by: David Silva
If you've never written a business plan before, the idea alone can be overwhelming.
It doesn't have to be the nightmare of your imagination.
Traditionally, a business plan is used to secure funding from a lender or a potential investment partner. It serves as something akin to your business's resume, outlining the purpose and scope of your business, identifying the goals, marketing and management, and establishing a basic balance sheet.
Now, even if you aren't going to seek additional funding, even if you're going to grow your business by yourself from your office at home, you'd be wise to put together a business plan. Simply going through the process has value. It'll help you develop a clearly defined vision of what you intend to do with your business and how you intend to do it.
These are some of the questions you should already have asked and answered before you sit down to write your business plan:
== What "want" does your business fill, and what service or product will you be providing to fill that want?
== Who will be your potential customer (this should be an established, niche market with die-hard purchaseers).
== Why will people purchase from you as opposed to the business down the street (in other words ... what's your Unique Selling Position)?
== How do you intend to reach your customers? A storefront? An ad in the phone book? Direct mail? An Internet campaign? Selling door-to-door? A combination of these?
== Will you need additional funding and if so, how much will you need and how do you intend to secure it?
Okay, so let's take a look at what you'll want to include in your business plan.
Most business plans are structured to examine four primary areas:
1. Executive Summary - a decription of the business
2. How you intend to market the business
3. How the busines finances will be arranged and handled
4. How the busines will be managed
Let's take a further look at these.
Executive Summary: what the business will do, its Unique Selling Position, the business goals, its ownership and legal structure, your skills and knowledge and how they will benefit the business.
Marketing The Business: describe your product or service, identify your market niche, how big it is, and how you plan to reach it. Define your customer, identify your competition, detail your pricing plan, outline how you intend to attract and convert customers.
Financing The Business: estimate your start-up costs, project your monthly operating budget for the first year, outline your ROI (return on investment) and cash flow for the first year, project your income and expense balance sheet for the first two years, explain how you're going to compensate yourself, establish who will maintain the accounting records and how they'll be maintained, and if you're in need of funding, explain how much you need and how it'll be used by the business.
Managing The Business: how will the business be managed day-to-day, what the hiring and personnel procedures will be, how the products or services will be developed and how they'll get into the hands of your customers. You'll also need to account for equipment the business will need, and how insurance, rental agreements, etc. will be handled.
That's it. In a nutshell.
If you'd like to see some free sample business plans to get a better idea of how they're structured and how they read, here's a good source for you: http://www.bplans.com/sp/businessplans.cfm
About the author:
David Silva
Business Starter Tools http://businessstartertools.com
If you'd like to take the quickest, straight-as-an-arrow path to Internet success, then learn from one of the most successful Internet entrepreneurs ever, Mark Joyner:
http://businessstartertools.com/internetmanuscript
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2011-01-31
How to Stop Waste, Fraud and Abuse
by: Chris Anderson
Each year, businesses write-off six percent of revenue to waste, fraud and abuse. But why would managers throw all that hard-earned money away when there is a reliable way to eliminate waste, fraud and abuse using accounting policies & procedures to create internal controls. Internal controls eliminate uncollectible receivables; prevent theft or embezzlement; optimize inventory; and stop waste, fraud, and abuse. Utilizing just a single control will add real money to your bottom line each month.
Look for Easily Customizable MS-WORD files to Save Time
You can quickly and easily develop customized procedures and internal controls for your organization, no matter what size it is. WORD templates reduce the stress of writing clear internal controls, policies or procedures; of staying late at the office to research �best practices� or of worrying over what format to use.
Use Prewritten Text by Industry Experts
It's much easier to edit prewritten controls than to develop them from scratch. Let experienced CPAs, auditors, and business process experts think through the steps for each procedure or form. Then, save even more time by using the resulting content that technical writers have edited in MS-WORD instead of re-entering the text.
Vital Procedures Resource used by Thousands
Accounting Policies and Procedures is one such vital resource used by thousands of executives and managers to strengthen their financial operations. Such a manual contains an introduction to accounting, an explanation of how to create your own controllers manual, an example of a complete prewritten manual, ample policies, procedures and forms for the most common processes (revenue, cash, assets, purchasing and administration), a detailed index to every keyword, phrase and regulation used, plus a Guide to Embezzlement Prevention.
Examples for Every Owner or Executive
Every month executives share their stories about satisfying their auditors with new controls, of increased earnings found in their business and how much time was saved. So, if you want to increase the profits of your business then consider an Accounting Policies & Procedures manual.
Help Your Business Grow Now
Can you afford to let a single precious hour pass without finding out what Policies and Procedures can do for your business?
About the author:
Chris Anderson has over 18 years of sales, marketing and business management experience working with business process design, software and systems engineering for over ten years. He is also co-author of policies and procedures manual products, producing the layout, process design and implementation to increase performance.
Visit: http://www.bizmanualz.com?src=ART68
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Each year, businesses write-off six percent of revenue to waste, fraud and abuse. But why would managers throw all that hard-earned money away when there is a reliable way to eliminate waste, fraud and abuse using accounting policies & procedures to create internal controls. Internal controls eliminate uncollectible receivables; prevent theft or embezzlement; optimize inventory; and stop waste, fraud, and abuse. Utilizing just a single control will add real money to your bottom line each month.
Look for Easily Customizable MS-WORD files to Save Time
You can quickly and easily develop customized procedures and internal controls for your organization, no matter what size it is. WORD templates reduce the stress of writing clear internal controls, policies or procedures; of staying late at the office to research �best practices� or of worrying over what format to use.
Use Prewritten Text by Industry Experts
It's much easier to edit prewritten controls than to develop them from scratch. Let experienced CPAs, auditors, and business process experts think through the steps for each procedure or form. Then, save even more time by using the resulting content that technical writers have edited in MS-WORD instead of re-entering the text.
Vital Procedures Resource used by Thousands
Accounting Policies and Procedures is one such vital resource used by thousands of executives and managers to strengthen their financial operations. Such a manual contains an introduction to accounting, an explanation of how to create your own controllers manual, an example of a complete prewritten manual, ample policies, procedures and forms for the most common processes (revenue, cash, assets, purchasing and administration), a detailed index to every keyword, phrase and regulation used, plus a Guide to Embezzlement Prevention.
Examples for Every Owner or Executive
Every month executives share their stories about satisfying their auditors with new controls, of increased earnings found in their business and how much time was saved. So, if you want to increase the profits of your business then consider an Accounting Policies & Procedures manual.
Help Your Business Grow Now
Can you afford to let a single precious hour pass without finding out what Policies and Procedures can do for your business?
About the author:
Chris Anderson has over 18 years of sales, marketing and business management experience working with business process design, software and systems engineering for over ten years. He is also co-author of policies and procedures manual products, producing the layout, process design and implementation to increase performance.
Visit: http://www.bizmanualz.com?src=ART68
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2011-01-30
HOW TO STAY FOCUSSED AND BUILD YOUR BUSINESS
by: Matt Bacak
You have a detailed business plan, which showed the overall intent of your company. You presented the business plan to your bank before start-up and they submitted funding in the amount that you both deemed acceptable. The original business plan contained the basis of the procedures that will help you stay focussed while the company grows. Let's examine some of these processes that you will use to give your business the focus it needs to grow and succeed.
1. A marketing plan. If sales are a part of your operation (and it seems that some form of selling is always a big part of every company), then, you will need to have your sales group focussed on a marketing plan. Short term and longer-term analysis should be a part of this planning and will likely contain an analysis of your competition, market potential and sales projections. Be careful not to fall into the trap of letting �the business take care of itself�, stay focussed at all times and be sure your managers are tuned into this market monitoring regularly, nothing is more defeating to the general manager/owner than to be told by a sales manager�I didn't see that coming! YIKES!
2. Accounting procedures. If sales are important, then the need to stay focussed on receiving the proceeds from sales is equally important. Accounts payable, expenses and accounts receivable need to have fixed procedures in place to allow money to flow freely through the company coffers. Focussing on these procedures at regular weekly and monthly meetings will put the accounting and marketing groups on the same path. A rift between marketing and accounting is a common bureaucratic occurrence; so don't be surprised if one point you hear from someone from sales state, �We make the money here, how come I have to live by their rules?� Getting these two operations to stay focussed on a bottom line results oriented approach is a regular part of an owner's job description.
3. Human resources. If you have ever worked for a manager, who considered his employees as expenses rather than assets, then you will be familiar with the need for managers to stay focussed on human resources within the company. A manager who is fixated on staff reduction regardless of their accomplishments will create an atmosphere of fear. Certainly, no one wants to be grossly over-staffed, but a good owner/manager will focus on keeping adequate employee base numbers, and ensure continuing training, safety programs and top of the line employee benefits. It's your campground, why not have �happy campers?�
4. Selling your business. This does not mean selling in the true literal sense. It means focusing on being sure your company image is one that is the envy of your competitors and is known in the business world as a first class operation. You can do this by having key managers attending industry conferences. Be clear and tell them that their focus at these seminars is to network, thoroughly gathering as much new information that they can. They should also 'sell' other attendees on the importance and efficiency of their company in the industry. Upon their return, have follow-up meetings with these managers where they will report in detail on what they have learned. Managers attending conventions and seminars should take opportunities to enjoy themselves, nevertheless, they will be the �face� of your company, it's wise be sure that they focus on making them business meetings, and not all �playtime.�
If planning, organizing, staffing, direction and control are five major factors in managing a company, staying focussed throughout the process, is paramount!
About the author:
Matt Bacak became "##1 Best Selling Author" in just a few short hours.
Recent Entrepreneur Magazine�s e-Biz radio show host is
turning Authors, Speakers, and Experts into Overnight Success Stories.
Discover The Secrets http://promotingtips.com
Circulated by Article Emporium
You have a detailed business plan, which showed the overall intent of your company. You presented the business plan to your bank before start-up and they submitted funding in the amount that you both deemed acceptable. The original business plan contained the basis of the procedures that will help you stay focussed while the company grows. Let's examine some of these processes that you will use to give your business the focus it needs to grow and succeed.
1. A marketing plan. If sales are a part of your operation (and it seems that some form of selling is always a big part of every company), then, you will need to have your sales group focussed on a marketing plan. Short term and longer-term analysis should be a part of this planning and will likely contain an analysis of your competition, market potential and sales projections. Be careful not to fall into the trap of letting �the business take care of itself�, stay focussed at all times and be sure your managers are tuned into this market monitoring regularly, nothing is more defeating to the general manager/owner than to be told by a sales manager�I didn't see that coming! YIKES!
2. Accounting procedures. If sales are important, then the need to stay focussed on receiving the proceeds from sales is equally important. Accounts payable, expenses and accounts receivable need to have fixed procedures in place to allow money to flow freely through the company coffers. Focussing on these procedures at regular weekly and monthly meetings will put the accounting and marketing groups on the same path. A rift between marketing and accounting is a common bureaucratic occurrence; so don't be surprised if one point you hear from someone from sales state, �We make the money here, how come I have to live by their rules?� Getting these two operations to stay focussed on a bottom line results oriented approach is a regular part of an owner's job description.
3. Human resources. If you have ever worked for a manager, who considered his employees as expenses rather than assets, then you will be familiar with the need for managers to stay focussed on human resources within the company. A manager who is fixated on staff reduction regardless of their accomplishments will create an atmosphere of fear. Certainly, no one wants to be grossly over-staffed, but a good owner/manager will focus on keeping adequate employee base numbers, and ensure continuing training, safety programs and top of the line employee benefits. It's your campground, why not have �happy campers?�
4. Selling your business. This does not mean selling in the true literal sense. It means focusing on being sure your company image is one that is the envy of your competitors and is known in the business world as a first class operation. You can do this by having key managers attending industry conferences. Be clear and tell them that their focus at these seminars is to network, thoroughly gathering as much new information that they can. They should also 'sell' other attendees on the importance and efficiency of their company in the industry. Upon their return, have follow-up meetings with these managers where they will report in detail on what they have learned. Managers attending conventions and seminars should take opportunities to enjoy themselves, nevertheless, they will be the �face� of your company, it's wise be sure that they focus on making them business meetings, and not all �playtime.�
If planning, organizing, staffing, direction and control are five major factors in managing a company, staying focussed throughout the process, is paramount!
About the author:
Matt Bacak became "##1 Best Selling Author" in just a few short hours.
Recent Entrepreneur Magazine�s e-Biz radio show host is
turning Authors, Speakers, and Experts into Overnight Success Stories.
Discover The Secrets http://promotingtips.com
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2011-01-29
How to Start an Investment Club - Business Model
by: chris hickman
Your investment club will need to decide what type of entity you're going to adopt for business purposes. You'll have to decide whether you're going to be a corporation, a general partnership, or limited liability partnership.
Each of these business models has their own advantages and disadvantages.
· Corporation. Most investment clubs will avoid becoming a corporation. This is because corporations are taxable business entities that require knowledgeable accounting skills to make them run smoothly and in accord with government regulations. A corporation generally means a lot of paperwork. This paperwork can be avoided by choosing another business model for your purpose of running an investment club.
· General partnership. This type of business model requires less paperwork and knowledge about taxes and other financial issues. Most investment clubs choose a general partnership as their choice of a business entity. A general partnership has nominal paperwork and costs associated with it because the taxes are passed to each partner's tax returns. This type of business model will let you accomplish what you need to do to run your investment club with the least amount of tax influence.
· Limited liability corporations. This type of a business model is much like the general partnership but it gives individual members of your investment group a bit more liability protection. Keep in mind that this type of business entity can be expensive and will need more paperwork.
Members of your investment group will have to decide which of the above business models works best for your club.
You will have to make a decision one way or the other since establishing a business entity is a requirement for tax purposes.
About the author:
Chris Hickman owns a full info site about investment clubs. Check Out his site at http://www.ez-investment-clubs.com
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Your investment club will need to decide what type of entity you're going to adopt for business purposes. You'll have to decide whether you're going to be a corporation, a general partnership, or limited liability partnership.
Each of these business models has their own advantages and disadvantages.
· Corporation. Most investment clubs will avoid becoming a corporation. This is because corporations are taxable business entities that require knowledgeable accounting skills to make them run smoothly and in accord with government regulations. A corporation generally means a lot of paperwork. This paperwork can be avoided by choosing another business model for your purpose of running an investment club.
· General partnership. This type of business model requires less paperwork and knowledge about taxes and other financial issues. Most investment clubs choose a general partnership as their choice of a business entity. A general partnership has nominal paperwork and costs associated with it because the taxes are passed to each partner's tax returns. This type of business model will let you accomplish what you need to do to run your investment club with the least amount of tax influence.
· Limited liability corporations. This type of a business model is much like the general partnership but it gives individual members of your investment group a bit more liability protection. Keep in mind that this type of business entity can be expensive and will need more paperwork.
Members of your investment group will have to decide which of the above business models works best for your club.
You will have to make a decision one way or the other since establishing a business entity is a requirement for tax purposes.
About the author:
Chris Hickman owns a full info site about investment clubs. Check Out his site at http://www.ez-investment-clubs.com
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2011-01-28
How to Quit Your Job
by: Debra Thorsen
Do you to know without ending up on the street? In a nutshell, you need to avoid the self-employment trap, think like a business, and create multiple passive revenue streams.
Avoid the Self-Employment Trap
If you quit your job and hang up your own shingle, you might work harder for less money. You may enjoy working from home or choosing your own clients, but you might end up living from client to client without building any real wealth.
Many self-employed people I know suffer from feast or famine. They spend lots of time and money marketing their services and get lots of clients. They get really busy doing the work and stop marketing and then their prospective client pool dries up.
If you set up your business so that you do everything - marketing, sales, bookkeeping, operations, and fulfillment, then you are limiting your success potential from day one. You will spend lots of time on non-income generating activities and may get frustrated and burned-out in a short time.
The real key to successfully creating wealth outside of a job is to avoid the mistake of trading one boss for another boss. You need to stop trading your time for dollars. Stop thinking like a wage slave. Look beyond earned income.
Think Like a Business
There are many problems with earned income. The biggest one is that you are trading your time for money. If you stop trading your time, the dollars stop coming. This is a huge problem if you decide to have a baby, get sick, want to take an extended vacation, or are ready to retire.
The IRS penalizes self-employed people who operate as a sole proprietorship with a hefty self-employment tax. How can you avoid this? Well, I am not an accountant or CPA, so I am not giving legal or accounting advice, but I have learned to think like a business. Before you quit your job, interview local tax advisors to educate yourself on different business entities and tax strategies. Start thinking big.
Build a Company with Multiple Passive Income Streams
You need to build a company that works for you. My best advice on how to quit your job is to build a business that offers multiple streams of passive income in addition to your earned income. There are so many exciting ways to design your income portfolio. It requires imagination, courage and planning.
Structure your business so that your daily activities are fun and challenging. Identify the things that you don�t enjoy or are not good at and find other people to do these activities � outside partners, independent contractors, or employees.
How to Quit Your Job
My advice for how to quit your job is to avoid thinking that you have to do everything yourself to make your new enterprise run. Think big! Set up systems and structures that work for you so you don�t have to work so hard. Incorporate and make the tax system work for you. Design your work around multiple passive income streams to support your active work. And finally, have fun!
