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[email protected] 877-976-6368 www.readybusinessnewsletters.com
Samples Package You can change our newsletters as much as you wish – add your own
content, offers and personality Versions to send to consumers and to send to other businesses Reasons to contact you – devices throughout encourage clients to get in
touch. We provide all materials referenced in the newsletters Customized banner with your contact information, colors and logo (or
other image) Newsletters come personalized with your contact information, logo and
head shot Access to our friendly customer support by phone and email Available monthly on 15th of month before New content every month Access to our library of past articles if you need extra content
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Have a Funny 2017 with These New
Year’s Resolutions What New Year’s resolutions did you make for 2017? Be honest—were they the same ones you made for 2016?
Researchers tell us that only 8% of those who make New Year’s resolutions actually achieve their goals.
Perhaps if we made some of these individuals’ resolutions, that statistic would improve:
Buy a more accurate scale.
Stop hanging out with people who ask about my New Year’s resolutions.
My New Year’s resolution is to decipher the obscure meaning of yours.
Accomplish the goals of 2016, which I should have done in 2015 because I promised them in 2014 and planned them in 2013.
My New Year’s resolution was going to be to quit all my bad habits, but then it occurred to me—no one likes a quitter.
My New Year’s resolution is to spend more quality time with you. Will you accept me as a Facebook friend and let me follow you on Twitter?
Since it is tradition to break my New Year’s resolutions, I think this year I’ll try for being lazy and see what happens.
My New Year’s resolution is to simply remember to write the date as 2017, instead of 2016.
My New Year’s resolution is to not make any New Year’s resolutions, and now that I’ve broken it, I’m all done with resolutions this year.
Turning Back Time: The New/Old Future of Play
It’s a fact: more kids are now opting for screens over playgrounds. According to KaBOOM!, a nonprofit organization that helps distressed communities build playgrounds, eight- to ten-year-olds spend an average of five-and-a-half hours a day in front of screens. It seems North American children are just not getting the kind of active play their grandparents enjoyed.
To combat this problem, child-focused organizations across North America are funding projects designed to encourage “real” play. KaBOOM!, for example, is funding fifty projects designed to make urban outdoor spaces more interesting places to play. Take the Cooperative Community of New West Jackson in Jackson, Mississippi. As noted in a recent article by CityLab, the community has been funded by KaBOOM! to turn urban sidewalks into “walk-and-play mazes.”
In Toronto, Canada, the nonprofit Lawson Foundation recently announced $2.7 million in grants to fourteen projects across Canada as part of an “outdoor play strategy.” In doing so, the organization (which is committed to the well-being of children) endorsed opinions by a growing number of North American experts that children are losing out by playing in “too safe” environments. According to a recent article in The Globe and Mail, many of the Lawson Foundation’s funded projects will focus on “reintroducing risky play.”
“Risk isn’t a bad thing,” says Dr. Mark Tremblay, director of the Healthy Active Living and Obesity Research Group at the Children’s Hospital of Eastern Ontario, Canada. “In fact, from a child-development perspective, it is absolutely essential for them to reach their potential.” It may even draw kids away from their screens.
It’s a Strange Old World: Bizarre News You May Have Missed
Once a month, a mysterious six-foot (1.8 m) figure in a white bunny costume shows up to wave at commuters in West London.
The mysterious bunny said on its Facebook page that its only intention is “spreading unconditional love.”
A man in Washington captured an interesting sight on his way up a mountain last fall: spawning salmon were indeed swimming upstream—across paved roads that had flooded.
In a moment right out of the film Snakes on a Plane, Mexico City–bound airline passengers had a scare when a live snake slithered down from an overhead bin. Thankfully, no one was harmed.
After an American university student tweeted about a Kit Kat bar being stolen from his car, the candy’s manufacturer came to the rescue—by filling the student’s vehicle with thousands of candy bars, which he shared with fellow students.
Page 1
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they’ve gone as far as they should or could go—their upper limit—and as a result, they give themselves a subconscious reason to build defeat into their next efforts.
Says Hendricks, “…the more successful you get, the more urgent it becomes to identify and overcome your upper limit problem.” He insists that each of us must combat our upper-limit problem to achieve our full potential.
How? Face those fears. As Moore herself found, “Knowledge of these fundamental fears allows us to help release their power over us.” She adds, “Transcending your upper limits is possible. You can choose an upward spiral. Your very own big leap awaits.”
So choose the upward spiral … and don’t rock the boat!
Why, when everything is going so well, do we rock the boat?
In a recent article on greatist.com, writer and life coach Susie Moore reports, “Self-sabotage is most common when life is at its best.”
