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Being an entrepreneur, you need to understand financial statements. Here is an introduction to the most crucial reporting statements you will need to know about.

Understanding Financial Statements

Understanding Financial StatementsIn Financial Accounting - Reporting for those outside the business, the 3 most important financial statements, relevant for budding entrepreneurs are: 1. The Statement of Financial Position or the Balance Sheet 2. The Statement of Income or The Profit & Loss Statement 3. The Statement Of Cash Flows. The Balance Sheet shows the business's assets, the liabilities, and the equities of a business. It is a 'snapshot' of the business economic resources at a certain date. That is why when you see one, it says something like, The Statement Of Financial Position as at dd/mm/yyyy. Unlike a Balance Sheet that is a 'snapshot' of economic resources, the Profit and Loss Statement is a summary of the flows of earned revenues and incurred expenses of a business for a period of time. That is why when you see one, it says something like: Profit & Loss Statement for the year 200X. The Statement of Cash Flows summarizes the 'cash' effects of the activities of a business for a period of time. These activities can be operating, investing and financing. The keyword that I would like to emphasize in the above definition is the word 'cash'. It only records activities that involved the transfer of cash. I can summarize the above even further: 1. Your Balance Sheet shows you what you own and how you acquired them (borrowed from others or contributed by you). 2. Your Profit And Loss shows you how much you are expending each period and how much you are earning. 3. The statement of Cash Flows summarizes the exchange of cash in your operating, investing and financing activities. I personally feel that for most freelancers, when starting a small business, attention should be placed on your Profit and Loss statement because that is your record of how much income is coming in and how much expenses is going out. Take a look at the revenue items there to know which activity is bringing in money and take a look at the expense items to see which ones are costing you the most and ask yourself whether those expenses are really necessary. Are there ways in which you could cut your costs? Costs are what any entrepreneur has to control at the start of every business. No cost item should go by unnoticed or unmonitored. Their existence must be justified. Every dollar counts. Every dollar that gets tied up in one thing is a dollar that could otherwise be used somewhere else. ________________This article was written for OrangesAndLime.com, to help creative individuals artists, musicians, designers, illustrators and entertainers build their own freelance businesses. Please note that this article serves as a guideline only. You should still seek professional advice regarding the matter because laws and practices change over time and they differ from country to country.

Selection Of Personal Protective Equipment Is Important

Selection Of Personal Protective Equipment Is Important

It is important to ensure the correct selection of personal protective equipment is made as not all safety equipment will meet the same performance requirements or provide the same protection. For example, not one type of glove provides adequate protection against all chemicals or a respirator designed to be effective against medium air levels of a chemical may not be effective against high levels of the same chemical. When selecting the appropriate personal "protective equipment" , consideration should be given to elements such as: durability, permeability, abrasion resistance, burn resistance, insulation, cut resistance, size, comfort, and the ability to be cleaned. Personal protective equipment is designed for a specific duty and the most common forms come in these categories: Head protection in the form of a safety helmet shall be worn where, there is a possibility that a person may be struck on the head by a falling object, a person may strike their head against a fixed object, and there may also be inadvertent head contact with electrical hazards.Eye protection shall be provided where a risk of eye injury exists. Typical hazards might include flying particles, dust, splashing substances, harmful gases, vapors, aerosols, and high intensity radiation from welding operations.Hearing protection shall be provided where a risk of noise induced hearing loss exists. The need for hearing protection shall be assessed from the conduct of noise surveys in potential noise hazard areas. If one cannot hear a normal conversation from two feet away, "hearing protection" is most likely needed.Respiratory protection shall be provided, after all other practicable measures have been taken to provide control measures, to ensure that no staff member is exposed to an atmosphere that is or may be injurious to health.Protective clothing and sunscreen shall be provided for staff that are required to work outdoors and are exposed to the sun's rays for continuous periods in a day. Direct exposure of the skin to UV radiation from outdoor work shall be minimized by providing hats, long sleeves/trousers and an adequate supply of sunscreen.Hand protection shall be provided where there is an identified hazard associated with a potential for hand injury. Protective footwear or safety shoes shall be provided where the nature of the work exposes the employee to a medium to high risk of injury to feet. High visibility safety vests shall be provided and worn where there is a risk of injury associated with working on or near roadways or near moving traffic or moving plant.Fall protection harness should be provided when personnel need to work at heights.Any protective equipment provided for use should be appropriate for the wearer and that it controls the risk. For the protective equipment to be fully effective, the wearer needs to be trained on its use. Protective equipment should be in a clean and hygienic condition for the wearer. This equipment should not be shared between wearers unless the equipment is deemed to be clean. Any protective equipment used should be stored and located in an appropriate place so that it remains clean and not exposed to the elements. Any storage areas for protective equipment should be clearly defined. Look for the manufacturers label for instruction on care and any special requirements.

