solution to the current health care crisis and obesity epidemic. Businesses need strategies for developing sustainable, adaptable programs that work to improve employee health and lower costs. Human Resource professionals are uniquely positioned to serve as catalysts in their organizations to educate and support employees through programs that promote wellness. Properly designed wellness programs can play a pivotal role in cultural reform and turning the tide on the obesity epidemic.Employee absenteeism and presenteeism due to chronic illness has a detrimental affect on profitability. Almost 80 percent of workers have at least one chronic condition and 55 percent have more than one chronic condition. Absenteeism is defined as work missed due to sick days. Presenteeism is defined as the loss of productivity due to employees who report to work but are less productive due to illness. Lost economic output associated with absenteeism and presenteeism is costing American businesses $1 trillion a year (U.S. Workplace Wellness Alliance, 2009). Wellness programs can improve workforce morale, improve productivity, reduce absences, attract and retain employees, reduce costs, improve workforce safety, promote corporate image, and fulfill social responsibility. Success StoriesMany businesses were ahead of the curve and are realizing a return on their investment in employee wellness programs. IBM has saved $175 million dollars through implementation of wellness programs (Partnership for Prevention, 2007).Lincoln Industries is a manufacturing plant with 565 employees. They have a multifaceted wellness program that rewards behaviors. One of the coveted rewards employees can aspire to is a three-day, company-paid trip to climb a 14,000-foot peak in Colorado. Lincoln has reported a $2 million annual savings in health-care costs. They spend approximately $4,000 per employee. Additionally, workers’ compensation costs have been reduced by $360,000 per year. The ROI for this program is 5:1 (Design Matters, 2010).In 2005 Safeway grocery chain implemented their Healthy Measures program. They have made continuous improvements each year. Safeway’s plan utilizes a provision in the 1996 Health Insurance Portability and Accountability Act which allows differentiating premiums based on behaviors. CEO, Steven Burd stresses the key to successful plans lies in rewarding behavior. Safeway is committed to building a culture of health and fitness by addressing behaviors linked to chronic disease such as smoking, obesity, blood pressure, and cholesterol (Burd, 2009). During the four year period following implementation, Safeway’s health care costs remained constant while most American companies have experienced a 38 percent cost increase over the same four-year period. In addition to the Healthy Measures program, Safeway supports employee behaviors by offering:
A state-of-the-art fitness center near Safeway’s headquarters
Free lunch at the company cafeteria for every eight visits to the gym
Subsidized cafeteria, which offers lots of vegetarian fare
Portion size, calorie count, cholesterol and fiber count posted for all prepared meals in the cafeteria (Rodman & Gathright, 2009).
Programs that combine a culture of wellness with incentives that reward healthy behavior have proven to be far more effective than traditional wellness programs that have had disappointing adherence rates. Price Waterhouse Coopers found that less than 15 percent of eligible employees enroll in traditional wellness programs. However, if they received some form of incentive employees are two to four times more likely to enroll. In another study by Suffolk University 73 percent of Americans surveyed would change their behavior if they could save money (Donnelly, 2009). Are You Leading Change?As with any change initiative, creating a culture of health and wellness for your organization will have its unique challenges. However, the alternative is not attractive. Change is inevitable–growth is optional. Your organization will experience change, but the question is will you be out in front leading positive change or reacting to a crisis after it erupts? American business leaders should exercise the opportunity to initiate a culture of health and wellness in their organizations not only because it is socially responsible, but it is good for the bottom line as well. Executives who exhibit strong vision and model desired behaviors will have a distinct advantage over those who sit back and wait to see what unfolds.Works CitedBurd, Steven A. “How Safeway Is Cutting Health-Care Costs.” Wall Street Journal, 12 June 2009. Web. 8 Jan. 2010.Design Matters: Health Promotion ROI Closely Linked to Evidence-Based Programming. Rep. Atlanta: Institute for Advances in Policy Solutions, 2009. Web. 4 Jan. 2010.Donnelly, Julie. “Massaging employee health: Financial incentives change behaviors, experts say.” Boston Business Journal (2009).The Lewin Group, comp. Keeping America Healthy: Essential Elements of Successful Programs. Rep. Partnership to Fight Chronic Disease, June 2008. Web. 30 Dec. 2009.Mertens, Maggie. “Obesity Epidemic Cancels Out Anti-Smoking Gains.” Web log post. NPR’s Health Blog. National Public Radio, 2 Dec. 2009. Web. 11 Jan. 2010.”Obesity Rates Continue to Climb.” Forbes. HealthDay News, 1 July 2009. Web. 12 Jan. 2010.Rodman, Juliet, and Fiona Gathright. “Safeway’s Wellness Incentive Program.” Wellness Corporate Insights (6 Jan. 2009). Wellness Corporate Solutions. 6 Jan. 2009. Web. 11 Jan. 2010.Trott, Bill, ed. “More Amercans than ever are obese: CDC.” Reuters. Thomson Reuters 2009, 8 July 2009. Web. 11 Jan. 2010.United Health Foundation, American Public Health Association, and Partnership for Prevention. The Future Costs of Obesity: National and State Estimates of the Impact of Obesity on Direct Health Care Expenses. Rep. 2009. Print.U.S. Partnership for Prevention. National Commission on Prevention Priorities. Prevention Care: A National Profile on Use, Disparities, and Health Benefits. Partnership for Prevention, 7 Aug. 2007. Web. 5 Jan. 2010.U.S. Workplace Wellness Alliance. Partnership to Fight Chronic Disease. The Burden of Chronic Disease on Business and U.S. Competitiveness. By Kenneth E. Thorpe, PhD., Anthony C. Wisniewski, and Garry M. Lindsay. 2009 Almanac of Chronic Disease, 2009. Web. 10 Jan. 2010.
