The American Dream By James Truslow - 1643 Words

The American dream is a term often used as motivation for people who are seeking a better life outside of their torrid country. According to James Truslow, who coined the term American Dream, the definition is, â€Å"a dream of a social order in which each man and woman shall be able to attain to their fullest stature of which they are innately capable.† (68) The American Dream is sought out by many, but they are often denied the privilege of prevailing in a predominantly successful society run by the top 1% who care more about a person’s last name and economic status. For many, the American Dream is trading in the impoverished life they once lived in a second or third world country for financially stable and secure life to provide their family with a steady foundation for when they reach adulthood. Throughout history, influential figures have preached about the importance of the American Dream for the people of America, but in reality the American Dream is merely ficti on. For hundreds of years, minorities who arrive in America looking for a better life are waking up to the truth—the American Dream does not exist. While there are plenty of people who find success within America, more times than not they are already privileged white elites. The American Dream is just a dream for most because America in recent years has imposed a lot of obstacles: hardships relating to an inflated economy, no jobs, and a uniform system with no change is damaging the possibility of the AmericanShow MoreRelatedThe American Dream By James Truslow Adams1243 Words   |  5 Pagesspike in questionable practices further withheld the American Dream from those wishing to achieve it the way it was intended, through hard work and perseverance. In 1931, James Truslow Adams defined the American Dream, â€Å"life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement†, regardless of one s class or circums tances of birth. More and more people were being denied the American Dream every, yet they still strived to make something ofRead MoreThe American Dream By James Truslow Adams1130 Words   |  5 Pagesof the American Dream. The American Dream has changed dramatically over the few centuries. During the Founding Fathers’ time, many believed the American Dream meant freedom, equality, and mutual respect. Time has changed this ideology of the American Dream, which is now seen as owning a million dollar mansion with multiple luxury cars. This isn’t the case for many immigrants who come to the Americas to have a better life for themselves and their family. To many of them, the American Dream is as simpleRead MoreThe American Dream By James Truslow Adams Essay1886 Words   |  8 PagesJames Truslow Adams in 1931 coined the term â€Å"The American Dream† in his book The Epic of America (Michels, n.d., para. 1). He wrote of an America that offered freedom of religion, and speech, as well as political and social opportunities that few other countries offered. However, according to Eva Michels, â€Å"The American Dream† means something different for each individual, it refers to the way of life that Americans strive for and have equal rights to achieve regardless of social class or nationalityRead MoreJames Truslow Adams : The American Dream1800 Words   |  8 PagesThe American Dream The American Dream was something everyone wanted to achieve in the 1930’s; however, many people did not get there because they either gave up, or did not find what they were looking for. Many people were just looking to get away and find their own happiness so they made their own American Dream. As historian James Adams said ... a dream of motor cars and high wages merely, but a dream of social order in which each man and each woman shall be able to attain to the fullest statureRead MoreThe American Dream By James Truslow Adams1707 Words   |  7 PagesThe American Dream, coined by James Truslow Adams in 1931, had been a popular term that had; given motivation to the dissatisfied, reduced the influence of race and one’s social position on achieving their goals, advertised America as a land that offered an abundant amount of possibilities that no other country could match, and unified the country under the same desire of wealth and prosperity, even in times of great des pair. Adams had constructed the idea, â€Å"...that American dream of a better, richerRead MoreThe American Dream By James Truslow Adams803 Words   |  4 PagesThe term â€Å" The American Dream† can be coined to historian James Truslow Adams in the early 1930’s. Adams believed that the true commitment for the American society was based of material success that was obtained by individual competition of the citizens. Furthermore, stating that the American citizens had been conditioned to desire success, with an honest belief that it was possible for one to achieve it. This was possible because the very principles that American society represented, helped eachRead MoreThe American Dream By James Truslow Adams1500 Words   |  6 PagesThe American Dream is the sole reason that millions of people decided to come to this country, whether it be generations ago, or last week. But even so, this shared dream faces problems. To solve the problem, the American Dream has to be defined. James Truslow Adams, author of the 1931 book The Epic of America, was the first person to mention and therefore define the American Dream. He established it as: â€Å"[T]hat dream of a land in which life should be better and richer and fuller for everyone, withRead MoreThe American Dream By James Truslow Adams1406 Words   |  6 PagesThis so called, â€Å"American dream.