manage budgets and financial plans

Make contingency plans - Identify any unexpected risks or problems that could affect the accomplishment of planned objectives, and have a backup plan to cope with the situation. Contingency plans can be activated when there is an emergency, an immediate need to make alterations or improvements, or a problem that affects

All businesses and organisations have to check to see that the information they have stored is accurate. For example, the money coming in and going out have to be correctly recorded otherwise it will look as if the company has not made much profit and it can affect the share prices of the company, affect the employees as the company might not be able to pay the employees and will have to cut down on staff, lenders will not agree to lend money, etc.

Explain the importance of having an emergency plan in place to deal with unforeseen incidents

Accounting is commonly described as the language of business. It is very important for all business owners to have very good understanding of their finances. Having the knowledge of your business finance, you will know where the money is going. Every business owner should have a good understanding of finance. To have a good understanding business owners needs to understand basic accounting steeps, how does accounting play a role in their business, how to define a financial statement and how the omission of any of these steps would affect the success of a business. Once you have an understanding of accounting/finance and the how it plays

During a disaster or emergency, the company must maintain normal operations required to address time-sensitive, disaster-specific issues. No plan can anticipate addressing all the human, operational and regulatory issues raised during a disaster or emergency.

This includes development of written plans and procedures to ensure critical operations are maintained. Preparedness includes identification of essential supplies and actions, critical positions, specific roles, responsibilities, orders of succession and delegation of specific authorities, and communication. The most important aspect of emergency planning is for the safety of the staff during an emergency. One or more secure location should be identified for staff during an emergency. Communication methods must be identified and tested between locations. Mutual aid agreements and emergency aspects of vendor contracts should also be reviewed as part of this process. It is also very important to exercise all sections of your plan (PublicRescourceOrg,

Among the tools required for every business to survive and thrive, the ability to maintain a regular self-examination holds an indispensable place. The size of the business in question is almost of no consequence, only the potential complexity of the self-examination changes. A prime tool for such self-examinations is the family of related financial reporting that has become nearly universal in western businesses: the income statement, the balance sheet, and the statement of cash flows. This trio of reports enables management and owners to carefully examine the holdings and liabilities of their business so they may make

Based on the master budget, there have something wrong and unclear. All the numbers are the same, evenly quarter two have more sale than other quarter, at least less 30% than quarter two. We can easy to recognize with a few changes and we can achieve a goal $1.000.000

The Planning Phase of a contingency plan is created to minimize loss and to ensure that a business critical infrastructure can continue normal operations in the event of a disaster. According to The NIST a contingency planning refers to interim measures to recover information system services after a disruption (Swanson et al. 2010, p. ES-1). Prior to creating a plan several question should be address.

Through this course, I have learned that the main concept key to the overall success of emergency management is planning. The contingency planning involves key steps that have to be undertaken by the stakeholders identified in the scheme to prevent and respond to emergencies if they occur. The planning process is important it helps the stakeholders to respond fast and efficiently by knowing beforehand what to do to prevent the emergency from escalating and minimize its adverse effects if the emergency occurs. Regarding my professional development, the contingency planning is essential because it coordinates with my professional development and helps me to determine priorities and key steps that I have to undertake in the course of my work

Additionally, the plan should include detailed information on the key functions and resources the company needs to get operating as quickly as possible. Furthermore, it needs to list the roles of the individuals once the crisis occurs and the plan is implemented. Ensure that all employees know what their duties will be and are trained efficiently to complete tasks. Making the most of the first hour after an emergency is critical in reducing the impact. In addition, a plan in the form of a checklist is beneficial to make sure that everything is being completed. Also, make sure that contact details are listed in the plan for emergency services, customers, suppliers, utility company, and other businesses in the area. The organization needs to plan how to deal with the media as well, and appoint a single company spokesperson. Finally, do not just have one copy of the plan, have hard copies of the business continuity plan at the homes of the key staff members, just in case the plan needs to be implemented from home or if a tragedy destroys the copy at work. Having other copied ensures that the plan is still able to be followed ("Crisis management and business continuity planning", 2009). Definitely, a strategic plan on how the business recovers from a crisis should be a requirement at all companies, although I am sure that will never happen, I am going to start on a plan for the organization where I am

Disasters have become an inevitable part of businesses and organizations as well. They not only have a major effect on business and organizational continuity; they also result to an overhaul in organizational operational mechanisms (Awasthy, 2009). It is for this reason that many organizations and business resort to preparing business continuity plans and disaster recovery plans that will facilitate better disaster management in future. Effective disaster recovery plans are important to every business and organization (Thejendra, 2008).

Disaster Recovery Planning is the critical factor that can prevent headaches or nightmares experienced by an organization in times of disaster. Having a disaster recovery plan marks the difference between organizations that can successfully manage crises with minimal cost, effort and with maximum speed, and those organizations that cannot. By having back-up plans, not only for equipment and network recovery, but also detailed disaster recovery plans that precisely outline what steps each person involved in recovery efforts should undertake, an organization can improve their recovery time and minimize the disrupted time for their normal business functions. Thus it is essential that disaster recovery plans are carefully laid

Owning a business can have many stressors day to day. When starting a business there is a lot of planning and preparation involved. Many small businesses are owners who have put their own money into the business and look at it as an investment. Unfortunately with all the planning that goes into starting a business, one thing is often over looked. Most of the time the “what ifs”, are not part of the planning stage. One reason for this is that people do not like to think of the bad things that could or may happen. So with all the time and planning put into starting a business why not put some extra thought into a plan B if a disaster strikes? This plan B could be a business continuity plan or a disaster recovery plan. Business continuity plans are an essential part of the modern day business. There are so many potential disasters for small businesses that could seize the production or even close the business down for good. A recent study from Gartner Inc., found that “90% of companies that experience data loss go out of business within two years. It also found that 80% of company owners have not thought about how they would keep their businesses up and running if a data disaster occurs.” According to the Association of Records Managers and Administrators, “about 60 percent of businesses that experience a major disaster such as a fire close

The objective of this study was to develop a strategic contingency planning model to be used to fully incorporate emergency management and business continuity into organization structures. (For the purpose of this study, Emergency Management and Business Continuity were collectively referred to as “contingency planning.”) Presently, contingency planning is mainly done on an operational or tactical level. Current thinking suggests that contingency planning should be an active part of organizations’ overall strategic planning processes as well. Organizations will ultimately be better prepared for future disasters and crises.