Category: Small Business

Best Business Accounting Software

When talking about the best business accounting software, you must first know the relationship between finance and accounting. Conceptually speaking, they are closely related to the extent that accounting is an important input in financial decision making and there are key differences in viewpoints between them. Accounting is a necessary input into finance. That is, accounting is a sub-function of finance.

Accounting generates information or data relating to the operations or activities of the firm. The end-product of accounting constitutes financial statements such as the balance sheet, the income statement (profit and loss account) and the statement of changes in financial position (sources and uses of funds statement). The information contained in these statements and reports assists financial managers in assessing the past performance and future directions of the firm and in meeting certain legal obligations, such as payment of taxes and so on. Thus, accounting and finance are functionally closely related.

But there are key differences between finance and accounting. The first difference relates to the treatment of funds while the second relates to decision making. The viewpoint of accounting relating to the funds of the firm is different from that of finance. The measurement of funds (income and expenses) in accounting is based on the accrual system. For instance, revenue is recognized at the point of sale and not when collected. Similarly, expenses are recognized when they are incurred rather than when actually paid. The accrual-based accounting data do not reflect fully the financial circumstances of the firm. The viewpoint of finance relating to the treatment of funds is based on cashflows. The revenues are recognized only when actually received in cash (i.e. cash inflow) and expenses are recognized on actual payment (i.e. cash outflow).

Finance and accounting also differ in respect to their purposes. The purpose of accounting is collection and presentation of financial data. It provides consistently developed and easily interpreted data on the past, present and future operations of the firm. On the other hand, financial manager’s major responsibility relates to financial planning, controlling and decision making. Thus, in a sense, finance begins where accounting ends.

Benefits of Offshore Merchant Accounts

Is your merchant account processor not giving you good services and making the whole credit card processing a big hassle for your business? Or do you have a new business or a business with high risk that does not belong to the good books of US banks and credit card processors? In both cases an offshore merchant account processor will surely welcome your business account.

Offshore merchant accounts can help your business reach its full potential and let you process enough sales per month to get your business going great guns. You can reduce the tax liabilities on your business by having an offshore merchant account. It can give you a way to move part of your assets offshore without getting into the wrong books of the IRS. This account can give you a legitimate and convenient way to get your business profits offshore. Offshore merchant accounts work great with those who wish to set up a new online business that involves credit card processing for taking up orders. It also facilitates easy multi currency processing.

Most of the offshore banks provide better service than the domestic banks. They have more lenient procedures and guidelines. Therefore, opening an account is much easier. They provide highest-level security, encryption and fraud protection systems. If your account exceeds the volume of proceeds that your domestic bank allows for processing then having an offshore account with minimal volume restriction can help your business grow in leaps and bounds. Jurisdiction and business legislation involved with high-risk businesses such as that involving online gaming, gambling, adult material, online pharmacy etc. is easier in some of the offshore banks than in domestic banks.

Most of the offshore merchant accounts enable processing of varied types of credit cards that may not be allowed by most of the US banks. The US banks prefer accepting only Visa and MasterCard through merchant accounts. However, having an offshore merchant account allows you to accept proceeds from tapping orders from other types of cards as well.

Benefits of Franchising

As with any other business, franchising has a number of advantages and disadvantages. Keeping these in view, an investor can decide whether they want to open an independent business or a franchise.

One of the major advantages of franchising is that the company would deal with most of the financial aspect of the business. Even though the applicant needs to provide the franchising fee and other fees later on, the major part of the assets would be taken care of by the company. Also, the company would provide trained employers either initially or on a long-term basis. Even if this were not the case, the company would train all the new employees, saving the training costs for the franchisers.

Franchisees need to provide an initial franchise fee as well as some amount of capital as a security deposit. This will definitely ensure the franchise will be run with dedication, as no franchiser would wish to lose a lump sum in capital to the company.