It sounds odd, but some people simply can’t abide success. When they achieve it, they don’t believe they deserve it, and they subconsciously frighten themselves into failure. Others feel guilty for leaving less successful friends behind—or they believe success is a burden and sabotage themselves so it doesn’t happen again.
In her article, Moore highlights the work of author Gay Hendricks, who writes, “Conquer your fears and take life to the next level” in his book The Big Leap. Hendricks calls it “the upper limit problem,” and asserts that everyone suffers at least a little from the conviction
Did You Know? Take Our General Knowledge Quiz
Answers are below.
What source of “Hawaii nuts” grows in Australia?
The term “breadbasket” denotes what?
Why is a staple in many countries called breadfruit?
Is the avocado a fruit or a vegetable?
What are Doritos?
What are close relatives of kale?
What colors are carrots?
What are black-eyed peas, actually?
Cheese is valued for its high content of what?
What is the “asparagus fleet?”
(Answers: Macadamia trees; an area producing large quantities of grains; it tastes like freshly baked bread; a fruit; a brand of seasoned tortilla chips; broccoli, cauliflower, and Brussel sprouts; orange, purple, red, white, and yellow; beans; calcium; ancient Roman ships that sailed the Empire gathering asparagus.)
Quick Quiz Each month I’ll give you a new question.
Just email me at [email protected] or call 203-555-8987 for the answer.
What pop group stars singer Fergie, and is named after a vegetable?
Thanks for All Your Referrals! I succeed when people like you refer me to your friends, neighbors and loved ones. It’s the best kind of feedback I can receive.
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Worth Reading How Can I Overcome My Fear of Failure? By Evan Asano Lifehacker.com If you started 2017 with a long list of resolutions, you may be terrified of failing at them. Relax. Some of the most successful people have fears. But true failure happens when we don’t improve. Asano offers practical advice to overcome fear of failure. Understand why your fears scare you. Set small goals. Most important, seek to challenge yourself in all areas of your life. More: http://tinyurl.com/Fears-Jan-1
I’m a Doctor. If I Drop Food on the Kitchen Floor, I Still Eat It. By Aaron E. Carroll The New York Times Cleaning the floor with a sponge is a waste; the sponge is likely dirtier than the floor. Pediatrics professor Aaron E. Carroll explains why he’s stopped obeying the five-second rule (don’t eat it if it’s been on the floor for longer than five seconds.) There are spots around your home that are far dirtier, he says. Things get dirty, he writes, because people forget about them. Read this. Clean that sponge. But know that most of us are pretty much immune to germs by now. More: http://tinyurl.com/Dirt-Jan-2
The Top Idea in Your Mind Paul Graham paulgraham.com Spend more time in the shower to determine what matters to you. That’s often where people think about their top-of-mind topics. Graham, a programmer, writer, and investor, notes that what we think about most is often not what should be occupying our thoughts. Graham advises people to avoid thinking about money and disputes, which are the worst distractors—in or out of the shower. More: http://tinyurl.com/Distractors-Jan-3
Life Is Good: So Why Are We Rocking the Boat?
Games—not the ones you play on screen, but the real ones you play with family and friends—are back big time.
And while you’re designating a special game night, why not designate a special spot to play?
According to Houzz writer Laura Gaskill, “Whether you have a whole room or just a corner, a place for games is a plus for any home.”
It needn’t be in your primary residence either; a space for everyone to do things together is especially welcome in a vacation property.
Remember the old-fashioned recreation room, so popular when boomers were growing up? Creating one doesn’t have to be complicated. But don’t limit your
Page 3
creativity. If you have the space, include a library, a spot for making crafts, or even a place to practice the guitar or piano.
You—and the kids—can also entertain here: who in your group of friends wouldn’t love to play pool or foosball at a party?
It doesn’t have to be a whole room (hello, under-used dining room, spare room, or bonus space).
And furnishing it doesn’t have to be expensive: foosball, ping-pong tables, and board games can be had for a song on buying and trading sites.
Hit up yard sales—you may find real treasures. Or try DIY: for example, a coat of paint can add pizzazz to an old
ping-pong table.
Consider the needs of the whole family when designing your space. Have furniture that’s small enough for little children to use, and durable enough to withstand their use. Keep couches easy to move so you can quickly change the arrangements to suit your activities.
Yes, having a designated space is important, but it’s the memories you’ll make there that it’s really all about.
Just ask your friendly neighborhood boomer what it was like to have a rec room in the good old days!
The Rec Room Reinvented: Foosball Anyone?
Worth Quoting This month, some famous quotes on the topic of personal growth:
There is nothing like returning to a place that remains unchanged to find the ways in which you yourself have altered.