What is a Business Plan Anyway?As defined by Wikipedia, a business plan is “a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals”. This is great, but doesn’t tell us much about what it truly is and how you end up with a plan.Cheryl describes it as a process, which really resonated with me. She said, “The process is a series of taking your thoughts and visions and applying it to paper to basically give you a fast check to say, ‘Is this really a great idea to keep moving forward with? Is this something I should do? If I can do it, how can I make it work?”Given that it is a “fast check”, it doesn’t need to be so formal to start. Cheryl indicated that she has created many a plan for her clients based off of scribbles or business journals. She recommends, when you’re just starting to think about forming a business you may want to dedicate a notebook or journal to jot down all the thoughts you have about your business. this sparked my memory, as I recalled that some of the greatest companies out there have started by a doodle on the back of a napkin. Companies such as Genentech, who’s founders spent some time doodling on their napkins over drinks and hoagies which they later turned into a formal business plan and a flourishing biotech business.Why Do You Need a Business Plan?Aside from it being a litmus test to see if your business venture is even feasible, a business plan is a roadmap to help you get from where you are to where you want to be. And, as Cheryl indicated, unless you’ve never planned one thing in your life (i.e., a party, vacation, etc.) you need a business plan. Also, as you flesh out your plan, it will help you determine, “how great an idea is and how bad it is in certain places and what you need to do to fix it” Cheryl says.A business plan will also help you from a financial aspect. From the initial funding stages to determining when you will break even and bring in profit, the business plan can provide you with a timeline a well as a way to course correct when needed. Cheryl also notes, depending on who needs to see your plan, the detail may vary, but the basic structure will remain the same.What is the General Structure of the Business Plan?There is no right or wrong, rather structure is typically dictated by whomever needs it. If you are self-funding, then you want to make sure you have the market analysis, a break-even analysis, etc. If you are getting funding, then the bank, VC or family member may require other information. That said, here is a rough outline of the recommended components of a business plan, detailed further in the tools section under “Business Plan Outline” on Inc.com.Executive Summary
Marketing and Sales
FinancialsHow Often Should I Revise My Plan?A business plan should be reviewed and updated at specified intervals. Whether it is quarterly or twice a year, this kind of review will help you determine if you are still on course and will help you identify early warnings if you are not. Remember, there is a reason why large organizations have strategic business reviews and quarterly assessments, it helps to ensure the plan is being executed and allows for quick changes based on external and internal impacts.Also, by reviewing your business plan in regular intervals, it ensures that you are keeping focused and strategic with your time and money.In Summary – Business Plans:Will help you to ensure you have a sound business idea and appropriate back-up plans to make it all happen.
Provide a roadmap to help you get from point A to point B.
Help you course correct, especially when you encounter unexpected roadblocks or detours.
Start with a doodle or a journal.