Franchising indicates the company already has a good standing and wishes to expand. So the customer base is already built and the franchising should have no problems even during the initial stages. This will ensure good business right from the start and ensure that the franchiser feels motivated by the response.

Also, franchises can attain growth fairly quickly compared to the regular businesses. This is because there is no limit to the number of franchises that can rise under a particular company. There is no way a company can open branches at the same rate as franchises. Also, the companies get franchise fee, franchise royalty, discount from vendors, better lease options, and better discounts on equipment and raw materials. This indicates that the companies get money from a number of sources when compared to individually owned companies.

Franchising could be a bad option for the franchisee if the business is already successful and has a good standing in the market. Also, the company gets to control the franchise and not the owner. So, even though a franchisee runs the business, the company pulls all the strings. The company would make all the major decisions and the franchisee usually does not get any say in the matter except when it does not really affect the company’s policies.

Even though penetrating the market is easier with franchisees, it might involve a lot more legalities when compared to that of an individually owned business. This might ensure taking up more time before the franchise being able to attain a strong footing in the market.

The company must be able to deal with the rapid growth of the franchisees as such situations might, at all times, require excess staffing, and excess training materials. Also, they must take care to avoid any kind of litigations with respect to the franchisees.

Becoming A Graphic Designer

Graphic designers are artists in business. Graphic designers need to not only have an artistic inclination in life, they also need to have a knowledge base that includes art history, painting, typography, illustration, photography and computer design software.

To become a successful graphic designer, one must have excellent interpersonal skills and an ability to sell ideas to executives. Having a keen sense of color, type and composition, a graphic designer also has to know how to present and discuss ideas with corporate clients, understand market research and work under tight deadlines and budgets. It is preferable to take drawing courses while in high school, to develop a sense of art. It is possible to work as a graphic designer without a degree, but most companies do prefer graphic designers with a degree. So work for a degree in fine arts or advertising, with concentrations in graphic art and computer graphics. You could join any School of Art and Design for such a degree. Search for training in current graphics-related computer technology, with electives for business and finance courses.

You then contact your top school choices and, if required, send samples of your artwork along with your application. Some schools may also call you for an interview, so be ready for it. When in the school, try to get an internship in a design company or an advertising agency. This adds to your resume, and provides you with valuable career contacts for the future. While studying, try to do as much freelance work as possible. This will help you build a strong portfolio that you can show to your future employers upon graduation. Always make it a point to pay attention to packaging designs and advertising trends in all forms of media.

To learn about jobs for graphic designers, the best place to check is the Internet. There are many job openings for graphic designers here. Graphic designers are required in various fields of advertisement and printing, with openings also found on the Internet. And remember, the main thing that is required to become a successful graphic designer is to build an impressive design portfolio to present to your prospective employers so that they can get an idea of your capacity in graphic designing.

Banners

Banners are a great way to get your message across to a lot of people in the cheapest way. Whether you design and print it yourself or have a professional do it for you, banners can add excitement and visual support to your events. This form of advertising has been around for years and years. Today, they are popularly seen at mall events, trade shows, conventions, and parties and on town streets.

It used to be that banners were made from cloth and printing was done through silkscreen. The process was meticulously done by hand. But over the last years, tarpaulin or vinyl has become a popular choice for banners.

Vinyl has allowed machine printing and flexibility for layout artists to add as many details to the design as the client wants. For example, photo quality images in full colors can be printed on the banner.

Have you ever been to a motor cross race and seen a stunt driver break through a banner? Have you wondered how they do it? Well, it used to be that events organizers would use paper for an easy rip. But ingenuous thinking allowed the use of vinyl for that purpose as well. The vinyl banner is made of two pieces, attached in the middle by Velcro. The stunt driver crashes into the banner, and it simply detaches into two. Organizers can re-use the banner for the next stunt t.

Banners come in various shapes and sizes, although practicality and artistic sense have made the square or rectangle the most appropriate shape for most occasions.

Check out various online sites and magazines to get ideas on how to design the layout of your own banners. Templates are also available to suit most of your needs.

