2018-04-25 by NAHB
Money isn’t the only way to measure the success of a particular business, but it has to be towards the top of the priority list. Making a profit is essential in most sectors, to allow employees to get paid and to generate a healthy return for investors. It’s also important to recognize what pitfalls or opportunities may be lying ahead in the future, and to carry out a thorough financial analysis of the business to prepare as best as possible.
Financial analysis is used to assess whether a business or project is profitable enough to encourage investment. Accounting and payroll administrators may sometimes assist in this research, and it can be an excellent way of gathering a deeper understanding of the business and the industry in which you’re working. The duty requires a good knowledge of financial documents, and it’s also important to relay the findings in a clear way with useful comparisons. Here are some important points to consider with regards to financial analysis.
What Documents Are Used in Financial Analysis?
Graduates of an accounting college know there are three files that are essential when carrying out this task. The first of these files is the balance sheet. This document includes the financial and physical resources that a business has available for the future. It doesn’t, however, mention if these resources are being well utilized, so it’s a good way to measure current financial performance rather than future growth.
The second document, the income statement, offers information about performance over a particular time period. It includes information on revenue, expenses, and profits/loss, and is a better indicator of future viability.
The other essential document is the cash flow statement. This is similar to the income statement, as it records performance over a period of time. It doesn’t include items such as depreciation, so it is seen as a more streamlined way of measuring a company’s ability to pay bills, creditors, and much more.
Analyzing Revenue After Receiving an Accounting and Payroll Diploma
The overall revenue coming into a company can be an easy way to spot financial performance, but it’s vital to look more deeply at the income streams. Professionals with an accounting and payroll diploma know revenue growth should not include one-off sources of income, which can distort findings.
Revenue concentration assesses whether a company is over-reliant on one or multiple clients. If those clients pull their business, it could leave the company in a dangerous position. Revenue per employee is another common ratio used. This measures revenue compared to employee numbers, and the highest possible ratio is preferred.
The Comparisons to Use During Financial Analysis
A straightforward way of judging financial performance is to compare current results to the company’s findings in previous years. Looking back at the previous three years is usually seen as enough, but older data should also be analyzed if available.
Previous financial analysis results are a key point of comparison
Benchmarking is also necessary to compare the company’s performance to direct competitors. Profit levels may be much higher at other businesses, which could highlight opportunities which haven’t yet been seized.
Are you interested in taking on a career in payroll accounting?
Find out more about how payroll training at the National Academy of Health & Business can give your career a kick-start.
2018-04-18 by NAHB
Few predicted the 2017 surge of Bitcoin, the cryptocurrency that grew over 400 per cent in a matter of months. Yet while Bitcoin has fluctuated since then, the technology behind it—namely the blockchain technology that makes Bitcoin secure—has begun to inspire many different industries. A blockchain compiles user transactions into a permanent ledger of data ‘blocks’, which are accessible across a network of designated servers. Users store new transactions as public blocks, but cannot alter the data of any past block in the chain. Capitalizing on the technology’s defining security feature, leading businesses are now integrating blockchain to improve traditional supply chains.
Are you curious to know how blockchain might be the future of supply chains? Read on to find out more.
Blockchain Could Mean Greater Transparency and Lower Costs
Proponents of blockchain cite the transparency of a shared platform, which could allow businesses to track a product on a single network from manufacture to delivery. Companies could assess the speed and quality of their services at each phase of the chain, as each new transaction is immediately made public. Since data blocks are accessible to all ‘permissioned’ transaction parties, blockchain would reduce communication errors and streamline central administration procedures. A permanent transaction record would also guarantee greater security for high-cost assets, discouraging misappropriation and fraud throughout the chain.
Increasing efficiency means cutting costs. Blockchain promises optimal supply chain management, allowing businesses to cut unneeded outsourcing and reduce expenses. Lowering the risk of lost assets would also help companies maintain good industry standing, reassuring stakeholders and attracting new business.
Blockchain could be a competitive advantage for businesses cutting supply chain costs
Blockchain Remains to Be Proven as an Industry Standard
While giants like BHP Petroleum and IBM now operate blockchain networks, the technology has not become standard practice for supply chains. Throughout the logistics industry, businesses are still determining the best uses for blockchain—an important consideration for students in supply chain courses. As IBM research shows, blockchain is only necessary when the chain involves multiple entities, including regulators, customers, and suppliers. For business operations on closed networks, a simpler database is likely more effective.
The integration of blockchain also poses important infrastructural challenges. Above all, participating entities need to update data storage capacities to accommodate the technology. Businesses keen to integrate blockchain must think not only of how the transition will affect their operations, but also those of collaborating entities. Since supply chains often run through different countries, the success of blockchain will also vary across the business regulations of national jurisdictions.
Students in Logistics Training Can Look Forward to New Industry Developments
As these questions continue to weigh on industry experts, students in logistics training can look forward to potentially exciting new developments. In addition to BHP and IBM, Oracle and SAP are working closely with their customers to refine blockchain networks. Progress with these pilot programs could shape industry perception of blockchain’s benefits over current supply chain practices.
While the technology is promising, an industry-wide transition might only occur through a ‘critical mass’ effect, once businesses must adopt it to avoid being left out. If a total shift occurs, compatible businesses might even pursue joint opportunities with a blockchain marketplace. However, time will tell just how these potential developments will unfold.
Blockchain could help businesses of all sizes connect with their customers
Are you interested in supply chain & logistics careers?
Contact the National Academy of Health and Business to know more about our programs!
2018-04-11 by NAHB
Isolation is real problem that affects 28 per cent of seniors aged 65 and older, most living alone without a spouse or family member. Seniors often become isolated because of uncontrollable external factors, such as disability, the death of a family member, or retirement. Studies have shown that social isolation among seniors can increase the risk of death, poor physical and mental health, and impaired mobility. Isolated seniors are also at a higher risk of being the victims of elder abuse as well as long-term illnesses such as depression, dementia, chronic lung disease, and arthritis.
