Transfer Funds Business Miscommunication - Case Study Example

Case Study, Transfer Funds Business Miscommunication December 25, There was miscommunication in the transfer of funds. The manager forgot to indicate the U.S dollars currency as the right transfer funds currency. The organization clerk did not clarify from the manager the proper currency to be used in the funds transfer. The finance department moved to right the wrong transfer funds act. The managers should emphasize feedback in order to determine that the message recipient understands the business communication message in vivid manner. The message receiver should exert enough efforts to clarify any vague or confusing message by contacting the message sender. The finance department should ensure that the message is vividly transmitted from the message sender (organization manager) to the message receiver (organization employee). Evidently, all parties must contribute to the clear message sending process of business communication. Introduction Communication includes message sending factors. The research delves on wrong message sending. The research delves on resolving wrong message sending. The affected parties must contribute to making sure the business communication messages are received the same way as the message sender, the manager, intends. Statement of the Investigation Issue There was miscommunication in the transfer of funds. The manager did not indicate which currency should be used in the transfer of funds. Consequently, the organization employees erroneously deposited the funds using the wrong United Arab Emirates Dirhams currency, instead of the correct United States dollars currency. Consequently, the finance department moved to correct the erroneous transfer funds deposit. Literature Review Thomas Means (2009) emphasizes that the main objective of communication is for the message receiver to receive the message in same way that the message sender intends the message to be. For example, the message sender sends a message stating that the next meeting will be after two days from today. The message should not understand the message to mean that the next meeting will be after two Mondays from today. However, there are several barriers to the vivid receiving of the same message from the message sender. One such common barrier is noise. Often noise blurs out the vivid message from being received in the original context. The noise will block one or more words from reaching the message receiver’s ears. Another message barrier is document smudge. The smudge may hide or misrepresent a letter or letters on the document. A huge smudge may cover an entire word resulting to the distortion of the original document. Lastly, the appearance of the entire document may obscure the true message of the documents. For example, the general message did not mention the exceptions to the main message. Another barrier to effective communication is culture (Kutz, 2012). The culture of one county, United States, is different from the culture of another country, country where Dirhams currency is used. The countries that use Dirhams include the United Arab Emirates and Morroco. If the United Arab Emirates plans to send money to the United States, there is confusion as to whether the money sent will be in United Arab Emirates Dirhams currency or in United States dollars currency. To resolve the currency issue, the message sender and the message receiver should include the currency in the message. When sending messages between two different cultures, one word or group of words may have different meanings. The United Arab Emirates may interpret a payment of 200 as to mean payment in Dirhams currency. On the other hand, the United States individual who receives a message that he or she will be paid 250 may interpret the amount is $250 United States currency. Furthermore, communication structures contribute to effective communication. The use of special language will enhance communication (Johnson, 2008). For example, businesses use financial statements to present the business transaction during one accounting period. The assets business communication language includes all the properties owned by the entity or individual. The assets include cash, receivables, inventory of unused supplies or unsold products, buildings, equipments, furniture, fixture, and, improvements, and other assets. Additionally, there are other business communication language terms (Warren, 2009). The liabilities business communication language includes the company’s liabilities. The liabilities include the currently maturing liabilities and other long term loans. The stockholders’ equity business communication language includes the investors’ accounts. The stockholders equity includes the common stock investments, retained earnings, preferred stock investments and treasury stocks. The income statement business communication language enhances message clarity (Crosson, 2011). The expense business communication language includes the salary expense, transportation expense, telephone expense, water bill expense, electricity expense, rent expense, supplies expense, entertainment expense, research expense, and development expense. Further, the revenue business communication language pertains to cash inflows from the sale of products or services rendered to the company’s current and future customers (Noreen, 2008). The revenues normally include the amount paid for producing the products or servicing the current and future customers’ needs, demands, and caprices. The revenues include both cash revenues and receivable revenues. Furthermore, the cost of sales business communication language pertains to the amount paid for putting the company’s products on the store shelves (DuBrin, 2009). The cost of sales business language term includes the raw materials used in making the products. For example, a chair is composed of the wood, paint, nails raw materials. The cost of sales includes the salaries paid to the carpenters for producing the chair. Lastly, the cost of sales includes the other factory expenses used to produce the chair. The other factory expenses include the indirect materials, indirect labor, factory electricity, factory building rent, and other factory operation payments. Additionally, effective business communication language includes understanding marketing principles. The market price business communication language pertains to the optimum pricing of the company’s products and services. Some business entities target the rich target markets. Consequently, these companies peg their products and services at high prices. The rich target market can afford to pay for the high prices of the products and services. Other companies target the low income target markets. Consequently, the stores sell their products at low prices. The low income current and future customers can afford to pay for the low prices of the stores’ products or