About the author:
Find out how to break free from the corporate world. Debra Thorsen is a happy corporate escapee who helps individuals create real wealth and happiness without 9 to 5 jobs. Visit for free tips on career change, wealth building, and living without fear.
Circulated by Article Emporium
Do you to know without ending up on the street? In a nutshell, you need to avoid the self-employment trap, think like a business, and create multiple passive revenue streams.
Avoid the Self-Employment Trap
If you quit your job and hang up your own shingle, you might work harder for less money. You may enjoy working from home or choosing your own clients, but you might end up living from client to client without building any real wealth.
Many self-employed people I know suffer from feast or famine. They spend lots of time and money marketing their services and get lots of clients. They get really busy doing the work and stop marketing and then their prospective client pool dries up.
If you set up your business so that you do everything - marketing, sales, bookkeeping, operations, and fulfillment, then you are limiting your success potential from day one. You will spend lots of time on non-income generating activities and may get frustrated and burned-out in a short time.
The real key to successfully creating wealth outside of a job is to avoid the mistake of trading one boss for another boss. You need to stop trading your time for dollars. Stop thinking like a wage slave. Look beyond earned income.
Think Like a Business
There are many problems with earned income. The biggest one is that you are trading your time for money. If you stop trading your time, the dollars stop coming. This is a huge problem if you decide to have a baby, get sick, want to take an extended vacation, or are ready to retire.
The IRS penalizes self-employed people who operate as a sole proprietorship with a hefty self-employment tax. How can you avoid this? Well, I am not an accountant or CPA, so I am not giving legal or accounting advice, but I have learned to think like a business. Before you quit your job, interview local tax advisors to educate yourself on different business entities and tax strategies. Start thinking big.
Build a Company with Multiple Passive Income Streams
You need to build a company that works for you. My best advice on how to quit your job is to build a business that offers multiple streams of passive income in addition to your earned income. There are so many exciting ways to design your income portfolio. It requires imagination, courage and planning.
Structure your business so that your daily activities are fun and challenging. Identify the things that you don�t enjoy or are not good at and find other people to do these activities � outside partners, independent contractors, or employees.
How to Quit Your Job
My advice for how to quit your job is to avoid thinking that you have to do everything yourself to make your new enterprise run. Think big! Set up systems and structures that work for you so you don�t have to work so hard. Incorporate and make the tax system work for you. Design your work around multiple passive income streams to support your active work. And finally, have fun!
About the author:
Find out how to break free from the corporate world. Debra Thorsen is a happy corporate escapee who helps individuals create real wealth and happiness without 9 to 5 jobs. Visit for free tips on career change, wealth building, and living without fear.
Circulated by Article Emporium
2011-01-24
How to Choose the Right Accounting Software for Your Business
by: Brandon Hall
With any good luck and a good amount of hard work, you're having the same problem many business owners today are facing. Your business is growing rapidly and you're having problems controlling your finances. Time and time again, that Microsoft Excel spreadsheet you've been using just isn't getting the job done for you.
So, you�ve decided that you�re ready to take the next step, and purchase a full-featured accounting software program. Many options are available to choose from, but I believe the best solutions to be Quicken Premier Home and Business by Intuit, QuickBooks Pro also by Intuit, and Peachtree Accounting by Sage. In order to decide on the right package for you, you need define the type of business that you operate.
With the rise of self-employment (businesses with one or more owners but no paid employees) a need has arisen to manage business and personal finances on one platform. Intuit has released Quicken 2005 Premier Home and Business to fill this need.
This software is perfect for the small business owner who receives income from investments, real estate, and/or internet
marketing. Also, Quicken 2005 Premier Home and Business is well priced at only $89.95.
For more typical brick-and-mortar business owners, you will usually need a more robust solution like QuickBooks Pro or
Peachtree Accounting for functions like payroll reporting and check producing. Each piece of software has its advantages,
but don't forget that QuickBooks has been the standard in business accounting software for many years now. As for features and basic operations, both applications will provide you the same functionality and convenience for your business.
One additional factor to consider in your decision is that Peachtree Accounting is less expensive than QuickBooks. Both
starter versions of Peachtree and QuickBooks are priced at $99.95 each, but the full-featured version of Peachtree is priced at only $199.95 while the full-featured QuickBooks Pro is priced at $299.95.
At the end of the day, the biggest advantage QuickBooks offers over Peachtree is compatibility with other applications. For example, most commercial banks (Bank of America, SunTrust, etc...) provide you with files designed to work directly with
QuickBooks, so that you can read, study, and decipher transaction details. Also, some banks will allow you to update account information in real-time with QuickBooks. Check with your bank to see what accounting software their online services support, and you should be able to make your decision.
About the author:
Brandon Hall owns http://www.accountingsoftwareportal.comwhich is a site dedicated to providing resources, links, articles, and news related to accounting software products.
Circulated by Article Emporium
With any good luck and a good amount of hard work, you're having the same problem many business owners today are facing. Your business is growing rapidly and you're having problems controlling your finances. Time and time again, that Microsoft Excel spreadsheet you've been using just isn't getting the job done for you.
So, you�ve decided that you�re ready to take the next step, and purchase a full-featured accounting software program. Many options are available to choose from, but I believe the best solutions to be Quicken Premier Home and Business by Intuit, QuickBooks Pro also by Intuit, and Peachtree Accounting by Sage. In order to decide on the right package for you, you need define the type of business that you operate.
With the rise of self-employment (businesses with one or more owners but no paid employees) a need has arisen to manage business and personal finances on one platform. Intuit has released Quicken 2005 Premier Home and Business to fill this need.
This software is perfect for the small business owner who receives income from investments, real estate, and/or internet
marketing. Also, Quicken 2005 Premier Home and Business is well priced at only $89.95.
For more typical brick-and-mortar business owners, you will usually need a more robust solution like QuickBooks Pro or
Peachtree Accounting for functions like payroll reporting and check producing. Each piece of software has its advantages,
but don't forget that QuickBooks has been the standard in business accounting software for many years now. As for features and basic operations, both applications will provide you the same functionality and convenience for your business.
One additional factor to consider in your decision is that Peachtree Accounting is less expensive than QuickBooks. Both
starter versions of Peachtree and QuickBooks are priced at $99.95 each, but the full-featured version of Peachtree is priced at only $199.95 while the full-featured QuickBooks Pro is priced at $299.95.
At the end of the day, the biggest advantage QuickBooks offers over Peachtree is compatibility with other applications. For example, most commercial banks (Bank of America, SunTrust, etc...) provide you with files designed to work directly with
QuickBooks, so that you can read, study, and decipher transaction details. Also, some banks will allow you to update account information in real-time with QuickBooks. Check with your bank to see what accounting software their online services support, and you should be able to make your decision.
About the author:
Brandon Hall owns http://www.accountingsoftwareportal.comwhich is a site dedicated to providing resources, links, articles, and news related to accounting software products.
Circulated by Article Emporium
2011-01-23
How Nov. 15, 2004 Deadline for Sarbanes Oxley 404 Compliance Affects You
by: Chris Anderson
Public companies have 90 days from the end of their fiscal year to comply. For those with market capitalization of $75 million or more, this clock starts on Nov. 15, 2004; while all others with less than $75 million market capitalization begin July 15, 2005.
Fast Relief for Sarbanes Oxley Section 404 Compliance
Section 404 of the Sarbanes-Oxley Act requires management to confirm the effectiveness of their IT and financial controls in an "internal control report", which is contained within the annual report (10-K) issued to the public. But what exactly is an internal control report, and why is it important to you?
The Section 404 Internal Control Report
First, the internal control report must affirm management�s responsibility for controls and procedure, and second, it must contain an assessment of the effectiveness of the internal controls and procedures for financial reporting. Although both of these issues might at first appear difficult to solve, they are actually not as hard as you would think.
Management�s Responsibility for Controls and Procedures
Affirming management�s responsibility for controls and procedures means more than to simply say management believes in or trusts their system. The affirmation will also need to include a program for a code of ethics for senior financial officers. The program must include prompt disclosures of any changes to your ethics program. So how do you do this?
Business Ethics and Compliance Program
You can easily implement a business ethics program using a step-by-step guide for developing your firm�s business ethics and compliance program. This manual will save you time researching, writing and editing your program. It provides sample policies, surveys, forms and training session outlines that are fully editable using MS Word. And it is also fully endorsed by The National Association of Corporate Directors (NACD) as a tool to maintain a culture of integrity.
Internal Controls
Your internal control report must also contain an assessment of the effectiveness of your internal controls and procedures for financial reporting. In practical terms, control is equivalent to predictability. Everyday management creates forecasts and budgets to predict the future. And the further into the future you can accurately predict, then the more control you have.
Achieve More Control Over Your Forecasts And Budgets
A training class for creating well defined processes shows you how to attain more control. Real world exercises and examples explain how to increase management effectiveness, achieve process control, communicate clear procedures, and verify if your processes are working. So what about procedures?
Procedures Effectiveness
For dealing with Section 404 of the Sarbanes-Oxley Act, you can look at products like the Management CFO Value Series that includes Accounting, Human Resources, as well as policies, procedures and forms for other departments. Such procedures will save you time researching best practices, creating a standard format, and thinking of clear and concise paragraphs to write.
Easier Section 404 Compliance
Your internal control report is the key to your Sarbanes-Oxley Section 404 compliance. You should also look at a business ethics and compliance program, attend a training class for creating well-defined processes to learn more about management effectiveness, and use a CFO Management Value Series to speed the development of your procedures. You want to achieve fast, easy, and effective relief for your Sarbanes-Oxley Section 404 compliance.
About the author:
Chris Anderson is co-author of policies and procedures manual products, providing the layout, process design and implementation to increase performance. He is currently the Managing Director of Bizmanualz, Inc., and holds a Masters in Business Administration from Pepperdine University and a Bachelor of Science degree in Electrical Engineering from Southern Illinois University. Visit: http://www.bizmanualz.com/accounting?src=ART68
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Public companies have 90 days from the end of their fiscal year to comply. For those with market capitalization of $75 million or more, this clock starts on Nov. 15, 2004; while all others with less than $75 million market capitalization begin July 15, 2005.
Fast Relief for Sarbanes Oxley Section 404 Compliance
Section 404 of the Sarbanes-Oxley Act requires management to confirm the effectiveness of their IT and financial controls in an "internal control report", which is contained within the annual report (10-K) issued to the public. But what exactly is an internal control report, and why is it important to you?
The Section 404 Internal Control Report
First, the internal control report must affirm management�s responsibility for controls and procedure, and second, it must contain an assessment of the effectiveness of the internal controls and procedures for financial reporting. Although both of these issues might at first appear difficult to solve, they are actually not as hard as you would think.
Management�s Responsibility for Controls and Procedures
Affirming management�s responsibility for controls and procedures means more than to simply say management believes in or trusts their system. The affirmation will also need to include a program for a code of ethics for senior financial officers. The program must include prompt disclosures of any changes to your ethics program. So how do you do this?
Business Ethics and Compliance Program
You can easily implement a business ethics program using a step-by-step guide for developing your firm�s business ethics and compliance program. This manual will save you time researching, writing and editing your program. It provides sample policies, surveys, forms and training session outlines that are fully editable using MS Word. And it is also fully endorsed by The National Association of Corporate Directors (NACD) as a tool to maintain a culture of integrity.
Internal Controls
Your internal control report must also contain an assessment of the effectiveness of your internal controls and procedures for financial reporting. In practical terms, control is equivalent to predictability. Everyday management creates forecasts and budgets to predict the future. And the further into the future you can accurately predict, then the more control you have.
Achieve More Control Over Your Forecasts And Budgets
A training class for creating well defined processes shows you how to attain more control. Real world exercises and examples explain how to increase management effectiveness, achieve process control, communicate clear procedures, and verify if your processes are working. So what about procedures?
Procedures Effectiveness
For dealing with Section 404 of the Sarbanes-Oxley Act, you can look at products like the Management CFO Value Series that includes Accounting, Human Resources, as well as policies, procedures and forms for other departments. Such procedures will save you time researching best practices, creating a standard format, and thinking of clear and concise paragraphs to write.
Easier Section 404 Compliance
Your internal control report is the key to your Sarbanes-Oxley Section 404 compliance. You should also look at a business ethics and compliance program, attend a training class for creating well-defined processes to learn more about management effectiveness, and use a CFO Management Value Series to speed the development of your procedures. You want to achieve fast, easy, and effective relief for your Sarbanes-Oxley Section 404 compliance.
About the author:
Chris Anderson is co-author of policies and procedures manual products, providing the layout, process design and implementation to increase performance. He is currently the Managing Director of Bizmanualz, Inc., and holds a Masters in Business Administration from Pepperdine University and a Bachelor of Science degree in Electrical Engineering from Southern Illinois University. Visit: http://www.bizmanualz.com/accounting?src=ART68
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2011-01-22
Here is the latest and accurate assistance relating to laptop bags.
by: Tom Brown
Here is the latest and accurate assistance relating to laptop bags. When you are on the lookout for excellent information relating to laptop bags, you'll find it's complex sorting out the best information from unprofessional laptop bags proposals and guidance so it is important to know how to judge the advice that is offered.
Here's a few tips which we sincerely believe you should use when you're searching for information about laptop bags. You need to understand that the advice we present is only relevant to web based information about laptop bags. We do not offer you any advice or guidance for conducting research offline.
A good hint to follow when offered help or advice concerning a laptop bags site would be to confirm the sites ownership. This could reveal the people behind the website laptop bags authority The quickest way to work out who owns the laptop bags web site is to find the sites 'about' page.
All decent sites providing information on laptop bags, will nearly always have an 'about' or 'contact' page which will record the owner's details. The info should make known major points about the site owner's capability. This permits you to make an informed assessment about the vendor's education and practical knowledge, to give recommendations about laptop bags.
About the author:
Tom Brown is the webmaster at accountingdata-info-news.info
Circulated by Article Emporium
Here is the latest and accurate assistance relating to laptop bags. When you are on the lookout for excellent information relating to laptop bags, you'll find it's complex sorting out the best information from unprofessional laptop bags proposals and guidance so it is important to know how to judge the advice that is offered.
Here's a few tips which we sincerely believe you should use when you're searching for information about laptop bags. You need to understand that the advice we present is only relevant to web based information about laptop bags. We do not offer you any advice or guidance for conducting research offline.
A good hint to follow when offered help or advice concerning a laptop bags site would be to confirm the sites ownership. This could reveal the people behind the website laptop bags authority The quickest way to work out who owns the laptop bags web site is to find the sites 'about' page.
All decent sites providing information on laptop bags, will nearly always have an 'about' or 'contact' page which will record the owner's details. The info should make known major points about the site owner's capability. This permits you to make an informed assessment about the vendor's education and practical knowledge, to give recommendations about laptop bags.
About the author:
Tom Brown is the webmaster at accountingdata-info-news.info
Circulated by Article Emporium
2011-01-21
FOUR SIMPLE STEPS TO BETTER RESULTS WITH YOUR RESUME
by: Jeff Altman
Is every job description you read the same? No.
Is every job you submit your resume to the same? Of course they aren�t.
If all these job descriptions are different, why do you submit the same resume?
Every day, people send the same generic resume out as though each position was identical and each employer was attempting to hire identical skills and attributes. Too often, the results they receive are like the broken watch that is right twice a day�hit or miss success.
They list their name, address, phone numbers and email address, list an objective, education, and chronology of experience with dates of employment. The resume includes some successes or accomplishments. This is their resume.
In the days prior to computers when changing a resume required you to re-type different versions, this made sense. Today, when computers allow you to customize, spell and grammar check documents so easily, you are missing out on opportunities and costing yourself money by being lazy and not tailoring your resume for each opportunity you are interested in.
Here are several steps that you can do to improve your resume and get better results.
1. Each employer will be interested in different attributes of your experience. They often indicate it by the items they describe in their job ad. Emphasize the experiences that you have that relate to the skills being sought and the functions you will perform in the job they will ask you to perform. If you are applying for a staff position, emphasize your staff experience and minimize your management experience. If you are being hired to be a leader, write about your recent leadership.
2. Employers are more interested in recent work, rather than work you did many years ago. Use more space in your resume to highlight recent experience, rather than things you did before George W. Bush became President.
3. Like setting a goal where you make them specific, measurable, achievable within a specific period of time, describe your successes or achievements concretely. Reducing costs is a nice start but it is more powerful to describe something as reducing operational costs globally by 2%. Increased departmental sales by 27% resulting in . . . You get the idea. Use action verbs wherever possible (For more on this, read my article, Preparing an Effective Resume� on www.newyorkmetrotechnologyjobs.com).
4. Ask someone you trust to critique what you�ve written. Too often, people believe that they can do everything by themselves without asking for help. Ask a friend in your industry to critique what you�ve written to insure you�re on target and aren�t missing the mark.
When you go to a restaurant and order a meal, you have the expectation that it will be prepared in a way that will please you and be presented on the plate beautifully. Writing a great resume requires that you be the chef and prepare a meal that is both visually appealing and tastes great too!
Jeff Altman
Concepts in Staffing
jeffaltman@cisny.com
© 2005 all rights reserved.
