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Internal Controls and Fraud Prevention in Accounting

Posted on by Imarticus Learning

Fraud has now become an indispensable concern in business and corporate entities. By 2020, more than 47% of US companies have experienced fraud. Another 35% were compelled to pay bribes to sustain the market.

Fraud is hence a widespread risk that needs robust methods to curb immediately. It not only harms business continuity but is largely responsible for ruining reputations. This is where internal control comes in. It minimises the risks of fraud and immediately mitigates any potential harm from the business. 

In this article, we’ll learn about internal controls and how one can prevent them through robust fraud protection models. You’ll also understand the significance of B.Com in investment banking and how it would be efficient when it comes to fraud prevention. 

What are Internal Controls in Accounting? 

In simple terms, internal controls deal with looking after business policies and procedures. It helps to protect the organisation’s resources to detect and mitigate fraud and deficiency. It also ensures reliability and accuracy in accounting which makes data operatives easier. Finally, it plays a major role in compliance security and performance evaluation of the organisation to ensure a seamless business practice. 

Not only this, but internal control is also responsible for judging the effectiveness of the organisation’s business practices. It includes five important components for this assessment- risk management, control environment, control activities, communication and monitoring and finally, information. 

What are the 5 Pillars of Internal Control in Accounting? 

Internal controls in accounting operate on five integral pillars that help to set the tone of the organisation. It creates a sense of control consciousness among the people. Here are the five pillars one should keep in mind before imposing internal control in accounting. 

Risk Management: This is primarily the process of controlling and identifying the risks inside and outside the organisation. It is also a robust method to curb any upcoming risks and mitigate them to have an effective internal control system. This requires constant management and assessment of risks and evolving the business environment according to those risks. 

Control Environment: This is primarily established by the administration of the organisation. They help in setting the tone of the institution and help to establish a controlling consciousness. It depends on these few factors. They are: 

  • Ethical values and integrity. 
  • Competence and commitment. 
  • Operating style and leadership ideologies. 
  • Assigning authority and responsibility. 
  • Development among the people. 

Control Activities: These are policies and procedures that ensure management directives are carried out efficiently. They help to ensure necessary actions are taken to address and mitigate risks aligning with the objectives of the business entities. They occur throughout the organisation at every level to modify the functions according to the situation. It includes a wide range of activities like approvals, authorisations, reconciliation, verifications and reviewing the operating performances. 

Communication and Monitoring: in this case, all the personnel of the organisation must receive a clear message from the top management to mitigate any misinterpretation. Other than this, the internal control systems should be monitored with scrutiny to assess the system’s performance quality over time. This would include regular management and supervisory activities which will improve the internal control system performance significantly. 

Information: To run a smooth internal control system, pertinent information should be identified, communicated and captured properly. This would enable the people to carry on with their responsibilities properly and would ensure minimal amounts of risks within the organisation. 

Types of Fraud 

Fraud or corporate fraud deals with illegal and deceptive actions committed by both internal and external perpetrators for their own gains. Unlike mistakes, frauds generally involve intentional malicious acts. It can not only harm the organisation but is equally harmful to various customers, employees, partners, creditors and investors. 

Here are some examples of frauds bordering on asset misappropriation, corruption and financial statements. 

Corruption 

This type of fraud primarily involves employees exploiting their position to influence business transactions to reap personal benefits. Extortion, Bribery and conflict of interest are one of the common types of corporate fraud. 

Misappropriation 

Also known as insider fraud, this is primarily committed by a director of the company or an outside third-party vendor. This fraud adheres to stealing cash before recording it in the company accounting books. The common types of asset misappropriation fraud are: 

  • Stealing company data, business assets and intellectual property. 
  • Implementing a ghost employee and creating false invoices. 
  • Making false reimbursement claims. 
  • Stealing various non-cash assets. 

Financial Statement Fraud 

In this case, employees or management tend to create fictitious revenues and hide liabilities. The main goal here is to paint a false picture of the financial performance of the organisation and boost the company’s market value to attract new investors. 

It is one of the least common types of fraud but attracts the most attention during its occurrence. 

5 Ways of Protection Against Fraud in Accounting 

Internal control improvement holds the key to preventing fraud in the world of accounting. Here are some ways one can prevent fraud. They are: 

Ethics and Conduct 

ACFE has ruled that a robust code of conduct is the pinnacle of good fraud control management. It sets the tone of the organisation and maps out the appropriate behaviours. It also helps to safeguard company reputations and avoid legal litigation. 

Internal Reporting System 

A strong internal reporting system like a confidential hotline or an internal website or portal can help in curbing fraudulent activities. The system should be completely anonymous so that whistleblowers do not hesitate to report any suspicious activities to employers. 

Duty Segregation 

Duty segregation or separation of duties is also a crucial form of internal control that reduces fraud risks. It loosely translates to not burdening one person with multiple duties to increase fraudulence in the organisation. 

Internal and External Audits 

Solid internal and external audits are also a viable method to curb the risk of fraud. Management reviews and evaluations by an impartial external auditor would bring objectivity to the procedure and make the internal controls of the organisation much more robust. However, both external and internal auditors should work hand in hand to analyse any fraudulent situations and make appropriate changes to policies and procedures. 

Documentation 

Documentation helps to reduce fraud because of its reliability and visibility. This makes it easier to make various transactions seamlessly and maintains transparency. Other ways to use documentation to prevent fraudulence are: 

  • Using ‘deposit only’ stamps for incoming checks. 
  • Not using a signature stamp. 
  • Requiring two or more signatures on the check to withdraw a specific amount. 
  • Listing all checks on a long before handing them to authorised personnel. 
  • Requiring the supervisors to approve employee timesheets before processing payroll. 
  • Examining all cancelled checks to ensure that third parties are legitimately recognised. 

Conclusion 

Preventing fraudulence might be a challenge. However, maintaining a robust internal system is extremely important when it comes to maintaining the integrity and reputation of the organisation. 