Vary in length and depth depending on your needs.And, if you’re still not excited to create your own business plan, hire someone like Cheryl Isaac who can guide you through the process of creating one, or will create one for you. For more information on her services, please see the resource box below.If you are serious about starting your own business or wonder how to get your business fully up and running, take time to create or update your business plan today.Meet Our Expert:Cheryl Isaac is a former banker-turned-entrepreneur who now focuses her efforts on helping people plan for business. With almost a decade of experience as a banker, she once read tons of business plans and was taught the “secrets” of proper business structure from one of the most popular sources of funding. Now, her days are spent revealing those tips to start-up and small business owners. She is the owner of Isaac Business Services; A Business Start-up Company that writes, teaches, and advises about business planning. She is also the Founder of the online business planning center; The 12MonthBizPlan.com and the business plan workshop tour; The 48 Hour Business Plan Challenge. Cheryl combines her love of writing with her passion for business in her soon-to-be released book, “A Different Business – 7 Easy Steps to Starting & Planning a Business Around Your Purpose”.You can find more of her work at her newly launched entrepreneurial business club at www.adifferentbusiness.com.
Top Home Business Professionals all have one thing in common and that is they know how to promote their business. Regardless of what product or service you sell if you learn a few simple steps, you too will have great success.It all starts with how to promote your home based small business — it takes just three simple steps. You need to get the right message, to the right market using the right medium.Don’t make the mistake of thinking you can slack off on any of these three steps even if you are part time trying to earn extra money from home. You could have the best message in the world, but if you didn’t deliver it to the right market with the right media — you are sunk!Think about it — if you had killer copy for a product that would enable any golfer to drive 300 yards, if you put it in a scrap-booking magazine — you probably are only going to reach a VERY small portion of your audience — if any! This is a classic example of submitting to the wrong market, (tiny potential audience for your work from home company), and media, (again, tiny potential audience).The first step is to understand your market. Who are they, what do they want from life, what are their hopes, dreams and fears? Where do they shop, what kind of car do they drive, what sports do they play, what is their socio-economic situation? The more information you can imagine and research about your market, the more likely it is that you will be able to create copy that arouses their desire to purchase what you’re selling.Second, you need to craft a message. Your message should address what you KNOW you market wants but right now they don’t have it. If your golfer who wants to hit his drive 300 yards every time, right now he probably hooks or slices it 200 yards and is embarrassed by ending up on the wrong fairway. He is tired of searching for lost balls and wants to “drive like a “macho” man!” Your message needs to uncover his current “pain”, then show a way your product will provide the solution. Finally, your message needs to provide the security of some type of guarantee.Third, you you need the right media. You probably are not going to want to use Ladies Home Journal as the media to deliver the message to your “manly” golfer. He probably reads Golf Digest and wouldn’t be caught dead looking at Ladies Home Journal. He probably reads the sports pages in the newspaper. He probably watches golf on ESPN. Yes, some of the media I just mentioned would be pricey, but there are great ways to use social media and blogs to reach people just in that target market.Whatever your top home based business is trying to sell, you would use the same three step method every time. At home based business professionals take the time to really work on their promotions because if you’ve got wimpy promotions your sales are probably not doing anything close to what you projected. But if your home based small business has Ferocious Promotions, you’ll be doing just fine.There you have it — market, media, message. Get them all right and you’ll hit a home run…. or a three hundred yard drive!
As a small business entrepreneur, one of your obligations in running your business is to set up your small business book keeping system. It is to your business’s best interest to establish a simple book keeping system that you can easily manage and understand. As simple as it may be, your system should be able to let you see how sound is your cash flow and how well your business is doing financially.The Characteristics Your Book Keeping System Must HaveThese are the characteristics of the book system you must strive to establish:* Easy to use
* Can Deliver Prompt Results
* Safe and SecureYou must also have these basic book journals:* Sales journal
* Cash receipts
* Check register
* Voucher register
* General journalThe Benefits You Can Enjoy from a Simple Book SystemYour simple small business book system allows you to enjoy the following benefits:* The use of accurate information to make important decisions in running your business
* Reduces the time to complete the book tasks that you can then use for other productive tasks in your business operations
* Reduces the cost of maintaining an accurate and reliable record of your financial transactions
* Important tool in performing an accurate financial analysis of your business
* Generate all the financial information you need to run your business profitablyYou will know that you have a simple but effective book system in your business when:* You are able to fully understand and use its capabilities and features easily
* The system gives accurate information and figures that you can trust and rely upon to use in making important decisions for your business
* The information and figures is presented in format that fits your business wellWhen you have this kind of small business book keeping system, there shall be no reason your business won’t benefit from its use. If you still haven’t, then it’s about time to check resources online to help you establish this simple book keeping system for your small business.