About the author:
Jeff Altman, Managing Director with Concepts in Staffing, a New York search firm, has successfully assisted many corporations identify management leaders and staff in technology, accounting, finance, sales, marketing and other disciplines since 1971. He is a certified leader of the ManKind Project, a not for profit organization that assists men with life issues, and a practicing psychotherapist. For additional job hunting or hiring tips, go to http://www.newyorkmetrotechnologyjobs.com
If you would like Jeff and his firm to assist you with hiring staff, or if you would like help with a strategic job change, send an email to him at jeffaltman@cisny.com (If you�re looking for a new position, include your resume).
Circulated by Article Emporium
Is every job description you read the same? No.
Is every job you submit your resume to the same? Of course they aren�t.
If all these job descriptions are different, why do you submit the same resume?
Every day, people send the same generic resume out as though each position was identical and each employer was attempting to hire identical skills and attributes. Too often, the results they receive are like the broken watch that is right twice a day�hit or miss success.
They list their name, address, phone numbers and email address, list an objective, education, and chronology of experience with dates of employment. The resume includes some successes or accomplishments. This is their resume.
In the days prior to computers when changing a resume required you to re-type different versions, this made sense. Today, when computers allow you to customize, spell and grammar check documents so easily, you are missing out on opportunities and costing yourself money by being lazy and not tailoring your resume for each opportunity you are interested in.
Here are several steps that you can do to improve your resume and get better results.
1. Each employer will be interested in different attributes of your experience. They often indicate it by the items they describe in their job ad. Emphasize the experiences that you have that relate to the skills being sought and the functions you will perform in the job they will ask you to perform. If you are applying for a staff position, emphasize your staff experience and minimize your management experience. If you are being hired to be a leader, write about your recent leadership.
2. Employers are more interested in recent work, rather than work you did many years ago. Use more space in your resume to highlight recent experience, rather than things you did before George W. Bush became President.
3. Like setting a goal where you make them specific, measurable, achievable within a specific period of time, describe your successes or achievements concretely. Reducing costs is a nice start but it is more powerful to describe something as reducing operational costs globally by 2%. Increased departmental sales by 27% resulting in . . . You get the idea. Use action verbs wherever possible (For more on this, read my article, Preparing an Effective Resume� on www.newyorkmetrotechnologyjobs.com).
4. Ask someone you trust to critique what you�ve written. Too often, people believe that they can do everything by themselves without asking for help. Ask a friend in your industry to critique what you�ve written to insure you�re on target and aren�t missing the mark.
When you go to a restaurant and order a meal, you have the expectation that it will be prepared in a way that will please you and be presented on the plate beautifully. Writing a great resume requires that you be the chef and prepare a meal that is both visually appealing and tastes great too!
Jeff Altman
Concepts in Staffing
jeffaltman@cisny.com
© 2005 all rights reserved.
About the author:
Jeff Altman, Managing Director with Concepts in Staffing, a New York search firm, has successfully assisted many corporations identify management leaders and staff in technology, accounting, finance, sales, marketing and other disciplines since 1971. He is a certified leader of the ManKind Project, a not for profit organization that assists men with life issues, and a practicing psychotherapist. For additional job hunting or hiring tips, go to http://www.newyorkmetrotechnologyjobs.com
If you would like Jeff and his firm to assist you with hiring staff, or if you would like help with a strategic job change, send an email to him at jeffaltman@cisny.com (If you�re looking for a new position, include your resume).
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2011-01-20
Five Reasons to Incorporate a Company Offshore
by: Rhiannon Williamson
When it comes to the term �offshore� used in conjunction with company incorporation, the term �offshore� generally refers to any jurisdiction other than one in which the company incorporated will conduct the majority of its activities.
Usually such a jurisdiction has some degree of taxation or reporting benefit attached that makes it attractive to the company owner, and the concept of incorporating a company offshore will bring at least one of the following five benefits to a business owner: -
1) Ease of Operations � depending on the jurisdiction and the type of business activity to be conducted under the company name to be incorporated, the operating restrictions, auditing and accounting requirements and standards to which the business and its employees and directors must adhere are often far less restrictive offshore than onshore.
Exceptions to this rule are financial services based companies in many jurisdictions for example, who have to comply with extra regulatory legislation for the protection of the company�s clientele.
The advantage of easing operations particularly for a small or start up company is a reduction in operating costs and in the amount of time a company�s directors have to dedicate to form filling and report filing.
2) Reporting Simplification � this ties in with the first benefit; in the majority of offshore jurisdictions favoured for company incorporation the company activity reporting requirements are often far fewer and simpler as the business activities entered into by the company are conducted outside of the jurisdiction in which it is incorporated.
Furthermore personal information relating to the company�s directors and shareholders need not be declared in all cases or the extent to which personal information is required is far less intrusive.
3) Taxation Reduction/Negation � the reduction in taxation liability is one of the main benefits associated with investing offshore, opening an offshore bank account or incorporating a company offshore.
If you set up your company in a low or no tax jurisdiction you could potentially save yourself substantial amounts of money legally. Often the rules are that if the company incorporated in a particular jurisdiction never derives an income from the local economy it can operate tax free.
It�s therefore possible to use an offshore company in an overall international business structure and ensure profits are posted in the offshore jurisdiction and so no tax is liable! Many international corporations operate in this way and actually negate their tax liability fully.
4) Asset Protection � by operating a company offshore, i.e., outside the jurisdiction in which the company operates, it is sometimes possible to position assets away from the reach of any potential litigious action and also to shield business transactions from the eyes� of the competition.
5) Personal Privacy Protection � the level to which a director or shareholder�s personal information is required, held, visible or investigated offshore is likely to be far less invasive and intrusive than onshore. It is also possible to appoint nominee directors and secretaries for offshore companies in many jurisdictions thus keeping the true company owner�s identity shielded.
The information contained in this article cannot constitute advice. Each individual�s circumstances are unique and whether or not offshore company incorporation is something that could benefit your business can only be determined with personal advice.
About the author:
Rhiannon Williamson is a freelance writer whose many articles about the offshore world have appeared in business and financial publications around the world. To find out more about Offshore Company Incoporation visit www.ShelterOffshore.com
Circulated by Article Emporium
When it comes to the term �offshore� used in conjunction with company incorporation, the term �offshore� generally refers to any jurisdiction other than one in which the company incorporated will conduct the majority of its activities.
Usually such a jurisdiction has some degree of taxation or reporting benefit attached that makes it attractive to the company owner, and the concept of incorporating a company offshore will bring at least one of the following five benefits to a business owner: -
1) Ease of Operations � depending on the jurisdiction and the type of business activity to be conducted under the company name to be incorporated, the operating restrictions, auditing and accounting requirements and standards to which the business and its employees and directors must adhere are often far less restrictive offshore than onshore.
Exceptions to this rule are financial services based companies in many jurisdictions for example, who have to comply with extra regulatory legislation for the protection of the company�s clientele.
The advantage of easing operations particularly for a small or start up company is a reduction in operating costs and in the amount of time a company�s directors have to dedicate to form filling and report filing.
2) Reporting Simplification � this ties in with the first benefit; in the majority of offshore jurisdictions favoured for company incorporation the company activity reporting requirements are often far fewer and simpler as the business activities entered into by the company are conducted outside of the jurisdiction in which it is incorporated.
Furthermore personal information relating to the company�s directors and shareholders need not be declared in all cases or the extent to which personal information is required is far less intrusive.
3) Taxation Reduction/Negation � the reduction in taxation liability is one of the main benefits associated with investing offshore, opening an offshore bank account or incorporating a company offshore.
If you set up your company in a low or no tax jurisdiction you could potentially save yourself substantial amounts of money legally. Often the rules are that if the company incorporated in a particular jurisdiction never derives an income from the local economy it can operate tax free.
It�s therefore possible to use an offshore company in an overall international business structure and ensure profits are posted in the offshore jurisdiction and so no tax is liable! Many international corporations operate in this way and actually negate their tax liability fully.
4) Asset Protection � by operating a company offshore, i.e., outside the jurisdiction in which the company operates, it is sometimes possible to position assets away from the reach of any potential litigious action and also to shield business transactions from the eyes� of the competition.
5) Personal Privacy Protection � the level to which a director or shareholder�s personal information is required, held, visible or investigated offshore is likely to be far less invasive and intrusive than onshore. It is also possible to appoint nominee directors and secretaries for offshore companies in many jurisdictions thus keeping the true company owner�s identity shielded.
The information contained in this article cannot constitute advice. Each individual�s circumstances are unique and whether or not offshore company incorporation is something that could benefit your business can only be determined with personal advice.
About the author:
Rhiannon Williamson is a freelance writer whose many articles about the offshore world have appeared in business and financial publications around the world. To find out more about Offshore Company Incoporation visit www.ShelterOffshore.com
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2011-01-19
Five Leadership Secrets for Challenging Times
by: Ed Sykes
We consistently face new and ever growing challenges in the workplace such as reorganizing, downsizing, and �left out sizing.� We are faced with the question, �How do we lead in this storm of change?� It may seem difficult at times and the decisions we make define our short-term and long-term outcomes. I will share with you five leadership techniques guaranteed to keep you on track during these difficult times.
1 Integrity.
I put this first because the lack of integrity will make or break you as a professional, as a leader, as a person in the long run. The lack of this will turn yesterday�s heroes in today�s villains. For example, �MCI was the apple of the business community�s eye. High revenues, high profits, and high growth; MCI was beating the competition hands down.
Then it was discovered that there were gross accounting irregularities that accounted for the astounding profits. You see, management made a decision, �Do I continue to sustain good growth and be able to look at myself in the mirror or do I cook the accounting books and spend the rest of my time covering up this integrity deficiency? The real shame of the MCI situation was that AT&T, Sprint, and others in the industry had to cut costs and lay off thousands of employees to compete with MCI�s false numbers. The lack of integrity at MCI not only affected the company but also the livelihood of thousands and the industry as a whole.
I was recently speaking with a recently retired City Council member who is well respected in the community. I asked her what the secret was to her success while on the council? She mentioned that one of her political adversaries said to her, �While you were on the council, I didn�t like the way you voted, but I respected the way you voted because you were consistent with your votes and had the city�s best interest in mind.�
Ask yourself what decisions that you make are right for the long term? Be consistent in your actions, whether it is with management, your team, or your family.
2. Knowledge.
With change happening faster and faster every moment, it is extremely important that you gain the knowledge to master these changes. You owe it not only to yourself, but to your team and management. As I always say, �It�s not having the right answer, it�s that you have the right answer faster than before.� Many times during my teambuilding programs a student will say, �I didn�t know where to find the answer.� Then I will say, �That is an unacceptable answer.� Because part of being a leader is acquiring the skills to find the right answers. With the Internet, classroom and online training, mentors, etc., the knowledge is at your fingertips.
Challenge your team members to use the same resources to acquire the knowledge to master their challenges. By acquiring this knowledge, you will be able to navigate your team through the ocean of change and achieve your goals.
3. Decisiveness.
You have seen them. They wait for information, then more information before making a decision. Then they need more information to support the information they already have.Then they need a committee to analyze the information. Then they wait for the perfect time to make the decision.
Well, you know what I mean. Anyone you know? Make the decision! Good things happen when you take action; you grow, you adapt, and your team grows. There is no perfect time to make a decision. Leaders make decisions based on past experience, putting into action the decision, and staying and adapting the decision if needed. But make the decision. The worst quality you can show your team is indecision. What do you think your team sees when you can�t make a decision? Make the decision and go for it.
4. Vision.
This is the ability not only to see what is the present - anyone can do that - it�s the ability to see the future. Outstanding leaders can not only see their team for what they can do now, but what they can become, and paint the picture for them. These leaders are consistently communicating and coaching their team members to that vision. One of the best ways, and least used methods, to convey your vision is the team meeting.
Every meeting should start out with the team vision, mission, and goals; and the rest of the meeting should tie into the vision. For example, the motivation portion of the meeting should tie into the vision, the information portion of the meeting should tie into the vision, the training portion of the meeting should tie into the vision, etc. Also, invest time to develop your team members� personal visions and show them how they can accomplish their personal goals by tying into the overall vision. By consistently communicating the vision, your team will move with purpose, feel they are personally making a difference, and achieve their goals sooner.
5. Unselfishness
Stephen Covey, in his successful book Seven Habits of Highly Effective People, wrote that a true leader must be a servant to the ones he or she leads. The leader must be able to �give of oneself for the good of the team.� In other words, be unselfish in words and action. Be unselfish in praise of others, in public, especially in front of management.
Be unselfish in the ability to take time to listen, really listen to your team�s concerns. A recent management survey said that the average time management invests doing �pure listening� to employees during the year is a mere two hours- just two hours! What was meant by �pure listening� time was listening with eye contact, acknowledgement, and not answering the phone while listening, not speaking with another person while listening, etc. Be unselfish in the ability to help your team. Whether it�s the ability to readily assist with a difficult telephone call, jump in and remove road blocks for team members, or �be there� for a team member during challenging moments. Believe me, your team will remember those moments and excel for you.
Now I challenge you to put into action just one of the leadership techniques I mentioned above to achieve your vision, your mission, and your goals in the future.
Copyright © 2003 Ed Sykes. All rights reserved
About the author:
Ed Sykes is a professional speaker, author, and success coach in the areas of leadership, motivation, stress management, customer service, and team building. You can e-mail him at mailto:esykes@thesykesgrp.com, or call him at (757) 427-7032. Go to his web site, http://www.thesykesgrp.com,and signup for the newsletter, OnPoint, and receive the free ebook, "Empowerment and Stress Secrets for the Busy Professional."
Circulated by Article Emporium
We consistently face new and ever growing challenges in the workplace such as reorganizing, downsizing, and �left out sizing.� We are faced with the question, �How do we lead in this storm of change?� It may seem difficult at times and the decisions we make define our short-term and long-term outcomes. I will share with you five leadership techniques guaranteed to keep you on track during these difficult times.
1 Integrity.
I put this first because the lack of integrity will make or break you as a professional, as a leader, as a person in the long run. The lack of this will turn yesterday�s heroes in today�s villains. For example, �MCI was the apple of the business community�s eye. High revenues, high profits, and high growth; MCI was beating the competition hands down.
Then it was discovered that there were gross accounting irregularities that accounted for the astounding profits. You see, management made a decision, �Do I continue to sustain good growth and be able to look at myself in the mirror or do I cook the accounting books and spend the rest of my time covering up this integrity deficiency? The real shame of the MCI situation was that AT&T, Sprint, and others in the industry had to cut costs and lay off thousands of employees to compete with MCI�s false numbers. The lack of integrity at MCI not only affected the company but also the livelihood of thousands and the industry as a whole.
I was recently speaking with a recently retired City Council member who is well respected in the community. I asked her what the secret was to her success while on the council? She mentioned that one of her political adversaries said to her, �While you were on the council, I didn�t like the way you voted, but I respected the way you voted because you were consistent with your votes and had the city�s best interest in mind.�
Ask yourself what decisions that you make are right for the long term? Be consistent in your actions, whether it is with management, your team, or your family.
2. Knowledge.
With change happening faster and faster every moment, it is extremely important that you gain the knowledge to master these changes. You owe it not only to yourself, but to your team and management. As I always say, �It�s not having the right answer, it�s that you have the right answer faster than before.� Many times during my teambuilding programs a student will say, �I didn�t know where to find the answer.� Then I will say, �That is an unacceptable answer.� Because part of being a leader is acquiring the skills to find the right answers. With the Internet, classroom and online training, mentors, etc., the knowledge is at your fingertips.
Challenge your team members to use the same resources to acquire the knowledge to master their challenges. By acquiring this knowledge, you will be able to navigate your team through the ocean of change and achieve your goals.
3. Decisiveness.
You have seen them. They wait for information, then more information before making a decision. Then they need more information to support the information they already have.Then they need a committee to analyze the information. Then they wait for the perfect time to make the decision.
Well, you know what I mean. Anyone you know? Make the decision! Good things happen when you take action; you grow, you adapt, and your team grows. There is no perfect time to make a decision. Leaders make decisions based on past experience, putting into action the decision, and staying and adapting the decision if needed. But make the decision. The worst quality you can show your team is indecision. What do you think your team sees when you can�t make a decision? Make the decision and go for it.
4. Vision.
This is the ability not only to see what is the present - anyone can do that - it�s the ability to see the future. Outstanding leaders can not only see their team for what they can do now, but what they can become, and paint the picture for them. These leaders are consistently communicating and coaching their team members to that vision. One of the best ways, and least used methods, to convey your vision is the team meeting.
Every meeting should start out with the team vision, mission, and goals; and the rest of the meeting should tie into the vision. For example, the motivation portion of the meeting should tie into the vision, the information portion of the meeting should tie into the vision, the training portion of the meeting should tie into the vision, etc. Also, invest time to develop your team members� personal visions and show them how they can accomplish their personal goals by tying into the overall vision. By consistently communicating the vision, your team will move with purpose, feel they are personally making a difference, and achieve their goals sooner.
5. Unselfishness
Stephen Covey, in his successful book Seven Habits of Highly Effective People, wrote that a true leader must be a servant to the ones he or she leads. The leader must be able to �give of oneself for the good of the team.� In other words, be unselfish in words and action. Be unselfish in praise of others, in public, especially in front of management.
