The Secrets of a Successful Home Business

A good entrepreneur is said to be experts in handling finances and means that makes them successful in their endeavor. As statics shows women are great in enterprising but are weak in handling money. Many women who owned a small home based business is in trouble now because they lack the ability to manage and separate their personal finances from business investments.

Online home business provides opportunities for everyone to earn big. Just like other business it requires effort and good planning.

1.Plan you business:

Organize your work and schedule well. Work discipline is necessary to materialize your goals. You can create time table, set your objectives and get done with your daily list of work. In no time you would be harvesting the fruits of your planning.

2. Become your own real boss:

You will become your own boss in your own home business. As they say great power comes with great responsibility. You are taking full responsibility of everything that is happening to your business. Leisure should never hinder the success of your business, working at home can be fun relaxing but you still need to work fervently.

3. Keep the Business:

You need to set your goals straight, understand the concept of the business, its tools and how it works. Be aware that not all business starts with rising figure in business charts, don’t let those falling figures discourage you.

4. Keep motivated:

Always keep yourself motivated and learn from the success of other entrepreneurs. Be positive in everything you do.

5. Stay healthy:

Keep yourself in good shape and by doing so you’re also increasing your competence. Take breaks and enjoy what you do best to avoid the feeling of boredom.

Taking time to plan for your business is a good sign of managerial attitude. You will need this to get your business working and income generating.

Creating an Interactive Map Using Charting Software

While surfing the web one comes across various types of maps and charts – displayed on websites, but not all look attractive. It has been found that surfers like websites which are graphic intensive, this is because – most people tend to seek entertainment on the web. Additionally, it is the way of presentation which makes a website popular. Therefore, simply adding graphics does not help in boosting a website’s popularity.

Realizing the importance of presentation, webmasters do pay a lot of attention to the layout and design of a website..However, when it comes to displaying charts – they tend to put up dull looking static charts, thereby making the web page or at least a section of it seem extremely monotonous. It must be noted, that compromising on the quality of data visualization may lead to loss of traffic. Things can be made more pleasant, simply by incorporating interactivity in charts, and this can be achieved by means of a charting software.

Charting software can add a fun element to charts by reducing the dullness. The software can help users visualize data graphically – through charts and maps. Furthermore, charts and maps generated by means of a charting software – are highly customizable and can be made interactive. Data visualization in form of maps is especially appreciated by users as it makes data accessible in a very interesting manner. A great thing about data-driven maps is that they are sensitive to mouse gestures and therefore provide and interactive experience to users. Google maps are an excellent example – they are popular due to interactive features like zoom, drill-down etc.

Interactive charts and maps have been known to be helpful in business planning. Here are some helpful business applications of real-time charts and maps:

1. Budget planning using maps for visualizing location-wise expenditure..

2. Using maps in executive dashboard for obtaining a geographical distribution of the companies business activity.

3. Displaying maps on Company website to help clients find the location of its offices all over the world.

4. Using maps for global competitor analysis.

5. Presentation of global consumer survey.

6. Monitoring key functions such as; manufacturing and sales.

As the web is evolving many companies are coming up with powerful charting software to help you in building your own custom interactive maps for your business.

Simple Accounting For The Small Business – Bookkeeping Using A Simple Spreadsheet Template

Starting a small business out of your home, offering products or services like business consulting, photography, selling on the web or a MLM? You are now faced with tracking all your expenses and revenues for your business and you certainly don’t have the money yet to engage a bookkeeper or accountant. If your business is a sole proprietorship, whether it be a Canadian Proprietorship or a US-based Proprietorship, you do not require an accountant to submit your company financials (books) to the IRS (USA) or Revenue Canada). Your business revenue and losses are reported as part of your annual personal income tax. For this small business start-up, you won’t need to buy fancy accounting software, like Quick Books or AccPac to track your business.

Only as part of incorporating Bizfare Enterprise Inc in 2005 was it a requirement to engage an accountant. My accountant did insist on using Quick Books software for my business accounting. Up until then using a simple spreadsheet template served my business accounting needs for over ten years. This simple spreadsheet accounting stood the test of multiple audits by Revenue Canada (CRA and Revenue Canada Goods and Services Tax. Both the hardcopy columnar pad and an electronic spreadsheet version of my financial books were accepted by Revenue Canada. (BTW the audits disclosed more ways for me to claim back additional taxes for the previous three years! Now that’s my type of audit!)