Nelson Mandela
We should not judge people by their peak of excellence, but by the distance they have traveled from the point where they started.
Henry Ward Beecher
A winner knows how much he still has to learn, even when he is considered an expert by others; a loser wants to be considered an expert by others before he has learned enough to know how little he knows.
Sydney J. Harris
We could never learn to be brave and patient if there were only joy in the world.
Helen Keller
Lighten up on yourself. No one is perfect. Gently accept your humanness.
Deborah Day
We Are What We Eat—and What We Read Thanks to the adage, we know we are what we eat. But are we also what we read?
Maybe so. In a time when we often get our news in short sound bites and headlines via Facebook and Twitter, many are worried we’re filling our minds with junk that dumbs us down and weakens our ability to think and speak critically.
A recent study, published by the International Journal of Business Administration, reports that what college students read—and how frequently they read it—affects the level of their own writing. Those who read literary fiction, nonfiction, and academic publications wrote at a higher level of sophistication than their peers who read genre fiction, like mystery novels. And by gorging on websites such as BuzzFeed and Reddit, we may be reducing our writing to the literary equivalent of fast food.
Instead, be conscious of the content you ingest; limit the consumption of Facebook and Tumblr and dedicate time each week to reading real literature.
Also, read carefully. The brain tends to want to skim. Focus on the meaning of what you’re reading. Let’s face it: none of us wants to be fast food—or write like it.
Seems the secret to happiness can be categorized as follows: A-E-I-O-U.
According to an article in Quartz.com, two authors and teachers in a Stanford University design class have discovered a happiness hack.
They suggest you identify previous experiences that made you happy and examine them with the A-E-I-O-U method. Then write them down. For example:
Hack for a Happy Life
Activities: What were you doing? Environment: Where were you and how did you feel? Interactions: Why were you interacting? Objects: What tech device, if any, was involved? Users: Who else was present? By creating a journal of happy experiences, you’ll see patterns and can then structure your happy life.
Page 4
News You Can Use
Sheila Yaccino
Moroccan Fish Bake
Serves 4
1 tablespoon coarse salt 4 garlic cloves, crushed 1 tablespoon paprika 2 teaspoons cumin 1 lemon, juiced ½ cup olive oil 2 lbs. 4 oz. boneless, skinless haddock fillets cut into large chunks 1 onion, coarsely chopped ½ cup fresh parsley 2 garlic cloves 1 14-oz. can chopped tomatoes 4 carrots halved and sliced ¼ teaspoon cayenne (optional) ½ teaspoon cumin Pinch of sugar Salt and pepper
Combine first six ingredients in a shallow baking dish that will hold all the fish in one layer. Add fish and toss to coat. Cover. Refrigerate for at least 30 min. Preheat oven to 350 degrees. Pulse onion, parsley, and garlic in a food processor until minced. Cook over medium heat until soft. Add cumin, cayenne, carrots, tomatoes, 1¼ cups water, and sugar. Season. Simmer 10 min., partially covered. Remove fish from marinade. Combine marinade and tomato sauce. Top with fish. Cover with foil. Bake until fish is cooked through (10-15 min).
This newsletter and any information contained herein are intended for general informational purposes only and should not be construed as legal, financial or medical advice. The publisher makes every effort to ensure the accuracy of information contained in this newsletter. However, we will not be responsible at any time for any errors or omissions or any damages, howsoever caused, that result from its use. Seek competent professional advice and/or legal counsel with respect to any matter discussed or published in this newsletter.
News You Can Use is brought to you free by: Sheila Yaccino 2056 Highland Street, #102 Elliottville CT 33456 203-555-8987 [email protected] www.sheilayaccino.com
Sudoku instructions: Complete the 9 × 9 grid so that each row, each column and each of the nine 3 × 3 boxes contains the digits 1 through 9. Contact me for the solution!
[email protected] 877-976-6368 www.readybusinessnewsletters.com
Next page
To send to consumers
2-page print template
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Have a Funny 2017 with These New
Year’s Resolutions What New Year’s resolutions did you make for 2017? Be honest—were they the same ones you made for 2016?
Researchers tell us that only 8% of those who make New Year’s resolutions actually achieve their goals.
Perhaps if we made some of these individuals’ resolutions, that statistic would improve:
Buy a more accurate scale.
Stop hanging out with people who ask about my New Year’s resolutions.
My New Year’s resolution is to decipher the obscure meaning of yours.
Accomplish the goals of 2016, which I should have done in 2015 because I promised them in 2014 and planned them in 2013.
My New Year’s resolution was going to be to quit all my bad habits, but then it occurred to me—no one likes a quitter.
My New Year’s resolution is to spend more quality time with you. Will you accept me as a Facebook friend and let me follow you on Twitter?