† Is it still around, waiting to be achieved by those who work hard enough? Is it effectively dead, killed off by the Great Recession and the economic struggling that many Americans have come to face in this day and age? There are alarming instances and facts, including trillions of dollars lost in the stock market (Paradise, 2009). These losses combined with the unquestionably high unemployment in the past few years, have contributed to seemingly dismal prospectsRead MoreJames Truslow Adams And The American Dream1392 Words   |  6 Pages While the idea of the American Dream became more popular during the 17th to 20th centuries, the achievability remained elusive due to a static and hierarchical social order that prevailed throughout this time. Thus, the tireless claims of the New Left for a reformed society are supported by the unchanging accessibility of the American Dream. In his book The Epic of America (1931), James Truslow Adams defined the American Dream as â€Å"that dream of a land in which life should be better and richer andRead MoreThe American Dream By James Truslow Adams1577 Words   |  7 PagesThe American Dream Lives On Since 1776, the â€Å"American Dream† has continued to evolve. Originally, our forefathers intended the American Dream to be a country where individuals were free from the tyranny of royalty and nobility, working as a part of a whole, making everyone comfortable and happy - all men created equal with equal opportunity. Over the years, this original intent has continued to change. In 1931, James Truslow Adams stated that the American Dream means that, â€Å"life should be better

Outsourcing of Accounting Functions

Question: Describe about the Outsourcing of Accounting Functions. Answer: Introduction All across the world, the inclination toward finance and accounting outsourcing (FAO) by organizations of all size and nature is rising. Companies are no longer focused on bringing services in house, rather they are now focused on optimization of supplier relationships and augmenting operational elasticity. In a perfect marketplace, all the transitions taking place in the outsourcing landscape would lead to substantial value creation for the users and enhanced profitability for both the service providers and the companies. However, not all the transitions will lead to the expected positive changes (Mclvor, 2005). The present paper attempts at understanding the nuances of outsourcing and analyzing its viability for the accounting firm. Outsourcing: An Overview In the simplest terms, outsourcing is when any process or operation that can be or would normally be conducted in-house by a companys workforce is sub-contracted to some other company for a considerable time. Such outsourced functions may either be performed off-site or on-site. In a literal connotation, outsourcing means use of external resources. It takes place when the implementation of processes, tasks and functions hitherto performed in-house is contracted to an external entity specializing in a particular domain based on long run collaboration (Vitasek, Ledyard and Manrodt, 2016). As per Quelin and Duhamels definition, outsourcing is the function of transferring a transaction which was earlier controlled internally to an outside vendor via a long-term contract (Adrian and Alexandru, 2012). As per this definition, strategic outsourcing has five characteristic elements: A close tie between the key success factor and outsourcing process of a company in a sector. The shifting of ownership of a company process earlier internalized, usually entailing a transfer of physical and human assets to the vendor. A global contract, intense and longer than a typical sub-contracting agreement. Service levels and obligations of both the parties defined in contractual terms. A long term binder between the two parties (Adrian and Alexandru, 2012). The FAO Industry The FAO marketplace is arriving at maturity with its growth narrowing down to -6%, as against the double digit increase some years back. Renewals now control a major share of the market activity which is yet another signal indicating maturity. The rate of contract termination fell in 2014, post a spike in 2013. SMEs and mid market companies are emerging as new customer segments. The contract scope is rising in respect of both geographies and processes being served Bhatnagar, Ranjan and Sinha, 2015Global sourcing is also on a hike due to rising pricing pressure from the purchasers. With a greater focus on outcome and output, hybrid pricing frameworks are playing a more significant part than they did earlier. The service vendors are also investing in process expertise and technology solutions to satisfy the evolving client expectations (Bhatnagar, Ranjan and Sinha, 2015). The main changes in the contractual features in the FAO industry are depicted through the following diagram: Figure 1: Main changes in contractual features (Source: Bhatnagar, Ranjan and Sinha, 2015) Benefits of Outsourcing Focus on core areas - It enables the company to concentrate on its value adding, core activities, without the disruption of having to perform support services. These support services may consume both managements financial resources as well as time, which could rather be spent on areas where the organization can use its competencies and resources to achieve competitive edge (Krell, 2007). Cost Savings - Normally the companies to which functions are outsourced specialize in such functions and hence, are going to reap economies of scale from the employment of expertise. There is a likelihood of additional savings in cost if the process is off-shored to a foreign firm functioning in a less costly labor area (Vagadia, 2011). Cost Reductions - As accounting processes are highly complex yet very important parts of a company, keeping a whole accounts department for the same entails budget draining hiring and training efforts. To prevent this, companies outsource either whole or part of their accounting activities to save up substantial operating costs. Quality Improvement - There could be instant improvement in quality if the finance and accounting functions are outsourced to a company having cutting edge expertise and where quality is cautiously outlined in a service level agreement (Valdez and Molyneux, 2015). Efficiency driven outcomes - FAO actually stimulates efficacy and enhanced business performance to any company. Owing to the highly competitive outsourcing market globally, outsourcing firms encounter the pressing need to espouse most recent technologies and customer satisfaction oriented strategies. In view of these situations, the client firms can look forward to efficiency driven outcomes for their projects, as the service providers cannot risk losing customers by providing low level services (Krell, 2007). Access to huge talent pool - If the accounting activities are externalized to a supplier, the client company