In your new start-up business venture, you likely will generate somewhere between 10 to 30 accounting transactions per month. These transactions would be items like Expense, Revenue (sales), Liability (Loan) type transactions and Sales Tax (Federal + State/Provincial) Collection/Deductions. These transactions are further broken down into various Business Accounts. All the Accounts you set up for your business is called a Chart of Accounts. Recording your business financial transactions (Journal Entries) can be executed with pen and ink on an accounting columnar pad or electronically with your computer using a spreadsheet program (MS Excel, Open Office, Star Office).

Whether you employ electronic or hardcopy media, you need to develop a simple Journal template to create your Business Synoptic Journal. This Synoptic Journal format has the advantage of allowing you a complete view of all your individual journal entry transactions against all your various Business Accounts. Creating this Synoptic Journal is easier to do than you think and requires no prior accounting or bookkeeping knowledge.

TIP #1: You could further reduce the accounting line items (Journal Entries) by consolidating like items such as ‘all the Sales for the month’ and ‘all parking receipts for the month’ into one totaled line item for the month.

Where do you start to identify the various Business Accounts required for your Synoptic Journal?

If you currently work for a company or government, secure of one of their employee expense forms. Look at each of the areas identified as expenses – meals, mileage, hotel accommodations, taxi, car rental, telephone & cell phone, air fare, office supplies, etc. This is an excellent place to identify the various Business Expense Accounts you need to set up for your business accounting books. To complete your business Chart of Accounts, include a Business Bank Account, Sales, COGS (Cost of Goods Sold), Sales Tax Collection, Marketing Expense and others as required. Each of these Accounts will be a listed as a title across the top of each column of your Synoptic Journal. Each row (line item) will be the individual journal transactions entered by you. The journal transactions are grouped and summarized for each business month; usually, January through December.

So your Synoptic Journal would look something like this Sample Synoptic Journal at http://picasaweb.google.com/carl.chesal/BookkeepingTemplate.

The column headings might be in this order (from left to right):

DATE | DESCRIPTION | BANK DEPOSITS | BANK WITHDRAWALS | SALES REVENUE | COGS | SALES TAX COLLECTED & REMITTED | OFFICE SUPPLIES EXPENSE | EXPENSE #2 | EXPENSE #3 | ETC

TIP #2: Unless your business is Incorporated or an LLC, you don’t need to go through the expense of opening a business account with your bank. Usually Business accounts charge a higher monthly fee, charge for printing checks (cheques) and don’t offer any interest on your monthly account balance. Instead, open a separate personal bank account (maybe savings). This will show the ‘taxman’ that you are keeping the business separate from your personal banking. Remember you are a sole proprietor and all your business income (and losses) are to be applied directly to your personal income tax submission ( a s per IRS and CRA).

To save you time and make is very simple, I have already created a simple spreadsheet Synoptic Journal template that performs all the calculations for each month and rolls up the 12 business months so it can easily be included in your annual personal income tax preparation. This Synoptic Journal template has Debit/Credit checks and balances, tracks sales taxes, mileage and totals each account for your entire fiscal year. If you want this FREE Bookkeeping template, you can get it at Communicate Innovate. With a few key strokes, which will help identify yourself, I will gladly send you this FREE Synoptic Journal Template and also any future Small Business Tips.

TIP #3: One Rule of Accounting is that every time you record a journal entry (line item which applies the transaction against the appropriate business accounts) the Debits and Credits MUST REMAIN EQUAL at ALL Times. This Debit Equals Credit calculator is built into this FREE Bookkeeping Template. When you have completed entering a line item (journal transaction), check to ensure that the amount the the Debit cell equals the amount in the Credit cell. If they are not equal, you have not entered the amounts properly in your journal transaction. Correct the problem before entering your next journal entry.

You are now equipped to capture your business financial books with some simple accounting software. Happy bookkeeping! And Happy Selling!