Since it is tradition to break my New Year’s resolutions, I think this year I’ll try for being lazy and see what happens.
My New Year’s resolution is to simply remember to write the date as 2017, instead of 2016.
My New Year’s resolution is to not make any New Year’s resolutions, and now that I’ve broken it, I’m all done with resolutions this year.
Turning Back Time: The New/Old Future of Play
It’s a fact: more kids are now opting for screens over playgrounds. According to KaBOOM!, a nonprofit organization that helps distressed communities build playgrounds, eight- to ten-year-olds spend an average of five-and-a-half hours a day in front of screens. It seems North American children are just not getting the kind of active play their grandparents enjoyed.
To combat this problem, child-focused organizations across North America are funding projects designed to encourage “real” play. KaBOOM!, for example, is funding fifty projects designed to make urban outdoor spaces more interesting places to play. Take the Cooperative Community of New West Jackson in Jackson, Mississippi. As noted in a recent article by CityLab, the community has been funded by KaBOOM! to turn urban sidewalks into “walk-and-play mazes.”
In Toronto, Canada, the nonprofit Lawson Foundation recently announced $2.7 million in grants to fourteen projects across Canada as part of an “outdoor play strategy.” In doing so, the organization (which is committed to the well-being of children) endorsed opinions by a growing number of North American experts that children are losing out by playing in “too safe” environments. According to a recent article in The Globe and Mail, many of the Lawson Foundation’s funded projects will focus on “reintroducing risky play.”
“Risk isn’t a bad thing,” says Dr. Mark Tremblay, director of the Healthy Active Living and Obesity Research Group at the Children’s Hospital of Eastern Ontario, Canada. “In fact, from a child-development perspective, it is absolutely essential for them to reach their potential.” It may even draw kids away from their screens.
It’s a Strange Old World: Bizarre News You May Have Missed
Page 1
Once a month, a mysterious six-foot (1.8 m) figure in a white bunny costume shows up to wave at commuters in West London.
The mysterious bunny said on its Facebook page that its only intention is “spreading unconditional love.”
A man in Washington captured an interesting sight on his way up a mountain last fall: spawning salmon were indeed swimming upstream—across paved roads that had flooded.
In a moment right out of the film Snakes on a Plane, Mexico City–bound airline passengers had a scare when a live snake slithered down from an overhead bin. Thankfully, no one was harmed.
After an American university student tweeted about a Kit Kat bar being stolen from his car, the candy’s manufacturer came to the rescue—by filling the student’s vehicle with thousands of candy bars, which he shared with fellow students.
The Rec Room Reinvented: Foosball Anyone?
Page 2
News You Can Use
Sheila Yaccino
Worth Quoting This month, some famous quotes on the topic of personal growth:
There is nothing like returning to a place that remains unchanged to find the ways in which you yourself have altered.
Nelson Mandela
We should not judge people by their peak of excellence, but by the distance they have traveled from the point where they started.
Henry Ward Beecher
A winner knows how much he still has to learn, even when he is considered an expert by others; a loser wants to be considered an expert by others before he has learned enough to know how little he knows.
Sydney J. Harris
We could never learn to be brave and patient if there were only joy in the world.
Helen Keller
Lighten up on yourself. No one is perfect. Gently accept your humanness.
Deborah Day This newsletter and any information contained herein are intended for general informational purposes only and should not be construed as legal, financial or medical advice. The publisher takes great efforts to ensure the accuracy of information contained in this newsletter. However, we will not be responsible at any time for any errors or omissions or any damages, howsoever caused, that result from its use. Seek competent professional advice and/or legal counsel with respect to any matter discussed or published in this newsletter.
News You Can Use is brought to you free by: Sheila Yaccino 2056 Highland Street, #102 Elliottville CT 33456 203-555-8987 [email protected] www.sheilayaccino.com
It doesn’t have to be a whole room (hello, under-used dining room, spare room, or bonus space).
And furnishing it doesn’t have to be expensive: foosball, ping-pong tables, and board games can be had for a song on buying and trading sites.
Hit up yard sales—you may find real treasures. Or try DIY: for example, a coat of paint can add pizzazz to an old ping-pong table.
Consider the needs of the whole family when designing your space. Have furniture that’s small enough for little children to use, and durable enough to withstand their use.
Keep couches easy to move so you can quickly change the arrangements to suit your activities.
Yes, having a designated space is important, but it’s the memories you’ll make there that it’s really all about.
Just ask your friendly neighborhood boomer what it was like to have a rec room in the good old days!
Games—not the ones you play on screen, but the real ones you play with family and friends—are back big time.