Be unselfish in the ability to take time to listen, really listen to your team�s concerns. A recent management survey said that the average time management invests doing �pure listening� to employees during the year is a mere two hours- just two hours! What was meant by �pure listening� time was listening with eye contact, acknowledgement, and not answering the phone while listening, not speaking with another person while listening, etc. Be unselfish in the ability to help your team. Whether it�s the ability to readily assist with a difficult telephone call, jump in and remove road blocks for team members, or �be there� for a team member during challenging moments. Believe me, your team will remember those moments and excel for you.
Now I challenge you to put into action just one of the leadership techniques I mentioned above to achieve your vision, your mission, and your goals in the future.
Copyright © 2003 Ed Sykes. All rights reserved
About the author:
Ed Sykes is a professional speaker, author, and success coach in the areas of leadership, motivation, stress management, customer service, and team building. You can e-mail him at mailto:esykes@thesykesgrp.com, or call him at (757) 427-7032. Go to his web site, http://www.thesykesgrp.com,and signup for the newsletter, OnPoint, and receive the free ebook, "Empowerment and Stress Secrets for the Busy Professional."
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2011-01-18
Explode Your Consulting Income
by: J. Stephen Pope
Here are just a few ways to increase and diversify your
income from your consulting business.
1. Sell More Services to Your Existing Clients
Instead of spending all that time and money trying to get
new business, why not try to sell more services to your
existing client base?
If you are an accounting and tax consulting firm, for
example, you likely have clients who need some assistance
in their record keeping and documentation. In addition to
your year-end tax services, could you provide monthly
bookkeeping and financial statements, accounting system
setups, training in accounting software, or other services
to assist your client?
Monthly services, in addition to annually billed fees, will
help you smooth out your cashflow and minimize the seasonal
nature of your business.
2. Mass Market Your Advice by Productizing Your Services
Could you produce a folio, special report, newsletter,
e-book, book, audio cassette, video, or course? If so, you
could enjoy making money even when you're not billing for
your time. While asleep or on vacation, the sale of your
information products could be generating additional income
for you.
Sell such products through direct mail, mail order,
exporting, and Internet marketing (your own website,
your own affiliate programs, eBay auctions, and so on).
As well as the passive, residual income that information
products can produce for you, they also help establish your
credentials as an expert. This, in turn, produces more
consulting opportunities for you.
3. Perform Group Consulting
Seminars, workshops, and teleclasses enable you to help
many participants in a cost-effective manner. In addition
to paying for admission, your attendees may also purchase
some of your information products or even become your
regular consulting clients.
4. Consider Additional Markets
Could you sell your consulting services to federal, state,
provincial, or municipal governments? Could you be an
expert trial witness?
If you consult with local clients, could you extend your
reach nationally or internationally by using the telephone
and Internet?
These few ideas are a starting point for you to brainstorm
all the possibilities for exploding your consulting income.
About the author:
RESOURCE BOX:
J. Stephen Pope, President of Pope Consulting Inc.,
has been helping clients to earn maximum business profits
for over twenty-five years.
For more information about profitable consulting and other
Work at Home Small Business Ideas, visit:
http://www.yenommarketinginc.com/consulting.html
Circulated by Article Emporium
Here are just a few ways to increase and diversify your
income from your consulting business.
1. Sell More Services to Your Existing Clients
Instead of spending all that time and money trying to get
new business, why not try to sell more services to your
existing client base?
If you are an accounting and tax consulting firm, for
example, you likely have clients who need some assistance
in their record keeping and documentation. In addition to
your year-end tax services, could you provide monthly
bookkeeping and financial statements, accounting system
setups, training in accounting software, or other services
to assist your client?
Monthly services, in addition to annually billed fees, will
help you smooth out your cashflow and minimize the seasonal
nature of your business.
2. Mass Market Your Advice by Productizing Your Services
Could you produce a folio, special report, newsletter,
e-book, book, audio cassette, video, or course? If so, you
could enjoy making money even when you're not billing for
your time. While asleep or on vacation, the sale of your
information products could be generating additional income
for you.
Sell such products through direct mail, mail order,
exporting, and Internet marketing (your own website,
your own affiliate programs, eBay auctions, and so on).
As well as the passive, residual income that information
products can produce for you, they also help establish your
credentials as an expert. This, in turn, produces more
consulting opportunities for you.
3. Perform Group Consulting
Seminars, workshops, and teleclasses enable you to help
many participants in a cost-effective manner. In addition
to paying for admission, your attendees may also purchase
some of your information products or even become your
regular consulting clients.
4. Consider Additional Markets
Could you sell your consulting services to federal, state,
provincial, or municipal governments? Could you be an
expert trial witness?
If you consult with local clients, could you extend your
reach nationally or internationally by using the telephone
and Internet?
These few ideas are a starting point for you to brainstorm
all the possibilities for exploding your consulting income.
About the author:
RESOURCE BOX:
J. Stephen Pope, President of Pope Consulting Inc.,
has been helping clients to earn maximum business profits
for over twenty-five years.
For more information about profitable consulting and other
Work at Home Small Business Ideas, visit:
http://www.yenommarketinginc.com/consulting.html
Circulated by Article Emporium
2011-01-17
Do you think that your workload is hampering your killer marketing activities?
by: Arun Tibrewal
You need an extra effort not the extra workload. Today when competition is high and consumers have many options to choose, an extra effort towards improvement of your product, managing your customers and taking care of other aspects of your business will give you advantage over your competition. You need to multiply your time may be you can keep your margin low, but will give you more volume and increase in your turnover.
Most SME�s start well during there initial stage of launching the business but looses its consistency do to pool of workloads on its day today life. It is often seen that hiring more employees gives extra load on limited earning resources resulting less revenue than expected. You need to put more efforts on Marketing and concentrate on your other activities so that you can do business with an ease. Outsourcing is one of the solutions for small and medium business entities too, that give them more opportunity to utilize there valuable time on marketing and other efforts. (Provided they get an honest an able outsourcing partner.)
Outsourcing is hiring a third party service provider to participate as a team member in your organization and share your workload. You may need to outsource your projects to save your time and get an expert professional to do the job for you. It is helpful to you in terms of, managing and multiplying your time so that you can focus on other important activities of your business needs. This is another effective tool to stay ahead with your competitions. By sharing your workload you get enough time to manage your business and think of its better promotions. You can outsource many things mainly your daily business activities i.e. accounting, document processing, Web site maintenance, Secretarial work, or other works need manual operations as well as marketing services. Below are some reasons to give an idea about benefits of outsourcing.
1.You save time in finding, interviewing and selecting the new employees by hiring an agency or search for your own.
2.You save time on providing them proper training as well as they need to adjust with your work culture too.
3.You can save your time, which you need to do all time-consuming paperwork requires hiring a permanent employee to your organization.
4.You do not need to purchase extra equipments for your existing setup.
5.You save cost in your daily office expenses as well as recurring employee charges i.e. Taxes, Insurance, Medical, leave and many more.
6.You can utilize your time in better way and can deliver better output for your business.
7.If you are a contractor, you can hire a subcontractor and focus on more orders.
8.If you are marketing professional you can double your marketing efforts and can have a wider reach.
9.You will be giving the extra efforts, which all are needed in present competition, to develop your business and getting more volume of works.
10.You will be getting a professional who has expertise in his own field and can deliver you better output.
There are many more reasons why you need to outsource your projects. Today time management is an important aspect of your business. There are many instance of SME�s growing to a large business houses simply multiplying there existing time.
About the author:
Arun Tibrewal [ www.arun.info] is an online marketing promotions specialist since 1998 and promoting KPO WEB [ www.kpoweb.com] A knowledge process outsourcing company. Permission is granted to reprint this article as long as the resource box should keep intact.
http://www.kpoweb.com>>Outsourcing services
http://www.arun.info>> Honest Online Marketing Guide
Circulated by Article Emporium
You need an extra effort not the extra workload. Today when competition is high and consumers have many options to choose, an extra effort towards improvement of your product, managing your customers and taking care of other aspects of your business will give you advantage over your competition. You need to multiply your time may be you can keep your margin low, but will give you more volume and increase in your turnover.
Most SME�s start well during there initial stage of launching the business but looses its consistency do to pool of workloads on its day today life. It is often seen that hiring more employees gives extra load on limited earning resources resulting less revenue than expected. You need to put more efforts on Marketing and concentrate on your other activities so that you can do business with an ease. Outsourcing is one of the solutions for small and medium business entities too, that give them more opportunity to utilize there valuable time on marketing and other efforts. (Provided they get an honest an able outsourcing partner.)
Outsourcing is hiring a third party service provider to participate as a team member in your organization and share your workload. You may need to outsource your projects to save your time and get an expert professional to do the job for you. It is helpful to you in terms of, managing and multiplying your time so that you can focus on other important activities of your business needs. This is another effective tool to stay ahead with your competitions. By sharing your workload you get enough time to manage your business and think of its better promotions. You can outsource many things mainly your daily business activities i.e. accounting, document processing, Web site maintenance, Secretarial work, or other works need manual operations as well as marketing services. Below are some reasons to give an idea about benefits of outsourcing.
1.You save time in finding, interviewing and selecting the new employees by hiring an agency or search for your own.
2.You save time on providing them proper training as well as they need to adjust with your work culture too.
3.You can save your time, which you need to do all time-consuming paperwork requires hiring a permanent employee to your organization.
4.You do not need to purchase extra equipments for your existing setup.
5.You save cost in your daily office expenses as well as recurring employee charges i.e. Taxes, Insurance, Medical, leave and many more.
6.You can utilize your time in better way and can deliver better output for your business.
7.If you are a contractor, you can hire a subcontractor and focus on more orders.
8.If you are marketing professional you can double your marketing efforts and can have a wider reach.
9.You will be giving the extra efforts, which all are needed in present competition, to develop your business and getting more volume of works.
10.You will be getting a professional who has expertise in his own field and can deliver you better output.
There are many more reasons why you need to outsource your projects. Today time management is an important aspect of your business. There are many instance of SME�s growing to a large business houses simply multiplying there existing time.
About the author:
Arun Tibrewal [ www.arun.info] is an online marketing promotions specialist since 1998 and promoting KPO WEB [ www.kpoweb.com] A knowledge process outsourcing company. Permission is granted to reprint this article as long as the resource box should keep intact.
http://www.kpoweb.com>>Outsourcing services
http://www.arun.info>> Honest Online Marketing Guide
Circulated by Article Emporium
2011-01-16
Do You Need Accounting Software For Your Small Business?
by: Jakki Francis
If you�re anything like me then you dislike with a vengeance doing your accounts and taxes.
So how can you make this process easier, less painful and cut your accountancy fees?
Well purchaseing an accounting software package is one way.
First of all you need to decide whether you are going to keep your accounting records manually, that is using pen and paper, or whether you are going to computerize the process.
If you decide that computerizing the process is the way to go then you need to decide whether to purchase an accounting software package, for example Sage or Quicken, or whether a spreadsheet, such as Microsoft Excel will suit your needs better.
As a general rule if you are a cash business that just needs to record income and expenditure then you are better off using a spreadsheet.
So, should you choose an accounting software package? Yes if:
· You have customers to whom you extend credit and you purchase goods in the same way
· You process in excess of 50 transactions per month
· Your business is an Incorporated Company (Limited Company in the UK)
and
· You are computer literate or are willing to learn!
Before choosing the accounting software, speak to your accountants � they will be familiar with the various accounting software packages on the market and will be able to advise you. Most accountants use software in their office to process the bookkeeping for their clients and will have a working knowledge of the accounting software package they use. It may be cheaper for you to use the same one they do, because they can advise you how to get it up and running and will be on hand to answer questions, plus at your financial year end when your accounts need preparing it will be less expensive, believe me to have a compatible program.
I also recommend doing some research yourself, you may be able to obtain a demonstration disk or download of the most popular accounting software packages and this will give you an idea of how they work and if they are user-friendly.
The cost may also be an issue, so you need to decide on your budget. But consider how your business is likely to expand - you may outgrow that budget accounting software quickly and end up purchaseing the more expensive one anyway.
Accounting software providers may also try and up-sell you a maintenance contract. Save your money! In my experience the established software providers will not have bugs in their systems. They will also try and upgrade you to the next version on a regular basis, but if the software is doing everything you need then there is no need to upgrade.
Of course, you could also pay someone to do your accounts for you, either your accountant or a bookkeeper � the payoff being you don�t have to do it yourself and it frees you up to actually run your business!
Copyright © Jakki Francis,(UK), 2005
About the author:
This article is copyrighted. Please feel free to use it in it's entirety including copyright information and information about the publisher. Jakki Francis operates the website http://www.accountingsoftware-reviews.com
Circulated by Article Emporium
If you�re anything like me then you dislike with a vengeance doing your accounts and taxes.
So how can you make this process easier, less painful and cut your accountancy fees?
Well purchaseing an accounting software package is one way.
First of all you need to decide whether you are going to keep your accounting records manually, that is using pen and paper, or whether you are going to computerize the process.
If you decide that computerizing the process is the way to go then you need to decide whether to purchase an accounting software package, for example Sage or Quicken, or whether a spreadsheet, such as Microsoft Excel will suit your needs better.
As a general rule if you are a cash business that just needs to record income and expenditure then you are better off using a spreadsheet.
So, should you choose an accounting software package? Yes if:
· You have customers to whom you extend credit and you purchase goods in the same way
· You process in excess of 50 transactions per month
· Your business is an Incorporated Company (Limited Company in the UK)
and
· You are computer literate or are willing to learn!
Before choosing the accounting software, speak to your accountants � they will be familiar with the various accounting software packages on the market and will be able to advise you. Most accountants use software in their office to process the bookkeeping for their clients and will have a working knowledge of the accounting software package they use. It may be cheaper for you to use the same one they do, because they can advise you how to get it up and running and will be on hand to answer questions, plus at your financial year end when your accounts need preparing it will be less expensive, believe me to have a compatible program.
I also recommend doing some research yourself, you may be able to obtain a demonstration disk or download of the most popular accounting software packages and this will give you an idea of how they work and if they are user-friendly.
The cost may also be an issue, so you need to decide on your budget. But consider how your business is likely to expand - you may outgrow that budget accounting software quickly and end up purchaseing the more expensive one anyway.
Accounting software providers may also try and up-sell you a maintenance contract. Save your money! In my experience the established software providers will not have bugs in their systems. They will also try and upgrade you to the next version on a regular basis, but if the software is doing everything you need then there is no need to upgrade.
Of course, you could also pay someone to do your accounts for you, either your accountant or a bookkeeper � the payoff being you don�t have to do it yourself and it frees you up to actually run your business!
Copyright © Jakki Francis,(UK), 2005
About the author:
This article is copyrighted. Please feel free to use it in it's entirety including copyright information and information about the publisher. Jakki Francis operates the website http://www.accountingsoftware-reviews.com
Circulated by Article Emporium
2011-01-15
Company/Employee Handbook as Organisational Improvement Tool
by: Stephan Szugat
A business is only able to grow as fast as the internal organisation is able to process higher volumes of sales. But how to get an optimal internal organisation? Well, you will need to adapt your internal organisation over and over again. It�s a never ending story. However, a Company/Employee Handbook could assist you to achieve the best internal business organisation.
This brings up the question, What has to be included in a Company/Employee Handbook? Everything what has influence to your business operation. First of all, it has to be outlined which areas the Company/Employee Handbook will cover. As it has to do with internal operation, here is a list of items you should include:
- Company Background Information (Name-Development, Foundation date and place, History-Milestones, Vision)
- Owner and/or Manager Bios/Profiles
- Listing of Officers and Board of Directors
- Employment Roles (Job Roles, Job Descriptions)
- Description of the main products and services (just use your marketing material)
- FAQ (about internal subjects only)
- Company timeline (What, when, where)
- Office procedures (Workflow-Information, Working Procedures)
- List of persons to know (Bank Contact, Tax Advisor, Laywer, Main Suppliers, etc.)
- Overview of agreements (Rental, Leasing, etc.)
- Internal Policies (Dress code, Phone usage and answering, Voice Mail Procedure, Parking,
Business Cards, Drug Policy, etc.).
The above list shows which information should be included. The following list shows which departments should be included:
- Distribution
- Inventory/Warehouse
- Marketing (How Follow-up�s are handled, Lead-Generation, etc.)
- Customer Support
- Research and Development
- Accounting
- Human Resources
- Purchase/Procurement.
The above two lists just show, how complex it could be to setup a Company/Employee Handbook. But it don�t have to be complex, just start partial. Only include the information which are already available and use the help of your employees. The benefits of having a Company Handbook are numerous, your employees will save time, it will be easier to improve procedures, because the procedures will be broken down into small sections of the whole precodures. Everything is clearly described, so nobody needs to ask over and over again. In case of holiday or illness of an employee, others could jump into the job, because they could be trained faster.
As employer, you could hire employees with lower education. And your employees will love it, because they know where to look, when they have questions and they could improve their working environment as well. But the most advantage for the owner is, that the organisation will be able to work properly, when the business grows and when the owner might sell the business one day, it might get sold easier, because of the proper organisation.
