Benefit Of Having Good And Timely Financial Report

While there are numerous benefits of having accurate and timely financial reports, we have identified few key benefits of financial statements.
1. Understanding the Financial Status of Your Business
The complete financial status of your business can be presented in a quality financial statement. The three main financial statements are the balance sheet, the income statement and the cash flow statement. The balance sheet reflects the owner’s equity after the liabilities are subtracted from the assets. The income statement which is also known as the profit and loss statement shows the profit derived from income over a defined period of time. A cash flow statement is a valuable tool for showing if there is enough cash coming in to pay for the operations of the business. A cash flow can be projected out over several months. The Income Statement shows how the restaurant and hotel perform over a period of time (i.e. a week, month or year). It takes all restaurant and hotel expenses into account, from prepaid expenses to expenses paid in the future. Overall, the Income Statement tells the operator if the business is making a profit. From there, the operator can begin making changes in policy and implementing strategies that will help the restaurant achieve its goals. Should new sales programs be implemented? Does food cost in line with menu prices? Is the restaurant hitting its budgets? Can the owner(s) make distributions to the partners? These are some of the key questions that need to be addressed. The basic formula for an Income Statement is:
Sales – Cost of Goods Sold – Expenses = Profit/Loss
The Income Statement is everyone’s favorite financial statement to review because it reveals the nature of the restaurants and hotel success. Restaurant and Hotel financial statements should be broken down into the following categories:
• Sales/room revenue
• Salaries
• Employee Benefits
• Controllable
• Occupancy
• General and Administrative
• Depreciation
• Interest
• Other Income

If sales and expenses are broken down into specific categories, the operator can easily compare and analyze his or her restaurant and hotel to industry standard percentages. Timely financial reporting will help to control the cost of goods sold like beverage cost food cost
The health of a restaurant and hotel can be analyzed from the Balance Sheet at any point in time (i.e. today, last month or tomorrow). The Balance Sheet allows operators to forecast short and long-term cash flow. As important as it is to review the Balance Sheet, few restaurants ever bother to prepare it. By checking the accuracy of the Balance Sheet, an operator can ensure the accuracy of the Income Statement. The Balance Sheet lists all the assets, liabilities and equity of the restaurant. The formula for the Balance Sheet is:
Assets = Liabilities + Equity
In the simplest terms, assets are what the business owns such as equipment, inventory or cash. Liabilities are what the business owes such as vendor bills, loans, notes, and leases. Even a gift certificate is a liability because the restaurant owes someone a meal at a future date. Equity is the ownership of the business.
It is important that assets and liabilities are properly classified on the Balance Sheet. To get a clearer picture of the business, an operator should break down the Balance Sheet into subcategories. The breakdown is explained as follows:
• Current Assets: assets with the life less than a year (i.e. cash, credit card receivables, inventory and prepaid expenses).
• Fixed Assets: assets with a life greater than a year that directly attributes to producing revenue (i.e. equipment, computers, furniture and leasehold improvements).
• Other Assets: assets with a life longer than a year that is not directly involved in the production of revenue (i.e. security deposits, trademarks and artwork).
Liabilities require a similar classification and are broken down as follows:
• Current Liabilities: debts due within one year (i.e. accounts payable, accrued expenses, short-term loans and even gift certificates).
• Long-Term Liabilities: debts due that extend beyond one year (i.e. notes payable or long-term leases).
There is so much information to be gained from the Balance Sheet. For example, a restaurant and hoteliers that have large debts may have major cash flow problems. Identifying the current debts from the long-term debts on the Balance Sheet help determine the short and long-term cash needs, as well as the business potential success. Restaurateurs and hoteliers who take on large debts upon opening could be shooting themselves in the foot. The restaurant may show large profits based on the Income Statement, but the restaurant may not have money because it is paying out the outstanding debt (which is revealed in the Balance Sheet).
Most restaurants and hotels are set up as Partnerships or Sub Chapter S corporations, they have to explain all business expenses and income to all partner.
2. Sales Pattern
Financial statements reveal how much a restaurant owner and hoteliers earns per year in sales. The sales may fluctuate, but financial planners should be able to identify a pattern over years of sales figures. For example, the restaurant owner and hoteliers may have a pattern of increased sales when a new product is released. The sales may drop after a year or so of being on the market. This is beneficial, as it shows potential and sales patterns so executives know to expect a drop in sales.
3. Financial Statements Will Help Prepare A Budget And Make Financial Decisions
Timely financial reporting will help you prepare a budget and make an easy way to take the financial decisions to grow the business.
4. Improved financial management
Timely financial reporting helps you to examine and correct any weaknesses in your financial systems. Improved financial management allows you to focus on current financial matters and develop future plans.
5. Better resource management
Due to timely frame financial report the restaurant owners and hoteliers will get accurate numbers of resources, therefore, they can use optimum use of all resources.
6. PERFORMANCE EVALUATION
Under this type of accounting practice, Business Owners may assess the performance of the Employees in the financial performance of the business.