And while you’re designating a special game night, why not designate a special spot to play?
According to Houzz writer Laura Gaskill, “Whether you have a whole room or just a corner, a place for games is a plus for any home.”
It needn’t be in your primary residence either; a space for everyone to do things together is especially welcome in a vacation property.
Remember the old-fashioned recreation room, so popular when boomers were growing up? Creating one doesn’t have to be complicated. But don’t limit your creativity.
If you have the space, include a library, a spot for making crafts, or even a place to practice the guitar or piano.
You—and the kids—can also entertain here: who in your group of friends wouldn’t love to play pool or foosball at a party?
[email protected] 877-976-6368 www.readybusinessnewsletters.com
Next page
To send to other businesses
4-page print template
(envelope edition)
FINANCE
It’s Easy to Account for an Asset Buy
and Its Loan Borrowing to acquire fixed assets is a widespread practice among small businesses, but it gets confusing when the business doesn’t account for the entire cost when it makes the purchase, but instead accounts for much of it when paying back the loan used to buy the assets.
In fact, companies are considered to have paid the full cost for an asset even if they take on debt to buy it. When a fixed asset is acquired, the bookkeeping process requires a journal entry.
An asset account on one side of the balance sheet is increased for the entire cost. On the other side is the addition of a note payable for the funds borrowed to buy the asset. A down payment made with company funds is the difference between asset cost and loan amount. This reduction in the cash asset balances the journal entry.
How it works
For example, consider a $10,000 equipment purchase that’s paid by $2,000 of company cash and $8,000 of borrowed money. A journal entry increases equipment assets (a $10,000 debit) while decreasing cash asset (a $2,000 credit) as well as increasing notes payable (an $8,000 credit).
Sometimes, owners are confused about where to account for their expenditures on loan payments. However, after accounting for the portion that is interest expense, each loan payment is simply applied to the note payable liability.
The takeaway: Loan principal is neither an expense nor an addition to the asset. Rather, the full cost of the asset was already recorded upon purchase. Easy!
ENTREPRENEURS
Owning a Small Business Is Challenging … but Worth It
Despite the heavy personal and financial costs of owning a small business, 70% of entrepreneurs believe it’s still the best job ever. Maybe the most difficult … but the best.
It’s certainly an important one. According to the U.S. Small Business Administration, there are more than 28 million small business firms in America, and these account for 54% of all U.S. sales. So it’s significant that a 2016 survey of small business owners, conducted by Endurance International Group (EIG), revealed that 70% of those surveyed believe owning a small business is the best job they’ve ever had.
In citing the top benefits of being a business owner, a resounding majority noted independence, plus the opportunity to pursue their passions, control their own destinies, and achieve their dreams. Other benefits were freedom and flexibility.
However, survey respondents were candid about the costs associated with small business ownership. Many remarked on the time and effort required to launch and sustain a business venture, and acknowledged the toll business ownership has taken on their personal lives.
Financial worries also weigh heavily on small business owners and entrepreneurs. More than a third of those surveyed admitted they were wholly financially invested in their business, and many ranked financial obligations and challenges as the most difficult part of business ownership.
Interestingly, a lack of understanding of technology did not seem to be a concern of most small business owners; only 5% felt that not understanding ever-changing technology posed a challenge to their businesses. The conclusion: while challenging, owning one’s business is totally worth it.
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How to Win Big in Today's Economy
The altered economic landscape presents innovative and nimble businesses with opportunities to thrive.
Find out how by requesting my free report “How to Win Big in Today’s Economy” by emailing me at [email protected] or calling 203-555-8987.
A lot can happen in three years. Now products such as Slack and Yammer are providing popular business collaboration options via social networks. So it only makes sense for the social network phenomenon Facebook to provide its interpretation. And Facebook’s Workplace, says Jack Madden of brianmadden.com, just may be a “game changer.”
Why? Says Madden: “Everybody already knows how to use it. …” And, most important, “Workplace isn’t just for corporate employees in the office, rather it’s for all sorts of extended enterprise users, like field workers, contractors, technicians, and other employees that may not have a desktop or even a corporate email address.”
Will Workplace replace e-mail, messaging, and other collaboration options? Time will tell. But it’s a serious challenger. As Madden says, don’t discount it.
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Long ago, people went to a place called “work.” But then technology came along and changed the workplace forever. Individuals could work in different locations and communicate as if they were in the same room.
What’s more, this technology saved money, streamlined service, and advanced communications. It was called desktop virtualization. Which, as Technopedia notes, “… provides a way for users to maintain their individual desktops on a single, central server … through a LAN, WAN or over the Internet.”
