An automobile manufacturer, for example, buys steel, rubber, aluminum, plastic, etc., which is used to make motor vehicles that are sold to dealers (the trading company). These dealerships, in turn, sell vehicles to the customer.

From an accounting point of view, the activities of manufacturing and trading companies are very similar, especially their administration, sales and financing activities. Therefore, accounting principles and most procedures can be applied to both manufacturing and trading companies. The main difference between the two is their costing and accrual method for (1) valuing inventory and (2) calculating cost of goods sold. The difference arises from the fact that trading companies buy finished goods, while manufacturers make the goods sold by merchants.

Therefore, the ‘accounting cost of goods manufactured’ item in the manufacturing company corresponds to the ‘accounting cost of goods purchased’ item in the trading company. In both cases these amounts represent the cost of finished products available for sale. The trading company, having purchased its goods in a ‘finished’ form, experiences little difficulty in determining its cost. The manufacturing company, on the other hand, has to account for the cost of turning raw materials into finished goods (also known as manufacturing costs).

By turning raw materials into finished products, the manufacturer uses manpower, machinery, and equipment and also incurs other manufacturing costs such as energy consumption, machinery maintenance, etc. All of these costs must be added to the cost of raw materials to determine the cost of goods manufactured for any period.

Therefore, the accounting records of a manufacturing company must be expanded to provide for the recording of the various additional costs inherent to manufacturers.

The three most important elements of manufacturing costs are materials, labor, and manufacturing overhead. In accounting cost terminology, the costs of materials and labor together are known as primary costs, while the accounting term conversion costs represents the combination of labor and manufacturing overhead costs.

By virtue of the nature of a manufacturing company’s activities, it will require more ledger accounts than a trading company. The general ledger should cover aspects such as machinery and equipment, inventory, raw materials, work in process, finished products, etc. Special attention needs to be paid to the various inventory accounts.

At any given time, a manufacturer will have different types of inventory on hand: inventory of materials ready for use in the manufacturing process; partially finished products still in manufacturing process; and finished products that must be sent to distributors. Inventory accounting records and different inventory accounting accounts must be kept to determine the costs of each type of inventory at the end of a fiscal year. All three inventory accounts are asset accounts and are generally maintained according to a perpetual ledger inventory system. In turn, they are control accounts supported by the corresponding subsidiary records.

I have met many great people with great ideas who take action to work towards their dreams. But somehow, these people never realize what they set out to achieve. What is stopping them from being successful? These people have a great attitude. They have good ideas. And they don’t just sit on their ideas and do nothing. They work hard on their ideas. But they just don’t seem to be getting anywhere.

I have a friend who is a very smart guy. He has always had a great entrepreneurial spirit. He has been in business for years. He has very good networks and is very good at selling. But the truth is, he’s still broke. I’ve always wondered why a smart and enterprising guy like him still doesn’t come up with anything great after years of effort.

Finally, I have had my conclusion. There are a few main reasons for the results you are getting. But today, I’m only going to talk about one of them. The number one problem with this friend of mine is that he is a opportunist. Now, I’m not saying there’s nothing wrong with seizing an opportunity when it presents itself. In fact, that’s what you should do.

But this friend of mine is an opportunist who seizes every opportunity that comes his way! Now that becomes a problem! You see, making a single idea work takes an enormous amount of time, effort, and energy. So how do you expect to work on a few ideas at the same time? No way!

The only way you can make an idea a success is to STAY FOCUSED on that idea! If you have absolute faith in your idea, then you should keep working on it until it becomes a success! The worst thing you can do is get distracted by another idea and walk away while you work on the current idea.

“Business opportunities are like buses, another one always comes.” -Richard Branson

Opportunities are all around us. They are everywhere if you look hard enough. But you can’t take care of all of them at the same time. You have to make a decision and stick with it like it’s all you have. And the choice has to come from your passion. I have talked about following your passion many times on my blog because that is what I truly believe in and it is also what many successful people believe in.