When installing a Company Handbook, you will find procedures you could automate. Automating the operation as much as possible will also be a big benefit, because employees and employer are able to focus their workforce on more important topics, such as improving the sales volume. Furthermore automatization will reduce to cost of operation as well.
A Company/Employee Handbook is a bit like a Business Plan, but far more detailed, because it will contain information on every internal procedure. Only the financial part of the business plan will not be included, but if you like you might include some financial information you like to share with your employees. As you describe your procedures just do it as a numeration or listing. The description don�t have to be very well formed, it�s just important that everyone who will read it, is able to understand what has to be done.
Remember, a Company Handbook is a living system, if you and your employees are not updating it regularly, it will be death one day, because it will only contain old stuff. So keep all people within your business engaged in improving the Company Handbook, because it will improve your business internal organisation as well. While starting to write the content of your Company Handbook, concentrate on job roles at first, afterwards write down job descriptions, in case a job role has been given to employees twice (Accounting Staff, etc.). Job Roles need to include the duties and the responsebilities of the described job.
Job Roles, Job Descriptions and Workflow-Descriptions of sepcial procedures don�t have to be the same, but take care that the information is consistent, that means that it is written in a stream. This way the entire Company Handbook will be of benefit for everyone. When rereading something on your Company Handbook and you still have questions, than the entry is not finished.
Last but not least, your Company/Employee Handbook should be available everytime. To do this, think about an Internet or Intranet Solution, depending on the size of your business. Keep it simple and slim, and you will have many benefits from it. Good Luck.
About the author:
Stephan Szugat is founder of abenetis a web-based service about Business Management Solutions. He has approx. 15 years experience in the Finance and Accounting Area from companies of different size and from various industries. http://www.abenetis.com
Circulated by Article Emporium
A business is only able to grow as fast as the internal organisation is able to process higher volumes of sales. But how to get an optimal internal organisation? Well, you will need to adapt your internal organisation over and over again. It�s a never ending story. However, a Company/Employee Handbook could assist you to achieve the best internal business organisation.
This brings up the question, What has to be included in a Company/Employee Handbook? Everything what has influence to your business operation. First of all, it has to be outlined which areas the Company/Employee Handbook will cover. As it has to do with internal operation, here is a list of items you should include:
- Company Background Information (Name-Development, Foundation date and place, History-Milestones, Vision)
- Owner and/or Manager Bios/Profiles
- Listing of Officers and Board of Directors
- Employment Roles (Job Roles, Job Descriptions)
- Description of the main products and services (just use your marketing material)
- FAQ (about internal subjects only)
- Company timeline (What, when, where)
- Office procedures (Workflow-Information, Working Procedures)
- List of persons to know (Bank Contact, Tax Advisor, Laywer, Main Suppliers, etc.)
- Overview of agreements (Rental, Leasing, etc.)
- Internal Policies (Dress code, Phone usage and answering, Voice Mail Procedure, Parking,
Business Cards, Drug Policy, etc.).
The above list shows which information should be included. The following list shows which departments should be included:
- Distribution
- Inventory/Warehouse
- Marketing (How Follow-up�s are handled, Lead-Generation, etc.)
- Customer Support
- Research and Development
- Accounting
- Human Resources
- Purchase/Procurement.
The above two lists just show, how complex it could be to setup a Company/Employee Handbook. But it don�t have to be complex, just start partial. Only include the information which are already available and use the help of your employees. The benefits of having a Company Handbook are numerous, your employees will save time, it will be easier to improve procedures, because the procedures will be broken down into small sections of the whole precodures. Everything is clearly described, so nobody needs to ask over and over again. In case of holiday or illness of an employee, others could jump into the job, because they could be trained faster.
As employer, you could hire employees with lower education. And your employees will love it, because they know where to look, when they have questions and they could improve their working environment as well. But the most advantage for the owner is, that the organisation will be able to work properly, when the business grows and when the owner might sell the business one day, it might get sold easier, because of the proper organisation.
When installing a Company Handbook, you will find procedures you could automate. Automating the operation as much as possible will also be a big benefit, because employees and employer are able to focus their workforce on more important topics, such as improving the sales volume. Furthermore automatization will reduce to cost of operation as well.
A Company/Employee Handbook is a bit like a Business Plan, but far more detailed, because it will contain information on every internal procedure. Only the financial part of the business plan will not be included, but if you like you might include some financial information you like to share with your employees. As you describe your procedures just do it as a numeration or listing. The description don�t have to be very well formed, it�s just important that everyone who will read it, is able to understand what has to be done.
Remember, a Company Handbook is a living system, if you and your employees are not updating it regularly, it will be death one day, because it will only contain old stuff. So keep all people within your business engaged in improving the Company Handbook, because it will improve your business internal organisation as well. While starting to write the content of your Company Handbook, concentrate on job roles at first, afterwards write down job descriptions, in case a job role has been given to employees twice (Accounting Staff, etc.). Job Roles need to include the duties and the responsebilities of the described job.
Job Roles, Job Descriptions and Workflow-Descriptions of sepcial procedures don�t have to be the same, but take care that the information is consistent, that means that it is written in a stream. This way the entire Company Handbook will be of benefit for everyone. When rereading something on your Company Handbook and you still have questions, than the entry is not finished.
Last but not least, your Company/Employee Handbook should be available everytime. To do this, think about an Internet or Intranet Solution, depending on the size of your business. Keep it simple and slim, and you will have many benefits from it. Good Luck.
About the author:
Stephan Szugat is founder of abenetis a web-based service about Business Management Solutions. He has approx. 15 years experience in the Finance and Accounting Area from companies of different size and from various industries. http://www.abenetis.com
Circulated by Article Emporium
2011-01-14
Choosing A Business Tax Service
by: Don Kransteuber
There are a number of ways that you can find tax services companies. The yellow pages is a good place to start for companies in your area but, depending on where you live, the list of names may be extremely long. It is a good idea to ask your friends, colleagues and business partners to recommend the tax services that they have found helpful and efficient in the past. Then you can call the tax services professionals that you have on your list and discuss your requirements.
The first step in finding the best tax services for your needs is deciding what level of help you require. Perhaps you simply need someone who can file a simple tax return but has to wade through your slightly disorganised accounting documents, or maybe you have a number of employees and need
assistance sorting out their tax withholdings or you may even want all of these tax services, and more. The size of the tax services company may also be an issue. You may want one person to be able to perform all of your tax work, especially if you are only a small business owner or you may want a team of tax professionals and you want to find tax services that have a number of specialists available. Once you have identified the type of tax services then you can begin your search more easily. Your available tax services budget is obviously going to be an issue but you should try to allocate as much money as possible to ensure that you can afford the best possible tax services. Remember that you can incur heavy fines if you have incorrectly filed your tax return or are late paying any type of tax that your business is liable for.
Apart from professional qualifications and references one of the most important points to consider when assessing which of the tax services companies you want to use is whether you feel comfortable with the person you are dealing with. At the end of the day you are going to trust them with your financial records and it is essential that you feel that you can depend upon the person.
Every business, at some time, needs the help of some type of tax services at some stage. Large organisations usually have their own tax services department with accountants and tax lawyers but small companies often have to hire tax services on a regular basis to help keep their tax returns and other issues in order. It is important to know how to find the best tax services, no matter what type of business you are involved with.
About the author:
Learn more about Tax Software and gain access to a wide variety of resources at http://www.alltaxsoftware.info.You'll find articles, resources and links to helpful sites.
Circulated by Article Emporium
There are a number of ways that you can find tax services companies. The yellow pages is a good place to start for companies in your area but, depending on where you live, the list of names may be extremely long. It is a good idea to ask your friends, colleagues and business partners to recommend the tax services that they have found helpful and efficient in the past. Then you can call the tax services professionals that you have on your list and discuss your requirements.
The first step in finding the best tax services for your needs is deciding what level of help you require. Perhaps you simply need someone who can file a simple tax return but has to wade through your slightly disorganised accounting documents, or maybe you have a number of employees and need
assistance sorting out their tax withholdings or you may even want all of these tax services, and more. The size of the tax services company may also be an issue. You may want one person to be able to perform all of your tax work, especially if you are only a small business owner or you may want a team of tax professionals and you want to find tax services that have a number of specialists available. Once you have identified the type of tax services then you can begin your search more easily. Your available tax services budget is obviously going to be an issue but you should try to allocate as much money as possible to ensure that you can afford the best possible tax services. Remember that you can incur heavy fines if you have incorrectly filed your tax return or are late paying any type of tax that your business is liable for.
Apart from professional qualifications and references one of the most important points to consider when assessing which of the tax services companies you want to use is whether you feel comfortable with the person you are dealing with. At the end of the day you are going to trust them with your financial records and it is essential that you feel that you can depend upon the person.
Every business, at some time, needs the help of some type of tax services at some stage. Large organisations usually have their own tax services department with accountants and tax lawyers but small companies often have to hire tax services on a regular basis to help keep their tax returns and other issues in order. It is important to know how to find the best tax services, no matter what type of business you are involved with.
About the author:
Learn more about Tax Software and gain access to a wide variety of resources at http://www.alltaxsoftware.info.You'll find articles, resources and links to helpful sites.
Circulated by Article Emporium
2011-01-13
Childcare Management & Daycare Software
by: Jasmine Ong
ProCare
Running a childcare facility can be an exhausting, 24/7 job. There are always kids to keep track of, records to update, fees to collect, bills to pay, reports to write, and so on. Often, your To-Do List seems both frighteningly endless and drearily cyclical.
If you're not careful, trying to keep up with all your duties could wear you ragged. You also run the risk of spreading yourself too thin. And that could spell the difference between delivering quality and substandard childcare.
Fortunately, Professional Solutions' ProCare software provides a way to streamline your operations. With this line of childcare management and daycare programs, you can quickly automate your facilities for maximum efficiency and minimum headaches. This means you can now instantly accomplish tasks that would otherwise take you minutes, hours or even days to complete. This also means that investing in the ProCare system can save you a fortune in wasted time, effort and money. It can very well be the soundest business decision you'll ever make.
Automation allows ProCare to simplify many monotonous and mundane administrative chores for you. With just a few keystrokes and mouse clicks, it can help you organize customer information into easily retrievable records. It can also help you perform other time-consuming duties, such as scheduling, bookkeeping and generating reports, in practically no time at all.
ProCare knows that the decision to automate your center is no small matter. This is why ProCare willingly provides you with a free software demo (available for request at http://procaresoftware.com/demo.shtml that will walk you through the system. This gives you a firsthand feel of the features and benefits without having to shell out any funds.
ProCare is a completely customizable software package solution. With the comprehensive ProCare Family Data program at its very heart, managing child and family data becomes swift and simple. Other optional modules can be purchased as add-ons to this core software. Each module is intended to target a specific function, such as accounting or attendance tracking. While the Family Data software is a must-purchase, you only pay for the add-ons that you want or require. ProCare can therefore be designed to meet the individual needs of most any preschool or daycare. It can even be designed to fit most any budget. A pool of well-trained and dedicated ProCare consultants are always on hand to help you pick out which features will work best for your particular center.
Once you choose and install the ProCare package best suited for your needs, you're ready to hit the ground running. Its intuitive interface guarantees ease of use, with absolutely no learning curve necessary. Even computer novices will be able to successfully navigate through the application's user-friendly menus and functions. So from the moment you fire up your software, all you have to worry about is what you're going to do with all the time you'll save.
For an entire decade now, ProCare's business solution expertise has given childcare professionals more time to focus on what really counts: nurturing and caring for kids. Isn't it time you automated your center the ProCare way too? For more information on Day Care Software, please visit http://www.softwareperfect.com/
About the author:
Jasmine Ong is a staff writer for Software Perfect - a leading independent software review website.
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ProCare
Running a childcare facility can be an exhausting, 24/7 job. There are always kids to keep track of, records to update, fees to collect, bills to pay, reports to write, and so on. Often, your To-Do List seems both frighteningly endless and drearily cyclical.
If you're not careful, trying to keep up with all your duties could wear you ragged. You also run the risk of spreading yourself too thin. And that could spell the difference between delivering quality and substandard childcare.
Fortunately, Professional Solutions' ProCare software provides a way to streamline your operations. With this line of childcare management and daycare programs, you can quickly automate your facilities for maximum efficiency and minimum headaches. This means you can now instantly accomplish tasks that would otherwise take you minutes, hours or even days to complete. This also means that investing in the ProCare system can save you a fortune in wasted time, effort and money. It can very well be the soundest business decision you'll ever make.
Automation allows ProCare to simplify many monotonous and mundane administrative chores for you. With just a few keystrokes and mouse clicks, it can help you organize customer information into easily retrievable records. It can also help you perform other time-consuming duties, such as scheduling, bookkeeping and generating reports, in practically no time at all.
ProCare knows that the decision to automate your center is no small matter. This is why ProCare willingly provides you with a free software demo (available for request at http://procaresoftware.com/demo.shtml that will walk you through the system. This gives you a firsthand feel of the features and benefits without having to shell out any funds.
ProCare is a completely customizable software package solution. With the comprehensive ProCare Family Data program at its very heart, managing child and family data becomes swift and simple. Other optional modules can be purchased as add-ons to this core software. Each module is intended to target a specific function, such as accounting or attendance tracking. While the Family Data software is a must-purchase, you only pay for the add-ons that you want or require. ProCare can therefore be designed to meet the individual needs of most any preschool or daycare. It can even be designed to fit most any budget. A pool of well-trained and dedicated ProCare consultants are always on hand to help you pick out which features will work best for your particular center.
Once you choose and install the ProCare package best suited for your needs, you're ready to hit the ground running. Its intuitive interface guarantees ease of use, with absolutely no learning curve necessary. Even computer novices will be able to successfully navigate through the application's user-friendly menus and functions. So from the moment you fire up your software, all you have to worry about is what you're going to do with all the time you'll save.
For an entire decade now, ProCare's business solution expertise has given childcare professionals more time to focus on what really counts: nurturing and caring for kids. Isn't it time you automated your center the ProCare way too? For more information on Day Care Software, please visit http://www.softwareperfect.com/
About the author:
Jasmine Ong is a staff writer for Software Perfect - a leading independent software review website.
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2011-01-12
Can You Play the Drums?
When I was a child, all I wanted from life was to be able to play every instrument under the sun. Pretty lofty goal, right?
I spent a couple decades learning numerous instruments, a couple I mastered; with many of the instruments I considered myself an
average player, but that was ok � at least I could do it! Years went by, I kept learning new instruments, and I was very proud of myself.
One day, I decided it was time to learn the drums. I started with the snare drum, and I was fair at playing that. Next, the
tri-toms, the bass drum, symbols, and so on. Being the overachiever that I am, I decided one day to get a drum set. I
worked on it, day in and out, striving to make some sense out of this set of drums. I banged on them endlessly, struggling to find
my beat � to make them all work together while in my hands. My father, being a kind soul, walked in on me playing my drum set
and said, �You know, you look like a maniac flailing around over there.�
Skip forward several years later. I still have that drum set (in my shed), and I still play it occasionally. No set of lessons, books, or study seems to teach my feet and hands to move as they should with the drums. My beats end up half-witted, and I�ve resigned myself to the fact that 1) I can�t do it all myself and 2) If I need a drummer, I might as well hire a professional.
The moral of my story is, I know what I can and can�t achieve. The drums are not my �cup of tea�, but I know of several
individuals who are very good at the drums. This is true in my business as well; while I can keep my books and do my personal
taxes, when I put all of the accounting/bookkeeping together, I end up flailing like a maniac once again.
Many business owners seem to be under the assumption that they can do it all, that they can be the catch-all support that their
business needs. In my experience, this is only not true, but can also make your business look very unprofessional. Your ability to say, �I�m not a web designer� or �I�m not an accountant� or �I don�t know my head from a hole in the ground in regards to [fill in the blank]� will set your business apart from the crowd. I can
give you a great for instance: I know next to nothing about real estate. I know it has something to do with houses, mortgages,
listings, and showings; but what good does that do me? However, I know a friend of mine has ample experience in real estate, and this is her niche market. Thus, every inquiry I get about real estate I send to my friend.
We all forget at one time or another that we can�t do everything, and take on projects we are blatantly not qualified for. It is imperative that we not only find our niche market, but also figure out what we cannot accomplish successfully, and pass it on to someone who does.
I cannot play the drums, but I am a master at the flute and trombone. I cannot do bookkeeping/accounting, but am a whiz at
marketing and design. How about you?
About the author:
Erin Banister is the president of TrinityJacobs � Your Personal Virtual Assistant. Erin�s expertise includes marketing and desktop publishing, amongst other administrative specialties. For
more information, visit http://www.TrinityJacobs.com
Circulated by Article Emporium
I spent a couple decades learning numerous instruments, a couple I mastered; with many of the instruments I considered myself an
average player, but that was ok � at least I could do it! Years went by, I kept learning new instruments, and I was very proud of myself.
