Essay about Vitamix Revenue Recognition - 1116 Words

Vitamix Revenue Recognition – â€Å"Special Cases† Proper revenue recognition is important in because it has a direct impact on quarterly income statements, incentive calculations, investor confidence, and perception of an organizations financial health. The scandals at Enron and WorldCom illustrate how important properly recognize revenue is to the financial integrity of a company and how abuse can be extremely dangerous. (Labaton, 2006) To maintain consistency across organizations, the Securities and Exchange Commission (SEC) relies on the standards published by the Financial Accounting Standards Board (FASB) to establish the guidelines for revenue recognition. (FASB, 2011) Companies can only recognize revenue if it is both realized and†¦show more content†¦The extended service plan does not start until after the factory warranty expires. Should Vitamix recognize the revenue received from the sale immediately or at the time when the factory warranty expires? Revenue Recognition Vitamix should recognize the revenue immediately because the cost of servicing the extended warranty can be reasonably calculated. The accounting team calculates the costs associated with servicing this warranty based on historical averages and accrues for it as a percentage of sales. Since we can estimate the cost, we can therefore produce an accurate net revenue amount because this amount is a conservative and reasonable amount of the realized and earned revenue. (Connors, 2011) Household Show Consignment Sales Overview To show the versatility and power of the Vitamix product, the company frequently demonstrates their machines at large retail locations. The retailer requires that they ship pallets of product to various retail stores and then Vitamix contracts with independent contractors to demonstrate the product. However, the retailer does not purchase the machines at that time, but requires that Vitamix manage that inventory for them. When a customer of the retailer wishes to purchase the machine, they take a machine along with any other products they wish to purchase to the retailers point of sale. The retailer sends Vitamix a purchase order for the machines processed through their point of sale system on a daily basis. Should

Communication In Business Free Essays

Many f our historic brands such as Johnnie Walker and Guinness were built on the same corporate citizenship that we hold today. We agree to the fact that we cannot change the world on our own. With our participation and continuous support towards the UN Global Compact, we can learn from others and show leadership. We will write a custom essay sample on Communication In Business or any similar topic only for you Order Now Though, here at Adagio Pl, we recognize that there are still many changes and improvements that need to be made among us and also among our supply chains. This submission hopes to continue our commitment to the UN Global Compact policies by proposing recommendations based on our experiences and mistakes to the local network. Our local network region chosen will be India. The recommendations are based on two principles of the UN Global Compact. The principles are 1) Principle 2: â€Å"Businesses should make sure they are not complicit in human rights abuses. † (The Ten Principles/ Principle 2 2012). 2) Principle 8: â€Å"Businesses should undertake initiatives to promote greater environmental responsibility’ (The Ten Principles/ Principle 8 2012). The recommendations are:- Encourage suppliers to Join the Suppliers Ethical Data Exchange (Sexed). Encourage other corporations to harness employee’s power. Recommendation 1 Our experience in developing countries has shown how complicity in human right abuses can arise when negligence occurred in the supply chain. We learned from our mistakes and come up with the following recommendation to prevent such thing from happening again in India. We Join the Suppliers Ethical Data Exchange (Sexed) (Adagio 2007). Through Sexed, suppliers will post a self-assessment of their practices and products. These can be accessed by any of their customers. At present we count 300 of our own suppliers in Sexed. The assessment of each supplier is then closely checked against the Ethical Trading Initiative standards of human rights. We encourage all suppliers of Adagio Pl to Join the Sexed. We also Join a group of food and drink manufacturers who have strong belief on the fact that their supply chains should operate in the highest standards towards human rights. We are currently working with suppliers assessed as non-compliant and try to make them improve. Incase there is no improvement from our supplier; we retain the possibility of seeking alternative sources of supply. This year, we stopped our business with one of our supplier in Asia because he was not willing to report his performance. Benefits and Implications Consumers: They are given information about the product that they will be using directly from our supplier. Moreover they will know whether or not the supplier is compliant with current human right policies. Suppliers: Getting involved in Sexed will definitely capture the interest of other companies in the product they made. Shareholders: By avoiding human rights controversies, the company will be protected against legislative and financial repercussion and as a result the company’s profit will not be affected. Recommendation 2 Since we’re been creating our 201 5 targets, we have been working hard to minimize our environmental impact. Targeting the obvious things can be straightforward. But to able to address our other impacts, we needed the knowledge and ideas of the people on the ground in our daily operations. We realized that the employee’s involvement could be the missing link to achieve our environmental targets. We come up with the Greening as recommendation (Adagio Sustainability Responsibility Report 2011). Greening is the codename for the strategy implemented to encourage employees to act in an environmental friendly way. The employees from different site will form teams known as the â€Å"GREEN TEAM†. Teams will compete to win Olympic- Tyler medals for completing environmental initiatives. These ranges from bronze