If you could take an idea and turn it into a success, you would have all the wealth coming your way. All you need is a great idea. Now let’s take a look at how some entrepreneurs made a fortune from a single idea. Some of these ideas may even seem silly.

Also, some of these ideas were original, while for some, the idea was to take advantage of someone else’s idea.

Here are some original ideas:

o Million Dollar Landing Page

This has to be one of the dumbest but brilliant million dollar ideas!

In 2005, when Alex Tew, the founder of MillionDollarHomePage.com, came up with this million-dollar idea, he was just 21 years old and preparing to start his first semester of college.

At the time, he was thinking of a way to pay his school fees and began by asking himself a simple question: “How can I become a millionaire?” Just twenty minutes later, she got the answer from him: sell a million pixels of ad space on a website for $1 each.

After launching his website, he managed to sell a million pixels in just 5 months to earn $1 million!

Incredible!

o Stones for pets

This is another seemingly ridiculous but brilliant idea that helped its creator become a billionaire. In 1975, the idea for Pet Rocks was conceived by advertising executive Gary Dahl. This single idea had made Dahl a billionaire in just 6 months.

Dahl founded a company called Rock Bottom Productions. The company imported gray pebbles from Rosarito Beach in Baja California, Mexico, and sold the rocks for $3.95 each after repackaging them as live pets. The complete package even came with a ‘Pet Training Manual’ containing instructions on how to care for pet rocks! What a novel idea!

Dahl was estimated to have made over US$15 million from these rocks. And that’s estimated to be around $56 million in today’s money.

or Everything men know about women

By now you should be convinced that even seemingly silly ideas can make you a millionaire. If you need more proof, here’s another good example. At the age of 21, Cindy Cashman self-published her first book, titled ‘Everything Men Know About Women’ under the pseudonym ‘Dr. Alan Francis’.

Since then, this book has sold over a million copies, making Cashman a millionaire in the process. But the amazing part of this book is that it is completely blank! Yes, you heard right. It is a blank book.

It’s meant to be humorous: that men know absolutely nothing about women! Guys… If you got the joke, you’ll know why the women bought the book in trucks to give it to their friends.

Following this initial success, Cashman has since published another 10 best-selling books. One of which is ‘The Book of Smiles’. It is simply a book that collects images of all the different smiles in the world!

That really is one hell of a creativity!

or ebay

In 1995, 28-year-old Pierre Omidyar founded Auction Web as a collectibles auction website after his wife told him about her hobby of collecting and trading Pez dispensers.

Almost immediately after launch, Auction Web enjoyed a huge amount of traffic. People started auctioning a wide range of products on the website for free.

After Omidyar started charging a small fee for the service and rebranded Auction Web as eBay, he was making so much more money than his job that he decided to quit and focused on developing his website.

Three years later, in 1998, eBay went public and Omidyar became a billionaire overnight.

Today eBay has approximately 84 million active users worldwide and the total value of items sold on eBay in 2007 was almost 60 trillion US dollars!

And here are some ideas on how to take advantage of other people’s ideas:

or McDonald’s

Ray Kroc is widely known as the founding father of the world’s number one fast food chain, McDonald’s. But the real founders are Dick and Mac McDonald, also known as the McDonald brothers.

Kroc had always had a great entrepreneurial spirit and immediately saw his golden opportunity when he discovered McDonald’s restaurant in 1954 in San Bernardino, California.

The day after meeting the McDonald brothers, he told them how he thought they could expand their successful restaurant into a national chain. When the McDonald brothers asked Kroc who would do that for them, Kroc replied, “Well, what about me?”

And the rest is history.

McDonald’s today employs nearly 500,000 employees worldwide and generates an annual global turnover of approximately 20 trillion US dollars.

or Chicken Soup for the Soul

The book ‘Chicken Soup for the Soul’ has sold more than 8 million copies and has made its authors, Jack Canfield and Mark Victor Hansen, multimillionaires.

