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Tips for Managing Your Business Finances??

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(@Anonymous)
New Member

Hello to all

Managing your business finances is extremely important and because it requires different expertise. Realistically, most business owners will require professional guidance to properly manage their business finances. The two most important associates for you to retain will be an accountant and banker.
An accountant will provide assistance in a number of different key areas. He can oversee your bookkeeper, validating cash disbursements. You and your accountant will work together to develop a budget and cash flow statement. The budget will be used to ensure you have an adequate profit margin, or you''ll need to either change your pricing structure or reduce expenses.
Your banker will also require a budget (along with cash flow statements) if you apply for loans. The other crucial statement will be the cash flow statement which is a forecast of your revenues and expenses by month. If you don''t have enough cash coming in each month to pay your suppliers, employees and other expenses, you will either need to have cash in the bank or arrange for other financing.
It''s a good idea to have separate business checking and credit card accounts for your business expenses. It will be easier to track and justify your business costs for tax purposes. If you choose to incorporate, you can protect your personal assets from any business debt. Besides your accountant, you should consider outsourcing other finance functions such as payroll and bookkeeping. Having excess inventory on hand can also drain you cash. Outside consultants can provide financial models to more accurately predict needs.

Thanks for reading
Have a nice day

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Topic starter Posted : 13/01/2010 3:53 am
(@Anonymous)
New Member

Re: Tips for Managing Your Business Finances??

really very nice posting here by you.

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Posted : 14/01/2010 5:43 am
(@Anonymous)
New Member

Re: Tips for Managing Your Business Finances??

One area many business owners struggle with is keeping track of their finances, but it is one of the most important areas given that cash flow is the lifeblood of the business. Small mistakes and a lack of knowledge and resources can be costly and problematic.

We’ve selected some of the most important things to consider and provide these tips and resources.

* Find the best local credit union. Given their frequent willingness to provide loans, finding a credit union that understands the needs of your business can go a long way. There are many online tools to find credit unions based on specified criteria. Many local credit unions require membership in an affiliated organization, often listed on their web site, but costs to join are usually minimal and well worth it. Here are a few tools to start with: Find A Credit Union, Credit Unions Online, Credit Union National Association.
* Find a trusted mentor. Access to free help is just a click away, with sites that help connect entrepreneurs with mentors fitting their needs. Having a mentor assist with setting up finances can be invaluable if the person is trustworthy. One resource is the Association of Small Business Development Centers, which provides access to full-time business counselors around the country, often former entrepreneurs or M.B.A. graduates. Other sites for finding mentors include SCORE (affiliated with the Small Business Administration), iMantri and MicroMentor.
* Choose the correct accounting software. While software is a mainstay of small business finance, sorting through dozens of choices isn’t easy, since there may be better options for your specific needs than the popular QuickBooks program and related packages. Find Accounting Software is a free tool that helps find exactly the right solution through a detailed questionnaire. TaxSites provides extensive resources including a list of software for small businesses.
* Consider hiring a bookkeeper. A good, trusted bookkeeper can handle all of the mundane tasks that go along with keeping finances on track. Be sure to understand the various types of bookkeepers and how to avoid fraud. A free bookkeeper hiring test (to be taken by prospective hires) can be requested.
* Accelerate cash flow with mobile payment systems. Mobile payment systems can allow faster and easier acceptance of payments for products and services. A system called GoPayment from Intuit allows acceptance of payments through mobile phones and can directly download the data into QuickBooks. To monitor transactions, users can access Intuit’s online Merchant Service Center to search, view and create reports.
* Look into factoring receivables. Accounts receivable financing allows immediate payment for invoices rather than waiting 30 days or longer and tying up working capital as a result. Factoring services advance the amount of the invoice minus a “discount”, or fee (advances of 80 to 90 percent are common), and provide a “rebate” when invoices are paid – the amount depends on how long it takes the customer to pay. FactorFind provides a directory of factors specializing in small businesses. Businesses can be matched with the most appropriate factors at the International Factoring Association, BuyerZone, and Resource Nation.
* Understand and measure capital versus operational costs. The goal often is to drive down the totals on the capital costs side of the spreadsheet and move more over to the operational side of the equation. Operating costs don’t require complex depreciation calculations and are more easily adjusted from year to year. Outsourcing is one way to do this because it sits on the operating cost side and helps to free up cash by not tying it up in capital investments (such as IT infrastructure, servers, etc.) or tasks like head hunting and payroll management.
* Measure bottom line impact by looking at the service budget year over year. Are the costs for delivering a service going up, staying the same or dropping? Figure out how much it costs to deliver specific services to the business such as recruitment, payroll or benefits management. Understanding cost-to-serve offers the business great insight into projects and tasks, how long it actually takes to do them, and as a result how much they cost. If you want to pare back on the budget, there are hard numbers to work with that show exactly what the impact on quantity and quality of service will be if resources are reduced.

* * * * *

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Posted : 14/01/2010 7:02 am
(@Anonymous)
New Member

Re: Tips for Managing Your Business Finances??

The information published above regarding small business finances is quite good and informative. Really appreciate for sharing this.

