Three Reasons To Support Your Local Pharmacy

November 12, 2014 Finance Tips

Big retail stores are taking over these days, and when they have special departments for everything from home decor to pharmaceutical needs, the reasons to go to a smaller local pharmacy seem less convincing. So if you’re part of this trend, and you need a few reasons to convince you that your local pharmacy deserves your patronage, here are just a few reasons to get you thinking:

Many people choose to avoid local pharmacies because it’s common for small businesses to struggle with providing quick transactions and complicated coupon and/or customer loyalty programs. Bigger chain stores, on the other hand, tend to have the funds and the space to accommodate large retail POS systems.

But small pharmacies are a bit different; because pharmacists have to manage controlled prescription drugs and over-the-counter medications and health supplies, they’re more concerned with investing in high-tech retail pharmacy POS systems, even if the software is a bit on the expensive side. Many small pharmacies even have pharmacy software that can rival any big chain store, and they’re able to provide all the extra perks (like loyalty programs and ultra-fast transactions) without a problem.
Having a better pharmacy POS system doesn’t take the place of a real-life pharmacist, but it does help the pharmacist organize and track things like sales numbers and product inventory. And when the pharmacy staff spends less time on these menial tasks, they’re able to spend more time focusing on the needs of their patients.

Being able to discuss any medication complications and interactions with a certified pharmacist can be invaluable, even if you’re only taking over-the-counter medications. When you find a pharmacist around whom you feel comfortable, discussing sensitive health issues is much, much easier. Quite simply, no fancy self-check out lanes and no amount of useless coupons on a 5-foot-long receipt can take the place of a professional healthcare expert.
And finally, keep in mind that when you visit your local pharmacy, you’re supporting a business that provides jobs for your community. Most small businesses are incredibly dedicated to serving their local customers, and by keeping valuable jobs in the community, the entire area will benefit from a higher standard of living. While online shopping can be very convenient, it ends up taking money out of your community and could mean that your hard-working neighbors are left without jobs.

So now the conversation is being turned over to you — why you choose to go to a local pharmacy instead of a big chain store? Or, what’s making you hesitant to do so? Be sure to share your thoughts in the comments section!

The 2 Aspects of a Retail Cash Management Solution

October 31, 2014 Finance Tips

If your business handles cash sales, the tools you use to do so can have quite an impact both on worker efficiency and cash-handling accuracy. A full retail cash management solution has two parts: one virtual, one physical.

Retail Enterprise Management Planning

Enterprise Resource Planning, or ERP, refers to the software suites businesses use to collect data, transfer information and generate reports on many aspects of their business. Cash management software can allow the consistent logging of cash transactions and the details associated with them (such as who handles each transaction and at what times). Furthermore, the software can track trends, giving you insights as to how you might better draw in customers and improve profits. Generally, these software systems are able to generate automatic reports (saving employee time) that are useful for both record keeping and current and prospective investors up to date on the business’ financial situation.

Cash Machines

There are several kinds of machines a retail business should consider. One is a machine to detect counterfeit money. Another is a scanner that allows for the immediate logging and depositing of cheques. But by far the most useful investment a business that deals in cash can make is a portable cash counter.

Cash counters ensure 100% accuracy in deposits, eliminating the human error margin. Most businesses assume that a few dollars lost here and there don’t matter, but these dollars can add up over time. Cash counters also save time; instead of an employee counting bills by hand (which is slow), repeating the process to ensure accuracy and then getting another employee to verify the count, the bills can be run directly through a counter a single time and grouped for deposit. There are also currency counter machines that deal with coins, which might be of use to a business that sells many small items.

What do you think is the best cash management solution for you? Do you worry when a register is a few dollars short at the end of the day? Join the discussion in the comments.

The Commercial Real Estate Industry by the Numbers

October 22, 2014 Finance Tips

The 2008 Recession really took a toll on the American real estate market, and it’s taken a long time for both residential and commercial real estate values to look healthy again. And considering that an estimated 2 million Americans are employed by residential and commercial real estate companies, it’s definitely a good thing that the industry is on the upswing.