However, the authors did nothing more than write the introduction to the book. The stories in the book were simply a compilation of stories they collected from other people.

And since then they have produced numerous volumes of the ‘Chicken Soup’ issue. Many of the books are aimed at a specific audience such as ‘Chicken Soup for the Mom’s Soul’, ‘Chicken Soup for the Teenage Soul’, ‘Chicken Soup for the Horse Lover’s Soul’ etc.

So can you see now that all it takes is just one idea to become a millionaire, and maybe even a billionaire?

And it doesn’t even have to be a revolutionary idea. All you need is a simple idea.

Stick to your idea. If you really believe in your own idea and stick to it, you can do wonders.

Regards~

Manufacturers offer discounts on their products to entice buyers to buy their products. By offering a mail-in rebate, manufacturers do everything they can to reduce the dollar amounts paid. They are well aware that half of the consumers who buy their products do not benefit from a rebate. For that reason, it is not surprising that many manufacturers offer discounts on their products to buyers.

When do factory mail-in rebates become fraud?

Refunds become fraudulent when they include complex submission rules, time limits for mailing the rebate, or lame excuses for denying rebate requests. Companies running manufacturer discount promotions compete for the highest rejection rate and include the complexity of the rules as an excuse why they should be chosen to manage a product discount offer. The manufacturer may have initiated refund requests in good faith, but may be tempted to find ways to limit the redemption process. When someone makes redemption offers but creates so many obstacles and rules to follow that redemption is unlikely, they are walking a fine line between good business practice and fraud.

How to avoid refund fraud

1. Read the fine print. Before you buy a deeply discounted item, read the form carefully to make sure you qualify. Sometimes a manufacturer will prolong delivery of your purchase long enough to ensure that you no longer qualify. You will most likely receive what you purchased, but your refund will no longer be valid.
2. Choose the easiest discounts. If the retailer allows you to claim your refund online, you may get it faster. Some of them help you find the proper paperwork to send them in and then track your refund. Another advantage is a retailer that provides you with a copy of the sales receipt and form at the checkout to help you get your refund. Electronics stores like Best Buy and Fry’s have been known to do this.
3. Complete your rebate form in its entirety. If you do not provide the necessary information, your refund request will be denied. Please read the form carefully and verify that it is accurate before submitting it. DO NOT miss the mailing deadline.
4. Use the correct UPC code. Some product boxes have multiple UPC codes and submitting an incorrect one may result in your application being denied. If you are not sure which UPC to submit, please call the customer service number to determine the correct one. Most rebate offers require you to submit the original UPC code so that you cannot return the product and collect the rebate. Be sure to follow the refund instructions regarding the UPC code.
5. Make copies of your completed reimbursement forms. Make copies of your receipts and UPC codes to help you prove that you submitted your rebate request. If the refund involves a large amount of money, request a delivery confirmation from the postal service so that if there is a dispute regarding your request, you can prove that your refund was received on time.
6. Follow up on your refund. Most refund offers mention that it takes six to eight weeks to receive your refund. If the time has passed the eight week mark, contact the manufacturer to determine what is happening. Don’t be afraid to complain.

There are many consumer fraud schemes out there. It is up to you, the consumer, to educate yourself to recognize what is and what is not legitimate. We hope our tips help you minimize becoming a victim of consumer fraud crimes.

If your company has no claims, the E-Mods/X-Mods will not change significantly. If you have more than one or two claims, it will change dramatically. This is going to change the rules on how companies like ours conduct Premium Employer Audit reviews. The way it is being done now will be a thing of the past.

What area will employers, businesses, and consultants need to be well versed in to be able to perform accurate Workers’ Compensation premium audits for employers? The answer to this question was found by reading the statistical study used as the basis for the change. It was buried deep in the study.

Consultants who are strong in that area and have been doing very similar reviews for many years are very lucky. You heard it here first.