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Posted : 14/01/2010 2:59 pm
(@Anonymous)
New Member

Re: Tips for Managing Your Business Finances??

Thanks for information sharing, its really a important step to mange your finances because if you failed to do so you are out of business , nice approach

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Posted : 14/01/2010 6:54 pm
(@Anonymous)
New Member

Re: Tips for Managing Your Business Finances??

Hello Friends.....

Great Tips.Thanks for sharing.Keep sharing more in the future.

Have a nice time ahead.

Thanks

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Posted : 15/01/2010 8:35 am
(@Anonymous)
New Member

Re: Tips for Managing Your Business Finances??

Hi

Wow.... This is very interesting.....
Thanks for sharing this informative information.
I have got lot of information from this post.
Please keep sharing more and more information.....

Thanks
Have a nice time ahead.

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Posted : 15/01/2010 9:55 am
(@Anonymous)
New Member

Re: Tips for Managing Your Business Finances??

Hello Friends.......

1.Email has come quite a long way since its introduction, yet it is still used for many of the same reasons. Basic electronic communication has essentially evolved into a more resourceful tool as one has the ability to do much more now then they once could. Along with the usual sending of files and text messages through email, one can send greeting cards, manage their emails by assigning them to folders or classifying them as junk and even organize and manage their daily tasks on some email servers.

2.This wonderful tool is not without its downside however. Some people choose to send worms and viruses via email and in the process infect and damage quite a lot of computers. A virus email can often be very difficult to detect, especially to someone with very little knowledge of computer viruses and how they work. If you notice that you have an anonymous email or an email with a name foreign to you then you may not want to open this email as may likely be a viruses and the mere act of opening the email makes your computer susceptible to infection.

Thanks

ReplyQuote
Posted : 20/01/2010 7:31 am
(@Anonymous)
New Member

Re: Tips for Managing Your Business Finances??

Hello Friends.....

1.Find the best local credit union.

2.Find a trusted mentor

3.Choose the correct accounting software

Thanks

ReplyQuote
Posted : 23/01/2010 6:25 am
(@Anonymous)
New Member

Re: Tips for Managing Your Business Finances??

I am agree with you..nice sharing by you..

Find the best local credit union. Given their frequent willingness to provide loans, finding a credit union that understands the needs of your business can go a long way. There are many online tools to find credit unions based on specified criteria. Many local credit unions require membership in an affiliated organization, often listed on their web site, but costs to join are usually minimal and well worth it. Here are a few tools to start with: Find A Credit Union, Credit Unions Online, Credit Union National Association.
* Find a trusted mentor. Access to free help is just a click away, with sites that help connect entrepreneurs with mentors fitting their needs. Having a mentor assist with setting up finances can be invaluable if the person is trustworthy. One resource is the Association of Small Business Development Centers, which provides access to full-time business counselors around the country, often former entrepreneurs or M.B.A. graduates. Other sites for finding mentors include SCORE (affiliated with the Small Business Administration), iMantri and MicroMentor.
* Choose the correct accounting software. While software is a mainstay of small business finance, sorting through dozens of choices isn’t easy, since there may be better options for your specific needs than the popular QuickBooks program and related packages. Find Accounting Software is a free tool that helps find exactly the right solution through a detailed questionnaire. TaxSites provides extensive resources including a list of software for small businesses.
* Consider hiring a bookkeeper. A good, trusted bookkeeper can handle all of the mundane tasks that go along with keeping finances on track. Be sure to understand the various types of bookkeepers and how to avoid fraud. A free bookkeeper hiring test (to be taken by prospective hires) can be requested.

ReplyQuote
Posted : 23/01/2010 12:00 pm
(@Anonymous)
New Member

Re: Tips for Managing Your Business Finances??

Hello friends

One of the most important things that you, as a small company owner, have to take care of is your small business financing. Huge amounts of money are thrown away every year by small businesses simply because they are not running their financing efficiently. This is also the area of small business where entrepreneurs struggle most, since you cannot work without money-cash flow is the lifeblood of the business.
Small mistakes and lack of knowledge can be sources of serious problems and costs. However, you don't need to be professional economist to know how to avoid them. Here is some advice that will help you establish a healthy relationship with your business finances.
At the beginning you should consider the professional assistance you may need. If you need money to start your small business, you must get a loan. Many banks can help you with that, the most important part is your small business plan and a clear idea of in which direction your company is going to develop. Besides, you will probably need a trusted bookkeeper who can help you deal with all of the mundane tasks on regular basis (and save you a lot of money and stress). But be sure to understand the various types of bookkeepers and how to avoid fraud.

Thanks to all friends...

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Posted : 25/01/2010 3:57 am
(@Anonymous)
New Member

Re: Tips for Managing Your Business Finances??

HELLO

Thank you all of you for sharing very nice as well as nice tips here..

ReplyQuote
Posted : 24/02/2010 9:11 am
(@Anonymous)
New Member

Re: Tips for Managing Your Business Finances??

One of the most important things that you, as the small company owner, have to take care of is your small business financing. Huge amount of money is thrown every year by small businesses simply because they are not running their financing efficiently. This is also the area of small business where entrepreneurs struggle most, since you cannot work without money-cash flow is the lifeblood of the business.

