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Understanding Your Income Statement

 

By Morgan International Staff Writers

The income statement, also referred to as the profit and loss is a financial statement showing the company’s revenues and expenses during a period of time. Its purpose is to demonstrate whether the company made or lost money during the reported period. The income statement is an extremely valuable reporting tool for managers and decision makers. So, what are the key things you need to know about an income statement?

 

  • Income statements cover a defined time period

It shows how much money the business made or lost during a specific period of time. Usually businesses will look at their performance on a monthly, quarterly, and yearly basis. Many businesses also produce a year to date view.

 

  • Naming conventions cause undue confusion

I have already pointed out that this financial statement is referred to both as an income statement and a profit and loss. In the same way, naming conventions can differ for the same categories of expenditure or revenue. For example sales and income, expenses and costs, and profit and net income are all used interchangeably. The key thing is to agree as a business what terms will be used, and stick to them.

 

  • Expenses are broken down

Expenses are usually not shown as one line. Normally they are broken down into various types of expense such as cost of goods sold (COGs), and overheads such as rent and utilities.

 

  • Income statements have a simple formula

Some income statements look complex and daunting – however they all follow the same formula – which is revenue minus expenses equals’ profit.

 

In Summary

An income statement is very important as it is used by decision makers within the company, but also investors and creditors outside of the company to evaluate profitability and assess risk. Whilst the income statement may seem complex, it is in fact very straightforward when it is kept in mind that in essence it is simply looking at profitability over a set time frame. That said, many businesses do decide to employ a qualified accountant to prepare these statements on their behalf.

 

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Keep your supply chain clean

 

By Morgan International Staff Writers

Corporate social responsibility is an important consideration for most businesses, and this extends to the supply chain. There are a number of aspects to CSR such as sustainability, environmental, and the treatment of labour. From an altruistic perspective, one would hope that organisations want to avoid having a ‘dirty’ supply chain. However for those not interested in the greater good, they will undoubtedly be driven by the reputational damage and potential loss of profit.

 

Unfortunately, many businesses are attracted to low cost suppliers and fail to pay much notice until some kind of revelation derails the supply chain. Examples of issues uncovered are child labour, slave labour and illegal dumping of waste. With supply chains becoming increasingly complex, how can an organisation ensure its supply chain is clean and keep it that way?

 

  • Due diligence

Do your homework. When you speak to a supplier make sure you understand the details of their business model, including the make-up of their workforce, their methods of disposal, and their holistic approach to CSR. Ask to see policies and procedural documents and thoroughly review them. Don’t just take the suppliers word for it though – undertake references and also perform site visits before awarding the business. It is important to speak to workers and ask questions such as ‘how many hours do you work per week’ and ‘how are you treated by your employer?’

 

  • Have a contract

Once you have performed due diligence and have decided you want to work with the supplier, make sure you have a contract in place which outlines your expectations for the performance of the supplier. Very often this states compliance with the company’s own CSR policy. It is also important to have the right to audit, and terminate the contract if there is a significant breach of expectations.

 

  • Review, report and improve

Do not forget that things change and so do the practices of your suppliers. You need to regularly review your suppliers and report on any issues and request improvements. You may also want to consider involving a third party certifier such as Fair Trade.

 

In Summary

As supply chains become increasingly complex and very often are tiered, it can be challenging to ensure that dirty practices are not being employed. However with some robust process, policies and procedures it is possible to be assured of a clean supply chain.

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7 Questions to Ask Before Hiring an Accountant

 

By Morgan International Staff Writers

For many small businesses, hiring an accountant can seem a bit daunting. They are often not really sure what they are looking for, and what will make an accountant a good fit for their firm. To some it may seem like all accountants and practices are the same, but this could not be further from the truth. So we are here to help you with 7 questions to ask before hiring an accountant.

 

  • How long have you been in business?

Avoid a start-up as you will benefit from an accountant who has experience of the challenges that small businesses face.

 

  • How many clients do you personally manage?

