part of an ongoing series. This video deals with an introduction to accounting. balance sheets, income statements and financial ratios.

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Human Resources, with its diverse internal and external customer base, the ability to touch all levels of the organization and the legendary understanding of the organization’s environment could not be more suited for the critical role of a strategic business partner.

In General Electric’s recently published 2008 annual letter to shareholders, the CEO Jeff Immelt stated the following: “…..The secret to all of these dimensions of developing leaders is to have a great team of human resource professionals. Enduring companies must have a passion for people. GE has a great HR team that protects our valuable human assets. I want to give them special recognition this year….” For years, GE has acknowledged the success of Bill Conaty, their Senior Vice President of Corporate Human Resources. Bill Conaty is highly valued for his continued contribution to the organization. His insight and input have been invaluable. In a 2004 article written by Anne Freedman, Conaty himself stated: “I consider my real core competency and my value to the organization as being a human resource leader, but without having the business grounding, I don’t think I would be an effective HR partner.”

Organizations that consider their employees to be the most valuable asset cannot afford to not have human resources functioning in a true strategic business partner role. Human Resource professionals are equipped with the knowledge, skills, and abilities, the talent to partner with senior leadership to not only be involved in the strategic management of the organization but drive the implementation of it. As stated in “The 8 Practices of Exceptional Companies, How Great Organizations Make the Most of Their Human Assets” by Jac Fitz-Enz, “Strategic plans must be laid on a core strategy, a solid wall of values. Core strategies lead to strategic plans, organizational charts, operating plans, quantitative objectives, and ultimately, to specific human behavior and task performance.” Business oriented HR professionals can help design a strategic plan that balances the needs of the organization, its employees, and other stakeholders. It can help align the efforts of the various functions in the organization with the plan’s strategic goals, and it can support those functions by ensuring that they can recruit, develop, and retain the necessary company team members. HR, as strategic business partners should be the drivers of the organizations values thus the drivers of the strategic plan.

HR should be made responsible for owning the leadership and employee development, as well as direct all communication efforts, especially as it relates to the pulse of the employee population. Succession planning is an area that a strategic HR business partner should be involved in. As discussed in “Good to Great” by Jim Collins, having the right people on the bus, the wrong people off the bus, and the right people in the right seats is the key element to the success of any organization – who better than to manage the people process than a strategic HR business partner.

To fulfill a strategic business partner role, HR leaders must understand the organization’s business. In addition to fully understanding the business, HR must understand the environment in which it operates, the competition, and the circumstances that could influence the progress of the organization. HR can no longer focus on its own internal tasks. It must be responsible for ensuring that HR’s strategy, goals and priorities are driven by and aligned with the overall business needs. It must establish key business partnerships with senior management, as well as key figures in other functions within the organization. Although the operational role of HR, the day-to-day tasks required to run an organization are not strategic in nature, the responsibilities must mirror the goals of the organization. There needs to be a more integrated global company-wide process that considers how each of the HR programs can help move the entire organization in the right direction.

In addition to HR increasing its own knowledge of the organization and creating solid partnerships through collaborative communication efforts, increasing its knowledge in other areas is extremely important to being a successful strategic business partner. HR must increase its knowledge of Finance and Accounting, Marketing and Sales, Operations, and Information Technology and hone in on key business skills. Almost every activity in an organization can be referred to as a project. That is why it is important for professionals in HR to improve their project management skills. In addition to project management skills, strategic HR business partners must fully understand the strategic planning process. HR must be able to manage change, perform environmental scanning, and understand the importance of outsourcing and the process associated with outsourcing. Being able to manage technology and measure the effectiveness of all company-wide programs and efforts are equally important. HR should also be playing a vital role in leadership coaching, should be responsible for implementing strategies to become an employer of choice, and should be responsible for leading programs to safe guard your company performance from external elements.

To summarize, Human Resource professionals touch every level and every department in the organization. Due to the involvement across the company, employees at all levels get to know and trust the members of the HR team. Because of HR’s familiarity with the change management process and human capital development, successful companies benefit from having HR fully functioning in a strategic business partner role. If your company is not already doing so, allow Human Resources to be represented in meetings along side other senior leaders. There is not a more suitable functional group within the company to be responsible for leading the development of strategic plans, implementing key tactics, and measuring the organizations success in executing its plan than Human Resources.