Don’t believe that the market is really in a good place? Take a look at the following statistics:

5.09 million: The number of house sales that occurred in 2013. The increase in sales between 2012 and 2013 was around 9.1% — that’s a big increase for just one year!

253%: The increase, between 2009 and 2013, of people who used search engines (like Google) to make inquiries about the real estate market.

$22.8 billion: The amount of U.S. real estate properties that foreign commercial real estate companies bought between January and August of 2013. That’s right — investors all over the world have recognized that property values in the U.S. are going up. This really isn’t surprising, considering that experts predict employment in the U.S. to rise by about 10% between 2012 and 2022; when people have steady jobs and steady incomes, they’re more likely to make long-term investments in the real estate market.

Of course, it should be noted that the real estate industry is always a bit of a roller coaster; one good year does not ensure the success of the following year. But when trends look healthier overall, consumers and investors alike gain more confidence, and the market is able to stabilize.

Two Important Reasons to Hire the Best Bookkeeping and Accounting Services

October 2, 2014 Finance Tips

Bookkeeping is an essential part of the operations of any business, and those who tell you otherwise have an agenda that is not going to serve you well. We know that an accounting firm can garner a lot of business from companies that are looking for accounting booking services, but you don’t necessarily have to turn to them for help in every instance. You can learn some accounting basics for dummies to get you started, and this may be enough to earn you the ability to take care of the finances of your own business completely on your own and at your own pace.

Accounting bookkeepers are always there to help those who feel that they would rather pay for the service, but you need to be prepared to pay the salary of an accounting clerk bookkeeper if you decide to take this route. They are not overly expensive in the grand scheme of things, but you always need to be aware that there are costs associated with not learning some of these skills for yourself. It is perfectly acceptable to understand that not everyone is good at everything all the time. As long as you know this for a fact, you can appreciate it and simply pay someone to handle the tasks that are not in your wheelhouse.

Did you know that more than 20% of adults in London and 18% of adults East of England use accounting services? This is because bookkeeping and accounting companies provide several helpful services, and each one is designed to improve your financial situation. As a result, hiring the best local bookkeepers is one of the best decisions you can make for your business.

Filing Taxes

Filing taxes is one of the most difficult tasks you will ever encounter as a business owner. This is because you may be required to file taxes each quarter, which is both difficult and time-consuming because this is no easy feat. Fortunately, that is why tax accountants are available. These services will not only help you fill out all the necessary paperwork for your taxes, but they will also help you prepare your taxes so that you can avoid costly mistakes. This means that when you hire the best bookkeeping and accounting services, you will never have to stress over your taxes again.

Financial Planning

An incredible 60% of adults believe that they can improve their financial situations by establishing firm monetary goals. Luckily, accounting companies also offer this service. In fact, the best bookkeepers are more than qualified to offer financial advice, and they will even set up a realistic budget for your company to follow. Additionally, accountants will help you keep accurate financial records so that you can diligently keep track of cash inflow and outflow. As a result, you will be able to run your business more efficiently.

There are several reasons why you should immediately seek help from bookkeeping and accounting companies. Not only will these services file your taxes whenever needed, but they will also help you create practical financial goals, as well. This means that when you hire the best accountant, your business will benefit greatly. For more information, read this website.

Process Your Small Business Payroll Online and Save Time

September 30, 2014 Finance Tips

Processing payroll for small companies can be a huge hassle for small business owners, not to mention incredibly time consuming. Small business owners already have a lot of responsibilities to deal with, they shouldn’t have to worry about wasting so much time and energy on payroll management.

Fortunately there are online payroll solutions for this very reason. Managing your payroll online can save a lot of time, and involves much less annoying paperwork and calculations.