If you are wondering about various career options after 12th, check out Imarticus Learning’s B.Com course from Rathinam College of Arts and Science. You would be guided to your path of financial brilliance and pursue your dream career to do B.Com in Investment Banking. 

To know more, check out the website right away! 

International Financial Reporting Standards (IFRS) vs. Generally Accepted Accounting Principles (GAAP)

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In finance and accounting, International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) play a crucial role in ensuring the accuracy, transparency, and comparability of financial information. Understanding the differences is crucial for internationally operating companies and investors who analyse financial statements.

If you are interested in the US CMA course, read this blog to explore the key differences between IFRS and GAAP, their origins and evolution, the implications of their implementation, and the future outlook for accounting standards on the global stage. 

Origin of IFRS and GAAP

On one hand, IFRS was created by the International Accounting Standards Board (IASB). The IASB was established in 2001 and developed IFRS into a globally recognised accounting standard. IFRS has been adopted by most countries in the world, including the major economies. 

On the other hand, GAAP originated in the United States and has a long history of evolution from various activities.

Key Differences Between IFRS and GAAP

Here are the main differences between IFRS and GAAP at a glance: 

  1. Conceptual Framework: IFRS and GAAP have different conceptual frameworks that guide the preparation and presentation of financial statements. 
  2. Presentation of financial statements: They may have different balance sheets, income statements, and cash flow statement requirements that affect the presentation and classification of records. 
  3. Revenue recognition: IFRS and GAAP have different criteria and timing for revenue recognition. They may have different approaches to revenue recognition for specific lines of business or transactions, such as long-term contracts or multi-party arrangements.  
  4. Inventory Valuation: IFRS and GAAP allow different inventory valuation methods. In addition, they may have separate claims for inventory damage and reductions. 
  5. Financial instruments: IFRS and GAAP take different approaches to the classification, measurement, and presentation of financial instruments. They may also differ in accounting for derivatives and hedging activities.

Convergence of IFRS and GAAP

Efforts to harmonise IFRS and GAAP aim to unify accounting standards, but full harmonisation remains a long-term goal due to various challenges. The future requires continued convergence in key areas such as revenue recognition and financial instruments. The global adoption of IFRS is increasing, it promotes consistency and transparency in financial reporting. GAAP is still very important, especially in the United States. The future requires continuous convergence, global adoption of IFRS standards, and coexistence of both standards in different jurisdictions. Achieving global harmonisation is a complex and evolving process.

Implications of applying IFRS and GAAP

The implementation of IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Accounting Principles) can have several consequences and challenges: 

  1. Global business environment: Using different accounting standards presents challenges for multinational companies operating in multiple jurisdictions as they must navigate additional reporting requirements and reconcile financial statements. Harmonised measures aim to improve consistency and cross-border comparability. 
  2. Quality of Financial Reporting: Differences between IFRS and GAAP can affect the comparability and usefulness of financial statements. Investors and analysts can face challenges when comparing companies with different standards that can influence investment decisions. 
  3. Migration and implementation issues: Moving from one set of standards to another (e.g. GAAP to IFRS or vice versa) can be difficult and expensive for companies. This requires understanding and implementing new accounting principles, retraining staff, and adapting systems and processes. 
  4. Education and Professional Development: Finance and accounting professionals must be familiar with both IFRS and GAAP standards to ensure compliance and make informed decisions. Continuous training and professional development are essential to managing the complexity and changes in accounting standards.  
  5. Regulatory Compliance: Companies operating in jurisdictions that require compliance with certain accounting standards, such as US GAAP, must ensure that they meet regulatory requirements and avoid legal consequences. 
  6. Disclosure requirements: IFRS and GAAP may have different disclosure requirements that affect the level of transparency and information provided to stakeholders. Companies should carefully consider the specific disclosure requirements of each standard to meet their reporting obligations. 

Adapting to these impacts and challenges requires companies to have a thorough understanding of both IFRS and GAAP, stay abreast of changes in standards, and assess the impact on financial reporting and decision-making processes.

US CMA and IFRS-GAAP relationship

The US Certified Management Accountant (CMA) certification recognises the importance of both International Financial Reporting Standards (IFRS) and  Generally Accepted Accounting Principles (GAAP). The CMA programme includes an IFRS section that provides CMAs with information on global accounting standards. GAAP is the accounting standard used in the United States, and a CMA must have a thorough understanding of it. This ensures that CMAs are prepared to handle international financial reporting and comply with US accounting principles.

Conclusion

Although there are some convergence efforts between IFRS and GAAP, their differences present challenges to global financial reporting that require careful consideration and adaptation by companies operating in multiple jurisdictions. 

Imarticus is an institute that offers a Certified Management Accountant certification programme to help professionals prepare for the CMA exams. You can become a CMA after meeting specific educational and experience requirements and passing the CMA exam. CMAs are equipped to make management decisions and have career opportunities in finance, accounting, and strategic positions.

5 Machine Learning Techniques with Python

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Are you interested in learning some machine-learning techniques with Python? Do you want to explore the amazing world of data science and artificial intelligence? If yes, then you are in the right place!

Imagine using the power of machine learning to train a computer to identify faces, forecast market prices, identify illnesses, or even create beautiful music. With Python as our reliable ally, we can open up this fascinating intelligence world. The possibilities are endless.

You might wonder, “Why Python?” In addition to being the preferred language for data scientists and top IT organizations globally, Python is a great choice for novice programmers and seasoned experts due to its elegance and simplicity. Python will therefore be your dependable travel companion, whether an experienced programmer or a novice taking your first steps into coding.

Data Science Course

In this blog, we will share five machine-learning algorithms in Python that you can use to solve real-world problems and have fun. 

Let’s get started!

What are the top Machine Learning techniques in Python?