Then, according to a 2014 article in ZDNet, desktop visualization went cold, frozen out by mobile devices: “What appears to be happening instead is individuals have chosen a different approach. They’ve asked their companies to encapsulate workloads and offer them as IOS or Android apps or make those applications accessible through internal Web sites.”
Worth Reading Make Sure Your Employees Have Good Things to Say about You behind Your Back By Nathan T. Washburn and Benjamin Galvin Harvard Business Review Leaders try to foster employee engagement through memos, e-mails, speeches, and meetings. But there’s a better way to create a positive leader-driven culture. Reach beyond your inner circle and cultivate admirers, who will spontaneously share their positive opinions of you with their peers. But be admirable. And most important, be authentic. More: http://tinyurl.com/January-2017-reads1
Limit How Much Information You Have to Process to Avoid “Mental Fog” By Eric Ravenscraft Lifehacker.com Information overload comes at a cognitive cost. When we force ourselves to process too much information, we often slip into a “mental fog.” Although we may think we’re multitasking, we’re really just switching from one to-do item to the other, making poor decisions and mistakes, and responding emotionally, rather than rationally, along the way. More: http://tinyurl.com/January-2017-reads2
The Top Idea in Your Mind By Paul Graham Paulgraham.com An oldie, but a goodie, this post will have you solving problems in the shower. Left alone, our thoughts tend to drift inevitably toward the top idea/problem in our minds. According to Graham, this is why the solution to a vexing problem often comes when you are in the shower. Be sure your top-of-mind issue is important. Or keep refocusing until it is. More: http://tinyurl.com/January-2017-reads3
HOT BIZ TRENDS
The Changing Face of Biz Collaboration Solutions
Culture is simply a shared way of doing something with a passion.
Brian Chesky
We have a culture where we are incredibly self-critical; we don’t get comfortable with our success.
Mark Parker
Being a great place to work is the difference between a good company and a great company.
Brian Kristofek
Customers will never love a company until the employees love it first. Simon Sinek
Hire great people and give them the freedom to be awesome.
Andrew Mason
True leadership stems from individuality that is honestly and sometimes imperfectly expressed. … Leaders should strive for authenticity over perfection.
Sheryl Sandberg
Corporate culture is the only sustainable competitive advantage that is completely within the control of the entrepreneur.
David Cummings
WISDOM
Quotes on … Culture
Whether your business is driven by product resale or selling components with accompanying services, it’s necessary to account for inventory. Special rules apply to inventory accounting, even for a smaller operation maintaining cash basis books that record expenditures as they are paid.
Financial trail
Inventory is defined as merchandise your business obtains for the purpose of selling to customers. Accounting for expenditures for these items is not considered a business expense until the merchandise is sold. Rather, the cost for resale merchandise is recorded on the company balance sheet as inventory. The business merely exchanges a cash asset for inventory assets.
Inventory appears on the balance sheet at its cost, not its retail value. When inventory is sold, the cost for these items is transferred from the balance sheet to the income statement as “cost of goods sold.”
The cost of inventory includes delivery. So purchasing 1,000 units of item “X” for $3,000 plus $50 in shipping expenses results in a cost of $3.05 per
Page 3
item. When one hundred items are sold, inventory is reduced by $305.00 and cost of goods sold is increased by the same amount.
The circumstances clearly become complex if cost for the same item changes. Acquiring another one hundred units of item “X” for $320 plus $15 for shipping results in $3.35 per unit added to inventory. When two hundred more items are sold, confusion reigns.
The default accounting method for variable inventory unit costs is called FICO—an acronym for First In, First Out. Accordingly, the cost for the two hundred sold items is $3.05 each. You’re still selling from your original 1,000-item batch. But if you’re selling 1,000 items, the first nine hundred are the remaining units from the original batch and the next one hundred are from the second batch, and have a cost of $3.35 each.
Simplifying inventory
All small businesses should consider an inventory tracking system. The “periodic” system places all inventory purchases in a “cost of goods sold”
account, a temporary holding station. At the end of an accounting period—at least annually—a physical inventory count is taken, and the known inventory cost is recorded on the balance sheet. The difference between inventory figures from one period and those of the next offsets the cost of goods sold, so the purchases no longer belong in a temporary holding station. The difficulty in this method is assigning differential costs for units acquired at various prices; however, it’s satisfactory for smaller companies with few types of inventory items and little fluctuation in cost.
By contrast, “perpetual” systems continuously update the costs for all units on hand in the inventory account. Most accounting software will automate these systems, which are superior for tracking inventory in stock, as they constantly update the income statement for true FICO cost as items are sold.
Learning the data entry steps for these programs is challenging, but for larger organizations with multiple components of inventory, the output is certainly worth the effort.
