Question

1. What is the importance of communications in governmental accounting? External and internal communications? Comment and give examples.

2. Why is budgeting such a concern in governmental accounting? Comment and give an example.

3.What is the difference in accounting for non-profits and for-profits (private) businesses?

Note- please it's urgent and accurate answer please!

Answer 1

1. Effective communication is important for any business that deals with employees and outsiders, such as vendors and clients. Because accounting is an intrinsic part of any business, good communication skills are as vital in this area as they are in any other. Important financial tasks such as budget preparation and reporting, bill paying, payroll and recording income need to be presented properly to management and others to be useful and meaningful.

The most important use of accounting data is to communicate meaningful information, allowing management to make good decisions. To be effective, accounting information must make sense and be understood.; or else, it is just a list of numbers with no real significance. Many businesses use templates for internal reports to communicate information in a matter that is familiar and easy to use by management. For example, departments may get "actual versus budget" reports every month, using the same format, facilitating understanding and analysis.

EXTERNAL COMMUNICATION While in internal communication information flow goes upwards, downwards, horizontally and diagonally within the organizational structure, in external communication the information exchange goes both within the organization and outside of it. Organizations communicate with the outside world on a daily basis. External communication can be formal and informal. FORMAL EXTERNAL COMMUNICATION Special attention is paid to formal communication in organizations. Regardless of how it is established – via a letter, e-mail, web, telephone or some other way – the efficient external communication is the first step in creating the appropriate image. Carefully created letters, reports, presentations or web pages, send the outside world an important message about the work and quality of the organization. TELEPHONE COMMUNICATION A telephone conversation can frequently be the first and the only time to make an impression on the person you are talking to, not only about the individual but also about ERA - LGBTI Equal Rights Association, so it is important to know the rules of telephone etiquette. - The telephone should be answered to no later than the third ring; - After the connection has been established, you should identify yourself as well as the organization, that is your position in the organization; - The call is transferred to a coworker only after he/she is informed who calls him/her; - If the person who is called is not in the office or cannot answer at the time, you are required to write down the caller’s first and last name, the institution/organization and the telephone number; 8 - During the conversation, you should try to make your voice sound as pleasant as possible; - During a business telephone call always be professional, interested, polite and concise; - During work time, calls to friends and family should be avoided, as well as any other private calls; - During a telephone conversation, special attention should be paid not to disturb the office coworkers. USE OF MOBILE PHONES - It is required to turn off the mobile phone during business meetings. It is unacceptable to make a phone call during a meeting; - It is inappropriate to use business mobile phone numbers for private conversations.

INTERNAL COMMUNICATION Internal communication is information exchange within the organization. Messages can be exchanged via personal contact, telephone, e-mail, intranet (the website accessible only by employees) etc. Internal communication as a way of information exchange within the organization can be vertical, horizontal and diagonal. Internal communication helps employees in performing their work, developing a clear sense of organization mission and identifying and promptly dealing with potential problems. In ERA - LGBTI Equal Rights Association internal communication is organized in the following manner: - vertical (communication between employees on different hierarchical positions) -downward – executive directors, management, officers, assistants - upward – assistants, officers, management, executive directors - horizontal (communication between individuals on the same hierarchical positions) - diagonal situations (when vertical (upward and downward) channels have to be filled) In ERA - LGBTI Equal Rights Association internal communication is established via various channels: e-mail, staff meetings, and online tools for information exchange (Google Calendar, and Google Drive). INTERNAL ELECTRONIC COMMUNICATION (E-MAIL CORRESPONDENCE) As one of the channels of internal communication in ERA - LGBTI Equal Rights Association the e-mail is used. - Employees in ERA - LGBTI Equal Rights Association have business e-mail addresses - Signatures in ERA - LGBTI Equal Rights Association e-mails are uniform andthey contain the following information (first name, last name, position, business mobile phone number, e-mail, the name of organization, address, telephone number and office e-mail, contact phone, link to the organization social network page). 6 STAFF MEETING In order to exchange information, plan and coordinate program activities, once a week or more often if it is necessary, staff meetings are held. - The person who schedules a meeting via e-mail informs all employees that are supposed to attend the meeting; - In a meeting invitation e-mail the purpose of the meeting should be stated; - Scheduled time and topic of the meeting are entered into organization Google Calendar; - For each meeting a person who will keep minutes is appointed; - After the meeting, minutes are forwarded to every employee via e-mail; - The person who sends minutes, files it into Google Drive folder “Minutes” and in the appropriate subfolder depending on the meeting topic (subfolders “Management”, “Finance and Administration”, “Programs”; inside the subfolder “Programs” there are folders for each individual folder….) - Minutes document is named as a file in the following way: 1. Minutes_date (day,month,year)_initials of the person who created minutes file 2. Example: Minutes_3.2.2014_JDJ Minutes template is stored on: - ERA - LGBTI Equal Rights Association server, folder “Media”, subfolder “Templates”, subfolder “Minutes” - Google Drive, folder “Minutes” ONLINE TOOLS FOR INTERNAL COMMUNICATION For the purpose of better information exchange and activities coordination, employees of ERA - LGBTI Equal Rights Association use online tools: Google Calendar and Google Drive (Documents). GOOGLE CALENDAR - All dates and deadlines regarding project activities are entered into Google Calendar; - Google Calendar contains sub-calendars associated with individual programs (…..), non- project activities and the staff calendar; - Employees enter the information about the absence from work in the staff calendar (personal time off, annual leave, sick leave, seminars, conferences…); - Employees enter the information about meetings, attending conferences and other activities in Google Calendar. 7 GOOGLE DRIVE (DOCUMENTS) In order for employees of ERA - LGBTI Equal Rights Association to access documents necessary for successful performance, the access to the necessary documents is enabled via Google Drive. All employees can create their own folder and documents in Google Drive an share them with co-workers.

2.Government budgeting is the critical exercise of allocating revenues and borrowed funds to attain the economic and socia l goals of the country. It also entails the management of government expenditures in such a way that will create the most economic impact from the production and delivery of goods and services while supporting a healthy fiscal position.

Once your business is operational, it's essential to plan and tightly manage its financial performance. Creating a budgeting process is the most effective way to keep your business - and its finances - on track.

This guide outlines the advantages of business planning and budgeting and explains how to go about it. It suggests action points to help you manage your business' financial position more effectively and ensure your plans are practical.

• Planning for business success
• The benefits
• What to include in your annual plan
• A typical business planning cycle
• Budgets and business planning
• Benefits of a business budget
• Creating a budget
• Key steps in drawing up a budget
• What your budget should cover
• What your budget will need to include
• Use your budget to measure performance
• Review your budget regularly

The benefits

The key benefit of business planning is that it allows you to create a focus for the direction of your business and provides targets that will help your business grow. It will also give you the opportunity to stand back and review your performance and the factors affecting your business. Business planning can give you:

• a greater ability to make continuous improvements and anticipate problems
• sound financial information on which to base decisions
• improved clarity and focus
• a greater confidence in your decision-making