services. Other companies sell their products at reasonable prices. The reasonable selling price does not automatically mean the lowest price in the target market (Tracy, 2002). If the product is produced from high priced raw materials, a reasonable price may be a high price. If the cost of the raw materials used to make the stores’ products is low, the reasonable price is low. If the prices of the competitors’ products are sold between $50 and $60, the company’s similar quality products are reasonably priced within the same $50 to $60 price range. This is the essence of having learning the principles of business communication language principles. Organization Data The organization’s manager sends a business communication to transfer funds from one country to the United States. However, the manager does not specify the currency of the fund transfer. Consequently, there is confusion as to whether the currency of the funds transfer should be in Dirhams or in United States dollars. The finance department finds that there was miscommunication in terms of money currency. The finance department contacts the responsible individuals to clarify the issue regarding which currency should be used. Presentation of Information This bank transfers the money from the bank to other companies. One day the manager sends email for one of the employees to transfer the money to the company in USA by dollars. The manager didn’t mention the currency if it is by United States Dollars or Dirhams. The message sender sent a vague message. Further, the organization employee interprets the manager’s instructions to mean transferring the funds in the Dirhams currency. The personnel misunderstood the manager’s message to mean the personnel should deposit the amount in Dirhams. The finance department discovers the error. The confusion is material because one Dirham has a lower currency value when compared to the United States dollar. One United States dollar is equal to 3.67 United Arab Emirates Dirham (). The Dirham currency is used by Abu Dhabi, Dubai, Sharjah, and Fujairah. Analysis of Information The above data shows the business communication language error cropped up when the manager sent the fund transfer message. The finance department spotted the erroneous deposit of the organization employee’s error. The finance department contacts the right organization parties to correct the unintentional error. The above data indicates that the manager was not an effective business communicator. The manager should have indicated the currency amount of the fund transfer. Managers are also human beings. As human beings, some individuals commit unintentional errors. The manager is not exempted from this erroneous message transfer. There are several causes of the communication breakdown. First, the manager did not inquire whether funds should be in United States dollars or United Arab Emirates Dirhams. Similarly, the organization’s employee did not inquire from the manager or the transfer fund recipients whether the transfer fund currency should be in United States dollars or United Arab Emirates Dirhams. Likewise, the message recipient did not remind the organization employee that the deposit amount should be in United States dollars, not United Arab Emirates Dirhams. The communication line between the finance department and the organization employees was temporarily cut, preventing the early detection and correction of the erroneous fund transfer deposit. The finance department could not immediately contact the organization employees to dig out out and correct the unintentional error. Solution to the business communication language Case study There are several solutions that will prevent a repeat of the above business communication language debacle. First, the manager must edit all communications before sending them out (Krizan, 2010). Editing permits the manager to determine if there are any forgotten words, sentences, or paragraphs that my change the message senders’ original messages. The manager’s editing will open the manager’s eyes to the forgotten currency choice. Additionally, the message sender must analyze the message receiver. The message sender, the manager, should encourage feedback from the message recipient. The manager should also strive to remove the communication barriers. Further, the organizational employee should not assume that all messages are literally correct (Krizan, 2010). In the given case, the organization clerk assumed that the fund transfer should be in United Arab Emirates Dirhams. The employee should not act like a mind reader. Instead of assuming the currency, the employee should have contacted the manager. The employee should have called up the manager and verify the manager’s intended currency. The message receiver, the organization employee who deposited the transfer funds, must listen intently to the spoken message. The organization employee should scrutinize the manager’s instructions for possible vagueness. Upon spotting any vague message, the organization employee, the message receiver who deposited the transfer funds in United Arab Emirates Dirham, must immediately ask clarification questions to clarify the sender’s intended message. Furthermore, the finance department should prevent the wrong message. The finance department should have contacted the organization employee prior to the organization employee’s fund transfer act (Krizan, 2010). The finance department should have reminded the organization employee that the manager intended to deposit the fund transfer in United States dollars, not United Arab Emirates Dirhams. Conclusion Summarizing the important points of the above discussion, communication incorporates message sending issues. The wrong message sending can be prevented. Understanding the special business communication principles enhances message clarity. The message sender and receiver must do their best to ensure the message receiver accepts the message in the same way that the message sender aims. Evidently, all parties must contribute to ensuring the business communication messages are received in crystal clear manner. References: Crosson, S. (2011). Managerial Accounting. New York: SouthWestern Press. DuBrin, A. (2009). Essentials of Management. New York: SouthWestern Press. Johnson, N. (2008). Decision Making Limitations from Communication Barriers. New York: ProQuest Press. Krizan, A. (2010). Business Communication. New York: Cengage Learning Press. Kutz, K. (2012). Barriers to Cross Culture Communication. New York: Grin Press. Means, T. (2009). Business Communication. New York: Cengage Learning Press. Moneyconverter.com, Convert U.S. Currency to UAE Dirhams, Retrieved December 25, 2012 From Noreen, E. (2008). Managerial Accounting for Managers. New York: McGraw-Hill Press. Tracy, J. (2002). Fast Forward MBA. New York: J. Wiley & Sons. Warren, C. (2009). Managerial Accounting. New York: SouthWestern Press. Read More