You want to make sure that the accountant will have sufficient time for your business, but equally if they have just a few clients, it may raise alarm bells about why they have been unable to attract/keep more clients.

 

  • Do you have references?

This is crucially important. You need to see references from current or very recent clients who have lots of good but honest things to say about the accountant.

 

  • What is the charging structure?

You need to be clear how fees will work. Be cautious that where there is a fixed fee, it includes all of the services you would expect to be included. You do not want to be surprised by unexpected expenses.

 

  • Will my account be managed by on person?

For consistency, it is advantageous for one person to manage the account. Of course you expect there to be cover when that person is away.

 

  • How often will I receive a P+L?

Some firms will prepare a P+L on a monthly basis which is very useful to keep a track on business profitability, particularly for small businesses.

 

  • Can you provide advice?

You will likely have plenty of questions about taxes, expenses lines, and so on. You need to feel confident that your accountant will be readily available and happy to answer those questions.

 

In summary, hiring an accountant is a big decision for businesses. Make sure you take the time to ask the questions above, and anymore you might have before you make an appointment.

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How to attract out of town talent

 

By Morgan International Staff Writers

Most organizations recognize the importance of diversity in their workforce, not just in terms of gender, ethnicity, age, and religion, but also their geographic location. Furthermore, businesses know that the wider they can cast their net, the higher the chance of attracting the best talent – as they fish from a bigger talent pool. However, attracting out of town talent is not necessarily easy to do as candidates face barriers such as relocation costs and the logistical problems of relocating their family. So what can an organization do to bring down those barriers?

 

  • Consider the candidates point of view

This seems very basic, but take time to think about the specific needs and requirements of an out of town candidate. For example could they possibly commute, or would they need relocation assistance, or perhaps flexible working would be feasible.

 

  • Sell your organization’s company culture

Most candidates will be sold by a company that has a great culture that aligns with their own values and those of their family. Therefore it is important for a business to sell both a work and lifestyle to prospective out of town talent.

 

  • Show off the location

If your organization is in a really great location then shout about it. Most candidates don’t relocate purely based on the role – they will also take into consideration if they want to live in the location.

 

  • Traditional recruitment approaches still apply

When organizations are seeking to connect with out of town talent, they often think immediately of using digital methods such as the web. However don’t forget traditional methods such as employee referrals – just because your employees might be in your location, it does not mean they do not have excellent colleagues that are out of town.

 

In Summary

There is a huge amount of talent out of town that could be hugely beneficial to your organization. Attracting and recruiting them does take a bit of extra consideration, but our tips above should give you a great head start.

 

 

 

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Top 10 Tips to Get Rich

 

By Morgan International Staff Writers

The concept of being ‘rich’ of course differs from person to person. For some it would be to reach a million dollars in the bank, and for others they are seeking the heady heights of billionaire status. The thing about a lot of entrepreneurs is that they love what they do, and getting rich is a by-product of their success. That said, if you are looking to get rich, we have 10 quick tips to achieve your goal.

 

1.              Save

Most ventures will require an injection of cash. Be prudent with your cash.

 

  1. Don’t over aim

Do not forget that small profits can add up to big success. Cumulative growth from a small start is a good strategy to consider.

 

  1. Treat people with respect

It sounds simple, but so many people get this wrong. Treat people as you would want to be treated, regardless of the level of success you are having.

 

  1. Believe in yourself

Very often you will be selling yourself as well as your product/service. If you do not really believe in yourself, why should others?

 

  1. Don’t commit to a location

Business is becoming increasingly global. It may not be sensible to commit yourself to one location, get a mortgage, a few dogs, and a cat. You may need to be highly transient, particularly in the first few years.

 

  1. Follow your passion

I said at the beginning that for many, money comes as a result of them following their passion. If there is something you love, pursue it.

 

  1. Outsource

The best leaders and entrepreneurs know when to delegate/outsource leaving them to focus on their core area of expertise.