The structure for performing premium audits and E-Mod/X-Mod reviews will change on October 1st. All rating offices will be changing the way they calculate E-Mods, including California. As I’ve said, there are some important components of claims that will need to be looked at more closely after the new changes.

Without getting too technical, claims review history will now be needed to fully understand how companies’ E-Mods/X-Mods are calculated. E-Mod/X-Mod spreadsheets will even look different. Unfortunately, the formula for calculating E-Mods/X-Mods will now be more complicated. The new rules will add multiple columns of claim information where previously there was only an injury code, a state code, and the total amount incurred.

A review of the losing streak is now even more important. Online access to your claims information will now be even more critical. Having inaccurate claim information will be very costly.

Millions of barrels of crude oil are traded every day around the world, worth billions of dollars. To manage and standardize this type of turnover, we need very precise and defined procedures and processes that leave very little room for ambiguity. These procedures play a huge role in facilitating the deal and sometimes also help weed out the non-serious players in the deal.

Each provider may establish a different set of terms and conditions that should be carefully studied before going ahead with compliance. Any deal without a 2% return guarantee should be avoided to be on the safer side. In general, these procedures are developed with the objective of

a) remove non-serious or fraudulent players,

(b) establish precise conditions of trade that define the stages of change in ownership and the responsibilities of each party involved,

c) help each party to ensure its interest in the deal and

d) Minimize and manage non-compliance.

Later in this article we will briefly discuss the “TTO” procedure and how it works.

Through Transport Operator (TTO)

• A Purchase-Sale Contract (SPC) is signed between the two parties involved with the coordination of the Banks.
• The buyer’s bank sends a notice LC to the seller’s bank.
• Upon receipt of a prior notice LC, the seller’s bank activates the performance bond or performance bond based on the agreed SPC.
• Once the performance bond is active, the buyer can proceed with the establishment of the operational Letter of Credit. Any commission costs to agents or facilitators must be included in this operational letter of credit.
• Within 72 hours of receipt of such operational LC, the seller issues ATB to the independent inspectors designated by the buyer.
• With the ATB, inspectors can come on board and perform their inspection and report back to the buyer.
• After receiving a positive quality and quantity (Q&Q) report from the inspector, cargo reassignment is done in the buyer’s name and all original documents are delivered to the buyer through the banks involved within the next 4 days. . From this moment, the ownership of the cargo is transferred to the buyer.
• Buyer’s super cargo ships within three days of change of title.
• Last but not least, payments are transferred to all parties involved within the next 72 hours.

I hope you liked the above informative and useful.

So you’ve decided to start a small business and you’re ready to go, but how do you start marketing your new business?

Here are some things to consider to get your new business idea off the ground.

Sole Trader or Limited Partnership?

The first thing to consider is whether you are going to operate as a sole trader or a limited partnership. The type of small business you are starting will largely determine the option you choose.

A sole trader is a business that is owned by one person (without staff) who is solely responsible for the business’s debts and the enforcement of contracts. This type of business tends to be favored by traditional skilled tradesmen like landscapers, plumbers, decorators, plasterers, etc.

The advantages of being a sole trader are:

Have full control over the business.

It’s easy to set up as there are fewer regulations to comply with. You’ll just need to make sure to contact Inland Revenue to let them know you’re self-employed within 3 months of starting business.

You won’t have to fill out a lot of forms unlike limited partnerships, but you will still need to have the accounts prepared ready for your annual self-assessment tax return to report annual earnings and tax liabilities.

Since there is no staff, you will keep all the profits yourself, which can remain private since you will not have to declare them to the company house.

You won’t have to register the company and can therefore be known as anything, which is why so many sole traders refer to themselves as “trade as…”

You can build a more personal relationship with the customer.

It will be cheaper for you as the accountants will charge you less as they only need to fill out a profit and loss account for you.

The main disadvantages of this type of company are:

You will be solely responsible for any failure or liability, such as your business failure or property damage.

It can be more difficult to compete with larger companies that have more staff and are therefore able to complete work faster.

