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Common Practices in Business Organizations

Bookkeeping involves maintaining centralized records of a business's financial operations through documentation. Policies and procedures provide guidance for employees to ensure consistency and quality. Reportorial requirements mandate that public companies file regular financial reports to maintain transparency for investors.

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Aurea Breanna Pablo
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34 views

Common Practices in Business Organizations

Bookkeeping involves maintaining centralized records of a business's financial operations through documentation. Policies and procedures provide guidance for employees to ensure consistency and quality. Reportorial requirements mandate that public companies file regular financial reports to maintain transparency for investors.

Uploaded by

Aurea Breanna Pablo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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COMMON

PRACTICES IN
BUSINESS
ORGANIZATIONS
Bookkeeping
• As the name implies, bookkeeping is a system of maintaining records and data within a
centralized book. With modern advancements in technology, of course, data is no
longer written entirely in long- or shorthand or retained within a physical master ledger
book.
• The practice of maintaining documentation about a business's fiscal operations has
become steadily more essential, thanks to increased reliance upon computerized
programs and the scrutiny placed upon business transactions stemming from
heightened regulatory laws and reporting procedures. Documentation also has become
more sophisticated in terms of how data is recorded and stored because of newly
introduced programs and metrics.
• In the other hand, refers to the day-to-day techniques employed to expedite the general
record-keeping process. This grouping covers the inputting of amounts, dates, and
sources per each item on both the revenue (assets) and expense (debits) sides of the
ledger.
Policies
• As employees are hired, it is important that they understand the correct
work process to ensure that the service or product maintains high quality.
• Policies and procedures provide a guide for meeting organizational
objectives and describe the steps that employees are to take when creating
a product or delivering a service.
• This ensures consistency in practice and helps to maintain product quality.
A policy will set the expectation for employee behaviors and the
procedure outlines the steps for it.
REPORTORIAL REQUIREMENTS

• Many people engaged in business have the mistaken notion that after a corporation has
registered with the Securities and Exchange Commission, nothing else needs to be done to
maintain its juridical personality. Thus, it is not uncommon for corporations to forget to file
their General Information Sheet and their audited financial statements within the prescribed
periods.
• The reportorial requirement is stricter for companies that sell securities to the public, are
listed in the stock exchange, or are classified as public companies, i.e., they have assets
worth at least P50 million and have 200 or more stockholders who each hold a minimum of
100 shares of a class of their equity securities.
• The filings of these companies include an annual report which should contain, among
others, a balance sheet, profit and loss statement, statement of cash flows, and
management’s discussion of results of operations.
• Considering the extent of financial involvement of the public in these companies, it is
imperative that their filings can be reliably trusted upon to guide investors in their
investment plans.
Decorum
• In-person meetings. How you conduct yourself during an in-person meeting
will leave a lasting impression on your boss and colleagues.
• On the phone. While the cell phone has allowed us to take calls anywhere and
at any time, there is still an art to proper phone etiquette.
• In email. Email can be an extremely efficient communication tool, but it is not
always the best choice. Know when it is appropriate to email, and when it is
better to pick-up the phone.
• Dress and appearance. Showing a lack of concern for your personal
appearance can be interpreted as a sign of disrespect to clients or co-workers
and managers.
• Social functions. Impressions made during a cocktail party, dinner or reception
can make or break a business deal
Documentation
• A code of ethics is a formal document rather than merely an "environment,"
an "understanding," a consensus, "unwritten rule," or just an aspect of
"corporate culture." It is at minimum a published document. In many
organizations employees are also required to sign a statement to the effect
that they have read and understood it.
• Variations on this theme exist. In very large corporations or corporations
reacting to recent scandals, sometimes only corporate officers or only
financial officers are required to sign. In other cases multiple codes of ethics
may exist tailor-made to such functions as purchasing, sales, accounting, etc.
• Codes of ethics are free-standing expressions of corporate will even when
they are published as chapters or sections in a document which may contain
a mission statement, a listing of corporate values, and general policies
relating to operations.
Marketing Practices
• Marketing is a process that involves a product or service's attributes,
pricing, distribution and promotion. All of these activities must work
together to assure successful marketing.
Meeting Customers Needs
• meeting consumer needs involves more than assumptions made by
businesses about what customers want. Companies that take the time to
specifically identify market segments and take steps to gather input
through market research, one-on-one interactions and customer feedback.
picking the right price
• Businesses must decide whether to sell in high volume at low prices, or at
low volume at higher prices, and every price point in between. Pricing
decisions must also be based on an analysis of the target market and other
competitive alternatives available.
Access
• Access is the "place" part of the marketing mix. Consumers must be able
to have ready accessibility to the products and services that they have a
preference.
effective promotion
• Businesses must identify their desired market segments and select
communication tools to reach these markets at the right time and place.

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