Hal Mart Harvard Case Studies
Introduction
Hal mart Inc. is the Barbados based megastore that was operating various operations over 25 years. The megastore has main tree branches across the island the branches include Warrens, Bridgetown and Speights town while having 8 major departments. The branches of the megastore include departments of grocery, hardware (including plumbing), electronics, sport equipment Home, furniture & appliance, Personal Care & Pharmacy Lawn & Garden and jewelry.
Although the Hal mart Inc. provides various qualitative products to their customers so that is why it has a wide range of marketplace across the Island. While the company has both credit and cash customers however the credit customers are mainly small sole traders across the Island.
Situational Analysis
Control measurements set by the company to mitigate the risks.
Management established a code of conduct that includes rules regarding conflicts of interest for purchasing agents.
The management of the company established a particular code of conduct which comprises various rules regarding conflicts of interest for the purchasing agents. However, the management of the company set up certain measurements to overcome the conflicts of the interest in purchasing agents. The conflicts of the interest for purchasing agents play an influential role in the business's disruption and have direct or indirect effects on the economic health of the company.
To overcome the conflicts of interest for purchasing agents, it is very necessary to build a trust into the system while there are other strategies that mange the conflict, which include:
- Implementation of restrictions on the usage of the material for a certain period of time.
- It is necessary to disclose all latent conflicts of interest before and during the period of engagement.
Hal mart’s management established a disclosure committee to review the selection of new accounting policies.
The company is so concern about the establishment of the disclose committee to go through the selection of new policies regarding accountings. As it is very important to set up an accounting policy disclosure, it is because it will help the company to mitigate the loss and prevent the company from loss furthermore it also plays a role in preventing the minus of the company’s assets. While it helps to reduce the sentiments of mistrust and speculations and helps the company invest in a certain project that boosts the marketplace of the company.
Any software program revision must be approved by user departments after testing the entire program with test data.
The company was facing the slowdown in their business for last two quarters it is because of the mismanagement in the scanning system due to which the scanning system was pulsing prices from the outmoded price lists for the three categories of inventories which include paint supplies, Plumbing, lawn and grading. As because of an incorrect listing of the certain products of the above three categories in the scanning system, which piling the prices from the outdated prices which affect the sales of the company. This affect the customer’s retention, which leads to the fall in the company’s sales.
It is very important to introduce pricing software that has certain tools that optimize the pricing analytics, optimization, and execution to support company in their struggles to make efficient, operational pricing pronouncements. While it is very important for company to upgrade their systems by implanting new software as the company have electronic or manual systems which may affect the sales and the economic health of the company to company should use proper payment transitions, accounting and sales, marketing and PR software which aid the company to regulate the business of the company.
The managers of each of Hal mart’s departments must review expenditures charged to their
Responsibility center weekly.
As the company set weekly revisions of each department manager regarding the expenditures charges to their responsibility, which is the positive aspects that aid the company to regulate the expenses and the total expenditures of the various departments. The revision of the expenditures charged is very important for the company but it should be upgraded by various operational programs that can be provide an easy way to the company to review the expenditures it is because the managers can create certain complications in reviewing the expenditure that could hit the economic health of the company.
The CEO and CFO review the financial consequences of business risks annually to ensure that controls are in place to address significant business risks.
The financial consequences of business risks are annually reviewed by the CEO and CFO which mitigate the significant business risks. The CFO has a major role in controlling and tracking the total cash flow and financial planning of the company furthermore the CFO set an efficient financial planning and analyze the financial strengths and weakness of the company while directing the company through proposing the strategic directions. While the collaboration of both major positions of company which include CFO and CEO to review the financial consequences of the business risks annually to ensure that controls are in place to address significant business risks.
It is very important for company to review their financial consequences of the business risks monthly under the supervisor of the financial risk managers and other managing managers of their respective departments, which protect the company to protect from the financial risks. By reviewing each department of the three branches monthly company can reduce the financial risks.
Human resources focuses on ensuring that accounting personnel have adequate qualifications, experience, and training for work performed in billing and accounts receivable.
Although Human resources of the company focuses to ensure various steps to account the employees regarding the adequate qualifications, experiences and training for the work performed in billing and account receivables. While HR play a vital role in the company to improve the hiring of the talented employee that play a vital role in the company’s development as well as it help the company to deep-rooted the brand legacy in the market as compare to their rivals. The performance of the employees can be improved by HR through providing various trainings and events regarding the respective trainings for the billing and accountings.
The most innovative way to improve the performance in billing and accounts receivable is by training the respective employees through innovative ways and tools which reduce the risks regarding the finance and account. Here are some important techniques and methods that help to improve the accounting and billing of the company.
- By using the regular monthly charges rather than standers accounts
- By providing the trainings regarding the accounting and regulations of bills
- By setting new tools regarding accounting and billings such as automation software, and upgrading the credit and collection policy....
- Hal Mart Harvard Case Studies
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