Posted in Uncategorized | Comments Off on Benefit Of Having Good And Timely Financial Report

6 Common QuickBooks Issues and How to Solve Them

From performing a never ending series of tasks for its users, such as paying bills, managing payroll, generating reports, invoicing customers, and tax filing, QuickBooks has been a savior for many. Be it the sole proprietors, CPAs, bookkeepers, or business owners, QuickBooks is still the first choice and is popular as one of the topmost small business accounting tools in the market to date.

Thanks to its wide range of powerful features, both QuickBooks desktop and QuickBooks hosting have been famous among the masses. However, when something goes wrong or when you find yourself stuck while using the marvelous accounting software, things may not always seem to be smooth sailing. Here are some of the most common issues you might face while working on your QuickBooks software and how you can fix them with a few simple steps:

Difficulty Updating Data Files

If you have just updated your QuickBooks to the latest version, the previous version’s data files may no longer be readable. The best thing to do is to create a backup before you begin with the installation. However, to fix this issue, you need to update your data files on the new version QuickBooks. Here’s how:

Open QuickBooks
Click on File
Select Open or Restore Company
Choose Open a Company file and click on Next
Click on your chosen data file and then click Open
To further ensure that there are no issues with your data files, you can simply run a verification of the files before you uninstall your QuickBooks or install the new update. Here are the steps:
Go to Files > Utilities > Verify data
If QuickBooks detects no issues with your data, select OK
If errors are detected, click on Rebuild Now or View Errors
Some QuickBooks users prefer to update their software side-by-side. This way, you can buy yourself time to ensure that the updated version is working well before you uninstall the older QuickBooks version.
Not Able to Rebuild Data Files

If the previous step didn’t work, then you may need to rebuild your data on the previous version. Here’s what you can do:

Create a backup of your data files
Verify the files
Rebuild
To ensure that the rebuild happens without a glitch, make sure that your data files are located in the C: drive of your local machine. QuickBooks may pose an issue if the data file is saved on any other drive on your local machine. Once you copy your data file on the C: drive, you can rebuild it, and move the file to where you needed it in the first place.
QuickBooks Is Slow in Multi-User Mode

This can be due to a number of reasons, including hardware issues, and the causes can be tricky to identify. The first and foremost step to give your QuickBooks a speed boost is to go to use the File > Utilities > Clean Up Company Data tool. If this doesn’t seem to work, you can turn off the Audit Trail feature. However, the Audit Trail feature will help you to keep up with the changes other users have incorporated in the data files, so you might want to keep it running.

However, if your goal is to work with multiple users located at varying locations, the best solution would be to host your QuickBooks software on the cloud. With QuickBooks hosting, business owners are often able to break geographical barriers and collaborate with their remote teams and clients with ease.

A New Printer Won’t Print

This particular issue is both common and frustrating, and there are several reasons why it happens. There are many areas you might need to look into to fix your QuickBooks printer issues. However, since we are particularly focussed on issues with your new printer, the following steps may suffice:

Close QuickBooks
Rename the file qbprint.qbp to qbprint.qbp.old
Restart your QuickBooks software
Printer should work
You can also check if
the printer is plugged in and turned on
Is working for other applications or not
If you need to restore the backup of your data files (although it is not an easy process)
Your QuickBooks Data file is Locked
Were you trying to create a backup of your QuickBooks data files but you could not copy or move it because it was locked? This may be because your QuickBooks Server Manager and Directory Monitor may have locked down that particular file. The following steps will help solve this issue:

Close you QuickBooks
Go to Start and Run
Enter text services.msc
Find QuickBooks services and stop them
Once you do this, you will be able to create a backup of the QuickBooks files.
You Lost Your Licensing Info

So, you need your product or license information but you have lost your documents. What will you do now? Well, it is quite simple. You can simply press the F2 key while you are logged in on your QuickBooks software. Also, if you forgot your QuickBooks admin password, you can restore it using the QuickBooks Automated Password Reset tool.

