The common problem of a working couple who are both gainfully employed, with strong marriage and wonderful children is that they barely manage their family life wherein all are scheduled so tightly. Read the rest of this entry »
Irregularities or frauds do not only occur in the trust operations of a financial intermediary, there are also frauds involving the fixed assets and some of these frauds are:
Fictitious entries to the book of furniture, fixtures and other property owned or acquired. The concealment of embezzlements through fictitious entries to the book of furniture, fixtures and other property owned or acquired, although not frequent, is achieved by increasing the value of the fixed assets, by issuing a cashier’s check or manager’s check for the amount and will be cashed later on. This strategy, however, are seldom used because it is easy to detect. Examination and verification of any increases in these assets will act as a deterrent to the manipulation of these accounts.
Embezzlement of income from rental. Embezzlement of rental income is the method frequently resorted to in real estate operations to defraud financial intermediaries. In the absence of control, it is necessary to determine, on a definite date, the total rental income to be accounted for, covering all properties at the beginning of the specific period together with the determination of all rentals in default, segregated as to delinquent and uncollectible.
Personal inspection at periodic intervals should be made to check if properties owned by financial intermediaries are occupied and/or rented. Inspection of lease agreements and checking when against the tenant’s record will help in the control of income and improper adjustments or rentals. Verification statements should be sent out to delinquent renters. Rentals written-off as uncollectible should be thoroughly investigated.
Padding of expenditures for repairs, alterations and improvements. There are instances where payments were made for unnecessary or non-existent expenses and charged to operating costs of real estate. Repairs, alterations, and improvements over a certain amount should be inspected by someone in the organization who is familiar with this type of work and who could check the cost to prevent the padding of expenditures.
Other irregularities are overpricing in the acquisition of fixed assets, unauthorized charge-off of fixed assets, misappropriation of the proceeds from sale of fixed assets and unauthorized use of fixed assets for the personal benefit of an officer or employee.
A successful local bank adapted a suggestion system which they concluded to be effective. The employees were encouraged to submit their ideas like on how to develop or improve its banking services or on how to save cost expenditures and other recommendations related to banking.
The suggestions came from different departments but more came from employees directly in contact with bank customers. Aside from the monthly suggestion system winner, there is also the annual winner who was chosen to be the best among the best winners. All winners are given rewards and recognitions and are featured on the bank’s bulletin or circular
Keeping employees’ involvement at the suggestion level should be part of management policy. Input and final implementation are the employees’ jobs; decision-making and analysis of any new proposals rests with the executive committee,
To get the suggestion system more effective, the following must be applied:
It is important to note that participation caries its own rewards for employees. Being asked to make suggestions, getting a little attention and receiving even a simple “thank you” from management are all motivators that usually result in improved productivity.
A marketing manager was hired by a commercial bank located at the heart of a financial hub. The manager was given the task to create new systems and procedures and submit for management approval and implementation. The initial action done was to observe the front line operations in the branches as well as in the head office.
In due time, the manager submitted the evaluation report and recommendation for the following:
The manager did not expect that top executives will agree with all the recommendations. There were those who commented that it might not work. While the others, reacted about the expected expenditures for the projects.
The following were highlighted by the manager for the approval of the above projects.
Finally, all projects were approved by top management and successfully implemented.
The benefits being in the forefront of a movement for change carries with it a deep sense of satisfaction from knowing that someone has contributed something for a better organization.
If there are many who are dreaming in having his or her own business for so many good reasons, yet there are also a lot who wants to stay as an employee. They also have some good reasons in which are reasonable too.
What are the common advantages of being an employee? Well there are also many good sides in staying as a worker rather than being a freelancer. Some of them are the following:
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