FINANCE
How to Account for Products Bought for Resale
Quick Quiz Each month I’ll give you a new question.
Just email me at [email protected] or call 203-555-8987 for the answer.
This month’s question:
What pop group stars singer Fergie, and is named after a vegetable?
How well do you know your employees? Not just their names or favorite lunch spots—their potential.
Even the best bosses don’t always get it. Use these links to gain insight into your number one asset: your employees.
How open is communication at your company? You may be surprised at the things your employees aren’t telling you. Discover them here: http://tinyurl.com/Do-you-know1.
You want to give these seven things a miss—they make your employees mad:
LINKS YOU CAN USE NOW
Know Your Employees http://tinyurl.com/Do-you-know2.
Are your motivational techniques relevant for today’s worker? Find out here: http://tinyurl.com/Do-you-know3.
Companies are getting creative with ways of rewarding their employees. Get ideas here: http://tinyurl.com/Do-you-know4.
Discerning employers are always looking for talent. Check out these high-potential employee traits you may not recognize: http://tinyurl.com/Do-you-know5.
This newsletter and any information contained herein are intended for general informational purposes only and should not be construed as legal, financial or medical advice. The publisher makes every effort to ensure the accuracy of information contained in this newsletter. However, we will not be responsible at any time for any errors or omissions or any damages, howsoever caused, that result from its use. Seek competent professional advice and/or legal counsel with respect to any matter discussed or published in this newsletter.
Inside This Month • Owning a Small
Business Is Challenging … but Worth It
• It’s Easy to Account for an Asset Buy and Its Loan
• The Changing Face of Biz Collaboration Solutions
• How to Account for Products Bought for Resale
Page 4
News You Can Use Brought to you by:
Yaccino Realty
News You Can Use is brought to you free by: Sheila Yaccino 2056 Highland Street, #102 Elliottville, CT 33456 203-555-8987 [email protected] www.sheilayaccino.com
MANAGING
Are Bosses and Employees at Odds over Corporate Culture?
Most business leaders believe they head organizations that value and encourage innovation, resourcefulness, initiative, and teamwork. However, their employees see it differently, believing that conformity, predictability, and deference to authority are traits that are rewarded.
Why the disconnect? Are senior execs that out of touch with their rank-and-file workers?
A recent study by Joseph Grenny and David Maxfield, of the corporate trainer VitalSmarts, found there is often a significant chasm between how managers and workers perceive their company’s culture.
Grenny and Maxfield’s survey of more than twelve hundred employees, managers, and executives revealed that employees tend to view their company culture far more negatively than do their bosses—the higher up in the organization, the more positive the view of the corporate culture.
Not surprisingly, this gap in perception has an impact on performance, execution, talent retention, and general morale. According to the VitalSmarts researchers, when employees have a negative view of their company’s culture, they are less likely to be engaged, motivated, and committed to the organization. And that affects everything: When employees believed the culture promoted values such as predictability, “(t) hey were 26% less likely to rate their organization as successful at innovating and executing.”
The way to deal with company culture issues is with honest, open dialogue, Grenny and Maxfield advise. They urge leaders to adopt internal communication strategies and hold frank discussions about company culture. Among the tactics they recommend:
• Clearly articulate the desired company culture and be open about the business case underpinning it.
• Focus on vital behaviors that will make a measurable difference in performance.
• Engage with employees at all levels and listen actively to their feedback. • Take action to address concerns and respond to issues quickly.
[email protected] 877-976-6368 www.readybusinessnewsletters.com
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FINANCE
It’s Easy to Account for an Asset Buy
and Its Loan Borrowing to acquire fixed assets is a widespread practice among small businesses, but it gets confusing when the business doesn’t account for the entire cost when it makes the purchase, but instead accounts for much of it when paying back the loan used to buy the assets.
In fact, companies are considered to have paid the full cost for an asset even if they take on debt to buy it. When a fixed asset is acquired, the bookkeeping process requires a journal entry.
An asset account on one side of the balance sheet is increased for the entire cost. On the other side is the addition of a note payable for the funds borrowed to buy the asset. A down payment made with company funds is the difference between asset cost and loan amount. This reduction in the cash asset balances the journal entry.
How it works
For example, consider a $10,000 equipment purchase that’s paid by $2,000 of company cash and $8,000 of borrowed money. A journal entry increases equipment assets (a $10,000 debit) while decreasing cash asset (a $2,000 credit) as well as increasing notes payable (an $8,000 credit).
Sometimes, owners are confused about where to account for their expenditures on loan payments. However, after accounting for the portion that is interest expense, each loan payment is simply applied to the note payable liability.