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Perhaps you have wondered how much money does a financial planner make? After all, they are surrounded by money that is what they think about day and night, trying to increase the store of investments for their clients, and for themselves along the way. Like many careers, the amount of money a financial planner can make depends on several factors; education, qualifications, certifications, clientele, the stock market and other investment vehicles, experience, and desire.

It is not unusual for a novice financial planner to take their BA in Finance or Accounting to a financial services company and start out at an annual salary of about $25,000. Those with a decade or more of experience can average up to about $110,000, according to US Department of Labor statistics. And then there are the few outstanding planners who make well into the seven figure income bracket, like TVs money superstar Suze Orman in the U.S.

There are several ways to become a financial planner. In most states, there is no requirement involved; you could just set up shop and wing it, but it is a bad idea, because unless you are psychically gifted, you will be unable to perform for clients without education in this field. Another entry method to this career is to join a company, perhaps a chain business, as assistant financial planner. You learn on the job, they train you and then you go take certification testing. You will do this for a couple years, or until you go back to school for an advanced degree. You salary will range from $25,000 to $40,000.

At the mid level in this career, you may earn between $47,000 and $76,000. You will do the work you envisioned at the beginning, finally. You work with clients, assisting and advising them on taxes, investments, estate planning and insurance. This is the goal of most when they think of becoming a financial planner.

If you have an MBA or Masters in Finance or Accounting, you have the best opportunity to find out how much money does a financial planner make. With a decade or so of experience, you can reach the top average pay of about $110,000. You can then present seminars, and handle top level clients.

For certification, exams are offered by the Financial Industry Regulatory Authority. Or, you can pass the Certified Financial Planner Board of Standards CFP exam (Certified Financial Planner). This exam demands you have three years of qualifying experience working full time, meet ethics standards and continue your education. Beyond this you can become a Chartered Financial Consultant through the American College in Pennsylvania.

A different track to financial planning success puts you in the ownership of a financial services franchise. These franchises offer complete business packages, from site selection and market analysis to ongoing support and training in-house, and help with licensing and management. It is a turn-key business.

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The nature of this type of enterprise implies that any increase in net assets arising from the activities of the undertaking must be applied to improve the community services rendered by the specific organisation. The increase in the net assets of the entity does not accrue to the persons supporting the organisation (e.g. the members).

Depending on the type of undertaking, equity is usually furnished by grants from state or authorities, donations or membership fees. These contributions to equity do not confer the same rights as contributions to the equity of a limited company confer on shareholders and therefore, different accounting practises apply to these enterprises.

Bearing in mind the typical characteristics of a non-profit organisation, the question arises which particular requirements of accounting systems and financial reporting procedures apply to this particular type of organisation. The financial accounting must provide economically interested groups with a comprehensive review of what the particular organisation achieved during a specific period or at the end of its financial accounting year. The accounting records and system developed for an economic entity must be logical and consistent and must be related to the objectives of the entity, as well as the circumstances in which it conducts its activities.

Because of the typical characteristics of non-profit organisations, the primary aim of accounting reporting should be to provide control over sources by means of accounting responsibility. Seeing that the function of stewardship is basic to this type of organisation and because responsibility for profit is not associated with this type of entity, most non-profit associations and organisations use the so-called funds accounting procedures for financial reporting.

Funds accounting requires that the sources of finance of an organisation be divided into various funds. A fund can be defined as a sum of money or other source that are set aside for a specific activity designed to achieve specific objectives and that is regarded as a separate accounting entity.

The difference between this definition of a fund and the usual meaning thereof is obvious: the concept fund implies an amount of money for some other source that is intended for a specific purpose. The concept fund in a non-profit organisation embraces the additional principle of a separate accounting entity. Thus, the accounting system will provide for a number of self-balancing ‘fund-units’ utilised in accordance with the limitations placed on the use of the funds. The funds procedure is designed to prevent sources intended for a specific use from being applied for any other purpose.

Funds accounting can generally be divided into two categories. (1) Revenue funds – The primary use of accounting records for this type of fund is to disclose the source of the fund and the manner in which it was applied. These funds are typical of those encountered in non-profit organisations. (2) Self-sustaining funds – These are fund entities that, once an initial contribution has been made to them, are intended to be self-sufficient. Such funds can be considered as small profit orientated enterprises within the framework of a non-profit organisation.

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