Showing posts with label business. Show all posts
Showing posts with label business. Show all posts

Sunday, May 30, 2010

Financial accounting reporting

Accounting Reports are gauges for you business ship.

Just as a ship requires a compass to point its way to its destination, gauges showing it fuel levels, its stability, and a myriad of other factors, instrumentation that is essentially the ship's primary information system, so too does a business, heading for profitability and longevity over the rough and quirky seas of business require an information system which reports its financial condition and position to the captains and hands in charge.
This is the objective of a financial accounting reporting system.

If we think of financial reports as gauges telling us of some critical factors that contribute to the success or failure of our business endeavor, then we immediately understand the purpose of such reports.

A financial accounting reporting system will generate such reports as the balance sheet, the cash flow statement, a trial balance, detailed transaction reports by account, a general ledger report, a transaction journal, a sales tax liability report, and a variety of other reports that give its readers insights into the health and stability of the business ship.

For an illustration of a crucial report that comes out of you financial accounting reporting system, lets look at the all important profit and loss report.

Our most critical report is the profit and loss statement. The profit and loss statement, also called the P and L, can be generated on a daily, weekly, monthly or quarterly basis, especially with automated financial accounting reporting instruments. This report goes for the most crucial island your business ship is headed towards, net income.

The P & L report will show you cash income for the period(s) in question, which is the money earned from your sales and services.
Of course, that amount is the total income obtained on all sales. What you sold also has a cost that must be subtracted from the gross sale amount. Your report must show the costs of good sold and sum a total of cost of goods sold (COGS).
You are then able to determine your gross profit by subtracting COGS from total income. The result is your business' gross profit.

But wait a moment. It took more than COGS to sell your product. You had other expenses and the cost of these expenses will further reduce your profits, expenses such as bank service charges, vehicle insurance, and even depreciations.

Then there are the payroll expenses, the payroll tax expenses, professional fees such as lawyers, repairs and maintenance, utilities such as electricity, and vehicle fuel expense. Your financial accounting reporting system will have to accumulate these expenses into a total expense and this too will have to be subtracted from gross profit to derive a net ordinary income.

If you have other income streams and expenses these will have to worked into the calculation, either increasing or decreasing the final amount, the precious net income. If the net income is anywhere near or below zero, you might imagine your ship is sinking, and if it's above zero and near or above your business goals, you're on the right track and should probably keep doing what your doing.

Without an financial accounting reporting system, you're sailing by the seat of your pants. If you don't have one, get one now while your ship is still afloat.

Saturday, May 29, 2010

Great Home Business Idea

Do You Have a Great Home Business Idea?

There are many ways that you can make a living right from your own home. Though some are work from home jobs, many are businesses that need a business plan and an investment to get things started. If you think that you have a great home business idea and want to get started, think about what you want to do and also think about what your business may turn into in the future. You may have a great idea, but it might not be the best idea to run your idea from your residence. At times, it is just not a good idea.

Does your great home business idea include any type of inventory? If so, you have to have room for it and also room for it to grow. Perhaps you have a basement that you can use for your storage.
What happens if you have to double the inventory that you have on hand? If that would not be a problem, perhaps your idea is a good one for your home. If not, you may have to think about what you would do if you expanded quickly and your business really takes off. That will help you decide if you have a good idea or not.

Another consideration would be if you have to see other people to run your great home business idea. Will you have clients? Someone who has to come to your home to pick up and deliver? How is your home set up? Is it practical for you to have people coming in and out without upsetting the rest of your household? For the most part, you want to have an entrance that you can use for your business exclusively. Is that possible for you? If you have people stopping in, do you have adequate parking for them? If not, you may have to find commercial property to run your business.

What happens if your business succeeds much more quickly than you thought it would? Does your town have regulations about running a business from your home? Some types have to have permits and others do not.
This is what you have to find out. If you are making your own candles and selling them elsewhere, you may not have to worry about it. However, if your great home business idea includes selling those candles out of your home, you may have to pay for special permits for that. It certainly depends on where you live and where you intend to do business.

Some people need to get away from work to truly relax. If your great home business idea takes over your living space, are you ever going to be able to relax?