Finally

For most users, it is easy to work on the QuickBooks software. Anyone can learn to operate QuickBooks for their day-to-day accounting needs with little practice. Although, a bit of help from your accountant may be needed initially. In the meantime, if you face any of the issues discusses above, following the given steps will do just fine.

About the Author

An Accountant by profession, Tina Smith works as a consultant at Sagenext. Putting her expertise in project management to the best use, she is actively involved in educating, updating, and helping accountants in their decision of migrating to the cloud. Sagenext is a leading tax and accounting application hosting provider, having a decade of experience in QuickBooks hosting, Sage hosting, Tax software hosting, and more.

Posted in Uncategorized | Comments Off on 6 Common QuickBooks Issues and How to Solve Them

QuickBooks Cloud Hosting: A Complete Guide

QuickBooks has emerged as a powerful tool that has transformed the traditional way of accounting by streamlining cloud technology. Cloud enables its users to work with ease from any remote corner of the world at any time without any interruption. Now, even a non-tech professional with a limited amount of knowledge of accounts can easily complete their respective accounting tasks with more precision as well as accuracy. Accounting has never been that easier without the cloud.

Here are the top 3 advantages of QuickBooks on the cloud

1. Business Related Advantages

24X7 Uninterrupted access to the accounting files

QuickBooks cloud hosting provides anytime and anywhere access to the data with the help of a net-enabled device and user-id provided by the hosting provider and password.

Seamless printing

With the help of remote access, one can easily get invoices, receipts, bills and, checks printed and scanned by your local computer.

Contribute to the environment with the ‘paperless’ mechanism

Adopting cloud technology will help you to reduce paperwork by allowing you to easily and seamlessly send and receive accounting-related documents to the clients and customers online.

Scalable resources

Cloud technology provides pay-as-you-go plans, which means users can expand and contract their hosting plans according to increasing or decreasing demand.

99.999% Guaranteed Uptime

Most of the cloud vendors such as Sagenext provide guaranteed uptime i.e. your business will be up and running without any interruptions.

Top-notch security

Cloud provides top secured platforms to its users by saving the data on secure and certified data centers.

Multi-User access

Cloud also provides multiuser access which allows its users to collaborate with clients and other team members in real-time.

2. Technology Related Advantages

Less need for infrastructural equipment

Cloud technology minimizes the requirement of acquiring in-house infrastructure by providing cloud space to save the data of its users.

Single point of access with the user id and password.

Any user with valid credentials can access the accounting files from anywhere and at any time.

Data back-up facility

Experienced and reliable vendors implement a multi-layer backup system to protect the critical data of its users.

Automated and regular updates

With the cloud, you no longer have to waste your energy and time on manually updating your software and backing-up your data, the cloud technology will automatically and regularly backup your data and update your software.

Disaster recovery

Most of the cloud vendors ensure that your business is always up and running even in case of man-made or natural disasters.

3. Financial Advantages

No upfront cost

Hosting your software to the cloud does not require any type of upfront cost. All you have to do is to get your desired plan to reap the benefits of the cloud.

No need to hire a full-fledged IT team for tech troubleshooting

Most of the cloud vendors provide round-the-clock available IT support for tech troubleshooting.

Pay-as-you-go plans

Pay for what you need and change your plans according to your current business needs.

More time and money to focus on core business activities

You can use your freed up resources to expand your business or to focus or your core business.

How will you know whether your business needs QuickBooks cloud hosting?

Now, you know that cloud technology has a lot to offer to your business. Yet, you may be wondering whether you should migrate your software to the cloud or not.

Well, here we have prepared a full-fledged list that will help you to recognize and assess your current needs, and, therefore will help you to make the decision.