Bakery Management

Bakery management is the means of handling bakeries. Management takes a lot of effort, but through common sense, knowledge and, of course, hard work, this may not seem to be as tough as it seems.

One of the greatest steps in bakery management is introducing cross-merchandising in the bakery. To do this, you could display fresh herb breads near fresh herbs, or you could cut up your loaves for the customer to catch the taste. Also, try cross-merchandising your bakery items with the deli and soup counters. Keeping coffee on display with the other bakery items will definitely help the loaves fly off the shelves.

The customer gets to know about the bakery through signs put up in your shops—so make sure that the customer is comfortable in the bakery by providing proper signage. Signage may be in different shapes and sizes, with small signs for cookies and muffins and bigger signs for sectioned areas of the operation. If you prefer handwriting your signs, make sure they are legible and attractive.

Another important aspect of bakery display is color. The best colors for a bakery are browns and beiges, but to liven up the operation, bright colors like red and yellow will complement any display. When concentrating on lighting, don’t over- or under-light key areas of the bakery, as lighting adds life to your products. Be certain to watch lighting systems so that you can ensure cleanliness and accuracy of the beams and so that you can identify and replace burned out bulbs immediately.

Cleanliness is an important factor in ensuring the return of customers. No customer wants to find a dusty food counter or a spotty sneeze guard, so make sure the staff wear hairnets, hats and disposable gloves while handling bakery items. Have a well-stocked shelf of favorite bakery items at all times. Try variety, as customers get bored of the same items over and over again. Always make it a point to give the best service to customers by providing staff with the required training. You could try handing out customer comment cards to get comments on your operation. Keeping sample stations in the bakery is also not a bad idea; sampling proves to be a great customer service tool. Once the customer tastes the food, their cravings are satisfied and thus, the sale is closed much faster.

The final aspect of bakery management is to keep promotions and contests in the bakery. Use national holidays for special promotion periods to have customers bursting through the door. Holding bake-offs where you could encourage your customers to show off their secret recipes is also a great idea.

Bakery Equipment

Different types of bakery equipment are required for starting a bakery. Buying the correct equipment for any business is important, and it is even more critical in the bakery trade. There are some points to remember when buying new bakery equipment.

It is essential that the equipment that you plan to buy be well supported by the manufacturer; without the equipment, you will regrettably one day be out of business. Always make sure that the companies you intend to buy the bakery equipment from have a 24-hour service and that you are covered during the after hours under your warranty period (typically about 12 months) so that you can turn to them in times of emergencies. In this way, you needn’t be tied up during times of unexpected repairs. Companies that don’t offer parts and 24-hour labor during the warranty period are usually far, far cheaper, as the night labor is the most expensive. There are also companies that save you thousands by offering breakdown loan equipment to customers. In other words, if your equipment has to undergo some major repairs, the company gives you a temporary replacement.

Remember that a good product is never the cheapest, and that the most expensive is never the best. Always compare the prices of well-known brands before buying any equipment. There may be some great exhibitions worth a visit when buying bakery equipment. There are usually some specials and discounts at these exhibitions that can be taken advantage of. It is always better to take the information from your existing equipment, including its age, condition and make, along with you when attending exhibitions; some brands are greatly sought after by second-hand dealers.

Bail Bonds

The process of posting a bail bond involves a contractual undertaking guaranteed by a bail agent and the individual posting bail. In such case, the bail agent provides a guarantee to the court that the defendant will appear in court each and every time the judge requires it. Hence a bail bond is an obligation signed by those who have been accused of a crime to secure their presence at the court when summoned.

The bail agent charges a percentage of the bail amount from the defendant for this service. So, one advantage of the bail bond is that this obligation ensures that the accused will lose money if he or she does not appear for the trial. The defendant or someone related to the defendant contacts the bail agent to arrange to post bail, resulting in the release of the defendant. Usually, a relative or a close friend of the defendant will post bail and co-sign. However, the co-signer or the person contacting the agent for the bail bond must guarantee to pay the full amount of bail if the defendant does not appear in court, before the bail bond can be posted.