Take a look at the comparisons between online payroll management online, and filling out paperwork manually:

Calculations
Manual: One minute per staff member
Online: 20 seconds per staff member
Paperwork
Manual: One minute per staff member
Online: 10 seconds per staff member
Checking Legislation
Manual: Two minutes per month
Online: 20 seconds per month
Calculating Days Worked
Manual: Five minutes per staff member
Online: 20 seconds per staff member
Creating Reports
Manual: Two minutes per staff member
Online: 20 seconds per staff member

Add it up!
Manual: 11 minutes per staff member
Online: 1 minute 30 seconds per staff member

Online payroll management will save a great deal of time for any business, no matter the size, but it is particularly effective for large businesses. As a matter of comparison, doing payroll for 10 employee would take 15 minutes online, but would take one hour and 50 minutes manually. For 20 employees, online payroll would take 30 minutes, while manual would take three hours and 40 minutes. Payroll for 50 employees would take one hour and 15 minutes online, but would take a whopping 9 hours and 10 minutes to do manually.

It’s just not worth it to throw away so much time that could be better used elsewhere, on other tasks. Online payroll software can do the bulk of the work for you, saving you time and energy. Online payroll is also more convenient for employees, as they will be able to easily access paystubs and tax information through the online portal. More research here.

Merchant Cash Advance Services Can Help Your Small Business Grow

September 25, 2014 Finance Tips

When a small business is just starting up, or even if they’ve been operating for several years, money is likely pretty tight. There are actions that could be taken to help the business, maybe buying some new machinery, or doing some more advertising, but at this point there is simply not enough money in the budget to do so.

However, all hope is not lost. Fortunately, there are merchant cash advance companies that can offer easy cash advances to small businesses that need them. Cash advance merchant services are when the merchant cash advance lenders loan a large sum of money, in exchange for an agreed-upon percentage of future credit and/or debit card sales.

Merchant cash advance companies don’t necessarily always make their money back through credit or debit card sales. That was originally the case, but now it can mean any kind of financing option that involves short payment terms (less than 24 months) and small regular payments (typically each business day).

Merchant cash advances are not loans — they are a sale of a portion of future credit and/or debit card sales. Because of this, merchant cash advance companies claim that they are not bound by state usury laws which limit tenders from charging high interest rates. This technicality allows them to operate in a largely unregulated market and charge much higher interest rates than banks.[

So if you are a small business that needs a little bit of extra money to grow, merchant cash advance companies can provide you with that money, with a reasonable repayment plan. Don’t let your business suffer because you don’t yet have the money to help it grow. This is a common problem with small businesses, which is why the merchant cash advance industry was created. See this reference for more.

3 Dream Jobs for Finance Majors

September 24, 2014 Finance Tips

There are many careers in banking and finance, but one of the tracks that leads to natural promotions is accounting. If you’re looking at jobs in accounting—but perhaps aspiring to something higher someday—here are three corporate finance careers that often come out of the accounting ranks or are founded on certified public accountant (CPA) credentials.

Corporate Controller
A corporate controller manages the accounting and other financial staff, ensuring that the company’s financial actions comply with plans laid out by senior leadership. A controller maintains consistency in accounting, and is aware of—and ready to report on—the company’s financial situation at every point in time.
Vice President of Finance
A vice president of finance bridges the gap between general staff and the very top “C-level” leadership. Typically, a VP of finance coordinates financial planning, debt management and budgeting. He or she may also advice on acceptable financial risk. Because the exact responsibilities of this job may vary from company to company—some placing more emphasis on accounting, others on planning for the future—a previous controller may or may not easily progress into a VP role.
Chief Financial Officer
A chief financial officer is a business strategist and true partner to the CEO, using knowledge about the company’s financial situation to develop and achieve new visions and goals. Like a VP of finance, a CFO often has an accounting background or a CPA credential, but CFOs rarely come from controller ranks. A CFO must have the skills of a good salesperson, selling other senior leadership or outside investors on the company’s strategic plan. Even though a good CFO understands the nitty-gritty of accounting practices, he or she must be fundamentally a people person with excellent communication skills.

Depending on the size of a company, it may have all three of these levels of finance management, or may combine the positions into one or two roles. How are your company’s corporate finance careers structured? What do you think are the best corporate finance careers? Share in the comments.

Why Everyone Needs a Little Financial Advice

September 14, 2014 Finance Tips

We all remember the financial crisis of the mid 2000’s that resulted in thousands of lay offs and the infamous housing market crash, in which many Americans lost their homes. Though the economy is slowly showing sins of improvement, American consumers are still struggling under crushing credit card debt, medical bills, and student loan debt.