Mastering Machine Learning with Python step-by-step

  • The Charm of Linear Regression

One of the most well-known supervised Python machine learning algorithms, it keeps track of continuous characteristics and makes predictions based on that information. By fitting the best line, it demonstrates a link between dependent and independent variables. The linear equation Y=a*X+b, sometimes called the regression line, depicts this best-fit line. 

In the given equation,

  • Y: dependent variable
  • a: slope
  • X: Independent variable.
  • b: Intercept

Imagine having the ability to predict future trends based on historical data. Linear regression is like having a crystal ball for predicting continuous numerical outcomes. It’s perfect for tasks like estimating sales, forecasting weather, or predicting your favorite sports team’s chances of winning the championship!

  • Enchanting Decision Trees

Decision trees are like magical flowcharts that help computers make decisions based on input features. They are incredibly versatile and can be used for classification and regression tasks. 

A decision tree is created by continually posing queries to the partition data. The decision tree algorithm’s objective is to improve predictability at each level of partitioning so that the model is constantly updated with knowledge about the dataset. 

It is a Supervised Machine Learning method. However, classification rather than regression is its primary use. The model uses a conditional statement to compare key attributes as it moves through the decision tree using a specific instance. Depending on the outcome, the more significant characteristics are nearer to the root as it descends to the tree’s left or right child branch. 

  • The Sorcery of Support Vector Machines

Support Vector Machines (SVM) are like magical wizards that can perform classification and regression tasks. They are excellent at drawing decision boundaries and are widely used in image recognition, text classification, and medical diagnosis.

One of Python’s most significant machine learning algorithms is supervised classification, or SVM, which draws a line dividing your data into several groups. We compute the vector to optimize the line in this ML algorithm. This will make sure that each group’s nearest point is also the one that is the farthest away from it. This is nearly always a linear vector, although it can be anything else.

  • Bewitching Naive Bayes

Naive Bayes is like a mystical potion that works wonders in text classification, spam filtering, and sentiment analysis. It’s based on the Bayes theorem and assumes that features are independent of each other (hence the “naive” part). But don’t let the simplicity fool you; it’s a potent technique!

A supervised machine learning method called Naive Bayes is utilized for categorization problems. One of the reasons it is sometimes known as a Naive Bayes Classifier is because of this. It is predicated on the idea that characteristics are unrelated and have no association. However, this algorithm is called “naive” because these presumptions are false.

The Bayes theorem, which is used in this procedure, states:

p(A|B) = p(A) . p(B|A) / p(B)

This is

  • p(A): Probability of event A
  • p(B): Probability of event B
  • p(A|B): Probability of event A given event B has already occurred 
  • p(B|A): Probability of event B given event A has already occurred

  • Enigmatic K-Nearest Neighbors

This Python machine-learning technique focuses mostly on classification but also includes regression. This approach for supervised learning compares distance using a typical Euclidean function while considering various centroids. It then evaluates the findings and assigns each point to a group to best position it concerning all nearby points. 

It categorizes fresh situations by employing a majority vote of k of its neighbors. The case it assigns to a class is the one its K closest neighbors share the most. It makes use of a distance function for this.

The Final Words

Although you now understand the fundamentals of five effective machine-learning strategies, remember that learning is a lifelong process. The subject of machine learning is constantly developing and is teeming with intriguing new developments. Embrace the thrill of staying curious, exploring new algorithms, and continuously enhancing your skills.

Your newly gained knowledge in Machine Learning with Python opens the doors to various professional prospects and exciting initiatives, from forecasting stock market trends to detecting diseases, from making tailored recommendations to transforming industries.

But let’s not lose sight of the fact that machine learning is about more than just models and algorithms; it’s about making a difference in the world. 

Early and mid-career professionals may gain a firm foundation in the dynamic field of data science and machine learning by enrolling in the “Certificate Program in Data Science and Machine Learning,” which is presented in collaboration with iHUB DivyaSampark (TIH) @ IIT Roorkee and Imarticus Learning. 

This in-depth 5-month data science course, created by acclaimed IIT professors, covers data mining, gives you Python-based machine learning tools, and allows you to use data-driven insights to spur organizational success. Enroll now to embark on a transformative journey of learning and upskilling with Imarticus Learning Machine Learning online course with Python.

Keep learning, keep growing, and keep reshaping the world with Python and Machine Learning!

6 Pros And Cons Of Tableau Data Extracts V/S Live Connections

Posted on by Imarticus Learning

The main goal of Data Analytics and Visualisation is extracting insights from raw data. You have to connect and interact with data from many sources to derive meaningful results. Businesses worldwide use a tool like Tableau to get this job done. One of the most powerful tools in this domain, Tableau, offers two ways to interact with data. To learn more about this domain, you can always pick a data science course that can boost your career in data science to new heights.

Join us as we unveil the meaning of these two methods. By navigating through the pros and cons of each method, you will realise the true potential of data visualisation.

Let’s get started!

What are Data Extracts?

Simply put, Tableau creates a condensed version of data called data extracts. They are stored separately from the source. These data extracts are minor in size as they only contain data required for visualisation.
best data analytics course

Pros of Data Extracts

Flexible Data Modelling: You get more power to customise data extracts. Through this mechanism, you can perform the following actions.

Creating calculated fields

Performing custom calculations

Defining hierarchies within the extract

Enhanced Security and Data Governance: Extracts provide a layer of security for your data. Through its encryption, you can protect your data with a password while sharing it with external parties. This capability helps you in cases where you are strictly expected to comply with privacy regulations.

Local availability: Data extracts can be locally stored on your system. You can work on them without connecting to the source. Data extracts provide flexibility as you can manipulate and shape data without an internet connection.

Cons of Data Extracts

Data Latency: You can expect data latency as the extracts are locally available. You will have to refresh the extracts to reflect the latest information in your insights and visualisations. This results in a significant delay between when data was changed in the source and when it was updated in the extract

Complex Extract Creation: Creating extracts requires more steps than a live connection. Beginners might need help to perform the following tasks for extract creation.