In order to get published in a scholarly journal, researchers prepare a manuscript, select what they consider to be an appropriate journal, and then submit the manuscript to the editor of that journal. In most cases, the editor makes an initial determination of the appropriateness of the manuscript based on the aims and scope of the journal. The editor might also do a cursory reading of the manuscript to determine if it meets the academic and editorial standards of the journal. The manuscript might be rejected and returned to the author at this point, but if the editor decides that the manuscript merits consideration then it will be sent out for peer review.The peer review process is a double-blind process, which means that the identity of the submitting author is not known to the reviewers and the identity of the reviewers is not known to the author. Only the editor is aware of the identities of those involved, and elaborate procedures with respect to manuscript preparation, distribution and reporting are followed to ensure the integrity of the process.When an article is submitted to a journal it can take a month or so before the manuscript is sent out for review, partially because editors are active academics and only perform their editorial duties on a part-time basis, and partially because appropriate reviewers must be identified and then contacted to see if they are available to carry out the review. The number of reviewers varies, but generally two or three reviewers are used, with the addition of a fourth when circumstances require a particular expertise, or when the reports from the initial reviewers reflect a significant difference of opinion on how the manuscript should be dealt with.Once the manuscript is in the hands of the reviewers, it can take several months before the individuals return their reviews to the editor. The reason for this is that reviewing manuscripts is unpaid work, considered to be part of the professional responsibilities of academics, and thus reviewers must fit this task into their already busy schedules. Normally, editors ask reviewers to complete the review process within three months, but this request is generally viewed as a guideline rather than a deadline.Reviewers provide written comments pointing out strengths, weaknesses, stylistic issues, and so on, that are returned to the author, as well as comments about the proposed fate of the manuscript directed solely to the editor. They also register their own decision about what should be done with the manuscript. Basically, there are four alternatives. First, the manuscript can be accepted as is – a very rare occurrence. Second, the article can be accepted with minor revisions. Usually, this means that once the author has made the necessary changes the editor will make the final decision, and the manuscript does not need to be returned to the reviewers. Third, the editor can ask for major revisions, in which case the author might take several months to make the necessary changes, and then the manuscript is returned to the original reviewers. If an author disagrees with some of the suggestions made by the reviewers then he or she must provide a justification for their position during the revision process. Fourth, the manuscript can be rejected, either because it does not meet the necessary scholarly standards, or because it is deemed inappropriate for publication in that particular journal. While statistics vary, it is generally the case that only a small percentage (less than ten percent) of manuscripts submitted to journals actually end up getting published.Once the manuscript is accepted for publication, it can take up to a year before it will appear in print. This might simply be a function of the frequency of publication of the particular journal, or it might reflect a backlog of accepted manuscripts awaiting publication. Either way, it is a long and arduous process. As it can take up to two years from the time a manuscript is submitted to the time that it will actually become a published article, academics often have several manuscripts awaiting publication, under review, under revision, or in preparation at any given time.
The best way to learn accounting basic and explore sample general ledger journal entry is to analyze actual samples and understand how they work and how they should be accounted for. So in this article I will be exploring general journal and general ledger entries and explaining their essence.General Journal Entries If we come back to the accounting cycle and how the accounting data is recorded we can remember that all the transactions which have an impact on the financial position of the business are first of all recorded in the general journal. This a special form where we indicate which account and by which amount is debited and credited and provide a short description of the transaction recorded. For example, if we record acquisition of inventory on credit, in the general journal we will record the following entry:D Inventory XXXX___C Accounts Payable XXXXAcquisition of inventory on credit Ledger EntriesThe next step after the transaction has been recorded in the general journal is to post the entries into the general ledger. This is a universe of all accounts which are used by the business for the purpose of accounting. Each account has a name and two side, i.e. debit and credit side. On these sides the entries from general journal are being posted. If we come back to the example above, the following posting will be done to this ledger:D_______Inventory______CXXXX_________________ D____Accounts Payable___C___________________XXXXSample General Ledger Journal EntryCombining the two steps above we get general ledger journal entry. For further better understanding let us explore two samples.1. Acquisition of fixed assets for cash for $3500 First, we make a record in the general journal, i.e.:D Fixed Assets $3500___C Cash $3500Acquisition of fixed assets for cashSecond, we make a post into the ledger, i.e.:D_____Fixed Assets____C3500___________________D____Cash___________C__________________35002. Payment to the suppliers by cash for the inventory acquired, the amount paid is $1340 First, we make a record in the general journal, i.e.:D Accounts Payable $1340___C Cash $1340Payment for inventory acquiredSecond, we make a post into the ledger, i.e.:D_____Accounts Payable____C1340___________________D____Cash___________C__________________1340At the end of the accounting period when all the transactions are recorded in the above way and posted to the general ledger, we summarize the accounts to get their final balances and prepare trial balance.