Phone Sales not Ready to Yeild to the Internet

Phone Sales not Ready to Yeild to the Internet

There is no question that the internet has revolutionized business. Many people are not only paying their bills online, but also ordering products and services at an ever expanding rate as well. Businesses with a web presence have opened themselves up to new market where many consumers take advantage of the ease of shopping from pages visually no different from a catalog. Despite all that has changed in the last ten years, most companies that do business over distance and do not rely on local storefronts still see a large majority of their business come from the telephone. Several years ago, many business forecasters were predicting that the internet would have eclipsed the phone as the marketplace of choice by now. So why hasn't that been the case?There are two primary reasons why the telephone will always be necessary to consumer sales oriented businesses. The first is that while it is getting harder and harder to find a person who does not have a personal computer at their disposal, either at work or at home; it is practically impossible to find a person without a telephone. The second is about human interaction. Many people prefer to order from a person over the telephone. That issue in itself may have to do with perceived notions of security and fraud risk, personalized and efficient customer service, or simply the desire for human confirmation that a transaction has taken place. In any case, some businesses have gone to great lengths in recent years to become a major presence in their industry on the world wide web while neglecting to update their antiquated phone systems. What companies need to realize is that while web based business will result in an overall sales increase as a result of consumers who use the internet as their primary marketplace, it will not do so at the loss of phone business if a capable phone system is in place. Keeping a phone system up to date and ready to handle customer volume should be a top priority for any business.