Small or medium-sized or entrepreneurs with inadequate hardware resources
Accountants with lack of IT knowledge
Business firms requiring multi-user access for various remote working accountants and employees.
Accounting firms bent on monitoring all modifications on QB files on a real-time basis.
Employees and accountants requiring seamless and affordable access to their accounting data files round-the-clock.
Accountants requiring close customer interaction through a commonly shared file.

Posted in Uncategorized | Comments Off on QuickBooks Cloud Hosting: A Complete Guide

Monograms – Engrave Special Moments!

Special life moments require a unique type of gift. Monogram gifts make special occasions like birthdays and weddings a little more personal. A monogram is a decorative motif that uses one, two or more letters of a person’s name, usually in a fancy font. In most circumstances, the letters used are the initials of the person receiving the gift.

Monogram Styles and Arrangements

A monogram comes in many different styles and arrangements. The arrangement of the initials can vary based on the recipient of the gift being given. These are the common types of monograms that might be seen:

The initial style monogram
uses a one-letter monogram, usually a first or last initial, or the letter of a company

Block style
popularly used in three-letter monograms, letters are all the same size and width

Traditional style
typically used with names in a three-initial format, the middle letter represents the first letter of the last name and is slightly larger than the side letters which are indicative of the first and middle name

Stacked style
used best with the three-letter monograms, the first and middle initials are stacked and placed to the left of the initial of the last name

Interlocking
used with fonts that have flourishes on them, allowing the elements to touch one another

Circle monogram
a style that works best with two or three-letter monograms, letters are fit inside and in the shape of a circle

Diamond
works in the same way as the circle monogram, only the letters are enclosed in a diamond shape or take the shape of a diamond

Split-Letter
a small space overlaps the initial character, and this space can contain the entire word that the initial letter stands for

Different Ways To Monogram

Monograms can be created using the font and arrangement that fits the occasion. Many monogrammed gifts are often made by etching or engraving the monogram into the gift. An example of these is jewelry, drinking glasses, wooden keepsakes, etc.

Other ways to monogram include embroidery and vinyl decals. Many jackets or polo shirts may be emblazoned with the monogram of a company or the owner in embroidered letters. These letters can also be done in various fonts. Vinyl decals are made for items like plastic tumblers and car windows.

Why Monogram?

Monograms are a great way to make a gift personal for the recipient. Most monogram gifts are also functional, meaning that the recipient can use it instead of just sitting it on a shelf. For special occasions, using monograms provide a personal experience and shows the thought of the person giving the gift.

Posted in Uncategorized | Comments Off on Monograms – Engrave Special Moments!

5 Tips to Take Care of Your Newly Replaced Windshield

Have you just had your windshield replaced? If so, you are on the right page. In this article, we are going to share with you a couple of tips that will help you take care of your newly replaced windshield. With these tips on your mind, you can prevent further damage and save a lot of money. Without further ado, let’s take a look at 5 of the tips that you may want to consider. Read on to find out more.

Be Gentle

After you have got your windshield replaced, make sure you get at least 60 minutes before taking your car outside on the road. The thing is that the adhesive requires at least a couple of minutes to get hard and set. If you don’t give it enough time to settle down, the windshield won’t be able to fit firmly into the frame. And this can be disastrous and can have a negative impact on the structural integrity of your car.

Apart from this, it can cost you a good deal of money as you will have to spend more money to reinstall the glass. For the next 24 hours, you should be very gentle with your vehicle. In other words, you should shut the doors of your car gently and drive it on even roads.

Keep the Retention Tape in place

Although removing the retention tape won’t make your car look ugly, it plays a great role in fixing the position of the molding in addition to keeping the glass in place. Therefore, you may want to wait at least 24 to 48 hours before you drive your car just like before. Therefore, it is a good idea to leave the retention tape untouched if you want to be on the safe side.

Don’t Wash Your Car

For the next 24 hours, don’t think about a car wash. In fact, you don’t even try to wash the car yourself. Ideally, you may want to wait for at least two to three days before you take your car for a car wash. This is of paramount importance.

Keep a Window Open

The integrity of your vehicle windshield will be negatively impacted if the air pressure inside the cabin continues to build up. Therefore, we suggest that you keep at least one window open slightly. This will allow the hot air to escape the vehicle and prevent any cracks or leaks. This step is quite important if you want to equalize the pressure inside your car.