If you get sick you will have no income. Although you can take out critical illness insurance, some will not pay until after 1 month.

If your business fails, you may be forced to sell your personal assets, such as your home, to meet your obligations.

However, as your business becomes more successful, you can minimize the risks by forming a corporation or limited liability company.

limited liability company

Unlike being a sole trader, when you form a limited liability company, you are registered in such a way that you are guaranteed to have limited liability, and your business and personal finances are kept separate. A limited liability company is owned by shareholders and operated by directors. When registering your company as a limited company, you will need to consider the following:

You will be subject to corporation tax.

If you expect to make £77,000 or more per year, you need to register for VAT.

As a director, you will have more legal, financial, and administrative responsibilities.

You will have less control over the overall running of your business, as you will be accountable to shareholders.

You will need to register with Companies House and submit an annual statement to them along with the annual accounts each year.

Note: The difference between a limited liability company and a limited liability company is that in a limited liability company all the shares of the company are in private hands while in a limited liability company the shares are owned by the public.

The main advantage of registering a company as a limited company is that the directors and shareholders only have “limited liability” and therefore their personal assets cannot be touched, unlike being a sole trader.

staffing

When you start a small business, you are actually becoming self-employed and therefore you will need to inform the IRS that your income may change. Even if he keeps an existing job, he must report it to the Treasury.

The same applies if you are going to hire staff. You have the obligation to collect and pay your PAYE installments to the Treasury. The Treasury will provide you with your new business with a PAYE number and a reference number from the account office.

You can do it yourself or you can appoint an accountant to handle all of this and pay wages and salaries on your behalf, which is what I do with one of my largest companies.

Choosing a small business name

Creating a good name for your business is important. When choosing a name for a business, it is important to ensure that the name is not already in use, otherwise you could be sued.

You can check with Companies House if the name you have chosen is available or if you are considering an online business or have a website for your business, you can go online using sites like Go Daddy to check if the domain name you want is available. .

Personally, I used to think that when naming a business, you should make sure the name reflects what your business is all about, but many people argue that the name should be something that is easy to remember or unusual and leaves a lasting impression like ” confused.com” or “funkypigeon.com”. After all, who would have imagined that these types of names would become multi-million dollar companies?

If you plan to start a limited partnership, you will need to register a business name with Companies House. They, in turn, will give you a company registration number that will be unique to your new company.

Companies House will retain your new business details, including address and account details, for third parties to see.

small business insurance

No matter what small business you start, you’ll need to purchase small business insurance to protect your business and your customers. There are many specialist insurance brokers who can put together a package to suit your company’s requirements.

Make sure you have your insurance coverage already set up before you start your small business to ensure your equipment and facilities are insured while you set up your business.

Once you have implemented the above points, you are ready to go live with your new business.

Being successful in the network marketing business opportunity is not as difficult as many of us think. While many of you may have had a torrid time increasing your success rates, the secret to surefire success in network marketing is to take the ‘easier route’ or, more specifically, the ‘lazy route’ in which you one works not harder but smart enough. that the others. These are the seven golden steps that will help you achieve success in any MLM business endeavor.

YOUR FIRST GOLDEN STEP: Get online with your marketing system

If your business has not yet been implemented on the internet, get online with your Marketing System immediately. This big step opens the doors to a huge increase in lead generation. It also gives you an easier feature for the auto tracking process. Instead of being forced to search for potential leads, operating and managing businesses online will bring leads right to your desktop.

YOUR SECOND GOLDEN STEP: Refine your search for the target audience

A little research on your prospects to find out where they spend their time online and what they’re looking for can refine the way you search for your target audience. Then you need to make sure that marketing and ads are placed in those same spaces online.

YOUR GOLDEN THIRD STEP: Placing Instant Responses

Your email communications autoresponder should be set up so that when your potential customers reach you online, they receive an instant response and follow-up, keeping their interest in your business alive. You can then turn your attention to prospect business persuasion activities and pre-sales tactics.