medal projects to gold medal achievements. Winning sites will be chosen across the whole world and each winner will be awarded EYE,OHO to invest in the new environmental friendly project either on site or locally. Also depending on the success of the program, one idea is to launch a new platinum category to reward gold medal sites that will help another facility start a green team. Our business is about celebration and we try to bring that into everything we do. And also the reason why Greening will work is we tap our people’s sense of community and also their nominative spirit. Benefits and Implications Employees: Capture the interests of 20,000 people working on all level of our business in 80 sites across 40 countries and also provide a platform for the employees to share their idea. Consumers: This will create an impact in the mind of our consumers. People are starting to care for their future generation. They want to deal with firms who are environmentally responsible. Greening will definitely create something positive for our company. Environment: The purpose of Greening is the impact it has on the environment whilst the main purpose of the whole program. The award winning project will be implemented throughout all sites in the world. We are expecting achievements like cutting amount of water used by 60% or reducing amount of carbon dioxide emission by 50% on our site. Greening will definitely be beneficial for the environment. Challenges The implementation of the proposed recommendations will be a challenging task. The problem with the first recommendation is that withdrawing from a non- compliant supplier will only displace the problem rather than solving it. Our action could affect the supplier’s employees and owners. For small community, the loss in business of the supplier could have big economic implications. Our objective is to balance those risks and help the supplier to improve instead. The challenge faced due to the second recommendation is not all employees will be willing to take part in the program. Creating awareness among the employees is also of great concern for A success story We at Adagio Pl have responsibility towards our stakeholders and the environment. We continue to show our support to the principles of the UN Global Compact. We believe that the proposed recommendation could be used as a guideline by our local network and other corporation to fulfill their social contract towards their stakeholders. By creating innovative and smart CARS approaches, our business and our society will benefit hence continuing our success story. How to cite Communication In Business, Papers

Impact on Cultural Differences in Software Industry in Singapore

Question: Discuss about the Impact on Cultural Differences in Software Industry in Singapore. Answer: Introduction In the current continuously transforming global business atmosphere, the issues associated with culture and the gaining knowledge about various cultures have become significant and has become a pre-requisite for the success of the organizations. The significance of culture and the differences in culture has become very much critical especially for the organizations functioning in the international markets and even having employees who hail from several cultures (Moran, Abramson and Moran 2014). It has been observed that since culture has the power to have an effect on the activities of the business, the organizations requires to consider the concepts related to culture in their daily operations in order to function successfully in the global environment. Culture and cultural differences are key issues for each and every organizations in each and every industry. As explained by de Carvalho, Patah and de Souza Bido (2015), these notions have become much more essential for computation due to the nature of making agreements, internationalization of the various procurement, partnering and joint venturing in the respective industries. It has been observed that with respect to the other industries there has been a rise in the strategic coalitions in the software industries even raises the importance of the cultural differences due to the communication of the employees from numerous cultures (Shah, Harrold and Sinha 2014). The benefits of managing differences in the culture in an effective manner have been explained by several researchers. It can improve the effectiveness of the firms and provide the company an extensive competitive edge. Conversely, the ineffectiveness to handle and manage the cultural differences can lead to adverse issues like the postponement of software services and fall in the productivity. Hence, gaining knowledge and taking care of the cultural differences in the software industry is become a significant topic specially in software industries in Singapore as there are various software companies functioning in the country and thus there are availability of employees who are hailing from numerous cultural backgrounds (Estleret al. 2014). Research Objectives The aims and objectives of the paper has been the most significant factors that would be influential for the development of the paper as these objectives would be helpful to the researcher for the completion of the paper in an effective manner. The aims and objectives with respect to this paper are given as follows: To determine how cultural differences are existent in the software industry of Singapore To understand the how differences in the culture has an influence in the communication system among the employees and themanagement To determine to what extent cultural differences has an influence on the outcome of the industries The actions undertaken by themanagement in order to deal with the issues related to cultural differences Problem Statement The statement of the problem has been the issues that has compelled the researcher to undertake this research in accordance to this topic. It is seen that with the advent of globalization there has been entry of new software firms in the economy of Singapore along with employees from various cultures. Culture plays a significant role in the development of any organization and it is seen that themanagement of the firm undertakes various strategies in order to establish an