You may not think this is something you have to worry about, but it could be one of the most critical things you could think about when deciding if your business should be coming out of your home. If you simply can not get away from things that remind you of work, even if you love your job, you may never truly relax. This can have a huge negative impact on your health and well-being, so think long and hard before you begin.

I hope you like this article! ;-)

Decorating on a budget

Special tips for Decorating on a Budget.

You look around your home, and you are bored. The furniture has been the same for years, and you haven't changed a thing since your current senior in college was roaming the house in diapers. Perhaps it's time to consider redecorating!
However, will money as tight as it usually is these days, decorating on a budget may seem like a pipe dream. Never fear- here are several money saving options that will make your house seem brand new!

Consider a paint job. Decorating on a budget does not need to be a complete overhaul of your house. Changing one thing, drastically, can give a room a completely different feel.
Are the white walls of your living room a little bland? Pick a color in the fabric of your curtains, couch, or even picture frames, and paint your walls. The color will add new life to your room, and you can usually manage to paint a room, including all of the supplies, for around $75. That won't break the bank, and it will blow your mind. Another interesting color change? Paint your ceiling. A dark blue ceiling can make any room pop!

Cruise your local consignment and resale stores. When decorating on a budget, don't be afraid to buy used. A lot of times, consignment stores have strict standards about the level of wear and tear they will accept on their consigned pieces, so the furniture you're looking at will be in really good condition. You will end up saving hundreds of dollars on pieces that will make your house look brand new. You also don't need to buy a whole new house full of furniture. A (like) new armchair, china hutch or dresser can add a new dimension to the room, and can sometimes be found for as little as $50. Now, that's decorating on a budget!

If you have the time and the will, refurbish some of the pieces you already have. That sofa that you've had for thirty years and is nearly worn white? Recover it yourself! There are a variety of books, how to guides, and YouTube videos available that can show you how to do the process, and the materials are not all that expensive. Some people will find the experience relaxing, and it becomes a hobby for them. It doesn't have to be super expensive material, either.

Browse the clearance aisles at stores like Hobby Lobby to find upholstery material for cheap! If it becomes something you're good at, you can even do it on a regular basis and make money off of it.

Thursday, May 27, 2010

Best Logo Design for Your Business

Professional Corporate Logo Design for Your Business

One of the trendiest buzzwords in marketing circles today is "branding". It's all about creating an image for your company and what your products stand for, and then putting that image out there for potential customers to soak up via social networking tools in addition to traditional advertising channels.

I think all business owners can agree on the importance of logos. It doesn't matter if your enterprise is large or small, you need to be able to sum your entire company up in a single graphic. This is often tougher than it sounds, which is why you might want to consult with a professional designer prior to committing to something.

v If your business isn't on Twitter, Facebook, or MySpace, then you're missing some big opportunities to connect with the younger generation of consumers. And to be truly effective on these internet platforms, it's important to have a very distinctive and instantly recognizable corporate logo design that represents your brand well.

There are lots of companies out there that specialize in corporate logo design these days, and since this is the sort of deal that can be executed via phone calls, emails, and attachments, you should have no trouble finding someone to work with -- whether they're physically located down the block or across the country.

Before sitting down with someone to discuss different corporate logo design possibilities, you should ask yourself some preliminary questions. What do you want the graphic to say about your company? What general style are you after (modern and trendy or traditional and classic)? Will you include a slogan? These are all things that any good corporate logo design professional should ask at the very first meeting anyway, so it's best to know the answers from the start.

Instead of just jumping into a partnership with the first designer you talk to, it would be a good idea to check out several before making a commitment. The reason is that different artists have very different visions about what a corporate logo design should consist of. Your ideas might not mesh with the first person you talk to. He or she simply might not "get" what your company is about or what you're trying to say. You have a lot riding on discovering the perfect corporate logo design for your business, so this is not the time to take shortcuts, skip steps, or go with something you're not 100 percent happy with. If that means asking your artist to perform a multitude of tweaks and adjustments, then so be it. Remember, this is something that will come to stand for your company.

Logos are everywhere, and for good reason. They're an easy way for consumers to identify and associate certain products with certain companies, thereby generating brand loyalty and repeat purchases. This is a critical step in the branding process, so be sure to pay for professional corporate logo design instead of doing it yourself. You do not want to sell yourself short in this area just to save a few bucks!