One day, I decided it was time to learn the drums. I started with the snare drum, and I was fair at playing that. Next, the
tri-toms, the bass drum, symbols, and so on. Being the overachiever that I am, I decided one day to get a drum set. I
worked on it, day in and out, striving to make some sense out of this set of drums. I banged on them endlessly, struggling to find
my beat � to make them all work together while in my hands. My father, being a kind soul, walked in on me playing my drum set
and said, �You know, you look like a maniac flailing around over there.�
Skip forward several years later. I still have that drum set (in my shed), and I still play it occasionally. No set of lessons, books, or study seems to teach my feet and hands to move as they should with the drums. My beats end up half-witted, and I�ve resigned myself to the fact that 1) I can�t do it all myself and 2) If I need a drummer, I might as well hire a professional.
The moral of my story is, I know what I can and can�t achieve. The drums are not my �cup of tea�, but I know of several
individuals who are very good at the drums. This is true in my business as well; while I can keep my books and do my personal
taxes, when I put all of the accounting/bookkeeping together, I end up flailing like a maniac once again.
Many business owners seem to be under the assumption that they can do it all, that they can be the catch-all support that their
business needs. In my experience, this is only not true, but can also make your business look very unprofessional. Your ability to say, �I�m not a web designer� or �I�m not an accountant� or �I don�t know my head from a hole in the ground in regards to [fill in the blank]� will set your business apart from the crowd. I can
give you a great for instance: I know next to nothing about real estate. I know it has something to do with houses, mortgages,
listings, and showings; but what good does that do me? However, I know a friend of mine has ample experience in real estate, and this is her niche market. Thus, every inquiry I get about real estate I send to my friend.
We all forget at one time or another that we can�t do everything, and take on projects we are blatantly not qualified for. It is imperative that we not only find our niche market, but also figure out what we cannot accomplish successfully, and pass it on to someone who does.
I cannot play the drums, but I am a master at the flute and trombone. I cannot do bookkeeping/accounting, but am a whiz at
marketing and design. How about you?
About the author:
Erin Banister is the president of TrinityJacobs � Your Personal Virtual Assistant. Erin�s expertise includes marketing and desktop publishing, amongst other administrative specialties. For
more information, visit http://www.TrinityJacobs.com
Circulated by Article Emporium
2011-01-11
Business laws basics
by: Mansi gupta
A professional degree in Juris Doctor relates to a higher grade of studies in law. With business houses expanding in size and the legal issues gaining higher importance for day to day working of large corporates, demand for Juris Doctor professionals has been increasing. As the business interacts more with the society and their other counterparts need to resolve legal matters emerge simultaneously. All this has given an impetus to students aiming for career in law field. But a purely law background without any corporate experience may not be well accepted by business industry. Top ranked services in companies also demand a graduate in business organization along with lawyer�s degree.
As demand for combined degree in JD and business is being a preferred combination to build a rewarding career in law. Business and law schools at various places have joined hands to impart students with best career courses. At many places Law Schools providing degrees of Juris Doctor and business school providing Master in business administration present a cooperative program for the convenience of aspiring students. This opportunity to avail concurrent degrees in both fields is a stepping-stone for success of students. Students who cannot travel to different places at the same time have a best prospect of finding excellent professional training under one roof.
Surviving in the law field gets tougher from the day one tries to enter the school of law. Getting admission requires fulfilling entire formalities along with earlier creditable basic high school record, clearing the admission test for the law school and even recommendations from people. The same is applicable for business studies a student is required to prove his quantitative skills and efficiency in microcomputers to get admitted. A dedicated and hard work during the courses ensures students with excellent results which in turn to provide better career opportunities.
A law person has various prospects for different types of career that he would like to accept. Depending on his caliber and willingness to work hard a lawyer can decide upon practicing law in an exclusive law firm or he may choose to be an in house lawyer. An exclusive law firm requires an extensive knowledge of one particular area in law where as an in house lawyer is required to deal with entire aspects of legal issues that relate to the particular company in which he is involved.
While undergoing training in one of the law schools a student would learn about different aspects of law like civil law, criminal procedures, constitutional law, contracts, property, professional responsibility, basic federal income taxation, legislative and administrative interpretation and many others. The syllabus is cautiously devised to ensure that students receive exhaustive training to deal with maximum situation in the professional front. Similarly Masters Degree in Business administration imparts education in business for global society, corporate finance, managerial accounting, information resource management, strategic management, master�s project and other similar relevant courses. Anyone pursuing both law and business studies simultaneously has an advantage of studying some courses that are counted towards both degrees and hence a considerable amount of work is reduced for these students.
About the author:
Mansi gupta writes about business laws Learn more at http://www.jdforbusiness.com
Circulated by Article Emporium
A professional degree in Juris Doctor relates to a higher grade of studies in law. With business houses expanding in size and the legal issues gaining higher importance for day to day working of large corporates, demand for Juris Doctor professionals has been increasing. As the business interacts more with the society and their other counterparts need to resolve legal matters emerge simultaneously. All this has given an impetus to students aiming for career in law field. But a purely law background without any corporate experience may not be well accepted by business industry. Top ranked services in companies also demand a graduate in business organization along with lawyer�s degree.
As demand for combined degree in JD and business is being a preferred combination to build a rewarding career in law. Business and law schools at various places have joined hands to impart students with best career courses. At many places Law Schools providing degrees of Juris Doctor and business school providing Master in business administration present a cooperative program for the convenience of aspiring students. This opportunity to avail concurrent degrees in both fields is a stepping-stone for success of students. Students who cannot travel to different places at the same time have a best prospect of finding excellent professional training under one roof.
Surviving in the law field gets tougher from the day one tries to enter the school of law. Getting admission requires fulfilling entire formalities along with earlier creditable basic high school record, clearing the admission test for the law school and even recommendations from people. The same is applicable for business studies a student is required to prove his quantitative skills and efficiency in microcomputers to get admitted. A dedicated and hard work during the courses ensures students with excellent results which in turn to provide better career opportunities.
A law person has various prospects for different types of career that he would like to accept. Depending on his caliber and willingness to work hard a lawyer can decide upon practicing law in an exclusive law firm or he may choose to be an in house lawyer. An exclusive law firm requires an extensive knowledge of one particular area in law where as an in house lawyer is required to deal with entire aspects of legal issues that relate to the particular company in which he is involved.
While undergoing training in one of the law schools a student would learn about different aspects of law like civil law, criminal procedures, constitutional law, contracts, property, professional responsibility, basic federal income taxation, legislative and administrative interpretation and many others. The syllabus is cautiously devised to ensure that students receive exhaustive training to deal with maximum situation in the professional front. Similarly Masters Degree in Business administration imparts education in business for global society, corporate finance, managerial accounting, information resource management, strategic management, master�s project and other similar relevant courses. Anyone pursuing both law and business studies simultaneously has an advantage of studying some courses that are counted towards both degrees and hence a considerable amount of work is reduced for these students.
About the author:
Mansi gupta writes about business laws Learn more at http://www.jdforbusiness.com
Circulated by Article Emporium
2011-01-10
Bottleneck-oriented Business Management
by: Stephan Szugat
Simple and effective Business Management
In every enterprise there are, at every time, one or more bottlenecks, which have influence to the commercial situation. Bottleneck-oriented business management has the purpose to early track the bottlenecks and to remove them, to allow an optimum of commercial development. To know at any time, what a business lacks of and to be able to add the missing things, is today a determining competition advantage. Bottlenecks can be, e.g.:
low sales proceeds
high due or overdue accounts receivables
low liquidity (Cash on Hand, etc.)
high amount of liabilities
low number of customers
too many new customers
too high capacity utilization
defective administration or management
and a lot more.
These example show that bottlenecks not only concern negative circumstances, but also can apply to positive commercial development. If an enterprise takes up many new customers, this results in new orders, which lead to other circumstances, like a possible excess in capacity utilization. In case the excess of capacity utilization stays for a longer time, this may result in a lower employee motivation, because of a slump in working atmosphere within the company, which then could lead to less qualtiy of the work performed.
Due to a TIMELY reporting system many companies take care of reaching the desired commercial development. However, a regular analysis of expenses or the annual reports are not enough to control a business today. In the today's dynamic markets these evaluations are too statical, too much oriented on the past commercial development, which had been achieved. Also cost accounting only shows what has happened in the past. The actual direction in which a business is running could not be seen.
Imagine a business to be a car. If you sat down in a car, do you like to receive information from the instruments from the last year or month? Probably not. You would like to have actual information about fuel tank content, coolant temperature and a lot more. Bottleneck-oriented business management should exactly bring the most important and actual information about a business to you, including so-called early warning signals (Screenshot abenetis ERS-Diagram).
Data oriented to the past for early-warning-systems?
A working early-warning-system needs data which are not oriented to the past, like from cost accounting or year-/month-end-closeings. It needs data from so-called early indicators, which has to be gathered from different areas of an enterprise. Of course, figures from the finance and accounting department belong into an early-warning-system, but they only have a subordinated role, because they are oriented to the past.
Nowadays the reporting must show the present situation of a business. In many businesses the expenditure of time for the reporting rose considerably, due to the today's flood of information. Aggravatingly added to this, is the selection of the really relevant business ratios, which allow an appropriate overview of the actual business situation. Too often reports are prepared, which are not perceived by anybody, due to the lack of necessary statements about the business development.
There are already proven business-ratio-systems, that enterprises only need to take over. Get back into the car again, imagine you have only one instrument in front of you, which shows the value "35". What does this signify? It is not recognizable how many fuel exists, how the Temperature of the coolant is or how fast the car is driving, etc.
At this example you could recognize the little expressiveness of only one business ratio. It shows the importance to use the right business ratios, which must have a connection to each other and which have a different temporal origin. Nevertheless, many business ratio systems are mostly based on data which originate from the past.
This turns often to the problem, that immediate information are not available, to indicate the actual situation of a business. However, there is still the alternative, to reduce the period of the past. How would it be with one week instead of analysing business data every 4 weeks? This would lead to the fact that you could act a few weeks earlier, if something should run a little bit inclinedly.
Only very few data are needed to receive an informative evaluation. This again is comparably with a car. If you are driving with your car, you only receive a small, well-chosen number of information and nevertheless, have an actual picture of the situation. This is also possible for businesses, as well!
As a motorist we receive only one fraction of the data which is acquired by the system of the car, and just these fraction of information is enough for us to reach the desired destination. When traveling usually we are well prepared, but the principle of the preparations is often neglected in business operation. As it is with traveling, the final goal has to be clearly stated by the business management. This could be done by having planing data available. Only by target/actual comparison divergences of the commercial development will be recognized.
Unfortunately, many small businesses renounce to use plan data. Besides, it is not about, to cut plan data into the smallest pieces, but only to get a rough picture, what the business is going to achieve. It is absolutely possible to run a business on the basis of the figures from the previous year, however, to use these figures, the past commercial development should be taken into consideration. So the figures from the previous year should be improved to fit with the new goals. And finished are the planning data and the basis for an operational risk management are laid. Still if it is most important to know the actual bottlenecks in business operation.
Recognize problems and act!
One of the most important factors in business management is the early recognition of problems and potentials. There are bottlenecks in every business, which could have serious results. Pecuniary difficulties could lead to bankruptcy for example. Therefore symptoms must be recognized early, in order to turn a possible crisis away and to secure the future of your business. Also to use available potentials, regular analyses should be done. Nowadays products and services could not be sold forever, because product cycles become shorter and shorter due to market dynamism. The recognition and development of potentials is exceptionally important, to avoid losing the already achieved basis of a business.
About the author:
Stephan Szugat is founder of abenetis a web-based service about Business Management Solutions focusing on the core needs of business management. This includes operational and strategic analysis especially Early-Recognition-Systems, Knowledge-Management and other Services for small and mid-sized businesses. He has approx. 15 years experience in the Finance and Accounting Area from companies of different size and from various industries. http://www.abenetis.com
Circulated by Article Emporium
Simple and effective Business Management
In every enterprise there are, at every time, one or more bottlenecks, which have influence to the commercial situation. Bottleneck-oriented business management has the purpose to early track the bottlenecks and to remove them, to allow an optimum of commercial development. To know at any time, what a business lacks of and to be able to add the missing things, is today a determining competition advantage. Bottlenecks can be, e.g.:
low sales proceeds
high due or overdue accounts receivables
low liquidity (Cash on Hand, etc.)
high amount of liabilities
low number of customers
too many new customers
too high capacity utilization
defective administration or management
and a lot more.
These example show that bottlenecks not only concern negative circumstances, but also can apply to positive commercial development. If an enterprise takes up many new customers, this results in new orders, which lead to other circumstances, like a possible excess in capacity utilization. In case the excess of capacity utilization stays for a longer time, this may result in a lower employee motivation, because of a slump in working atmosphere within the company, which then could lead to less qualtiy of the work performed.
Due to a TIMELY reporting system many companies take care of reaching the desired commercial development. However, a regular analysis of expenses or the annual reports are not enough to control a business today. In the today's dynamic markets these evaluations are too statical, too much oriented on the past commercial development, which had been achieved. Also cost accounting only shows what has happened in the past. The actual direction in which a business is running could not be seen.
Imagine a business to be a car. If you sat down in a car, do you like to receive information from the instruments from the last year or month? Probably not. You would like to have actual information about fuel tank content, coolant temperature and a lot more. Bottleneck-oriented business management should exactly bring the most important and actual information about a business to you, including so-called early warning signals (Screenshot abenetis ERS-Diagram).
Data oriented to the past for early-warning-systems?
A working early-warning-system needs data which are not oriented to the past, like from cost accounting or year-/month-end-closeings. It needs data from so-called early indicators, which has to be gathered from different areas of an enterprise. Of course, figures from the finance and accounting department belong into an early-warning-system, but they only have a subordinated role, because they are oriented to the past.
Nowadays the reporting must show the present situation of a business. In many businesses the expenditure of time for the reporting rose considerably, due to the today's flood of information. Aggravatingly added to this, is the selection of the really relevant business ratios, which allow an appropriate overview of the actual business situation. Too often reports are prepared, which are not perceived by anybody, due to the lack of necessary statements about the business development.
There are already proven business-ratio-systems, that enterprises only need to take over. Get back into the car again, imagine you have only one instrument in front of you, which shows the value "35". What does this signify? It is not recognizable how many fuel exists, how the Temperature of the coolant is or how fast the car is driving, etc.
At this example you could recognize the little expressiveness of only one business ratio. It shows the importance to use the right business ratios, which must have a connection to each other and which have a different temporal origin. Nevertheless, many business ratio systems are mostly based on data which originate from the past.
This turns often to the problem, that immediate information are not available, to indicate the actual situation of a business. However, there is still the alternative, to reduce the period of the past. How would it be with one week instead of analysing business data every 4 weeks? This would lead to the fact that you could act a few weeks earlier, if something should run a little bit inclinedly.
Only very few data are needed to receive an informative evaluation. This again is comparably with a car. If you are driving with your car, you only receive a small, well-chosen number of information and nevertheless, have an actual picture of the situation. This is also possible for businesses, as well!
As a motorist we receive only one fraction of the data which is acquired by the system of the car, and just these fraction of information is enough for us to reach the desired destination. When traveling usually we are well prepared, but the principle of the preparations is often neglected in business operation. As it is with traveling, the final goal has to be clearly stated by the business management. This could be done by having planing data available. Only by target/actual comparison divergences of the commercial development will be recognized.
Unfortunately, many small businesses renounce to use plan data. Besides, it is not about, to cut plan data into the smallest pieces, but only to get a rough picture, what the business is going to achieve. It is absolutely possible to run a business on the basis of the figures from the previous year, however, to use these figures, the past commercial development should be taken into consideration. So the figures from the previous year should be improved to fit with the new goals. And finished are the planning data and the basis for an operational risk management are laid. Still if it is most important to know the actual bottlenecks in business operation.
Recognize problems and act!
One of the most important factors in business management is the early recognition of problems and potentials. There are bottlenecks in every business, which could have serious results. Pecuniary difficulties could lead to bankruptcy for example. Therefore symptoms must be recognized early, in order to turn a possible crisis away and to secure the future of your business. Also to use available potentials, regular analyses should be done. Nowadays products and services could not be sold forever, because product cycles become shorter and shorter due to market dynamism. The recognition and development of potentials is exceptionally important, to avoid losing the already achieved basis of a business.
About the author:
Stephan Szugat is founder of abenetis a web-based service about Business Management Solutions focusing on the core needs of business management. This includes operational and strategic analysis especially Early-Recognition-Systems, Knowledge-Management and other Services for small and mid-sized businesses. He has approx. 15 years experience in the Finance and Accounting Area from companies of different size and from various industries. http://www.abenetis.com
Circulated by Article Emporium
2011-01-09
Asset and liability basics
by: Mansi gupta
Knowledge of accounts can make life much easy. If you are to invest in a new business or joining your forefather�s business, planning to take some loan, looking for job in any marketing company, desire to be the manager of a multinational company or have the onus to manage your own assets and liabilities, knowing some basics of accounts becomes mandatory.
Broadly, accounting is bifurcated into two categories-
Cash Bases Accounting
Accrual Accounting
The Cash Based accounting pertains to the management of an individual�s personal monetary transactions. In this case, he keeps a track of the money he withdrew, deposited, gave or received from someone etc. This accounting comes to life when actual cash transactions take place.