Sometimes the bail agent does not require collateral to post the bail. A person can be bailed out from jail with a signature of a friend or a relative. However, co-signers typically must be employed and must either own or rent a home in the same area for some time. After the agreement is signed, the bail agent posts a bond for the amount of the bail, to guarantee the defendant’s return to court.

The co-signer holds a lot of responsibility when entering an agreement with the bail agent, in that if the defendant fails to appear, the cosigner is immediately responsible for the full amount of the bail. Also, if the bail agent searches for and then finds the defendant, the cosigner is again responsible for all expenses the bail agent has incurred in the process.

In some states, the court allows the release of defendants after they pay ten percent of the bail bond amount directly to the local jail or court. But this is only in certain cases wherein the defendant cannot raise the entire bail amount at one time. However, in other states, defendants can arrange for the whole bail amount through a bail bondsman.

But in this case the defendant or the co-signer needs to sign over a collateral. The process is then similar to that of the other bail agents. The collateral is returned to the defendant after the court summons are finished and the case is closed. This indicates that the bail bond is discharged.

Bail Bond Software

Software has made it a lot easier to deal with bail bonds. These types of software use switchboard-style menus, which make them quick to learn and easier to use. The most popular software being used currently is the BBS or Bail Bond Software.

BBS is very user-friendly software that has only two data input forms, “clients” and “Bond”, as well as a popup account ledger form that is used for data entry. The software constitutes of drop-down and phone directory style lists that enable quick and easy selection of client and bond records when they need to be modified. All the client records can be retrieved easily as required. All reports and formal letters such as surety letters, delinquent letters, client statements and court and financial reports can be generated at the click of a mouse button.

The phone directory style list allows for quick selection of client or bond records to edit. The software provides selectable lists of active, inactive, or all bonds or clients. Alphabetical buttons further narrow the list and ease the selection process.

Navigation through BBS data entry and editing can be done using only the keyboard, only the mouse, or with a combination of the two input devices.

Another software option is the LexBail software program. One major advantage of this software is that it is provided free of charge to Lexington National agents. This software program was developed specifically for the bail bond industry and is continuously updated.

The LexBail software allows agents to run their complete business. This software includes tracking powers and allows you to find bonds written, forfeitures, collateral, total co-signer exposure, premium payment plans, commissions for subagents, remissions, and regulatory reporting. LexBail software is customized for the bail industry to manage and electronically store bail bond records, handle premiums, and more. The only disadvantage of the bail bond software is that it does not run on Macintosh, Linux, Unix, OS2, or any other non-Microsoft Windows Platforms.

Bail Bond Licenses

In some states, only licensed “Bail Agents,” who specialize in bail bond underwriting and issuance can post the bail bonds. These bail agents act as the appointed representatives of licensed surety insurance companies.

The respective departments for insurance, in each state, regulate and provide the licenses to the bail agents. The agents applying for license must be at least 18 years of age, be a resident of that state and a citizen of the United States. They must have sufficient financial resources to comply with the procedures, unless the individual is only an agent for a corporation holding a license. The agent must have at least one year of continuous work experience in the bail bond business and must have completed at least eight hours of continuing legal education in criminal law or the bail bond law courses that have been approved by the State Bar. The bail bond agent must have had this experience at least two years before the application for the license is filed.

The license number of every licensed bail bond agent must appear in all the possible advertisements such as yellow pages or telephone book advertisements, billboards, newspapers, magazines, and other widely distributed media publications. It is not required that agents provide the license number on business cards.

Cashier’s checks and certificates of deposit can be used as security for a bail bond license. The original checks have to be delivered to the board along with the application. These checks are deposited into the bond security account.

Bail bond agencies must renew their licenses every year, as the Department of Licensing does not prorate agency fees. Also, the agency is responsible for all the bail bond agents working with them.