 

In Summary

There is no magic formula to getting rich. If there was then everybody would be doing it. However there are some common traits of entrepreneurs who have got rich which we have shared above, and are surely worth consideration.

The best time to publish on social media

 

By Morgan International Staff Writers

You know the score – you work really hard on the content you are about to share, and you want to do it at the optimum time when the biggest audience will see it. But how do you know what that time is? The answer is that it differs by platform – but not to fear, the people at CoSchedule have released some excellent research and insight which tells you when is the best time to post. This is the rundown of Facebook, Twitter, Pinterest and Instagram.

 

Facebook

Best days to post – Thursday, Friday, Saturday, and Sunday

Best times – 9am, 1pm, 3pm

People are happier on Fridays so humorous posts should be saved for then. If you post at 1pm you will get the most shares, and at 3pm you will receive the most clicks.

 

Twitter

Best days to post – Wednesday

Best times – 12pm, 3pm, 5pm, 6pm

You might note from the times, that they typically align with people’s breaks at work, and finishing work and the commute home. In fact people are 181% more likely to be on Twitter during their commute compared to any other time. That is useful information to bear in mind when creating content to share.

 

Pinterest

Best days to post – Saturday and Sunday

Best times – 2am, 8-9am, 5pm

The best window to post on Pinterest is 8-11pm on Saturdays. Avoid working hours altogether.

 

Instagram

Best days to post – Monday and Thursday

Best times – 2am, 2pm, 9pm

The prime time to post is at 8-9am during the commute. The top tip is to avoid working hours for posting to Instagram.

 

In Summary

By using the research from CoSchedule you can pull together a calendar so you know what content to release and when. In fact this calendar can be used to drive content creation. A lot of businesses are now recognising the need for a Digital Marketing professional who can manage this for them and ensure it is optimised.

 

Source

https://coschedule.com/blog/best-times-to-post-on-social-media/

Web

5 Recruitment Trends of 2017

 

By Morgan International Staff Writers

As the end of 2017 fast approaches, we are reflecting on the recruitment trends we have seen so far this year, and almost certainly look to continue into 2018. These are our top 5.

More employee referrals please

Employee referrals have been incredibly important as organizations would prefer to offer a fixed monetary incentive to their own staff rather than incurring the high costs charged by recruitment consultancies. Also, employees will typically have a network of peers from previous roles – often with career profiles similar to their own.

 

More automation tools

Recruitment is labour intensive in the digital age – as applying for a role can be done in the click of a button, organizations can be inundated with applications. Therefore savvy organizations are seeking ways to automate the process and identify the best candidates more easily.

 

More flexible working

Most employees value the ability to work flexibly and are increasingly wanting to understand if this is a possibility during the recruitment process. Therefore expect employers to offer work flexibility as part of their compensation package to employees.

 

Employers thinking mobile

Job seekers are busier than ever, and they expect to be able to hunt for jobs on the move. Therefore expect to see employers putting an emphasis on mobile visibility such as apps and ensuring their websites are optimised across platforms.

 

More social media

Employers will make greater use of social media platforms to reach out to candidates and engage with them in a meaningful way. Expect this to start moving beyond LinkedIn to Instagram and Snapchat.

 

In Summary

The trends of 2017 will almost certainly continue into 2018 as organizations seek to simplify the recruitment process and also lower the costs of attracting talent. To do this they will undoubtedly increasingly rely on information technology such as mobility and social media platforms.

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The Internet of Things and the Supply Chain

 

By Morgan International Staff Writers

I suspect you have heard the phrase ‘Internet of Things’ or IoT. It refers to the connection of devices to the internet which up until recently have not been connected – cars, fridges, freezers, heart monitors, and so on. The list of connectable objects is growing all the time. At a more holistic level, the IoT enables integration of the physical and digital supply chain which provides great opportunities for businesses. This trend is revolutionising the supply chain in a number of exciting ways.