Growing Data Entry Business

Growing Data Entry Business

Data Entry Business provides an all in one system of data entry and many other income streams plus additional free bonuses. Data Entry Business is one of the best "data entry" programs I tested. This makes Data Entry Business a perfect choice for work at home moms, students and retired people. You can be the first one to write a review for Data Entry Business. However, while it is true that you can work at your own pace, you will need to be sure that you are sufficiently fast on the keyboard and the 10-key or you won't be able to make much money per hour in your work from home data entry business. Once you know you have the basic equipment needed for your data entry business, then you need to carefully consider your skills. Another skill that will come in handy for your data entry business is the ability to decipher bad handwriting in order to accurately enter the data you have because most of the files you will be processing will come to you in hard copy and often hand written. Data Entry can make a lot of difference in the performance standards of your Data Entry business, whether small or big. So many people are now developing their data entry jobs into a full data entry business. As success comes and with it money, it is often possible to quit your job and work full time on the data entry business and with that comes a certain amount of freedom. The data entry business is a small non profit business that provides "work from home" services for a fee to researchers. This offer is to own your own work from home business and the fee comes because the teaching materials are sent to you via email so if I waited for the payments they would never come and the customers woulh have the information.If you are looking to see what types of work from home and typing the internet has to offer, it is all at this site. As to traditional work from home work, most jobs consist of typing in names and addresses either into lists or databases. But honestly you will never make a decent income with typing and work from home work like this, even if it is medical transcription, word processing or typing statistical data into spreadsheets. The amount of money you can make with this type of work will be directly related to your typing skills and speed. If you are not a fast typist, and very accurate, then you have two choices, find a good typing course and practice until you can type 50-60 words per minute with very few errors, or find some other kind of internet work from home. With poor typing skills you will quickly get frustrated at how little you can earn, and the company supplying the work to you will probably be unhappy with the quality of your work from home work as well. All you need is access to the internet, have basic typing skills and follow the simple step by step system. There are software programs available such as Typing and Data Entry thatcan be used to learn how to enter data without having to go to formal classes. Home based business ideas are sometimes as easy to find as looking at some of the activities that took place in your old office. This may give you the opportunity to start your own home based business doing work from home work from your own home. Our country's dependence on computers may give way for you to start your own home based business doing [*_*] from your own home. As the owner of a home based business providing [*_*] services, you would have the freedom to do the [*_*] work yourself at home or hiring other people to do [*_*] for you, from your home or their own. Before you start any home based business, educate yourself or hire someone else who can help you determine if there is a market for the type of home based business you want to start and whether or not you should be able to earn the amount of money that you expect to be able to earn from your home based business. Of course you can try the usual internet job search engines to try to find your own [*_*] contracts, but it's not likely you'll be able to launch your own home based business of [*_*] services from these search engines. Most of the home based business opportunities that are listed at these search engines generally are usually not legitimate home based businesses and you should avoid them. You may want to check with other companies in your area that provide similar [*_*] services to see if your new home based business can be a subcontractor for them. This home based business, although it would probably start small, could be grown to virtually any size depending on the amount of work you were able to secure for your home based business. If you will pay a service for information to help you find the [*_*] work for your new home based business, make sure you are dealing with a reputable company and that you understand exactly what you will receive for your investment. Service Bureau providing data transaction capture and process management. Services are provided to the medical and pharmaceutical industries and to manufacturers. The demand of today's business is to deliver new products and services more quickly, and at competitive prices. Business solutions like that of JustE Services are revolutionizing how winning companies compete. You will also learn to make money from very simple Affiliate Marketing System, where you just submit some forms, working like mere home typists using the services of Google, which is free to join and can make incredible amount of money promoting many products online. Provider of computer database and file preparation services. Provider of legal transcription, document preparation and typing services. Provider of data processing, systems integration, networking and programming services. It gives you many competitive advantages in [*_*] services. Availing the benefits of outsourcing [*_*] services for your Data Entry works will be a wise option. We can guarantee quick and accurate Data services for any business that needs data to be extracted from any source. This gives us the confidence to undertake Data service projects of any volume. Depending upon you budget we can give you different option in business website design like flash logo, flash intro, payment options for your service, search engine optimization, search engine ranking. The [*_*] business is a small nonprofit business that provides [*_*] services for a fee to researchers. As the owner of a home based business providing [*_*] services, you would have the freedom to do the [*_*] work yourself at home or hiring other people to do [*_*] for you, from your home or their own. There are many books and courses that may assist you, as well as professional consulting services you can hire to assist you.

Prosperity System Network for Auto Wealth Generation

Have you always struggled to find the right home based business or the right coach? Though there are plenty of home based business opportunities floating around amidst a lot of hype, it is difficult to locate one that really fulfils all of the tall promises it makes. My hunch is you might have also passed by some MLM gimmicks OR some others might have made the going tough.The very reason you are reading this page is, you have had enough of the BS! Here is a legitimate home based business opportunity that actually lets you build your fortune with less startup cost and very less effort. Unbelievable as it may sound, at the Prosperity Automated System (PAS) is a real massive money maker from actual sales.PAS proves that Internet Marketing in direct sales has come of age generating real good cash. PAS takes all those online marketing work which make the conventional marketing over the net really boring and unyielding, and generates only prospects, i.e., real buyers. You are backed by Prosperity System Network that does everything from generating leads to closing the sales for you. It combines the creativity of man and the speed and accuracy of a machine.PAS has eliminated the drawbacks of conventional multi level marketing in successful home businesses. There is no fear of rejection. It has been built to employ the maximum possible automation capability of the internet. It is innovative, subtle and high yielding. It is just like any other home business but beats them all in income generation. PAS has lessened the burden from your shoulder. After registering yourself as an affiliate with the System. You can be at leisure and still making monster profits. The prospect network system and team leaders are always with you. If you have nothing to sales you can sell the system itself and the pay line created by PAS will numb your mind!