effective cultural environment. The degree of culture aids in the development of the software industry and as software industry is a developing sector, it is seen that there are employees from various cultural backgrounds are taken appointed and therefore understanding their impacts is of utmost importance that would be influential for improving the functional section of software industry. Thus, determining the impact of these differences requires to be identified in order to construct various strategies. Research Questions The research questions that has been framed are in respect to the problems that have been discovered by the researcher with respect to the cultural difference in Singapore. The research questions would be utilized in order to course the research and determine the impact of cultural differences in the cultural differences in the software industries in Singapore. The research questions are given as follows: Q 1. How can cultural differences have an impact on the software industries in Singapore? Q 2. How does the differences in culture have an impact on the relationship among the employees and the management? Q 3. What impact does the differences in the culture have on the operational activities of the software companies in Singapore? Q 4. What actions can be undertaken by the management in order to improve the differences in the culture within the organizations? Literature Review The literature review that is being constructed comprises of the suggestions that have been discovered from various other research papers constructed by the researchers with respect similar researches completed earlier. The review of literature tries to determine the meaning of cultural differences and the impacts that these differences have on the software industries. Rees-Caldwell and Pinnington (2013) has explained that there are various factors that had an impact on the differences in culture and identifying each of these factors would lead to development of various strategies that would be effective in the development of the organization. There are various definitions for culture and these definitions vary greatly with respect to the field of the research. Verner et al. (2014) defined culture as the simple method of what individuals does and what they perform like a society. Britto et al. (2014) has explained culture in the software industry is regarded to be the features of the industry, the values, goals and strategies of the organization where they function. Culture has numerous properties, which has been accepted widely. While investigating on the national cultures, it is seen that Niazi et al. (2013) has recognized four dimensions of culture and they include avoidance of uncertainty, power distance, collectivism and individualism and even masculinity and femininity. These four dimensions provide a framework for looking after the impact of the cultural differences on the management and even the company. This section of the paper would try to explain the main theme of the thesis that would be taken into consideration so that effective measures can be taken that would be influential for the construction of effective research with respect to the topic. It is seen that there are various aspects that are taken into consideration while understanding the impact of cultural differences in the software industry in Singapore. It is seen that it is essential to first understand the background of the software industry in Singapore and it is seen that there are Singapore has a unique software industry as the organizations are developing from time to time and therefore has strategies and policies that would enhance the industry. The culture that has been prevalent in Singapore is even analyzed and it is seen that Singapore has a diversified economy over as employees and individuals from various parts of the world migrate in this country and thereby making it a diversified culture (Rees-Caldwell a nd Pinnington 2013). It is seen that there are understanding the effects of cultural difference plays a vital role in the operational activities of the firm. The main factors that has an effect on the cultural difference requires to be determined so that effective measures can be taken that would be fundamental for improving the operational activities of the software industry and the relationship between the employees operating in the software industry. The evaluation of the software industry along with the factors that are interlinked with the software business provides extensive knowledge, which would be influential for the development of the firm. The analysis can be done by taking help of the past and the present trends and the influences the future indications that the software industry would undertake so that cultural differences would be mitigated. Evaluating the main theme with respect to the cultural differences can be an effective one and this would aid the researcher to i nitiate various activities that would be influential for the development of solutions with respect to the impact of cultural differences in the software industry in Singapore. There has been an expanding interest in the studies with respect to cultural differences in the software industry. Sderberg, Krishna and Bjrn (2013) has examined that there has been a connection among the cultural differences and the activities of the software industries with the perspective of Singapore. Singapore is a developing country and with the advent of globalization there has been entry of various software industries along with the existence of the domestic software industries as well. The rise in the level of competition has led to the companies hiring employees from various parts of the globe and thereby leading to the development of cultural differences in the industry. There are various aspects that require significant examination with respect to this topic as it has been observed that cultural differences has a significant impact on the functions of the software industries and therefore in order to rectify the differences and improve the relationship among the employees and the management and thereby improve the operational activities of the software industries as well. Research Methodology The methodology for the