 

Asset Tracking

Rather than using barcode scanners to track and manage inventory, cargos will have a microchip and antenna. The microchip will store data about the cargo and the antenna will provide the connectivity. These tags are referred to as RFID. Another kind of technology in this space are internet connected trackers which make use of low power wide area networks, allowing companies to track items. This makes use of satellite trackers, meaning that an item can be tracked anywhere on the planet, even where there is no cellular coverage. There are also near field communication (NFC) tags.

 

Fleet Management

Businesses that operate a large number of vehicles are using technology to connect their fleet and make the process more efficient. The solutions use GPS and other real time tracking technologies. This allows businesses to ascertain where their vehicles are and when. These solutions are deployed in a number of ways. An example in a consumer setting is bus fleets with GPS so that bus wait times can be displayed at bus stops.

 

In Summary

The internet of things will transform the supply chain by providing connectivity and real time updates to where vehicles and/or products are. This allows businesses to react to external events such as traffic and make their supply chain more efficient and effective.

 

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Protect Your Business from Credit Card Fraud

 

By Morgan International Staff Writers

Many businesses accept credit cards from customers, whether that be over the phone or on the internet. Typically products are shipped before the business becomes aware that the credit card was used fraudulently. In this case the business is out of pocket as the real card owner will not be liable – so what can be done to avoid this from happening?

 

  1. Capture all the credit card information

Make sure you request the cardholders name in full, the long card number, the expiration date, and the three/four digit verification number on the back of the card. Also request the full address that the card is registered to. If the customer refuses to provide any of the information, don’t ship. With all of this information you will be able to use the address verification service. Don’t forget that in most cases someone who has stolen a credit card will not know the address it is registered to.

 

  1. Be cautious

Question orders that are very large and next day delivery. Clearly someone using a fraudulent credit card will be keen to get the order as soon as possible before you have an opportunity to realise the card is fraudulent. Furthermore be cautious when the bill to and ship to addresses are different. There are websites out there such as www.anywho.com which can be used to validate billing addresses.

 

  1. Validate the order

Another validation step is to call the mobile number provided to confirm the order. Furthermore, you could request scanned ID such as a passport if the order is very large and you are concerned about the identity of the customer placing the order.

 

  1. Report to the police

If you have reason to believe there has been a fraudulent transaction, report it to the police as soon as possible. There is a possibility that the stolen goods can be recovered.

 

In Summary

Use all of the tips above to try and reduce the possibility of credit card fraud. However remember to trust your instincts – if you think an order is suspicious, ensure you follow up.

 

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5 Epic Social Media Mistakes

 

By Morgan International Staff Writers

Social media platforms are an incredibly powerful way for marketers to reach their customer base. In fact it is so quick, cheap, and easy, that unfortunately this can sometimes lead to complacency and errors that can cause embarrassment and potentially loss of sales for a business.

 

  • Stealing content

This can be pretty serious from a legal perspective if the correct permission has not been sought, and/or credit given. It could be as simple as posting a picture, video or bit of text – but if it does not belong to you, you need to ask yourself if using it is infringing someone else’s copyright.

 

  • Over hash tagging

Hash tagging a post is fine, but make sure it is only done on platforms that support searching by hashtag, and that it is done tastefully. Don’t overuse it and be mindful of your input when something is trending and will be highly searched.

 

  • Think before you tweet

How many celebs have tweeted, realised the mistake in what they have said, quickly deleted it, but have already caused a massive retweet storm that damages their reputation? Think about what you post before you post it. You can’t take it back once it is out there in the public domain.

 

  • Picking a fight or entertaining one

Who doesn’t love to watch a social media showdown? It does nobody any favours, and if that spat is between a business and a customer, it looks particularly bad on the business who really should be trying to solve rather than inflame the issue.

 

  • Same message on all platforms

The issue with this is obvious – if you have followers across multiple platforms, you will not enjoy seeing the same message multiple times. It is lazy and will only lead you to boring your followers.

 

In Summary

The good news is that the mistakes are certainly all avoidable by simply doing the checks and balances. That said, it is advisable to have on board a professional Digital Marketer who has all of the experience to avoid the common errors in the first place.