The takeaway: Loan principal is neither an expense nor an addition to the asset. Rather, the full cost of the asset was already recorded upon purchase. Easy!
Page 1
ENTREPRENEURS
Owning a Small Business Is Challenging … but Worth It
Despite the heavy personal and financial costs of owning a small business, 70% of entrepreneurs believe it’s still the best job ever. Maybe the most difficult … but the best.
It’s certainly an important one. According to the U.S. Small Business Administration, there are more than 28 million small business firms in America, and these account for 54% of all U.S. sales. So it’s significant that a 2016 survey of small business owners, conducted by Endurance International Group (EIG), revealed that 70% of those surveyed believe owning a small business is the best job they’ve ever had.
In citing the top benefits of being a business owner, a resounding majority noted independence, plus the opportunity to pursue their passions, control their own destinies, and achieve their dreams. Other benefits were freedom and flexibility.
However, survey respondents were candid about the costs associated with small business ownership. Many remarked on the time and effort required to launch and sustain a business venture, and acknowledged the toll business ownership has taken on their personal lives.
Financial worries also weigh heavily on small business owners and entrepreneurs. More than a third of those surveyed admitted they were wholly financially invested in their business, and many ranked financial obligations and challenges as the most difficult part of business ownership.
Interestingly, a lack of understanding of technology did not seem to be a concern of most small business owners; only 5% felt that not understanding ever-changing technology posed a challenge to their businesses. The conclusion: while challenging, owning one’s business is totally worth it.
How to Win Big in Today's Economy The altered economic landscape presents innovative and nimble businesses with opportunities to thrive.
Find out how by requesting my free report, “How to Win Big in Today’s Economy,” by emailing me at [email protected] or calling 203-555-8987.
FINANCE
How to Account for Products Bought for Resale
Page 2
This newsletter and any information contained herein are intended for general informational purposes only and should not be construed as legal, financial or medical advice. The publisher takes great efforts to ensure the accuracy of information contained in this newsletter. However, we will not be responsible at any time for any errors or omissions or any damages, howsoever caused, that result from its use. Seek competent professional advice and/or legal counsel with respect to any matter discussed or published in this newsletter.
News You Can Use is brought to you free by:
Sheila Yaccino 2056 Highland Street, #102 Elliottville, CT 33456 203-555-8987 [email protected] www.sheilayaccino.com
Whether your business is driven by product resale or selling components with accompanying services, it’s necessary to account for inventory.
Special rules apply to inventory accounting, even for a smaller operation maintaining cash basis books that record expenditures as they are paid.
Financial trail
Inventory is defined as merchandise your business obtains for the purpose of selling to customers. Accounting for expenditures for these items is not considered a business expense until the merchandise is sold.
Rather, the cost for resale merchandise is recorded on the company balance sheet as inventory. The business merely exchanges a cash asset for inventory assets.
Inventory appears on the balance sheet at its cost, not its retail value. When inventory is sold, the cost for these items is transferred from the balance sheet to the income statement as “cost of goods sold.”
The cost of inventory includes delivery. So purchasing 1,000 units of item “X” for $3,000 plus $50 in shipping expenses results in a cost of $3.05 per item.
When one hundred items are sold, inventory is reduced by $305.00 and
cost of goods sold is increased by the same amount.
The circumstances clearly become complex if cost for the same item changes.
Acquiring another one hundred units of item “X” for $320 plus $15 for shipping results in $3.35 per unit added to inventory. When two hundred more items are sold, confusion reigns.
The default accounting method for variable inventory unit costs is called FICO—an acronym for First In, First Out. Accordingly, the cost for the two hundred sold items is $3.05 each.
You’re still selling from your original 1,000-item batch. But if you’re selling 1,000 items, the first nine hundred are the remaining units from the original batch and the next one hundred are from the second batch, and have a cost of $3.35 each.
Simplifying inventory
All small businesses should consider an inventory tracking system. The “periodic” system places all inventory purchases in a “cost of goods sold” account, a temporary holding station. At the end of an accounting period—at least annually—a physical inventory count is taken, and the known inventory cost is recorded on the balance sheet.
The difference between inventory figures from one period and those of the next offsets the cost of goods sold, so the purchases no longer belong in a temporary holding station.
The difficulty in this method is assigning differential costs for units acquired at various prices; however, it’s satisfactory for smaller companies with few types of inventory items and little fluctuation in cost.
By contrast, “perpetual” systems continuously update the costs for all units on hand in the inventory account.
Most accounting software will automate these systems, which are superior for tracking inventory in stock, as they constantly update the income statement for true FICO cost as items are sold. Learning the data entry steps for these programs is challenging, but for larger organizations with multiple components of inventory, the output is certainly worth the effort.
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