Defining data connection settings

Selecting data fields

Configuring filters

Managing data refresh schedules

Data Duplication: Extracts are stored locally. If you don’t refresh them frequently, discrepancies could occur with the source. This leads to confusion and unreliable analysis.

What are Live Connections?

Unlike data extracts, live connections are dynamic. Through them, you can interact with data in real-time. When you establish a live connection, Tableau retrieves data from the source whenever you interact with the visualisation.

Pros of Live Connections

Reliable Analysis: The generated analysis is trustworthy as you always work with real-time data from the source. Any changes in the source are instantly reflected in the visualisation.

Centralised Data Governance: Tableau establishes a direct connection to the data source. Tableau enforces the access controls and security protocols of the source. Thus, you can maintain centralised security protocols and governance.

Real-time Collaboration: Live connections allow multiple users to work with the same data source. They can access and interact with the visualisations in real-time.

Cons of Live Connections


Strain on Data Source: You should use a data source sparingly. This can strain the source because of repeated requests. Others accessing the same source could observe decreased performance.

Compatibility Concerns: Tableau and the data source must run on the latest updates. The versions they are operating on must be compatible with each other. Any update on Tableau requires changes in the data source as well.

Limited Data Shaping: Unlike extracts, live connections do not allow customisations. You may have to perform calculations and transformations in the source before visualising in Tableau.

Learn more from a Data Science Course. 

If your business requires insights from real-time data, work with “live connections.” However, “data extract” is your go-to mechanism if offline availability is your priority. Learn more about it by taking a Data Science course. Imarticus Learning offers many courses from top educators to make you job-ready. For any inquiries, connect with us through chat support on our Contact Us page. Our training centers are conveniently located in Mumbai, Thane, Chennai, Pune, Bengaluru, Delhi, Gurgaon, and Ahmedabad.

Frequently Asked Questions

Why is Tableau used in data science?

Tableau stands out as a leading tool in business intelligence (BI), aiding users in crafting various visual representations such as charts, graphs, maps, dashboards, and stories. With a rich set of distinctive and compelling features, Tableau has earned its popularity by empowering users to visualise and analyse data, facilitating informed business decision-making effectively.

Tableau is suitable for what kind of data?

Renowned as the forefront solution in contemporary business intelligence, the Tableau platform seamlessly extracts data from diverse sources and transforms it into actionable insights swiftly and effortlessly.

What topics are involved in the data science course?

A beginner-level Data Science course syllabus encompasses fundamental and advanced principles in data analytics, machine learning, statistics, and programming languages like Python or R.

Exploring Top 7 FinTech Models

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In a world driven by digital innovation, financial technology (FinTech) has emerged as a transformative force, revolutionising the banking landscape and changing how we transact. As time continues to progress, FinTech is taking over the globe, converting traditional banking and transactional systems into convenient and efficient ones.

The dynamic fintech industry continues to evolve and advance, with 2023 poised to witness significant growth. Projections indicate that the fintech market is expected to expand and reach an impressive valuation of $174 billion in 2023! 

As FinTech continues gaining momentum, it transforms how we handle our money and creates new economic inclusion and financial empowerment opportunities. 

In this article, we’ll examine some of the top FinTech models reshaping the financial landscape and empowering individuals and businesses. We will also consider how to make a successful career in FinTech.

Top Seven Business Models for FinTech Companies

FinTech companies have introduced a myriad of revolutionary models that cater to the varied requirements of individuals and businesses alike. Let’s look at the top seven business models propelling the FinTech industry forward

Digital Banking 

This scenario is where traditional brick-and-mortar banks transition entirely to the digital realm, eliminating physical offices, bank tellers, and mail. Challenger banks like N26, Revolut, Tinkoff, Chime, etc., have exemplified this shift, providing straightforward individual and business bank accounts through a fully digital infrastructure. Customers can enjoy reduced rates and improved benefits by leveraging staff and real estate cost savings.

P2P Lending

Peer-to-peer (P2P) lending serves as a means for individuals to borrow money directly from other individuals, while businesses can also utilise this model to secure loans from other businesses. This approach facilitates lending for investors, who can potentially achieve superior returns compared to traditional debt markets.
FinTech companies can develop platforms that connect borrowers and lenders, charging fees based on repayment transactions.

Small Ticket Loans

FinTech companies like Affirm are addressing the obstacles the challenger banks and lenders face in underwriting smaller loans, which are often avoided due to low margins and high costs. These companies enable quick purchases without authentication or credit card details by offering impulse buy mechanisms, like buy now & pay later (BNPL) and one-click buy buttons.

These loans are often interest-free, with revenue generated through customer data sharing with original equipment manufacturers (OEMs), who benefit from increased affordability. Customised marketing offers are crafted using algorithms considering customer demographics, and data sharing can be seen as the “interest” on loan.

Alternative Credit Scoring

In certain instances, self-employed individuals with reliable income face challenges in meeting traditional bank loan requirements. This is due to stringent and outdated credit scoring criteria. 

FinTech companies are adopting a fresh approach by leveraging alternative data, such as social signals and scoring within comparable loan groups, combined with AI algorithms. This approach simplifies lending decisions and allows banks to potentially avoid loan recovery by identifying negative profiles before disbursing loans.

Digital Wallets

Digital wallets combine the functionalities of a simplified bank account and a payment gateway. Users can load virtual money into their wallets and utilise it for online or offline transactions with merchants accepting digital wallets. 

This business model offers convenience to users in their transactions, all while charging a small fee. These digital wallet providers generate revenue from merchant discount rates (MDR) and the float earned from unpaid balances. Popular wallet examples include Venmo, Square Cash, Apple Pay and Google Wallet.

Neo-banking

Neo-banking is a Fintech concept focused on creating agile and cost-effective digital platforms known as “neo-banks.” These neo-banks aim to provide faster, more efficient, and adaptable financial services. Neo-banks’ objectives can vary, with some focusing on online bank accounts while others assist in saving and budgeting.

