Is Job Sharing part of your Business Standards?There are many reasons employers need to develop and maintain written policies and procedures. The issue employers have is not knowing how to get started. The written policies and procedures can make sure that all employers are aware of the policies and procedures, help insure consistency when processing responsible task and help employers' with ensuring internal control are operating effectively. The key when establishing the written policies and procedures is keeping them detailed and simple. This allows for internal job sharing and staff flexibility because not only can the employer train existing personnel and establish a back-up person. They can also boost team morale by showing to be more accommodating and flexible. Job sharing also means a business can sustain after departing from a key employee , no matter the reason. The cost to establishing these written policies and procedures is far less than the strain a company may experience when they face the desperation of needing a development overnight. Fontenot & Associates Solutions creates each written policy and procedure unique not only to the company but also to their staff. The leadership within my company is key to the development of my team." - Fontenot & Associates Solutions
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Always do your best. What you plant now, you will harvest later. - Og Mandino As an entrepreneur, my ideal structure is to maintain the status of a small business owner while supporting those in my league and bigger ones. Your business focus and entrepreneur drive may be the same. If so, the Black Enterprise Magazine published an article which inspires me to continue on my road map to growth and success.
The article confirms "Corporate America spends more than $100 billion on goods and services provided by small suppliers, like yourself." They also provide 4 great tips to get you started. Click here to read full article. As entrepreneurs we are our primary motivators." - Unknown An Entrepreneur checklist Just for YouDeciding to be an entrepreneur is a lifestyle change. Forbes magazine wrote an article "Five Things to Check Before you Start your Business", which provides insight from another entrepreneur.
How Do you Prepare your Financial Statements?The activities of a service business differ from those of a merchandising business. The differences are illustrated similar to below. The revenue activities of a service business involve providing services to customers. On the income statement for a service business, the revenues from services are reported as fees earned. The operating expenses incurred in providing the services are subtracted from the fees earned to arrive at net income. In contrast, the revenue activities of a merchandising business involve the buying and selling of merchandise. A merchandising business first purchases merchandise to sell to its customers. When this merchandise is sold, the revenue is reported as sales, and its cost is recognized as expense. This expenses is called the cost of merchandise sold. Source: Corporate Financial Accounting 12E
It's not often that we sit back as entrepreneurs and look at the structure of our businesses. As a leader, entrepreneur, solo business owner the main focus is to keep the business blossoming and building your client list. While these task are important - we must not deny how important it is to ensure those supporting you and maintaining the day to day responsibilities understand your expectations and the vision for your business. Can you identify one of the controls below in your business?
Source: Internal control for small business; CPA Australia Who benefits by one person knowing and doing it all?" - Fontenot & Associates Solutions
It's not about ideas. It's about making ideas happen." - Scott Belsky, co-founder of Behance Continue building your vision everyday until you start to see the reality of it all." - Fontenot & Associates Solutions What are Sales Discounts? A seller may offer the buyer credit terms that include a discount for early payment. The seller refers to such discounts as sales discounts. Sales discounts reduce sales revenue. To reduce sales revenue, the sales account could be debited. However, managers usually want to know the amount of the sales discounts for a period. For this reason, sales discounts are recorded in a separate sales discounts account, which is a offsetting account to sales. Here is an example: Assume that Fontenot & Associates Solutions sold $18,000 of merchandise to Southwest Oil & Gas on March 10 with credit terms 2/10, n/30. Under the credit terms, Southwest Oil & Gas has until March 20 (March 10 plus 10 days) to pay within the discount period. We will assume Southwest Oil & Gas pays the invoice on March 19. Since the invoice is paid within the discount period (10 days), Southwest Oil & Gas would deduct $360 ($18,000 X 2%) from the invoice amount of $18,000 and pay $17,640. The transaction would be recorded similar to below: Being able to track the amount of discounts your business if offering each quarter provides a great snapshot to how much the company has sold and potentially how much the company will forecast for the upcoming quarter. Having established policies and procedures in place would provide management with additional assurance that the financial recordings are being processed accurately. Source: Corporate Financial Accounting 12E
Forbes magazine wrote an article to analyze their ideas before taking the step to pursue their dreams of entrepreneurship. Please review complete article and share with a friend. Your most unhappy customers are your greatest source of learning." - Bill Gates Risky leaders, Creative leaders and leaders in control do exist." - Fontenot & Associates Solutions How Does this Effect your Financial Statements?Any errors in merchandise inventory will affect the balance sheet and income statement. Some reasons that inventory error may occur include the following:
Stay connected with us via the social media platforms (Facebook, Instagram, Twitter - @FontenotSolutions) to learn via examples, more about how inventory errors can effect your financial statements. |
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AuthorMy mission is to offer the best accounting and operations solutions and tips for entrepreneurs and small to mid-size companies worldwide seeking to close their process gaps with actual solutions. |
We Work to Provide Unique Solutions"Our team of innovative professionals use their knowledge and experience to set your business and team of professionals up for success. Our extensive accounting and operations skills are a start and key tools to company growth, building team cohesiveness, establishing clear purpose and goals, and improving process inefficiencies. Our services are key to businesses of all sizes. We handle providing the detail framework to your business so that you may focus on building your business. |
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