Change Your Route

If you had to replace your car windshield due to rough roads, we suggest that you take an alternate route. In other words, you may want to drive along a different route, in addition, to park it in a shady spot.

Replacing your car windshield costs a great deal of money. Therefore, you may want to get it done by a professional and follow the steps given in this article. This will help you make sure that the windshield stays in place.

Posted in Uncategorized | Comments Off on 5 Tips to Take Care of Your Newly Replaced Windshield

Common Questions About Machine Learning

In this article, we are going to talk about machine learning. We will answer a lot of common questions that most people may have on their minds. Without further ado, let’s get into details. Read on.

1. What is Machine Learning?

Machine learning is a type of (AI), aka Artificial Intelligence that empowers a system to learn and make decisions itself without being programmed. These algorithms make the computer smart enough so that it can make choices on the basis of the data it has without any human intervention. The primary aim is to make algorithms that allow a system to learn and make their own decisions in future, based on the past data.

2. Why do we need Machine Learning?

Given below are some of the reasons we use these in the here and now.

2.2. Prediction while Traveling

We all have been using GPS system while traveling in our lives. Whenever you book a cab it tells you the approximated fare and time required to reach your destination. How does your smart phone do that? The answer is machine learning! It calculates the velocities and location of our vehicles. based on this information, it even tells us if there is traffic jam on this road. The programmers did not program the computer to tell you that there is a traffic jam, but they designed a system that makes smart decisions on the basis of past and current events of people who passed by that area. Plus, it warns you about the traffic jam.

2.3. Search Engine Optimization

web search engines automatically show you the accurate results based upon your location and past searches. Programmers don’t program it to show you those results, but it gives accurate results within seconds according to your interests and recent searches.

2.4. Spam Mail Classification

In our email boxes, the system automatically classifies some emails as spam or junk mails and some mails as primary mails that could be very important for us. The system is never wrong and it is all possible with the help of these learnings.

3. Types of Machine Learning:

The basic idea of machine learning is the same for all types but it has been further divided into 3 following types:

3.1. Supervised Learning Supervised learning is one of the most popular types of machine learning and it is easy to understand and implement. In this type, the algorithm is trained on given data but and the data needs to be labelled. You allow the system to predict the data and you make corrections if the predictions it makes are not accurate enough.

3.2. Unsupervised Machine Learning

Unsupervised machine learning works without any labeled data but you have to provide a lot of data so that the system understands the properties that provide a base for the decision it has to make. This can improve the productivity in a lot of fields.

3.3. Reinforcement Learning

It is based upon trial and error methods. The system makes mistakes and learns from them in order to avoid these mistakes again. For example, in a maze, when the system fails to find a path, it won’t go on the same path again because it knows that the path doesn’t work. It labels positive outcomes and negative outcomes and runs on the basis of these outcomes.

In short, these were some of the common questions about machine learning. Hopefully, the answers to these questions will help you get a deeper insight into this field of science.

Posted in Uncategorized | Comments Off on Common Questions About Machine Learning

Coastal Beach Farmhouse Interiors

The coastal farmhouse beach home is a sanctuary of warmth, comfort and serenity, simple and understated yet alive with your creative design elements. An exciting blend of farmhouse and coastal design it mixes elements of the old world rustic charm and new clean lines, using natural reclaimed wood, earthing metal and distressed vintage furniture to give your home a clean, and earthy look. The coastal style brings elements of the water into your home and brings in the vibes of peace and tranquility. These two styles blend together to bring an earthing yet invigorating interior to your home.

This gorgeous living room with a rustic blue patina sideboard and a huge antique arch floor mirror brings in elements of the coastal farmhouse style. The stunning farmhouse old door coffee table uses reclaimed woods and studded iron, and the cool, airy translucent sheer curtains give a coastal feel to the room. Turquoise, aqua and teal pillows on a white sofa chaise gives a laid back luxurious ambiance.

The kitchen is the main focus of the house as we all love a well prepared meal and there is nothing like a family cooking together. The dining table is custom- made from old carved doors with beautiful unique detail. With eight stylistic chairs, each upholstered in different fabrics, selected individually by each family member, the uniqueness in design is quaint and exotic. Warm red paisley mixed with teal blues bring out the patina of the old woods in the table. Sheer white self checkered curtains and beach greenery brings in the coastal vibe. Stainless steel ultra modern appliances and of course the table would be incomplete without vintage glass bottles and mason jars. Shells and driftwood complete the setting.