The Accrual Accounting requires an accountant who notes the transactions even if no money has been actually exchanged. This method works on the principle of comparing or seeing the ratio of the expenses to expenditure. If the expenditure is more, you need to cut down your luxuries, if not then it�s always good to have some savings for future. This type of accounting tells you the amount that you owed; this might not match with the figure of your bank balance.
In the language of accounting there are several key terms that one needs to be familiar with. Some of the crucial ones are discussed below-
The Assets- the assets are generally those possessions of an individual that have a good market value or are quite valuable. Assets are mainly classified into three types-
Current Asset- the cash is the most basic asset of any individual. The money that is being held in accounts like the checking and savings accounts is also included in the cash. Also inclusive are the marketable securities in the form of bonds, stocks, shares etc. The money lent or payments due from clients, even form a part of it.
Fixed Asset- comprises of all the tangible valuable things like property, machines, equipments, land and the like that are not meant to be sold.
Intangible Asset- incorporates all the untouchable things like copyrights, patents, trademarks etc. that have tremendous monetary significance.
The law of opposites governs the nature; where there are assets, there will be liabilities. These are the debts that you have to pay back to your creditors. This can be done through giving cash or any other asset like jewelry, some other goods etc. Liabilities again are of two kinds-
1. The Current Liabilities- the liabilities that are to be paid back within a certain time limit and most often through your current assets. These include the accounts payable i.e. type of bill that you have to monthly, the Notes Payable-loans taken from banks meant to be repaid within 30 days and the Accrued Expenses- the compulsory expenses like taxes, wages, interests etc. where the bills are not received but the balances of each must be repaid.
2. Long Term Liabilities- those debts that can be repaid at ease for the tenure is more then a month.
The Financial Capital- is the economic capital. It is any liquid medium or merchandise that stands for wealth or other styles or capital. There are four ways to manage and display the financial capital. First, this capital is needed when a contract is made with any sort of capital asset. The financial instruments work in the form of currency in case of sale, purchase or trade of goods i.e. the medium exchanges. Second, it works as a settled medium or mode like gold for the
Standard of Deferred Payment. Third, The Unit of Account has a market value attached to it which in turn varies with the economy of the country. Fourth, The Source of Value is concerned with financial capital that needs to be saved and recovered. It is a collection of things like gold, real estate, collectibles etc.
Petty Cash is an important factor in business. It is the smallest account within a business setting or the cash in bills and coinage required to pay little expenses.
Types of Business- there are several kinds of business one should be aware of like
Sole proprietorship- where a single individual who starts the business owns it too.
Partnerships- the companies or businesses started by two or more persons where they conjointly own it.
Corporations- involve lot many shareholders or investors who are responsible in taking decisions for the company.
Limited Liability Companies- can be said to be sisters of corporations. Here the business members are not under a legal obligation to pay the debts if the business fails.
Payrolls- the term payroll designates the manner in which you will be paying the employees of your company and even yourself. Many multinational companies cater to payroll service provider companies that do the work quite efficiently.
These are some of the broad guidelines that will help you grasp the basics of accounting. It is essential to have some such wisdom for accounts as it is fruitful in all walks of life.
About the author:
Mansi gupta writes about asset and liability Learn more at http://www.assetsandliabilitiesbook.com
Circulated by Article Emporium
Knowledge of accounts can make life much easy. If you are to invest in a new business or joining your forefather�s business, planning to take some loan, looking for job in any marketing company, desire to be the manager of a multinational company or have the onus to manage your own assets and liabilities, knowing some basics of accounts becomes mandatory.
Broadly, accounting is bifurcated into two categories-
Cash Bases Accounting
Accrual Accounting
The Cash Based accounting pertains to the management of an individual�s personal monetary transactions. In this case, he keeps a track of the money he withdrew, deposited, gave or received from someone etc. This accounting comes to life when actual cash transactions take place.
The Accrual Accounting requires an accountant who notes the transactions even if no money has been actually exchanged. This method works on the principle of comparing or seeing the ratio of the expenses to expenditure. If the expenditure is more, you need to cut down your luxuries, if not then it�s always good to have some savings for future. This type of accounting tells you the amount that you owed; this might not match with the figure of your bank balance.
In the language of accounting there are several key terms that one needs to be familiar with. Some of the crucial ones are discussed below-
The Assets- the assets are generally those possessions of an individual that have a good market value or are quite valuable. Assets are mainly classified into three types-
Current Asset- the cash is the most basic asset of any individual. The money that is being held in accounts like the checking and savings accounts is also included in the cash. Also inclusive are the marketable securities in the form of bonds, stocks, shares etc. The money lent or payments due from clients, even form a part of it.
Fixed Asset- comprises of all the tangible valuable things like property, machines, equipments, land and the like that are not meant to be sold.
Intangible Asset- incorporates all the untouchable things like copyrights, patents, trademarks etc. that have tremendous monetary significance.
The law of opposites governs the nature; where there are assets, there will be liabilities. These are the debts that you have to pay back to your creditors. This can be done through giving cash or any other asset like jewelry, some other goods etc. Liabilities again are of two kinds-
1. The Current Liabilities- the liabilities that are to be paid back within a certain time limit and most often through your current assets. These include the accounts payable i.e. type of bill that you have to monthly, the Notes Payable-loans taken from banks meant to be repaid within 30 days and the Accrued Expenses- the compulsory expenses like taxes, wages, interests etc. where the bills are not received but the balances of each must be repaid.
2. Long Term Liabilities- those debts that can be repaid at ease for the tenure is more then a month.
The Financial Capital- is the economic capital. It is any liquid medium or merchandise that stands for wealth or other styles or capital. There are four ways to manage and display the financial capital. First, this capital is needed when a contract is made with any sort of capital asset. The financial instruments work in the form of currency in case of sale, purchase or trade of goods i.e. the medium exchanges. Second, it works as a settled medium or mode like gold for the
Standard of Deferred Payment. Third, The Unit of Account has a market value attached to it which in turn varies with the economy of the country. Fourth, The Source of Value is concerned with financial capital that needs to be saved and recovered. It is a collection of things like gold, real estate, collectibles etc.
Petty Cash is an important factor in business. It is the smallest account within a business setting or the cash in bills and coinage required to pay little expenses.
Types of Business- there are several kinds of business one should be aware of like
Sole proprietorship- where a single individual who starts the business owns it too.
Partnerships- the companies or businesses started by two or more persons where they conjointly own it.
Corporations- involve lot many shareholders or investors who are responsible in taking decisions for the company.
Limited Liability Companies- can be said to be sisters of corporations. Here the business members are not under a legal obligation to pay the debts if the business fails.
Payrolls- the term payroll designates the manner in which you will be paying the employees of your company and even yourself. Many multinational companies cater to payroll service provider companies that do the work quite efficiently.
These are some of the broad guidelines that will help you grasp the basics of accounting. It is essential to have some such wisdom for accounts as it is fruitful in all walks of life.
About the author:
Mansi gupta writes about asset and liability Learn more at http://www.assetsandliabilitiesbook.com
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2011-01-08
An introduction to point of sale software
by: Jakob Jelling
Point of sale software gives business owners a convenient way of checking out customers and of recording sales. It can keep a record of the store inventory, updating it when an order is processed. It can also print out receipts, carry out credit card processing, track customers, etc. Point of sale software eases the flow at checkout terminals, while recording all the information that can help you make better business decisions.
Point of sale software allows users to input via keyboard or mouse, and some even have a touch screen interface. You can install the software on your checkout register.
When checking out a customer you can either input the sales item yourself or use a bar code scanner. The point of sale software will look up the item in the inventory and bring up the price. It can also calculate tax on the item and change for the customer.
POS software can print out receipts and reports. Point of sale software makes your business accounting a lot easier by creating reports on inventory, sales, customers, etc. Since it is already recording each sale, it can easily tell you the sales and revenue of the day.
Point of sale software can also help with credit card processing. Credit cards are the preferred method of payment. People do not want to carry around cash for all their purchases. Credit card is a convenient method of payment and if you do not have credit card processing, your business can lose some of its competitiveness.
Point of sale software receives input from the POS hardware, which is the scanning station for the credit card. The software will process the credit card payment for you. It can check that the card has not expired and is valid. You will need a merchant account for the point of sale software to do its job.
POS software is generally easy to install and easy to use. You will need to know how to update inventory and record a price change for an item. Point of sale software usually provides an easy to use interface to do this. It can make the job of the cashier a lot easier by automating the routine tasks of the day.
There is a wide variety of point of sale software available. You can choose one that fits your budget and meets the needs of your particular business. The software will have compatibility requirements with the point of sale hardware. It will also have operating system requirements such as it might need a Windows or Linux system.
Point of sale software can more than pay for itself over time by making checkout faster and doing your accounting for you. Point of sale software may be the right solution for your business and can provide you with tons of benefits.
About the author:
Jakob Jelling is the founder of http://www.cashbazar.comVisit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.
Circulated by Article Emporium
Point of sale software gives business owners a convenient way of checking out customers and of recording sales. It can keep a record of the store inventory, updating it when an order is processed. It can also print out receipts, carry out credit card processing, track customers, etc. Point of sale software eases the flow at checkout terminals, while recording all the information that can help you make better business decisions.
Point of sale software allows users to input via keyboard or mouse, and some even have a touch screen interface. You can install the software on your checkout register.
When checking out a customer you can either input the sales item yourself or use a bar code scanner. The point of sale software will look up the item in the inventory and bring up the price. It can also calculate tax on the item and change for the customer.
POS software can print out receipts and reports. Point of sale software makes your business accounting a lot easier by creating reports on inventory, sales, customers, etc. Since it is already recording each sale, it can easily tell you the sales and revenue of the day.
Point of sale software can also help with credit card processing. Credit cards are the preferred method of payment. People do not want to carry around cash for all their purchases. Credit card is a convenient method of payment and if you do not have credit card processing, your business can lose some of its competitiveness.
Point of sale software receives input from the POS hardware, which is the scanning station for the credit card. The software will process the credit card payment for you. It can check that the card has not expired and is valid. You will need a merchant account for the point of sale software to do its job.
POS software is generally easy to install and easy to use. You will need to know how to update inventory and record a price change for an item. Point of sale software usually provides an easy to use interface to do this. It can make the job of the cashier a lot easier by automating the routine tasks of the day.
There is a wide variety of point of sale software available. You can choose one that fits your budget and meets the needs of your particular business. The software will have compatibility requirements with the point of sale hardware. It will also have operating system requirements such as it might need a Windows or Linux system.
Point of sale software can more than pay for itself over time by making checkout faster and doing your accounting for you. Point of sale software may be the right solution for your business and can provide you with tons of benefits.
About the author:
Jakob Jelling is the founder of http://www.cashbazar.comVisit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.
Circulated by Article Emporium
2011-01-07
After the latest and accurate help in relation to accountancy.
by: Tom
When you are looking for high-class advice concerning accountancy, it will be hard sorting out the best information from foolish accountancy proposals and guidance so it's best to know ways of moderating the information offered to you.
NetSuite: Small Business Accounting
NetSuite offers an integrated online accounting application with ecommerce, sales, inventory, shipping and support. Free Trial.
Now we would like to offer you some advice which we advise you to use when you are searching for information about accountancy. You need to realize the guidance we put forward is only pertinent to internet based information concerning accountancy. We don't really offer any direction or assistance when you are also conducting research in books or magazines.
OpenPro: Web Based Accounting
Offers Web-based, open source ERP accounting system with financials, supply chain, manufacturing, CRM and ecommerce features.
An interesting tip to pursue when you're presented with information and suggestions on a accountancy website would be to determine who owns the site. Doing this could reveal the owners accountancy credibility The easiest way to reveal who owns the accountancy web site is to find the sites 'about' page.
Any reputable site providing information concerning accountancy, will always have contact information which will record the site owner's contact details. The details should make known some key points concerning the owner's requisite knowledge. You can then arrive at a decision about the webmaster's depth of experience, to offer guidance about accountancy.
About the author:
Tom Brown is the webmaster for http://www.hession-acton.info
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When you are looking for high-class advice concerning accountancy, it will be hard sorting out the best information from foolish accountancy proposals and guidance so it's best to know ways of moderating the information offered to you.
NetSuite: Small Business Accounting
NetSuite offers an integrated online accounting application with ecommerce, sales, inventory, shipping and support. Free Trial.
Now we would like to offer you some advice which we advise you to use when you are searching for information about accountancy. You need to realize the guidance we put forward is only pertinent to internet based information concerning accountancy. We don't really offer any direction or assistance when you are also conducting research in books or magazines.
OpenPro: Web Based Accounting
Offers Web-based, open source ERP accounting system with financials, supply chain, manufacturing, CRM and ecommerce features.
An interesting tip to pursue when you're presented with information and suggestions on a accountancy website would be to determine who owns the site. Doing this could reveal the owners accountancy credibility The easiest way to reveal who owns the accountancy web site is to find the sites 'about' page.
Any reputable site providing information concerning accountancy, will always have contact information which will record the site owner's contact details. The details should make known some key points concerning the owner's requisite knowledge. You can then arrive at a decision about the webmaster's depth of experience, to offer guidance about accountancy.
About the author:
Tom Brown is the webmaster for http://www.hession-acton.info
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2011-01-06
Accounting Methods � Cash and Accrual
by: Richard A. Chapo
When starting a business, you have to determine the method you are going to use for accounting and paying taxes. The two choices are the cash method and the accrual method.
Cash Method
If you are looking for simplicity, the cash method is probably your best accounting choice. Generally, income and deductions can be claimed when payment is actually received or made. This is best shown with an example.
I open a small business and have to order business cards and stationary. I receive the products and pay the invoice on November 18, 2005. Under the cash method, I can deduct the cost on my 2005 tax return.
Some businesses are restricted from using the cash method. C corporations may only use the cash method if they have less than $5 million in gross revenues for a particular year. Professional Service Corporations can use the cash method without limit, while farming corporations can due so if gross revenues are less than $25 million. Tax shelters are prohibited from using the cash method.
Accrual Method
The Accrual Method of accounting is a bit more complex. Under this method, the focus in on the date the expense is incurred, not paid. Although this may seem a small difference, it can play havoc with your books and piece of mind.
Using our previous example, assume I order business cards and stationary on the December 18, 2005. I receive the products on December 30th, but don�t pay the invoice until January 20, 2006. When can the expense be claimed? It depends on when economic performance occurred.
Generally, economic performance occurs when goods or services are provided to you. In the above example, economic performance would arguably occur when the business cards and stationary were delivered with the invoice on December 30th. Thus, I would be able to deduct the expense for the 2005 tax year.
In Closing
As you can see, the cash method is the easier of the two accounting methods. To determine the best method for your business, speak with a tax professional.
About the author:
Richard Chapo is with Business Tax Recovery - Stop overpaying small business taxes. Read more business tax articles.
Circulated by Article Emporium
When starting a business, you have to determine the method you are going to use for accounting and paying taxes. The two choices are the cash method and the accrual method.
Cash Method
If you are looking for simplicity, the cash method is probably your best accounting choice. Generally, income and deductions can be claimed when payment is actually received or made. This is best shown with an example.
I open a small business and have to order business cards and stationary. I receive the products and pay the invoice on November 18, 2005. Under the cash method, I can deduct the cost on my 2005 tax return.
Some businesses are restricted from using the cash method. C corporations may only use the cash method if they have less than $5 million in gross revenues for a particular year. Professional Service Corporations can use the cash method without limit, while farming corporations can due so if gross revenues are less than $25 million. Tax shelters are prohibited from using the cash method.
Accrual Method
The Accrual Method of accounting is a bit more complex. Under this method, the focus in on the date the expense is incurred, not paid. Although this may seem a small difference, it can play havoc with your books and piece of mind.
Using our previous example, assume I order business cards and stationary on the December 18, 2005. I receive the products on December 30th, but don�t pay the invoice until January 20, 2006. When can the expense be claimed? It depends on when economic performance occurred.
Generally, economic performance occurs when goods or services are provided to you. In the above example, economic performance would arguably occur when the business cards and stationary were delivered with the invoice on December 30th. Thus, I would be able to deduct the expense for the 2005 tax year.
In Closing
As you can see, the cash method is the easier of the two accounting methods. To determine the best method for your business, speak with a tax professional.
About the author:
Richard Chapo is with Business Tax Recovery - Stop overpaying small business taxes. Read more business tax articles.
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2011-01-05
10 Amazing Ways To Jump Start Your Sales
by: Wesley Atkins
1. Find a strategic business partner. Look for ones that have the same objective. You can trade leads, share marketing info, sell package deals, etc.
2. Brand your name and business. You can easily do this by just writing articles and submitting them to e-zines or web sites for republishing.
3. Start an auction on your web site. The type of auction could be related to the theme of your site. You'll draw traffic from auctioneers and bidders.
4. Remember to take a little time out of your day or week to brainstorm. New ideas are usually the difference between success and failure.
5. Model other successful business or people. I'm not saying out right copy them, but practice some of the same habits that have made them succeed.
6. Take risks to improve your business. Sometimes businesses don't want to advertise unless it's free, sometimes you have to spend money to get results.
7. Include emotional words in your advertisements. Use ones like love, security, relief, freedom, happy,
satisfaction, fun, etc.
