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- Cost Containment: ICT technology is an expensive thing to incorporate within your business however it will eventually create substantial cost savings through less time being wasted on laborious tasks and on recuperating human error. - Versatility: As computers become more powerful and efficient, you are able to make them do more varied and creative tasks. The average PC can already perform most multimedia functions such as reproducing photographic pictures as sharp as any film. The advantages can range from being able to create advertisements for your company to monitoring stock controls. - Departmental co-operation: With open and shared databases, it enables a company to remove barriers between departments giving staff more accurate information and greater competency to serve cus... ... middle of paper ... ...aotic.
Most companies not only operate in their domestic market; they also operate in foreign business markets where they have to struggle with different languages and cultures. The most challenging problems are the differences within intercultural communication. Therefore, the internet helps the companies to deal successfully with these challenges and gives the opportunities to be ‘global’. The threat for the private sector is coeval an opportunity for the business sector. Instant messaging and calling worldwide are benefits of the internet and additionally new technologies enable companies to make huge video conferences where non-verbal communication becomes possible all over the world.
The fast pace of technological change, the complexities of global competition and world events make developing effective budgets both more difficult and more important. Important benefits of improving the budgeting process include better companywide understanding of strategic goals, more coordinated support for those goals, and an improved ability to respond quickly to competition. (Gruner & Jahr, 2003 Inc Magazine). Anyone familiar with Generally Accepted Accounting Principles (GAAP) and practices will find most accounting for nonprofit activity to be very familiar. There are, however, some significant differences, which include: « Accounting for Contributions « Capitalizing and Depreciating Assets « Use of Cash- and Modified Cash-Basis Accounting « Functional Expense Classification The act of budgeting resources to meet or beat the goals of an organization is an art form in any type of business.