Glossary - Business
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Accounting is the measurement, reporting and communication of an organisation's finances and financial position. Accountants provide financial reports for people in a company or organisation such as senior managers and decision makers. They also make sure the company or organisation meets its external requirements such as regulatory and legislative requirements.
Advertising is a way that companies communicate with their audiences, trying to persuade people to do (or not do) a particular action. Advertising people may work with sales supervisors and marketing directors who carry out advertising strategies and promotional campaigns. Advertising executives develop sales leads to attract potential clients and work with both the client and the company to ensure a satisfactory result. They also handle advertising accounts and keep track of sales records.
Auditing is the review of the accounts of companies and organisations to ensure their financial records are valid and legal. Auditors act in an advisory role to recommend possible risk aversion measures and cost savings that could be made. Auditors work in accounting departments and with independent chartered and certified firms, examining the money going in and out of organisations and making sure it is recorded and processed correctly.
Brand management is a part of marketing communication that includes analysis and planning of how that brand is positioned in the market, who the brand is targeted at, and maintaining the reputation of the brand. Developing a good relationship with the target market is essential for brand management. Brand management includes the product itself; look, price, the packaging, etc. It also includes the experience that the consumer takes away from the brand, and the relationship that they have with that brand. A brand manager would oversee all of these things.
Budget analysis is a process which helps businesses to manage their budgeting. It uses all of the tools, functions and applications necessary to define, edit, process, and report on budget information.
Business managers provide leadership, supervision and advice to senior staff about ways to achieve business goals. They manage resources, and develop and implement policies and procedures.
Communications roles may have an internal or external focus. For example, internal (or corporate) communications may be about communicating or explaining changes or initiatives, promotion opportunities or new organisational objectives to all staff; or may outline new product developments to sales staff. External communication involves dealing with potential or existing customers or stakeholders, through a range of media channels, to further the organisation’s goals.
Economists may work in the government or the private sector e.g. banks, finance or marketing. They research and analyse, develop and apply theories about production and distribution of goods and services and people's spending and financial behaviour. They may also provide advice to governments and others to help develop economic policy.
This area involves using up to date technology and tools, to identify and use available media channels to best promote an organisation’s products or services. e-Marketers may research, implement and review technology-driven marketing opportunities for small or large businesses.
Event management is the process of planning an event, whether it is a festival, ceremony, competition, party, concert, or convention. Event management can include budgeting, establishing dates and alternate dates, selecting and reserving the event site, acquiring permits (music permits, insurance, licenses, etc.), coordinating transportation and parking, developing a theme or motif for the event, arranging for performers/ speakers and backups, coordinating location support (such as electricity and other utilities) and arranging decor, event support and security, catering, emergency plans, aid stations, and clean-up.
Use and understand financial information to be used for decision making and future strategic decisions.
Financial analysts review financial data and reports produced by Accountants or others. They predict current and future financial performance in companies, government or not-for-profit organisations. Their financial forecasts may be used by company or government decision makers to inform their financial or policy decisions. Financial analysts also research the economic climate and other issues to see the effect these factors will have on predictions they make.
Financial reporting involves the preparation of documents that reflect a company's financial standing. This information is issued to internal and external sources and is used to create budgets, conduct audits and issue shares. Financial Accountants prepare reports such as financial statements, balance sheets and shareholder reports.
In these areas there are many different roles. Foreign exchange is about the currency used to settle transactions between countries. The Stock Market is an organised marketplace where stocks or bonds are traded. For example, a Currency Analyst may work with companies who import/export manufactured or agricultural products or raw materials. Like a Financial Analyst, they work with financial data, but also with currency-related information. They analyse exchange rate trends and use systems of forecasting exchange rate movements. They may also review the financial news media and currency reports and prepare information for clients and foreign exchange traders.
