Accounting refers to the systematic and comprehensive recording of financial transaction of business. Accounting Information is vital to many stakeholders in economic decision making.Example of stakeholders who use accounting information includes management, government, shareholders, suppliers, tax authorities etc. Business accounting help in making strategic and tactical decision making that help business to grow or penetrate in markets.Need for AccountingAccounting help management … [Read more...] about Importance of Accounting in Business
Importance
Importance of Economics
“Political economy is perhaps the only science of which it may be said that the ignorance of it is not merely a deviation of good but produces great positive evil.”In the words of Malthus,“Economics is the intellectual religion of the day.”Durbin“The study of Economics is a practical necessity and a normal obligation.”Sir Henry ClayAll it reflects that Economics has prime importance in social sciences which can be discussed in two partsTheoretical Importance of … [Read more...] about Importance of Economics
Personnel Management [ Functions, Importance, Objectives & Definitions ]
Personnel Management focuses on the administrative tasks of the organization along with the employee’s welfare and labour relations management. It is often considered as a sub-category of Human Resource Management. Few consider it to be the same as HRM but it is different from it.Personnel Management Definition by Different AuthorsEdwin FlippoPersonnel Management is concerned with procurement, development, compensation, integration and maintenance of personnel of organization … [Read more...] about Personnel Management [ Functions, Importance, Objectives & Definitions ]
Importance of Human Resource Management – HRM
In this modern and technological era, competition has been increased between organizations of every industry. This is why human resource management is important to all managers. The main role of human resource management in an Organizations is to find unique talent (workforce) to compete and sustain themselves in market. Diversity may become one of the hurdles in the process of hiring and retaining the unique talent.Human Resources are the people who compose the workforce of an organization. … [Read more...] about Importance of Human Resource Management – HRM