Thankfully, there is a way for compassionate individuals to contribute to ending isolation among seniors, and enhancing the quality of their care. Students pursuing a career as a Personal Support Worker (PSW) can reduce feelings of isolation, helping their clients feel included as valued members of their communities.
Here are some of the ways a career as a PSW can help you prevent isolation among seniors.
PSW Training Can Teach You How to Address the Individual Needs of Each Client
Being able to assess and adapt your care to the needs of each individual client will be an important part of your PSW career. For example, clients who experience anxiety or depression may require more mental stimulation or encouragement to join in a group activity. Some may even benefit from having a pet, or from regular visits by therapy animals.
Being able to properly attend to each client’s unique requirements can make all the difference. It’s why top schools like the National Academy of Health and Business (NAHB) include courses dedicated to the individuality of the patient. Throughout your career, your ability to help each client in the way that best addresses their unique challenges and concerns can help them break free from feelings of isolation.
Knowing each client’s specific needs can help PSWs enhance care
PSW Training Also Prepares You to Meet the Specific Safety Needs of Clients
Another important issue for many seniors suffering from isolation is safety. Isolated seniors may have more difficulty maintaining an adequate diet or getting enough physical activity. For some, vision loss can also make them more prone to tripping and other accidents. This can present a dangerous problem. Seniors may experience a fall or other safety problem, which can have serious consequences on their health. In addition, an accident can further isolate a senior, as it can reduce their mobility and make it more difficult for them to leave the house or engage in activities.
Fortunately, professionals with PSW training have a clear, complete, and grounded understanding of safety standards, such as general techniques for assisting a senior with their mobility, medication assistance, and CPR/ first aide. Each of these skills can help you ensure that your clients stay safe, even when they may have a smaller support network of friends and family to rely on.
PSWs Can Help Seniors Just by Being There
For many seniors, a visit from their PSW can be the highlight of their day. A friendly, compassionate, and engaged PSW can create a social environment that keeps seniors feeling connected to those around them. Asking a client about their day, remembering their hobbies and interests, and enjoying friendly conversations together can all help to build connection and reduce isolation.
A friendly and compassionate PSW can have a positive impact
For this reason, communication is an essential skill students learn to develop during their training. For example, at NAHB students learn to develop their interpersonal skills, and even get to practice these skills in a real work setting through practical placements. As a result, students graduate knowing how to best connect with their clients. For many, it can be one of the most rewarding aspects of this career path.
Are you ready to contribute to enhancing the quality of care for seniors?
Earn your certification by enrolling in personal support worker courses at the National Academy of Health and Business!
2018-04-04 by NAHB
If you’re keen to become a dental assistant, then you’ve probably heard of preventative dentistry. In dental care, preventative practices refer to those that help maintain oral health as well as catch potential problems in their early stages. In other words, preventative dentistry is a proactive approach to caring for one’s teeth, gums, and general oral hygiene.
Practicing preventative care is important because it helps people avoid the discomfort and costs that could come with serious problems down the line. It also helps people enjoy healthy smiles throughout their lives.
Since there is a lot that can be done to practice proactive oral care, preventative dentistry encompasses a number of things. These include the implementation of a proper dental hygiene routine at home, regular examinations including cleaning and diagnostic screenings, and more. To learn about some of these preventative approaches and the important role they play, keep reading!
The First Steps to Preventative Care Begin With Oral Hygiene at Home
Graduates of dental assistant programs know that carrying out regular and proper oral hygiene at home makes up the foundations of preventative dental care. Every day, harmful plaque can build up on teeth, which is why removing it is necessary to prevent it from irritating gums and causing tooth decay. Moreover, if plaque is left on teeth for too long, it can harden into tartar, a harmful substance that can only be removed by a dentist.
Practicing good oral hygiene to prevent unwanted dental problems means brushing at least twice a day using proper technique. It also means flossing to reach any plaque and food remnants in the tight spaces between one’s teeth. Finally, rinsing with mouthwash helps remove the bacteria that causes plaque to form in the first place.
Regular Dental Checkups Play an Important Role in Preventative Dentistry
Sometimes individuals may neglect care at home. They may not utilize proper techniques, and some tooth decay or gum irritation may manage to sneak in. Professionals with dental diploma training know this is where regular dental checkups and cleaning can have a big impact.
Regular dental checkups are an important component of preventative dentistry
While frequent visits to the dentist are no substitute for home care, they can help address bad habits or catch problems in their early stages. Dental visits are very important because they allow dentists to examine the mouth for any signs of problems as well as remove any tartar and stains. If dentists do detect any problems in their nascent stages during such a visit, early treatment is always easier and less expensive, and it also saves clients a lot of discomfort.
Typically, it’s recommended that individuals visit the dentist for a checkup and a cleaning once every six months. However, individuals who may be at risk of developing certain problems may need to schedule visits more frequently.
Graduates of Dental Assistant School Know Patient Education Is Essential
Care at home and regular checkups form the bedrock of preventative dentistry, but professional dental assistants are aware that there are a number of other ways that the teeth and gums can be proactively protected.
For example, another important component of preventative dentistry is oral hygiene education. This can be a lifelong process for individuals. If an individual get braces, for example, then their routine may also need to be modified. Even seniors may need to re-learn how to carry out their oral hygiene routine if they get dentures or if another change affects their oral care.
Overall, prevention is a better approach than addressing a problem once it has already taken root, so practicing preventative approaches is an important aspect of maintaining a healthy lifestyle.
Are you interested in attending dental assistant school?
Contact the National Academy of Health and Business to learn about our programs!