Bring in the tranquility of the beach into your home office with these natural wood antique barndoors carved in florals and ocean waves. The office table is made from brass cladded vintage doors and the legs are painted a deep ocean blue. State of the art computers and a huge television screen hangs in front of the desk for virtual meetings. A huge magnificently detailed arched bookcase houses your collection of books, shells and driftwood while the cool watery blue and frothy white twill upholstered office chair is the coastal element. Earthy rustic armoires with vintage carved floral detail in whitewash play with the blue blown glass jar that carries a beautiful arrangement of palm fronds and pampas grass.

Posted in Uncategorized | Comments Off on Coastal Beach Farmhouse Interiors

Know Your Rights: Choose a Doctor for Your L&I Claim or Workers’ Compensation Claim

In Washington State, work injury claimants have the right to choose their doctor or attending provider (AP) for their claim. This right is part of RCW 51.36.010. Surprisingly, many people that suffer a workplace injury don’t know that they can select their own doctor. Yet, the only requirement is that the doctor or the provider must be part of the L&I Medical Provider Network (MPN).

L&I claim and your right to choose a doctor

There are many reasons for which people with an L&I claim or a workers’ compensation claim are unaware of their rights. Explicitly, the main reasons I see include:

• Not understanding how a workers’ compensation claim works. Most people never had a L&I claim They don’t know what an attending provider is, or what is their role. In fact, the attending provider has a very important role in L&I claims. This provider manages treatment, reports progress, and provides critical assessments throughout the claim. Therefore, it’s important for work injury claimants to choose a doctor or provider who will help them recover and manage their claim productively.

• Not realizing how a provider becomes their attending physician. Often, the Department of Labor and Industries (L&I) considers the provider that filed the application for benefits as the attending physician. If that provider is an urgent care provider, it’s unlikely they’ll agree to be the attending provider on the workers’ comp claim. If you had a workplace injury and treated in emergency setting, you should seek follow-up care from another doctor that will be an effective AP.

Making your own decisions in your L&I claim

In addition to the reasons above, there are other cases where work injury victims follow recommendations from others. In practice, many recommendations don’t help you choose the right provider for your claim. Such cases include:

• Being directed to a specific clinic or medical provider. Frequently, work injury claimants tell me their employer told them to see a specific doctor for initial treatment. Then, when they report their injury back at work, the employer provides the name and address of a specific medical provider or clinic for further treatment. Here, claimants are usually under the impression they can only see that provider.

• Getting referral to occupational medicine doctors from a primary care physician (PCP). Some people ask their primary care doctor for guidance after a work injury. Some PCPs are members of the MPN and can easily become the attending provider. Often, this is an ideal situation. However, when the PCP is part of a large medical group, the work injury claimant gets a referral to the “occupational medicine” division of the same group. These groups are often a L&I COHE. This practice is common at The Everett Clinic and Kaiser Permanente, among others. Yet, many folks with an L&I claim or a workers’ comp claim don’t realize they don’t have to get treatment there. Regardless of insurance, workplace injury claimants can treat with any provider in the MPN. Even if the attending doctor isn’t part of the same medical group as their primary doctor.

Changing a doctor in your L&I claim

There is no doubt that the attending provider has a critical role in a workman’s compensation claim. One key right is the ability to choose the doctor for your claim. Moreover, with some narrow exceptions, you also have the right to change the doctor for an L&I claim. Changing the attending provider is very simple. More explicitly, you can download and fill the Transfer of Care form (from the L&I website) and send it to your claim manager. As always, keep a record of all communications. This way, you can track and document your decision to designate a new provider.

Final remarks

In summary, the attending provider plays a very important role in workers’ compensation claims. And remember – people with a work injury claim have the right to choose their attending provider. Therefore, it’s important to choose a physician that’s going to focus on helping you get better and will help move the claim forward productively. Finally, if your attending physician isn’t right for you, then you have the right to switch to a different provider.

Posted in Uncategorized | Comments Off on Know Your Rights: Choose a Doctor for Your L&I Claim or Workers’ Compensation Claim