concerned research paper has been framed in order to aid the researcher to establishing a guideline or course that would be followed by the researcher in order to collect the data that would be best effective for the completion of the paper. The research methodology even aids the researcher to look for the kind of data that would be best useful for the collecting data that would meet the problem statement of the research and would help the researcher to identify the impacts of cultural differences in the software industries. The each and every step of the methodology that would be used by the researcher would be explained individually. Research Onion The research onion comprises of the various efficient progression with the help of which the research methodology can be constructed. Its effectiveness is dependent in its flexibility for any kind of research methodology and can be utilized in a variety of aspects(Gustafsson, Herrmann and Huber 2013). The research onion comprises of the various layers that would be used by the researcher to complete the methodology in an effective manner. The each layer of the onion will be explained as follows: Research Philosophy The research will be undertaken by taking help of the philosophy of positivism as it mainly concentrates on understanding the various impacts that are faced by the software industries due to cultural differences. The primary data that is gathered with the help of the positivism philosophy would improve the validity of the research. Furthermore, the outcome of the research would be quantifiable and observable (Fuggetta and Di Nitto 2014). Research Approach The present research would follow the deductive approach as the paper will mainly concentrate on examining the impact of cultural differences on the software industries in Singapore. The research would establish a hypothesis that is dependent on the recognized concepts and would examine the validity by comparing them with the primary data. Research Type The impact of cultural differences on the software industries operating in Singapore would be undertaken with the help of the primary research. It is seen that primary data would be influential for collecting the precise data as the responses of the employees would be influential for the development of the precise results (Bryman and Bell 2015). Research Design The primary research will be undertaken by taking help of the quantitative research design as this research involves investigating the associations, explaining the examining cause and effect relationships. The present research will examine the impact of cultural differences in the software industry in Singapore. Quantitative data would be gathered by surveying the individuals who are working in the software industry (Edison, Bin Ali and Torkar 2013). Descriptive research design would be undertaken for the completion of the paper as it has been observed that explained answers from the responses would be influential for the completing the paper effectively. Sampling Technique and Population The paper would either make use of the random or probability sampling technique in order to select the employees who are functioning in the software industry in Singapore. The researcher has decided to select employees of various ages and departments of the organizations. A sample size of 100 respondents would be sued for the completion of the paper in an effective manner. Time Table STEPS IN THE RESEARCH PLAN DEADLINE FOR THE COMPLETION Submission of the proposal 1st week Design of a research plan 1st week Gaining access to work in a particular area 1st week Literature Review 2nd week Sample frame 3rd week Design and testing of the questionnaire 3rd week Designing of the final questionnaire 4th week Interviews and posting 5th week Raw tabulation of the data 5th week Analysis of the data 6th week Report up findings 7th week Presentation of the final research product 7th week References Britto, R., Freitas, V., Mendes, E. and Usman, M., 2014, August. Effort estimation in global software development: A systematic literature review. InGlobal Software Engineering (ICGSE), 2014 IEEE 9th International Conference on(pp. 135-144). IEEE. Bryman, A. and Bell, E., 2015.Business research methods. Oxford University Press, USA. deCarvalho, M.M., Patah, L.A. and de Souza Bido, D., 2015. Project management and its effects on project success: Cross-country and cross-industry comparisons.International Journal of Project Management,33(7), pp.1509-1522. Edison, H., Bin Ali, N. and Torkar, R., 2013. Towards innovation measurement in the software industry.Journal of Systems and Software,86(5), pp.1390-1407. Estler, H.C., Nordio, M., Furia, C.A., Meyer, B. and Schneider, J., 2014. Agile vs. structured distributed software development: A case study.Empirical Software Engineering,19(5), pp.1197-1224. Fuggetta, A. and Di Nitto, E., 2014, May. Software process. InProceedings of the on Future of Software Engineering(pp. 1-12). ACM. Gustafsson, A., Herrmann, A. and Huber, F. eds., 2013.Conjoint measurement: Methods and applications. Springer Science Business Media. Moran, R.T., Abramson, N.R. and Moran, S.V., 2014.Managing cultural differences. Routledge. Niazi, M., Mahmood, S., Alshayeb, M., Riaz, M.R., Faisal, K. and Cerpa, N., 2013, October. Challenges of project management in Global Software Development: Initial results. InScience and Information Conference (SAI), 2013(pp. 202-206). IEEE. Rees-Caldwell, K. and Pinnington, A.H., 2013. National culture differences in project management: Comparing British and Arab project managers' perceptions of different planning areas.International Journal of Project Management,31(2), pp.212-227. Shah, H., Harrold, M.J. and Sinha, S., 2014. Global software testing under deadline pressure: Vendor-side experiences.Information and Software Technology,56(1), pp.6-19. Sderberg, A.M., Krishna, S. and Bjrn, P., 2013. Global software development: commitment, trust and cultural sensitivity in strategic partnerships.Journal of International Management,19(4), pp.347-361. Verner, J.M., Babar, M.A., Cerpa, N., Hall, T. and Beecham, S., 2014. Factors that motivate software engineering teams: A four country empirical study.Journal of Systems and Software,92, pp.115-127.