Independent Business Consultants

INTRODUCTION:

Independent Business Consultants is a company that offers a wide range of consulting and advisory services in both public and private sectors. The staffing level of the company consists of 36 staffs and its annual expenditure is of $ 2,190,000.

The company are mostly specialised in specific field in which services are offered:

• Finance

• Operations

• Human Resources

• Strategy Development

IBC staffs act as coaches or assistants within a client’s business to help it to run efficient and effectively.

TASK 1 Research Work:

1.1 Independent Business Consultancy:

With an economy that is quickly becoming more knowledge-based, we can see the use of more and more management consulting firms by companies. A management consultancy

A controlling methods for authorisation, recording, including automatic internal check. iii. Managerial supervision and reviews, including internal audit. In short the main aspect of an internal control is to provide an organisational planning where IBC can subdivided tasks, appoint responsible and qualified employee, and to set up a clear line of authority. In order to have a tighter control on financial, IBC must ensure that all records are kept under proper control and cannot be misapplied, whether on purpose or by mistake. Ensure that all expenditures incurred are properly authorised and accounted for. Another way that IBC can use to have tighter control on financial, is to use a mechanised accounting system. It is great time saving for business. With a reliable system, it can eliminate the risk of errors by entering the double entry twice and are posted to the accounts immediately. It is fast, economical, and more accurate than a manual system. Managers will be able to understand and interpret it more easily. It will also provide the managers up to date information.[2]

5.1 Income & Expenditure:

An income & expenditure account is similar to an income statement. It records the flow of cash in the business and at the end of the financial year, it will indicate whether there is a surplus of income over expenditure (or

An email can be written only once and can be send to many people, thus IBC can accomplish its work in short time. IBC can also use email not only to interact, coordinate, or to send information amongst the staff. However email is beyond this, it can be used to interact with other people around the world. As IBC has a number of overseas client, email is the best tool that can be used to stay in touch with its client and allow fast response from them. Email reduces the geographical barrier in the world, it can be send anywhere and anytime in the world. Moreover, any email sent is archived and it can be view when using computers, where IBC can used as