YOUR GOLDEN FOURTH STEP: Leverage Your Resources Later

Those committed to multiplying their profits and expanding the growth of their business need to reinvest a percentage of their profits in their ongoing business venture. They need to leverage all aspects of their business in both time and money, such as reinvesting in advertising methods and budget, implementing new business tools, continuing their own personal education, and even outsourcing.

YOUR GOLDEN FIFTH STEP: Multiply your income stream

Relying on a single source of income is never a smart way to function. This is because relying on just one MLM program to achieve success in your business is not considered a good strategy. One should always open avenues for multiple streams of income from a diverse mix of programs, which generate both direct commissions and residual income that is guaranteed to accumulate wealth over time.

YOUR GOLDEN SIXTH STEP: Try to automate as much as possible

Keep track of the latest technological advances and find out how your business can be fully automated in a hands-free, Internet-based system. By learning how to make it work for you, MLM lead management can be automated from lead capture to follow up.

YOUR GOLDEN SEVENTH STEP: Nurture your downline

Your downline’s success strengthens your own success, so it’s up to you to make sure your team members learn the measures of success in their businesses. Regular communication with them, such as writing a monthly newsletter to keep them informed of new developments in your business and in your sales team, will keep their interests and motivation very much alive.

Millions of Americans suffer from insurmountable debt. Many of these people have no idea what they can do to get out of this financial bind. When asking for help, the terms bankruptcy and debt consolidation often come up. Depending on the amount of debt the individual has, many times debt consolidation is not even an option. The only way to get out of large amounts of unsecured debt is to file for Chapter 7 bankruptcy. Chapter 7 bankruptcy will eliminate all unsecured debt, such as credit cards, medical bills, and personal loans. The first thing people think of when they hear the word Chapter 7 bankruptcy is that they are going to lose all their property. People fear that the bankruptcy trustee will take all their collectibles and family heirlooms to sell at auction and pay off their debts. When in reality, this is more myth than reality.

Most people’s valuables or what they consider valuable are only worth something to themselves. Debtors who file bankruptcy think that if they list their collectibles, the trustee will immediately repossess them for sale. Many people who file for bankruptcy are surprised when they discover that their prized collectibles aren’t really worth as much as they thought. Many collections are very difficult to sell and are not worth the bankruptcy trustee’s time to attempt the process. One thing we haven’t even covered is that debtors who file for bankruptcy are also protected by a host of exemption laws. Bankruptcy exemptions vary from state to state, but in most areas they offer generous amounts for personal property. If you can’t exempt it under one of the different categories, each debtor has an ace up their sleeve with the wild card exemption. The bottom line is that Chapter 7 bankruptcy trustees are not interested in selling these types of items.

When filing bankruptcy, the trustee is responsible for verifying the debtor’s assets and collecting any property that is not exempt. The idea is that the bankruptcy trustee is supposed to sell the non-exempt property and apply the proceeds to the debts. The bankruptcy trustee must also consider the costs of administering the case. In many cases, it costs more to collect and sell the property than the proceeds value. Most bankruptcy trustees will not even try to sell the property and distribute the proceeds to creditors unless they can make a substantial amount to cover their costs.

If a person has a valuable item like a gold watch or some expensive antiques and they do not fall within the state exemptions, it could justify the sale of the property by the bankruptcy trustee. This doesn’t happen very often. In general, the bankruptcy trustee does not want to collect and take the property from the person who files bankruptcy. As long as the property is protected by the exemption laws, they don’t want it. Sometimes the debtor will be able to reach an agreement with the Chapter 7 trustee to repurchase items of the bankruptcy estate, as long as the debtor has the money to do so. And in a Chapter 13 bankruptcy, debtors can keep all of their property if they get something done with creditors and complete the 3-5 year repayment plan. Depending on the amount of property you own and are considering bankruptcy, you may want to consult a bankruptcy attorney to ensure that their property is protected to the extent of the exemption laws in your area.