8. Ask people online to review your web site. You can use the comments you get to improve your web site or you may turn the reviewer into a customer.
9. Out source part of your workload. You'll save on most employee costs. You could out source your secretarial work, accounting, marketing, etc.
10. Combine a product and service together in a package deal. It could increase your sales. If you're selling a book, offer an hour of consulting with it.
About the author:
Wesley Atkins is the owner of http://www.reviewbooth.com/ - containing numerous web site marketing tips, articles, and reviews of marketing tools and software.
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1. Find a strategic business partner. Look for ones that have the same objective. You can trade leads, share marketing info, sell package deals, etc.
2. Brand your name and business. You can easily do this by just writing articles and submitting them to e-zines or web sites for republishing.
3. Start an auction on your web site. The type of auction could be related to the theme of your site. You'll draw traffic from auctioneers and bidders.
4. Remember to take a little time out of your day or week to brainstorm. New ideas are usually the difference between success and failure.
5. Model other successful business or people. I'm not saying out right copy them, but practice some of the same habits that have made them succeed.
6. Take risks to improve your business. Sometimes businesses don't want to advertise unless it's free, sometimes you have to spend money to get results.
7. Include emotional words in your advertisements. Use ones like love, security, relief, freedom, happy,
satisfaction, fun, etc.
8. Ask people online to review your web site. You can use the comments you get to improve your web site or you may turn the reviewer into a customer.
9. Out source part of your workload. You'll save on most employee costs. You could out source your secretarial work, accounting, marketing, etc.
10. Combine a product and service together in a package deal. It could increase your sales. If you're selling a book, offer an hour of consulting with it.
About the author:
Wesley Atkins is the owner of http://www.reviewbooth.com/ - containing numerous web site marketing tips, articles, and reviews of marketing tools and software.
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2011-01-04
9 things you must do to maximize your chances of obtaining a small business loan
by: Neil Best
To get approval for your small business loan application, you must be able to meet the lending criteria set down. Some organisations are more risk averse than others, and will therefore have more stringent criteria.
To vastly increase your chances of a successful funding application, you will need to present the following information:
1. The reason for the loan. The lender will be looking for something that fits within the normal range and expertise of your business. The amount may cover a number of items, so you will need to cover each.
2. The amount required, and the repayment term of the small business loan you want. (e.g. $10,000 term 5 years, payable quarterly).
3. Details of how you will repay the amount borrowed. For example, �From the increase in profits of reduced running costs of the Whizzbang Go4It�
4. Details of security you will be able to offer to the lender. This will act as reassurance for the lender. If you�re not prepared to put up some aspect of security, then why should they?
5. You will need to include your business plan which will serve to answer essential questions relating to management capabilities, information about the market you operate in. What kind of business you are in etc.
6. 3 Years financial statements. You will need to present quality financial information from your accounting software, preferably signed off by your accountant or tax advisor.
7. Latest Set of Management accounts. Again produced from your accounting software.
8. Accounts receivables (debtors) and payables (creditors) ageing reports.
9. Principals financial statements. � Particularly required if some form of security is necessary.
If you are a new company, the emphasis is going to be on your business plan , and the security (also called collateral) you or your business can provide against the loan.
You must take the time to practice presenting your case to the bank or lender to iron out any glitches. Practice on your colleagues and family (you never know, they might be so impressed, they'll invest or lend!). It may help to role play the lender and come up with as many pointy questions as possible. The more time you take the better your chances will be. (But remember, don�t fall into the analysis paralysis trap!)
Good luck!
About the author:
Neil Best is an accountant with over 15 years experience in business finance. This article and other useful business finance information such as making effective business plans and sourcing and applying for business grants can be found at http://www.smallbusinessfinancetips.com/small-business-loans.html
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To get approval for your small business loan application, you must be able to meet the lending criteria set down. Some organisations are more risk averse than others, and will therefore have more stringent criteria.
To vastly increase your chances of a successful funding application, you will need to present the following information:
1. The reason for the loan. The lender will be looking for something that fits within the normal range and expertise of your business. The amount may cover a number of items, so you will need to cover each.
2. The amount required, and the repayment term of the small business loan you want. (e.g. $10,000 term 5 years, payable quarterly).
3. Details of how you will repay the amount borrowed. For example, �From the increase in profits of reduced running costs of the Whizzbang Go4It�
4. Details of security you will be able to offer to the lender. This will act as reassurance for the lender. If you�re not prepared to put up some aspect of security, then why should they?
5. You will need to include your business plan which will serve to answer essential questions relating to management capabilities, information about the market you operate in. What kind of business you are in etc.
6. 3 Years financial statements. You will need to present quality financial information from your accounting software, preferably signed off by your accountant or tax advisor.
7. Latest Set of Management accounts. Again produced from your accounting software.
8. Accounts receivables (debtors) and payables (creditors) ageing reports.
9. Principals financial statements. � Particularly required if some form of security is necessary.
If you are a new company, the emphasis is going to be on your business plan , and the security (also called collateral) you or your business can provide against the loan.
You must take the time to practice presenting your case to the bank or lender to iron out any glitches. Practice on your colleagues and family (you never know, they might be so impressed, they'll invest or lend!). It may help to role play the lender and come up with as many pointy questions as possible. The more time you take the better your chances will be. (But remember, don�t fall into the analysis paralysis trap!)
Good luck!
About the author:
Neil Best is an accountant with over 15 years experience in business finance. This article and other useful business finance information such as making effective business plans and sourcing and applying for business grants can be found at http://www.smallbusinessfinancetips.com/small-business-loans.html
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2011-01-03
9 Strategies for Writing Accounts Payable Procedures
by: Chris Anderson
You have permission to publish this article free of charge, as long as the resource box is included with the article. If you do run my article, a courtesy reply to sean@bizmanualz.com would be greatly appreciated. This article is 1,067 words long including the resource box. Thanks for your interest.
The Cash to Cash Cycle
Part Four of Series
Part One: http://www.bizmanualz.com/articles/01-05-05_inventory_procedures.html/?ART78
Part Two: http://www.bizmanualz.com/articles/01-11-05_accounts_receivable.html/?ART79
Part Three: http://www.bizmanualz.com/articles/01-18-05_Sales_Marketing.html/?ART80
Next Week: Complete Cash to Cash Cycle
The white flag is just a nose away�toward the Million dollar prize in cash savings for your business�
So far, in Inventory and Accounts Receivable, we've found $250,000 each in cash savings. Then we found another 250K in Sales and Marketing. And so, now, Accounts Payable is the final process within the Cash to Cash Cycle - and also the final $250,000.
The cash cycle is undoubtedly the single most important process to optimize for any business � from when you spend money to when you get money.
Circling the Cash to Cash Cycle
So let�s tie this back to accounts payable - the event that pays for the liability incurred by purchasing, which is for inventory required by manufacturing to meet demand. Sales generate this demand that creates the accounts receivables, which is turned into cash. And now we have come full circle and completed the discussion on the cash to cash cycle.
Increasing the Velocity of Accounts Payable Processes
Your accounts payable is a bit different than the other processes we have examined so far. The first three processes we looked at represented processes where the focus was on reducing the size of assets (inventory or accounts receivable) or expenses (marketing) and increasing the velocity or cycle time. But in accounts payable our focus is on increasing the size of the asset, while maintaining a solid credit rating - and increasing the velocity of the process.
Now let�s look at how to find $250,000 in accounts payable savings. If your organization has $500,000 in accounts payable each month, then STOP! We can find $250,000 in savings right here. Where, you ask? Increasing payables by 25% will produce $125,000 in cash plus $125,000 from automating tasks, taking more discounts, and managing the process better.
Service Business Procedures Case Study
An organization with $600,000 in monthly payables needed assistance. We examined their payables process to understand and quantify workflow, paper processing and credit issues. Then we designed and implemented a process to increase their use of payables and discounts, improve their payables cycle efficiency, and tie it to their purchasing and receivable cycles. We then reinvested $50,000 back into an Enterprise Resource Planning (ERP) program to automate some of the processes that weren�t automated already.
The metrics we developed reduced their purchasing & payables expenses by 25% and increased their efficiency from 50% to 75% within 2 months of implementing the new procedures. With these new processes and reports, the company now tracks payables cycle efficiency and average days payables, rather than just bills paid on time or outstanding balance, as the measure of their payables effectiveness. The result: an extra $300,000 in cash plus a 50% increase in process capability (capacity).
But how?
Methods to Design Your News Accounts Payable and Accounting Procedures
� Eliminate Paper. The single biggest cost for any purchasing and payables department is paper, including: purchase orders, purchase order follow-up, small-dollar purchases, delivery tracking & receipts, and vendor payments. Utilizing paperless invoices, Web-based supplier self-servicing, centralized vendor files, automated workflows for electronic or imaged invoices (see ERP below), and payment methods, such as business credit cards, Electronic Data Interchange (EDI) and Electronic Funds Transfer (EFT), can reduce paper handling costs by as much as 90%.
� Integrate ERP Systems. Enterprise Resource Planning (ERP) automates the purchasing and payables functions, which allows a company to get more work done with fewer personnel. Also, electronic invoice matching applications save time in retrieving paperwork. It is estimated that an ERP system can annually save an organization $300 per million in sales.
� Increase Payment Terms. Negotiate payment terms based on receipt of goods or the invoice. This can add one week or more to your terms, which can be 25% of 30 day terms. Use EFT for just-in-time payments to maximize your payables terms and minimizing the impact to your credit.
� Take Payment Discounts. If you are getting 2%/10 net 30 terms, then consider taking it. This means you are offered a 2% discount if you pay within 10 days, instead of the normal 30 day terms. This translates into an 18% return on your capital, and for many organizations this is a good return on your investment.
� Review Purchases. Purchasing is a continuous process that requires continuous review. Consider: transportation charges, expedited fees, odd lot penalties, new pricing, new products, consolidating vendors, new vendors or purchaseing groups, payment terms, and more. Communicate with your suppliers to improve the process. And review and monitor everything to account for changes in your environment.
� Communicate with Suppliers. Communicate with your suppliers to improve the process. Ask suppliers to submit their invoices electronically. This will save you time, resources and losses due to waste.
� Eliminate Disputes. Disputes with your suppliers are typically the result of a problem with your purchasing/receiving process. When disputes occur, review your purchasing procedures to ensure that they are producing the correct metrics and that you are not forced to pay for your mistakes.
� Reduce Errors. Overpayments, payments made to the wrong vendors, fake invoices, or even late payments represent a common problem for payables. Increasing your focus on error control, along with written procedures and audits, can reduce these errors considerably.
� Train personnel. Provide your accounts payable staff with regular formal training. This will arm them with better knowledge of frauds, negotiating skills, and an understanding of the economics of payables � which will result in improved effectiveness.
Accounting Policies and Procedures for Cash in the Bank
In the past few weeks, we have showed you four parts of your financial statements that will each contribute $250,000 in cash savings. The last hurdle was Accounts Payable, and we sailed through it. And now we have crossed our final goal: $1,000,000!
Time was - and is - the key. All you have to do is own it. And, remember, next week we will put together each of the four elements of the cash to cash cycle, and look at how it affects the working capital of your business.
About the author:
Chris Anderson is currently the managing director of Bizmanualz, Inc. and co-author of policies and procedures manuals, producing the layout, process design and implementation to increase performance.
To learn how to increase your business performance, visit: http://www.bizmanualz.com?src=ART81
Circulated by Article Emporium
You have permission to publish this article free of charge, as long as the resource box is included with the article. If you do run my article, a courtesy reply to sean@bizmanualz.com would be greatly appreciated. This article is 1,067 words long including the resource box. Thanks for your interest.
The Cash to Cash Cycle
Part Four of Series
Part One: http://www.bizmanualz.com/articles/01-05-05_inventory_procedures.html/?ART78
Part Two: http://www.bizmanualz.com/articles/01-11-05_accounts_receivable.html/?ART79
Part Three: http://www.bizmanualz.com/articles/01-18-05_Sales_Marketing.html/?ART80
Next Week: Complete Cash to Cash Cycle
The white flag is just a nose away�toward the Million dollar prize in cash savings for your business�
So far, in Inventory and Accounts Receivable, we've found $250,000 each in cash savings. Then we found another 250K in Sales and Marketing. And so, now, Accounts Payable is the final process within the Cash to Cash Cycle - and also the final $250,000.
The cash cycle is undoubtedly the single most important process to optimize for any business � from when you spend money to when you get money.
Circling the Cash to Cash Cycle
So let�s tie this back to accounts payable - the event that pays for the liability incurred by purchasing, which is for inventory required by manufacturing to meet demand. Sales generate this demand that creates the accounts receivables, which is turned into cash. And now we have come full circle and completed the discussion on the cash to cash cycle.
Increasing the Velocity of Accounts Payable Processes
Your accounts payable is a bit different than the other processes we have examined so far. The first three processes we looked at represented processes where the focus was on reducing the size of assets (inventory or accounts receivable) or expenses (marketing) and increasing the velocity or cycle time. But in accounts payable our focus is on increasing the size of the asset, while maintaining a solid credit rating - and increasing the velocity of the process.
Now let�s look at how to find $250,000 in accounts payable savings. If your organization has $500,000 in accounts payable each month, then STOP! We can find $250,000 in savings right here. Where, you ask? Increasing payables by 25% will produce $125,000 in cash plus $125,000 from automating tasks, taking more discounts, and managing the process better.
Service Business Procedures Case Study
An organization with $600,000 in monthly payables needed assistance. We examined their payables process to understand and quantify workflow, paper processing and credit issues. Then we designed and implemented a process to increase their use of payables and discounts, improve their payables cycle efficiency, and tie it to their purchasing and receivable cycles. We then reinvested $50,000 back into an Enterprise Resource Planning (ERP) program to automate some of the processes that weren�t automated already.
The metrics we developed reduced their purchasing & payables expenses by 25% and increased their efficiency from 50% to 75% within 2 months of implementing the new procedures. With these new processes and reports, the company now tracks payables cycle efficiency and average days payables, rather than just bills paid on time or outstanding balance, as the measure of their payables effectiveness. The result: an extra $300,000 in cash plus a 50% increase in process capability (capacity).
But how?
Methods to Design Your News Accounts Payable and Accounting Procedures
� Eliminate Paper. The single biggest cost for any purchasing and payables department is paper, including: purchase orders, purchase order follow-up, small-dollar purchases, delivery tracking & receipts, and vendor payments. Utilizing paperless invoices, Web-based supplier self-servicing, centralized vendor files, automated workflows for electronic or imaged invoices (see ERP below), and payment methods, such as business credit cards, Electronic Data Interchange (EDI) and Electronic Funds Transfer (EFT), can reduce paper handling costs by as much as 90%.
� Integrate ERP Systems. Enterprise Resource Planning (ERP) automates the purchasing and payables functions, which allows a company to get more work done with fewer personnel. Also, electronic invoice matching applications save time in retrieving paperwork. It is estimated that an ERP system can annually save an organization $300 per million in sales.
� Increase Payment Terms. Negotiate payment terms based on receipt of goods or the invoice. This can add one week or more to your terms, which can be 25% of 30 day terms. Use EFT for just-in-time payments to maximize your payables terms and minimizing the impact to your credit.
� Take Payment Discounts. If you are getting 2%/10 net 30 terms, then consider taking it. This means you are offered a 2% discount if you pay within 10 days, instead of the normal 30 day terms. This translates into an 18% return on your capital, and for many organizations this is a good return on your investment.
� Review Purchases. Purchasing is a continuous process that requires continuous review. Consider: transportation charges, expedited fees, odd lot penalties, new pricing, new products, consolidating vendors, new vendors or purchaseing groups, payment terms, and more. Communicate with your suppliers to improve the process. And review and monitor everything to account for changes in your environment.
� Communicate with Suppliers. Communicate with your suppliers to improve the process. Ask suppliers to submit their invoices electronically. This will save you time, resources and losses due to waste.
� Eliminate Disputes. Disputes with your suppliers are typically the result of a problem with your purchasing/receiving process. When disputes occur, review your purchasing procedures to ensure that they are producing the correct metrics and that you are not forced to pay for your mistakes.
� Reduce Errors. Overpayments, payments made to the wrong vendors, fake invoices, or even late payments represent a common problem for payables. Increasing your focus on error control, along with written procedures and audits, can reduce these errors considerably.
� Train personnel. Provide your accounts payable staff with regular formal training. This will arm them with better knowledge of frauds, negotiating skills, and an understanding of the economics of payables � which will result in improved effectiveness.
Accounting Policies and Procedures for Cash in the Bank
In the past few weeks, we have showed you four parts of your financial statements that will each contribute $250,000 in cash savings. The last hurdle was Accounts Payable, and we sailed through it. And now we have crossed our final goal: $1,000,000!
Time was - and is - the key. All you have to do is own it. And, remember, next week we will put together each of the four elements of the cash to cash cycle, and look at how it affects the working capital of your business.
About the author:
Chris Anderson is currently the managing director of Bizmanualz, Inc. and co-author of policies and procedures manuals, producing the layout, process design and implementation to increase performance.
To learn how to increase your business performance, visit: http://www.bizmanualz.com?src=ART81
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