As such, several Americans are seeking out help with debt, and are turning to debt counseling in order to get the best financial advice possible to take control of their finances.

Debt counselling provides the best financial advice available in order for help consumers reach their financial goals and better manage their personal finances. An experienced debt counselor will carefully review your finances, including your debt to income ratio, spending habits, and monthly expenses, in order to determine a plan of action that aligns with your personal financial goals.

Having a professional evaluate your financial situation is useful in that it allows you to have a fresh perspective. Additionally, it gives you the tools and resources in order to make better and more informed financial decisions in the future.

Debt advice may also help you plan for life’s milestones, such as purchasing a home, going to college, getting married, and retirement. It’s important to be financially prepared for these milestones in order to ensure a smooth transition.

Don’t hesitate to seek out the best financial advice from a reputable debt counselor in order to see what your financial future has in store for you. Find out more about this topic here.

The Top 5 Tips for Selling Gold

September 10, 2014 Finance Tips

You’ve probably seen the commercials: Old, broken jewelry or gold coin collections can translate into big money if you’re willing to sell and have them melted down. But not so fast; to make sure you’re being treated fairly and getting the maximum profit from the sale, here are five things to do before rushing off to places that buy gold.

Know the Lingo
Educate yourself in advance so you won’t be overwhelmed when you walk into a shop. Unlike a standard U.S. ounce, which is 28 grams, gold is measured in troy ounces. A troy ounce is 31.1 grams. You may also hear the measurement a “pennyweight,” which equals 1.555 grams.
Separate Your Jewelry by Karat Level
Since pure gold is very soft, it is mixed with other metals to make jewelry. The higher the karat marked on your jewelry (you can usually find this information on the inside of a ring or bracelet), the more gold is in it and the more it should be worth.
Ask for an Appraisal
Ask in advance what your gold is worth and then take time to think about it and do your research. Many places that buy gold offer free appraisals of gold and other precious metals, or you can go to an outside appraiser to get an idea of how much your jewelry is actually worth.
Check the Market
The value of gold changes daily based on national and international markets, so you may want to keep an eye on the market to get the most out of your collection. Going through a gold buyer, of course, means that you won’t get the full value since they have operating costs and need to make a profit as well. But knowing the general trends of gold prices is a good idea.
Research the Buyer
Find the best place to sell gold in your area. Some businesses buy and sell gold, while others only buy. Research the buyer you’re considering to make sure the store has a reputation for above-board business transactions. The Better Business Bureau is always a good place to start, but you can also check out user reviews and testimonials.

Have you tried to sell gold jewelry or coins? What was your experience like? Share your experience and advice on selling gold in the comments. Read more like this.

One Easy Way to Ensure That You’ll Retire Comfortably

September 4, 2014 Finance Tips

Using self directed ira to buy real estate

Many Americans depend on the assumption that they will be able to retire one day, but we’re seeing more and more retirees still working full time past their retirements — about one quarter of them. Not only do some Americans have to work well into their retirements, many people do not feel that they will be able to retire comfortably and believe that they will have to work until the age of 80 before they will be able to full retire.

There are a number of ways to prepare for and ensure that you will be able to have a comfortable retirement. Popular choices for this purpose are investing, opening a 401 (k), or opening an Individual Retirement Account (IRA). An IRA is a particularly attractive option because certain types of them get tax breaks, and you can still invest the money in the IRA. If you have a self directed IRA, you will be able to invest those funds however you see fit.

One smart way to invest your IRA is to buy real estate that will generate income. The only way to do this is with IRA non recourse loans. Nonrecourse loans are secured loans for which the collateral is real property. The non recourse loan agreement is basically this: if the borrower defaults on the loan, the non recourse lender can only seize that property; the borrower is not personally responsible.

Self directed IRA lending can allow you to purchase a piece of income property like a multi family home or other residential property, commercial property, or agricultural land. Any of these has the potential to create a source of income to not only pay back the IRA non recourse loan, but to help you fund your retirement so that you can rest easy.