Forensic accounting is a specialised area of accounting used for actual or anticipated legal or business disputes. "Forensic" here means "suitable for use in a court of law" - for this reason forensic accountants generally have to work to a high standard. Forensic accountants are also referred to as forensic auditors or investigative auditors - they often have to give expert evidence in court cases.
Human resource management (HRM, or simply HR) is a function in organisations designed to maximise employee performance in service of their employer’s strategic objectives. HR is concerned with how people are managed within organisations, focusing on policies and systems.
Import/export administrators cover a wide range of roles and responsibilities where an area of business is conducted beyond one country. Some of the duties include: managing the movement of products/equipment/materials in and out of a country; managing the necessary documentation; as well as communicating with export and import related authorities.
Roles in insurance can include jobs such as Insurance Investigator and Loss Adjuster. They may investigate insurance claims, inspect and assess property damage and loss, estimate insurance costs, and inspect insured properties.
International finance is the branch of financial economics that looks at monetary relationships between two or more countries. International finance examines global financial systems, international monetary systems, and a range of international transactions such as foreign investment.
This involves use of marketing principles (see Glossary > Marketing) in the more complex area of global marketing, to deliver results across different markets with different characteristics.
Roles in this area contribute to the operation of a business or processes on a global scale. They may involve skills in areas such as contract negotiation, sales, recruitment, logistics and even tourism.
Investment involves buying assets (e.g. rental properties, shares) which can produce future profits. Roles in this area include Financial Investment Advisers and Financial Investment Managers - they develop financial plans for people or organisations, and may invest and manage funds on their clients' behalf.
Management Consultants work with big and small organisations, usually working on a consultancy fee basis. They apply their management expertise to provide recommendations, support and/ or advice on improving management structures and/ or the organisation’s performance.
This role's primary task is to manage the marketing resources of a product or business. A Marketing Manager can be in charge of a single product or brand, or may be a generalist responsible for a broad array of products and services. A large business may employ several Marketing Managers, while small businesses are less likely to employ one full-time but may use the services of a marketing firm or consultant.
Market Researchers/ Analysts gather and analyse information that will inform key management decisions and future strategy. Crucial to a business’s success, market research can identify current market trends and consumer behaviour. This helps to develop products, services or campaigns which maximise business profits and/ or social outcomes.
A merger joins two companies under one company’s name and identity. Acquisitions are like mergers, but are where a company buys and controls the other, retaining its separate name and brand identity. Mergers & Acquisitions Analysts will identify and research, evaluate, and create recommendations on mergers and acquisitions.
This area involves the monitoring and processing of wages and payments information, and complying with legal requirements (e.g. payroll tax, WorkCover and superannuation) as part of Human Resource Management. A related Bachelor Degree can open up opportunities to higher paid roles such as Accountant, Finance Manager or Human Resource Professional.
A PR professional works as a key contact between an organisation and the public. They manage the organisation’s “image” or “public face”, to persuade the public of the organisation’s strategies or key messages. Writing news articles, press releases and product information kits are all part of the PR role.
A sales professional establishes new relationships and develops current relationships with customers. Sales staff build business relationships and represent the "public face" of the business. At a more senior level, Sales Managers plan, organise, direct, control and coordinate advertising, public relations, sales and marketing activities for the organisation.
People who run their own business, or manage a small business for someone else, use good decision making skills. They need the ability to think laterally and establish cost effective policies and processes to keep the business on track. They usually need to work across the range of business thinking such as resource management, finances and marketing.
Economic advisers research and advise in specialist areas of economics, and may contribute to public policy through their specialised work in areas such as macroeconomics.
Sports management involves the management of an organisation that conducts sporting competitions, major events, or community programs which encourage participation and involvement in sport.
This area involves preparing taxation returns for individuals and/ or organisations. Taxation planning involves planning and advice to an organisation or individual on their business structure, plans and operations and the best use of all available allowances, deductions, exclusions, exemptions, etc. to minimise their tax liability on income and/ or capital gains.