Small Home-Based Businesses -- Five Simple Steps to Success

Did you know that, in Australia, 60% of small businesses fail in the first twelve months? For those of us who would like to start a small business -- maybe even work from home -- thats a very discouraging statistic. Does that mean that your business idea is doomed to failure? Far from it! There are steps you can take that greatly increase your chances of success. With a little time and some serious research you can hit the ground running. Lets start from the beginningThe bright ideaFirst, of course, you need to come up with an idea. Typically, business opportunities can be divided into four groups:1. Offering an existing product/service in an existing market.2. Introducing an existing product/service to a new market.3. Offering a new product/service in an existing market4. Introducing a new product/service to a new market.At this stage of the game the only limit is your imagination. Inspiration can come from anywhere -- maybe you have a hobby that youd like to turn into a full-time job; you may be on the receiving end of bad service one day and decide to try doing it better yourself; or you may have a talent that youd like to capitalise on.Once youve come across something that youd like to do, its time to take a look at the market and see whats on offer. Passing the testSo youve had a great idea and youre keen to roll with it; now its time to put it through its paces. For the purpose of the exercise, lets say that you have a passion for healthy living, and that you want to distribute a range of lifestyle accessories that promote healthy living with a do-it-yourself approach. Ask around: Is there a market for products that promote healthy living? What sorts of products are available? Who would you be competing with and what do your competitors offer? Do you have the necessary skills to run such a business and -- more to the point -- what would those skills be? Where would your business be located?Once youve answered those questions you should have a fairly clear picture of what your business will look like. You source some products and decide to do some further research into the range of lifestyle products offered by a company called Vitality 4 Life. Your own life experience plus some work youve done as a dietician has given you the necessary skill sets, and you think that youll be able to work from home, giving you more time for family. There is an existing market, but theres room for expansion. Now its time to take a closer look.To be or not to be?Its time to get down to the nuts and bolts. You dont want to jump into something feet first and find out the hard way that the budget just doesnt work. To get started, sit down and work out if you need to hire staff, which means paying wages.If you lease a premises youll need to be able to pay the rent, and your location will have to be suitable for your business and target market (which also means that youll have to think carefully about just what that target market is). Youll also need to work out the likely demand for your product/service.Ok youve worked out that there is enough demand for good quality juicers, sprouters, water filters and other high end accessories to take a shot at a distributorship as a home-based business opportunity. Now you need to make some marketing decisions.Look at me! Look at me!Advertising can be costly so youll want to be sure that your advertising budget is spent wisely. That means more market research, this time one-on-one. Profile your customer groups so you can aim your marketing at the right group/s of people.Draw up a questionnaire (a short questionnaire -- people run out patience if you ramble for too long) and hang around outside a few of the local gyms (for our particular example). Come up with a mixture of open questions (What do you think of..?) and closed questions (Do you have a gym membership? Yes/No.); sliding scales can be useful too. For our health accessories business, a good question might be How did you hear about this gym? Radio, tv, newspaper, word of mouth etc Such a question would then give you an indication of the types of media that your target group responds best to.Choose a business name, print up some business cards, buy some stock and get ready to trade!Measure it, manage it!A teacher of mine made the point that, in business, if you cant measure it you cant manage it. You need to be able to plan ahead, and to do that you need to know -- or to be able to accurately predict -- your total sales. The equation is simple: number of customers x average sale x frequency of visits per customer per year = total sales. Remember it, revise it often, measure your business and youll be able to manage it! Keep an eye on your bottom line and, most importantly, always be aware of your cash flow -- the cold, hard cash that you have in the bank. Allow for invoice periods (14 days, 30 days etc) when youre planning your budget.The market place has a life of its own, and no one can prepare for every contingency. Put some thought into your idea; make sure that theres a market for what youre offering; research, research, research; promote your business effectively; always know whats going on in your bank account and dont forget about cash flow! Its not perfect but, if you follow these few simple steps, youll be miles ahead of many new small business ventures. If youve heard of a great home-based business opportunity, or have a product or service of your own to market, youre off to a great start!

Summary

Being an entrepreneur, you need to understand financial statements. Here is an introduction to the most crucial reporting statements you will need to know about.