API-based Bank-as-a-service Platform

Based on Application Programming Interface (APIs), the bank-as-a-service platform is a backend infrastructure that hosts independent FinTech startups and seamlessly integrates them with traditional banks. This enables financial institutions to launch products and expand into new markets efficiently. 

Non-banks can also leverage these platforms to introduce additional financial offerings and broaden their market presence cost-effectively.

Conclusion

From the rise of digital banking and P2P lending to the convenience of digital wallets and the innovation of neo-banks, FinTech companies are revolutionising how we access, manage, and invest our finances. With the potential for substantial growth, pursuing a career in FinTech has never been more enticing. 

Imarticus offers top-notch courses in FinTech by the Delhi School of Business, providing students with the knowledge and skills required for thriving in this dynamic industry. The course has future-oriented specialisation, an industry-aligned curriculum, expert guidance, and many more benefits to strengthen your career in the rapidly exploring FinTech domain. 

Embrace the future of finance and embark on a journey that merges innovation, technology, and financial expertise with the FinTech courses offered by Imarticus!

Here Are The Best Customer Service Training Ideas

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The expectations from customer service representatives might be clear- to guide customers to solve their problems. But, how they navigate this process is easier said than done. That’s where customer service training can be of help. But, what is customer service training? It is the process of teaching employees the skills and knowledge to create great customer experiences. This article discusses some customer service training ideas that companies can adopt.

Utilise the power of videos

Observational learning is one of the best ways to pick up information. Many people learn quickly by seeing others do things. Companies can show their employees how to accomplish a task using videos. Customer service training programs come with video-recording technology and tools. Using these, companies can develop a number of learning materials that can be accessed by employees anytime. Experienced staff and instructors can explain processes through demonstration. For instance, when it comes to using customer service support software and tools, they can show how to use them, their most useful features and shortcuts. They can also add tips and tricks while explaining.

Role Playing This article discusses some customer service training ideas that companies can adopt.

corporate training

Empathy is a core value that all humans should develop, especially if you are working in customer service. One way to understand the customer’s problem is to walk in their shoes. Role playing is an effective exercise to develop this skill. While one employee pretends to be the customer presenting an issue, let the other be the customer service representative handling them. Acting as a customer and going through the processes as they would help in understanding the kind of trouble they are facing. This way, customer service staff can really mean it when they say that they know where the customer is coming from. Role-playing helps employees develop communication and troubleshooting skills. Since they are not dealing with real customers, they can practise new techniques they have never tried before. Organisations can also give this experience of a live environment using gamification elements in their training program.

Keep Them Well-informed

Good product/service knowledge is crucial while communicating with customers. Educate employees about the features, benefits and uses of the company’s offerings. Make sure to be a little creative and incorporate elements like videos, quizzes, etc. to make learning interesting. When the training material is available online, employees can access them when they need it immediately. Also, if companies want to add any new information, it can be updated instantly. Employees will be notified when new information is uploaded.

Create Virtual Classrooms

Not all learning has to be done without instructors. Video chat technology can be used to unify hybrid teams or remote employees and improve group dynamics. This is an opportunity for employees to interact with their colleagues and mentors, especially if they are working remotely.

Gamify Training

Employees can get the most training when they participate in it without getting distracted. For employees to stay engaged, the training program should be fun. Gamification uses problem-solving techniques of video games to create real-life experiences in order to engage and inspire employees while learning. This can be especially useful while explaining topics such as cybersecurity and safety procedures that have dry content. Using games can also create a sense of achievement in employees.

Key Takeaway

The end goal of customer service is to increase customer satisfaction and business profitability. Make sure that the organisation uses the right technology and tools to develop customer training content that reflects the needs of customers. To learn more about customer service training online, visit Imarticus Learning.

How to Become a Chartered Accountant in India: An In-Depth Guide

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In an era where economic landscapes are continually evolving and interlinking, Chartered Accountants are playing an indispensable role in shaping financial systems. This dynamic and ever-changing profession allows one to leave a profound impact on corporations and sectors while offering ample opportunities for career advancement. 

We have compiled an exhaustive guide to help you navigate your path to becoming a Chartered Accountant in India, with a focus on the ACCA course, and ACCA training.

Stage 1: Deciphering the Journey

Setting out on any professional voyage, one must first grasp the map that outlines the course ahead. This fundamental understanding applies to the journey of becoming a Chartered Accountant as it is to any career path. 

We have compiled an exhaustive guide to help you navigate your path to becoming a Chartered Accountant in India, with a focus on the ACCA course, and ACCA training. sails – the Association of Chartered Certified Accountants (ACCA). The ACCA qualification is a well-regarded accounting credential that equips you with the necessary acumen and expertise to venture into any financial domain anywhere across the globe. The growing acceptance of the ACCA course can be attributed to its versatile online examination system and its comprehensive training regimen.

Step 2: Selecting the Right Course: ACCA

Pursuing the ACCA qualification can be advantageous for those looking to gain international exposure. The ACCA course comprises 13 exams, divided into two levels – Applied Knowledge and Skills and Strategic Professional. Unlike traditional CA, ACCA allows you to attempt the ACCA exam online from any location at any time, providing a level of flexibility that is well-suited to today’s digital age.

To start the ACCA course, you need a minimum qualification of 10+2. A degree in commerce is not mandatory, broadening the accessibility for students from various educational backgrounds.

Step 3: Preparing for the Exam

Good preparation is key to clearing any exam. For the ACCA exam online, you’ll need comprehensive ACCA training. This includes studying from approved learning materials, attending coaching classes, and solving practice questions.

An important part of ACCA training involves developing a deep understanding of the syllabus, organising a structured study plan, and periodically assessing your progress with practice tests. The curriculum covers a range of topics, from financial reporting and auditing to strategic business leadership and financial management.

Step 4: Registering and Attempting the ACCA Exam Online

When you feel thoroughly prepared and assured in your knowledge, it’s time to sign up for the online ACCA examination. The ACCA program offers the convenience of four testing windows throughout the year – in March, June, September, and December.

