FINANCIAL MANAGEMENT Assignments1-3 Essay Example | Topics and Well Written Essays - 500 words

FINANCIAL MANAGEMENT Assignments1-3 - Essay Example The retirement benefit costs are set to increase in the state of Virginia. The pension plan in the state is underfunded and overburdened and the employee would have to pay for the pension benefits. Previously, the employees did not contribute to their pension scheme but now they will be forced to contribute towards the pension scheme. There will be no benefit for the taxpayer and savings are not expected from the shift in contribution back to the employee. Some say the shift to the employee contribution and the mandatory 3 percent raise will put more burdens on the Virginia Retirement Scheme; the effect is set to be long-term (Robertson, 2011). Poor investment in technology is one of the issues that many financial services companies face. The progress is little for these organizations in terms of service provision effectiveness and increased efficiency. The scenario has been creating an industry that is poorly automated or highly manual and use of processes that are time consuming; the processes are demeaning and insufficient to the skilled finance professionals (Worth, 2011). The cloud based systems are growing rapidly and the Intuitive technology wants to offer the clients and prospective clients with complete accounting system and cloud financial management. The company, Intuitive Technologies has noted the demand for cloud computing in the market and the need to replace the old on-premises financial management systems of Intacct with the modernized cloud based financial management application (PR-USA.NET, 2011). The political reforms in China have had an effect on the growth of China. The political system in China though unfavorable, it has created an economic growth spurt in the country. The political reforms aim at tackling the country’s social problems. The problems include the huge income inequality and the absence of a national pension scheme (Mitter,