Small mistakes and lack of knowledge can be sources of serious problems and costs. However, you don’t need to be professional economist to know how to avoid them.

Here are some advices which will help you establish a healthy relationship with your business finances.

At the beginning you should consider the professional assistance you may need. If you need money to start your small business
, you must get a loan. Many banks provide small business loans, the most important part is your business plan and a clear idea of in which direction your company is going to develop. Besides, you will probably need a trusted bookkeeper who can help you deal with all of the mundane tasks on regular basis (and save you a lot of money and stress). But be sure to understand the various types of bookkeepers and how to avoid fraud.

ReplyQuote
Posted : 25/02/2010 1:37 pm
(@Anonymous)
New Member

Re: Tips for Managing Your Business Finances??

Hello
The first thing you will need to do for your business is to establish a sound financial budget. Open a special bank account for your business only. Try to keep your business transactions and household accounts completely separate. Do not borrow from one to another, no matter how tough the going gets. One of the biggest mistakes is to mix business with household finances.

It is also important that you keep your bank account under control. You may have a bank consultant and a bookkeeper, but you must have some kind of your own tracking the quotes and work in progress as well as sales invoices. Your bank balance should agree with your book keeping.

Do not give credit terms. Your income depend on your agreement and sales skills. You must ensure that clients know that payment is required on completion, of course it’s much better if you can get part or full payment up front. You must discuss, write down and agree terms of trade, supported by the contract which will protect you. Keep under control when invoices are due to be paid. This is the only way to have your invoices as frequently as possible, and not to lose your own money.

As in all categories of life and business for finances is the crucial to know your targets. For example, if you need to advertise due to not having a shop front, you should consider very carefully where you advertise and how much money it costs to reach each one of your prospects. Marketing and attracting customers can be very interesting and many business owners get lost in all that, spending much more money than they have planed. At the beginning, but also once and while, set sales targets and monitor them, comparing actual results with projections regularly.

And don’t you forget that each fresh started business rarely shows any profit within the first 3 months, sometimes even much longer. This is the fact you should keep in mind when planning your monthly budget. Be realistic-do not overspend but don’t you either starve your business-since you mustn’t let your business run out of money. Start small and work your way up.

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Posted : 26/02/2010 4:59 am
(@Anonymous)
New Member

Wicked Chicago

Tony Award-winning Broadway and West End musical Wicked is an excited adaptation of the best-selling novel Wicked: The Life and Times of the Wicked Witch of the West by Gregory Maguire and a parallel novel of L. Frank Baum’s classic story The Wonderful Wizard of Oz from the perspective of the witches of the Land of Oz. Wicked the musical is not Wicked the novel. While the novel is its source, the wicked san diego musical presents only pieces of it, in a much simplified form, and often diverging wildly from the novel’s narrative.
One might be tempted to think all this destroys the work; but in the end it improves it, shining a bright light on the story’s numerous ironies and interlaced levels of social commentary. But the score of musical is heavily thematic, bearing in some senses more resemblance to a film score than a traditional musical score.
The musical debuted on Broadway on October 30, 2003. It was produced by Universal Pictures and directed by Joe Mantello, with musical staging by Wayne Cilento. Choosing from the 38 speaking characters in Wicked the novel, the authors of Wicked the musical show decided to focus their show on eight key characters plus a few others and the ensemble. Current San Francisco Cast principals are:
• Kendra Kassebaum as Glinda
• Tim Talman as Witch’s Father
• Neka Zang as Witch’s Mother
• Fiama Fricano as The Midwife
• Teal Wicks as Elphaba
• Deedee Magno Hall as Nessarose
• Eddy Rioseco as Boq
• Patty Duke as Madame Morrible
• Tom Flynn as Doctor Dillamond
• Nicolas Dromard as Fiyero
• Tim Talman as The Ozian Official
• Lee Wilkof as The Wonderful Wizard of Oz
• Everth Lopez as Chistery

wicked tells the story of Elphaba born with emerald-green skin, smart, fiery and misunderstood, the future Wicked Witch of the West and her relationship with Glinda, the Good Witch of the North, beautiful, ambitious and very popular. Their friendship struggles through their opposing dispositoins and viewpoints, rivalry over the same love-interest, their reactions to the Wizard’s corrupt government, and, ultimately, Elphaba’s public fall from grace. Their buddy story is only one of several storylines and subplots in a carefully constructed, surprise-filled musical adventure.
The music and lyrics are birilliantly selected and presented by Stephen Schwartz. Wicked is a truly heartfelt story of friendship and love. As Richard Zoglin of ‘Time Magazine’ put it, “If every musical had a brain, a heart and the courage of Wicked, Broadway really would be a magical place!”
Wicked topped the nominations counts for all Broadway shows with a total of ten nominations and was Tony-award winner in three of them: Best Performance by a Leading Actress in a Musical - Idina Menzel; Best Scene Design - Eugene Lee. The musical garnered the most nominations and Drama Desk awards of any show this season. More info on http://www.chicagoticketcompany.com/cheap-wicked-tickets

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Posted : 26/02/2010 8:13 am
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