The online exam format can be both a challenge and an advantage. The familiarity of an at-home environment can make the process less stressful. However, it requires self-discipline and time management skills to ensure you remain focused during the examination.

Step 5: Getting Practical Experience

To become an ACCA member, passing the examinations isn’t enough. You also need to complete three years of relevant practical experience. This experience will equip you with essential skills and expose you to real-world financial scenarios, preparing you for a successful career in accountancy.

Furthering Your ACCA Journey with Imarticus

While there are various platforms available for ACCA training, choosing the right one can be the difference between success and failure. To that end, Imarticus Learning offers a highly effective ACCA training program. This program is designed to guide aspirants through every step of their ACCA journey, from understanding the basics to exam preparation.

With industry-experienced faculty and a curriculum that stays up-to-date with ACCA standards, Imarticus provides an integrated learning experience that bridges the gap between theoretical knowledge and practical skills.

Conclusion

Becoming a Chartered Accountant requires determination, dedication, and the right training. With the ACCA course and its flexible online exam system, your journey to becoming a globally recognised accountant can be both exciting and fulfilling. Whether you’re just starting or looking to upgrade your accountancy career, embracing the ACCA pathway with the right training, like the one offered by Imarticus, can ensure your dreams turn into reality.

Why Choose ACCA for Mastering the Art of Accountancy

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Are you fascinated by numbers and financial statements? Do you want to work as an accountant but are unsure where to start? 

The Association of Chartered Certified Accountants is here to reveal the mysteries of accounting and unleash your full potential, so stop searching now! 

A real masterclass in its industry, ACCA offers cutting-edge training, certification, and assistance to aspiring accountants worldwide. 

ACCA’s dynamic and human-centered atmosphere, personalized services, and professional advice will enable you to develop your success narrative and establish yourself as a leader in the accounting industry, whether you’re a recent graduate or a seasoned professional looking to advance your career. 

So, why choose ACCA to master the art of accountancy? Let’s find out!

What is ACCA?

The Association of Chartered Certified Accountants empowers and accredits professional accountants worldwide. 

Take part in a network with 241,000 accomplished members and 542,000 aspirant members who have all been supported on their travels. Enter a thriving, human-centered workplace where relationships flourish. The primary goal is to develop your potential and assist you in moving toward extraordinary accomplishments by emphasizing value creation for the students and members.

 What Makes ACCA Stand Out in Accountancy Qualifications?

Unlocking Success in Accountancy: Choose ACCA

  • Globally Respected Qualification

Regarding accounting qualifications, the ACCA (Association of Chartered Certified Accountants) is a true titan in the industry. With over a century of excellence, it has earned a reputation as one of the most prestigious and globally respected qualifications. ACCA is recognized in more than 180 countries, making it a truly international qualification that opens doors to job opportunities worldwide. So, if you dream of working in diverse financial landscapes and making a global impact, ACCA can be your passport to success.

  • Comprehensive Curriculum

The ACCA syllabus is designed to equip you with a broad range of knowledge needed in finance and accounting. The extensive curriculum ensures you gain a thorough grasp of the industry, covering everything from financial reporting and taxation. Additionally, the ACCA curriculum changes to reflect changes in the financial industry, keeping you informed of the most recent developments in accounting.

  • Flexibility in Studying

The ACCA offers learning opportunities for students at all stages of their professional careers, whether they are new graduates or working professionals wishing to develop their careers. Because of its adaptability, the ACCA is a certificate that even individuals with hectic schedules may pursue.

  • Network of Professionals

As an ACCA student or member, you become part of a vast and influential network of finance professionals. The ACCA community spans the globe, connecting you with like-minded individuals, mentors, and potential employers. Networking events, webinars, and seminars organized by ACCA provide valuable opportunities to expand your connections, exchange knowledge, and stay updated on industry trends.

  • High Demand for ACCA Professionals

Employers look for accounting experts with technological know-how and practical abilities in today’s changing business environment. Organizations of all sizes in various sectors are actively seeking ACCA graduates. Your employability will increase due to the qualification, making you stand out in a crowded employment market. You may confidently pursue careers in financial management, consulting, and many other fields with an ACCA certificate.

  • Ethical Standards

Integrity and ethics are paramount in the accounting profession. ACCA is committed to upholding the highest ethical and professional standards. When you become an ACCA member, you pledge to abide by the ACCA’s Code of Ethics and Conduct, earning trust and respect from clients, employers, and the public. This dedication to ethics sets ACCA professionals apart and contributes to their long-term success.

  • Personal Growth and Development

The ACCA journey emphasizes professional and personal development and earning a credential. You develop resilience, problem-solving, and critical thinking abilities as you get real-world experience through the tests. These traits transcend accounting and become priceless assets in other facets of your life.

  • Lifelong Learning

ACCA’s commitment to lifelong education means that your professional development continues after the qualification. As an ACCA member, you have access to various tools that will help you stay knowledgeable and employable throughout your career. These tools include research, publications, and professional development programs.

Exploring Thriving Career Paths with ACCA: A World of Opportunities

ACCA provides budding accountants with a variety of professional options. Five major ACCA career opportunities in accounting are expected to emerge in the future, according to research by ACCA Global. 

These regions indicate employment opportunities where people may specialize and contribute to establishing long-lasting companies. The ACCA Career Navigator is a fantastic tool for students and members to research the various career options they may pursue using the knowledge and abilities they acquire via the ACCA Qualification. 

Additionally, the ACCA Careers employment portal, the only source for finding financial experts, has hundreds of live openings. ACCA is a top professional accountancy organization with a global network of over 241,000 members and a presence in 178 countries.

The Final Words

Choosing ACCA to master the art of accountancy can be a transformative step toward a successful and purposeful career. With its global recognition, comprehensive curriculum, practical experience, and commitment to ethical standards, ACCA offers the perfect platform to become a proficient and sought-after accounting professional. 