invariably gains access to a huge talent reservoir, useful and effective for their business to scale up. Small, medium sized and start up firms normally devise a cost efficient business strategy covering outsourcing of internal FA activities in order to get these processes streamlined (Murphy, 2011). There are several accounting firms in both Australia and UK that have outsourced their payroll functions, tax compliance, treasury and cash management, general ledger management reports, accounts receivables, tax planning, budgeting and forecasting and internal audit activities to save costs and focus on their core areas (Murphy, 2011). Potential shortcomings of Outsourcing Security Risk A companys accounting is, by its very nature, a highly critical and sensitive matter. When the company sends all its financial information, statements and records to an external vendor, it stands the risk of losing insider knowledge on one of the most important components of the company (Murphy, 2011). Difficult to reverse Once the company outsources its accounting functions and the internal know-how is moved out, it becomes really challenging to bring that function back in-house. This is especially pertinent during the time of contract renewal: the price hike may be greater than anticipated, but it can be hard to leave the vendor (Bruin, 2015). Less Control When the employees are managed in-house, the management has more power on how things function, from daily processes to training. While a vendor is likely to train its workforce as per the clients preferences, there is always likelihood that some important aspects may not be covered (Murphy, 2011). What must be outsourced? The decision to whether or not the company should outsource its accounting functions can be made easy by understanding what must be outsourced. Harmons Process Strategy Matrix presents helpful guidance regarding which functions can be outsourced safely, and which must be performed in-house (Koszewska, 2004). It makes use of two axes: Strategic significance of the process, and Dynamism/complexity of the function Figure 2: Process Strategy Matrix (Source: Koszewska, 2004) If the process is in the right hand pair of boxes, where its strategic importance is high, then in such cases outsourcing is not advisable. If the business function is strategically significant, it is probably a source of competitive edge. If this is outsourced then the organization would be letting out its most valuable secret (Koszewska, 2004). Summary To summarize, it can be stated that the use of FAO in spreading all across the world. Such outsourcing arrangements provide accounting firms the opportunities to considerably mitigate costs, access updated technology and improved skills and reap many other advantages. The buyer-supplier relationships and contractual agreements in the FAO market are also taking new forms, giving the client companies more leverage. Recommendations From the analysis of the function of outsourcing provided above, and in light of the weighted pros and cons, the accounting firm is advised to outsource its accounting and finance functions. However, there are some recommendations that the firm should follow before deciding on outsourcing the process. Firstly, it is important to conduct a cost-benefit analysis. It should compare and contrast the cost of keeping a finance division in-house, taking into consideration, expenses such as office space, training, equipment and software, salaries and benefits with the entire expense of hiring external vendor to accomplish the same objectives. All the costs pertaining to outsourcing should be clearly mentioned in the written agreement so that there is no likelihood of hidden costs. The more specific and detailed the consented expectations are, the higher the prospects of avoiding unforeseen costs in the future. When outsourcing the accounting functions, it is particularly crucial to unmistakably comprehend and consent on how any required data will be accessed, how often, who can access it and in what format. This would reduce the security risk associated with the process of outsourcing. If the vendor is situated offshore, then it is vital to comprehend how the different time zones, locations, languages and culture are addressed. It is recommended in such cases, that the accounting firm addresses external political or legal risks well ahead of time. Word Count - 1483 Communication Plan As outsourcing of accounting functions is recommended, the stakeholders will be informed about the change by holding a meeting in which they will be addressed about the benefits of outsourcing for the accounting firm. Subsequent to this, a detailed plan encompassing changes in work structure and resource allocation will be communicated to the stakeholders through both the meeting and an email. References Adrian, V. and Alexandru, D., 2012. Outsourcing: The Concept. Theoretical and Applied Economics. 19(6).pp.51-58. Bhatnagar, S., Ranjan, R. and Sinha, N., 2015. Finance and Accounting Outsourcing (FAO) Annual Report 2015 Generating Value through Innovation. Everest Group. Bruin, B., 2015. Ethics and the Global Financial Crisis. CUP. Koszewska, M., 2004. OUTSOURCING AS A MODERN MANAGEMENT STRATEGY. PROSPECTS FOR ITS DEVELOPMENT IN THE PROTECIVE CLOTHING MARKET. AUTEX Research Journal. 4(4). Krell, E., 2007. Outsourcing the Finance and Accounting Functions. [pdf]. Available through: https://www.cimaglobal.com/Documents/ImportedDocuments/tech_mag_outsourcing_the_finance_and_accounting_functions_oct07.pdf.pdf. [Accessed on 9th September 2016]. Mclvor, R., 2005. The Outsourcing Process: Strategies for Evaluation and Management. CUP. Murphy, C., 2011. The finance transformation the Outsourcing Perspective. [pdf]. Available through:https://www.in.capgemini.com/resource-file-access/resource/pdf/Finance_Transformation__The_Outsourcing_Perspective.pdf. [Accessed on 9th September 2016]. Vagadia, B., 2011. Strategic Outsourcing: The Alchemy to Business Transformation in a Globally Converged World. Springer Science Business Media. Valdez, S. and Molyneux, P., 2015. An Introduction to Global Financial Markets. Palgrave Macmillan. Vitasek, K., Ledyard, M. and Manrodt, K., 2016. Vested Outsourcing: Five Rules That Will Transform Outsourcing. Springer.