Imagine having a key that unlocks a world of opportunity in finance and accounting. The ACCA is known worldwide and influences 180 nations. It’s more than just a piece of paper; it’s key to improved job opportunities worldwide. 

Unleash Your Full Potential with Imarticus Learning and Ace ACCA Exams, Embarking on a Path of Success and Abundant Opportunities in the Accounting Craft. Start your journey with Imarticus Learning and become ready for various careers in accounting, taxes, finance, investment banking, corporate finance and consulting.

ACCA establishes the groundwork for a transformational career, giving you the skills you need to negotiate the always-changing worlds of finance and accounting successfully. With the acclaimed ACCA course, you may realize your potential and explore a world of limitless prospects. Your skill is needed for the future!

So, if you are ready to embark on a journey of growth, opportunity, and impact, ACCA awaits you with open arms.

The Importance of Effective Procurement Management

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Effective procurement management is an unsung hero who holds enormous power in a world where organizations continuously compete for success. Imagine a master conductor creating a seamless symphony of cost reductions, supplier negotiations, and supplier relationships.

That is the power of procurement management, the unsung force that powers businesses and helps them reach new heights. It’s the key component that turns average companies into leaders in their field. 

Purchases of products, services, or other works from an outside source are made through the procurement process, which is frequently done through a tendering or competitive bidding procedure. The phrase may also describe a legal duty to “procure” to “ensure” something is done. This kind of purchasing is known as government or public procurement when a government agency uses it.

So fasten your seatbelts and come along on this fascinating ride as we explore “The Importance of Effective Procurement Management.” Prepare to see how an unsung hero may alter a company’s course by strategically constructing a picture of success. 

Significance of Efficient Procurement Management

best advanced certification program in digital supply chain management course

Directing and managing the many procurement-related operations is referred to as procurement management. It comprises the procedures needed to manage the procurement of products and services, write purchase orders, and even maintain records. 

It’s your responsibility as a procurement manager to achieve the highest return on the money spent on the equipment, office supplies, raw materials, and other supplies needed to run a firm. Every size of organization needs effective procurement management. Money may be saved, productivity can be increased, and danger can be decreased. 

The role of procurement in reducing operational costs and streamlining operations

A career in digital supply chain management has great potential for success. From entry-level jobs to senior management positions, it https://imarticus.org/a-guide-to-pursuing-a-career-in-supply-chain-management/provides a range of options. The need for supply chain managers is considerable, and employment opportunities are anticipated to increase.

  • Streamlining Operations and Reducing Costs

One of the primary reasons why effective procurement management is crucial for businesses is its ability to streamline operations and reduce costs. Organizations can optimize their supply chain, eliminate inefficiencies, and enhance productivity by implementing robust procurement practices. Through strategic sourcing and negotiation, procurement professionals can secure favorable pricing and contract terms, resulting in cost savings for the company.

Moreover, effective procurement management helps minimize the risks associated with poor-quality goods or services. By conducting thorough supplier evaluations and quality control processes, businesses can ensure they receive products and services that meet their standards, reducing the likelihood of costly defects, delays, or rework.

  • Supplier Relationship Management

Establishing and nurturing strong supplier relationships is another significant aspect of effective procurement management. Collaborating closely with suppliers enables businesses to access valuable market insights, innovative solutions, and new product developments. By maintaining healthy supplier relationships, organizations can enhance their competitiveness and gain a competitive advantage in the marketplace.

  • Strategic Decision-Making

Effective procurement management provides valuable data and insights that enable informed decision-making. Through robust procurement processes, businesses can gather market intelligence, analyze trends, and identify opportunities for cost savings or process improvements. Procurement professionals can leverage this information to develop strategic sourcing strategies, select reliable suppliers, and make informed purchasing decisions that align with the organization’s objectives.

Additionally, procurement teams can contribute to cross-functional initiatives and drive innovation by collaborating with other departments, such as finance, operations, and marketing. They can provide valuable input on product design, cost optimization, and sustainability, ensuring that the organization’s procurement activities align with its strategic goals.

  • Enhancing Risk Management

Effective procurement management also plays a crucial role in enhancing risk management within organizations. Procurement professionals are responsible for evaluating suppliers’ financial stability, ethical practices, and compliance with regulatory requirements. Businesses can mitigate the risks associated with unreliable suppliers or potential legal issues by conducting thorough due diligence.

What are the benefits of efficient procurement management?

Supplier collaboration in procurement is a strategic approach that emphasizes fostering strong and mutually beneficial relationships with suppliers. Beyond the typical buyer-supplier relationship, it creates a partnership based on mutual respect, openness, and goals.

  • Save money: By negotiating better pricing with suppliers, effective procurement management may help you save money on your purchases. This might free up resources that could be used for other initiatives, including marketing or R&D.
  • Enhance effectiveness: You may enhance the effectiveness of your procurement process by using effective procurement management. This may result in shorter turnaround times, fewer mistakes, and a better-organized procedure.
  • Reducing risk: You may lessen the chance of supply disruptions or price hikes by using effective procurement management. This may help safeguard your company against monetary losses and guarantee that you have access to the goods and services when you require them.
  • Build connections: Effective procurement management may create and maintain strong connections with suppliers. 

The Final Words

Effective procurement management is paramount for businesses seeking to thrive in a competitive market. Organizations can achieve operational excellence, drive growth, and maintain a competitive edge by streamlining operations, reducing costs, nurturing supplier relationships, making strategic decisions, and enhancing risk management. 

Investing in a well-defined procurement strategy and empowering skilled professionals in the field can yield significant long-term benefits for businesses across industries. Organizations can unlock opportunities, mitigate risks, and position themselves for sustainable success by prioritizing effective procurement management.

The Professional Certification in Supply Chain Management and Analytics, provided in collaboration with CEC, IIT Guwahati, and business pioneers, offers a cutting-edge educational experience designed for anyone looking to succeed in the operations and supply chain sector. Imarticus Learning, renowned for its expertise in professional education, brings you this cutting-edge certification program that equips candidates with the necessary skills and knowledge to excel in this dynamic field.

This credential equips professionals to make strategic, operational, and tactical choices based on data-driven insights by incorporating Supply Chain Analytics into the curriculum. People with a mix of process and analytics skills are in high demand in today’s quickly changing supply chain management environment. This qualification serves as a catalyst, enabling you to qualify for in-demand positions.

5 Key Methods of Valuation Used in Financial Management

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Valuation is crucial in financial management. It determines the economic value of assets, investments, and companies. By understanding these methods, you can assess the worth of assets and make informed financial decisions. 

Valuation in finance is determining the worth of a (possible) asset, security, or investment. Discounted cash flow and relative and contingent claim valuations are the three main methods.

Discovering insights and unlocking secrets that can help you on your path to financial success will be our goal as we examine the 5 Key Methods of Valuation in this post. 

Importance of valuation methods in financial management

Evaluating the value of companies in financial management is a crucial aspect. It allows for the educated decision-making of investors, financial managers, and analysts about essential company strategies, including mergers and acquisitions, divestitures, and equity investments. There are several methods for determining a company’s worth, each with particular benefits and drawbacks.

The actual worth of an asset may be found by seeing past the surface level of data with the aid of valuation methodologies, which act as magical magnifying glasses. They enable financial managers and investors to make wise choices, control risks, and grasp lucrative opportunities in the constantly shifting financial landscape.

Using these valuation techniques, we may study and contrast various investments, measure possible returns, calculate a company’s fair market value, and assess its value to stakeholders. These valuation techniques serve as guiding lights in the opaque world of finance, helping us make wise choices and illuminating the way to financial success.

What are the key methods of valuation used in financial management?

Capital Market

Financial managers and analysts utilize strong tools called financial valuation methods to estimate the value of assets, investments, and companies. These techniques offer an organized way to determine the worth of financial assets, assisting with decisions on choosing investments, mergers and acquisitions, and financial reporting. 

  • Market Capitalization:

Market capitalization is widely used to value publicly traded companies. It calculates a company’s value by multiplying its share price with the total outstanding shares. It reflects investors’ perception of a company’s value. Market capitalization indicates a company’s size and value compared to competitors. 

  • Price-to-Earnings Ratio (P/E Ratio):

The price-to-earnings ratio compares a company’s stock price to earnings per share (EPS). It shows market expectations of a company’s future earnings growth. A higher ratio suggests high expectations, while a lower ratio may indicate undervaluation. Consider other factors alongside the P/E ratio for a comprehensive valuation.

  • Discounted Cash Flow (DCF) Analysis:

The discounted cash flow (DCF) analysis estimates a company’s present value based on future cash flows. It considers the time value of money, where future cash is worth less than today’s cash. DCF analysis forecasts cash flows, selects a discount rate, and calculates the present value. It helps evaluate investment worth based on expected returns over time.

  • Comparable Company Analysis:

Comparable company analysis compares a company’s financial metrics to similar industry peers. It uses ratios like price-to-earnings (P/E), price-to-sales (P/S), or enterprise value-to-EBITDA (EV/EBITDA). Analysts estimate a company’s fair value by analyzing comparable companies’ performance. Choose relevant and truly similar companies for an accurate valuation.

  • Asset-Based Valuation:

Asset-based valuation values a company based on tangible and intangible assets. Tangible assets include physical properties like real estate, equipment, and inventory. Intangible assets include intellectual property, patents, trademarks, and brand value. This method calculates the net asset value (NAV) by subtracting liabilities from total assets. Asset-based valuation suits companies with significant physical assets or when other methods are unsuitable.

What are the Latest trends in financial valuation?

Financial valuation is a constantly developing area that aids managers, analysts, and investors in making wise investment decisions. 

  • bData-driven approach: To get correct appraisals, extensive data analysis uses artificial intelligence and machine learning technologies.
  • Sustainability emphasis: To evaluate a company’s long-term profitability and maintain its moral standing, environmental, social, and governance (ESG) issues are being added to valuation methodologies.
  • Focus on intangible assets: Valuation techniques are now taking into consideration intangible assets like brand value, customer loyalty, and intellectual property, which helps to provide a more realistic image of a company’s worth.
  • Global perspective: To guarantee that values reflect various cultural and legal factors, cross-border investments are assessed using international accounting standards.
  • Risk management techniques: Analysts use risk assessment methods, including stress testing and scenario analysis, to forecast outcomes and assist stakeholders in making better investment decisions.

Financial valuation is evolving due to these tendencies into a more inventive, accurate, and exciting field better suited to handle the complexity of the modern global and digital marketplace.

The Final Words

The field of financial management opens up a wealth of valuation techniques that let companies discover the actual value of their assets, investments, and businesses. 

Financial managers can confidently navigate the rough waters of decision-making by delving into the depths of market capitalization, peering through the prism of the price-to-earnings ratio, traveling the road of discounted cash flow analysis, traversing the landscape of comparable company analysis, and embracing the essence of asset-based valuation.

These valuation techniques weave together strands of figures, forecasts, and market knowledge to create a vivid image of worth, much like experienced artisans creating a masterpiece. They allow companies to make wise decisions, grab profitable opportunities, and steer their companies toward prosperity.

Introducing the financial market certification course by Imarticus Learning! Embark on a transformative journey where digital banking, capital markets, risk management, and fintech converge.

Explore the complexities of corporate finance, valuation, capital raising, treasury operations, and financial analytics to understand the constantly changing financial world. Immerse yourself in the statistics, tactics, and insights that power the financial services sector’s beating heart.

You will travel the paths of knowledge with Imarticus Learning as your dependable guide, gaining the abilities and information necessary to succeed in senior management posts. With the help of this program, your potential is rekindled, and you are propelled to new heights of accomplishment.

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