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Your Revenue And Expenses

Revenue

Revenue is the price of goods sold and services rendered during a giver accounting period. Earning revenue causes owner’s equity to increase. When a business renders services or sells merchandise to its customers, it usually receives cash or acquires ar account receivable from the customer. The inflow of cash or receivable from customers increases the total assets of the company. On the other side of the accounting equation, the liabilities do not change, but owner’s equity increases to match the increase in total assets. Thus revenue is the gross increases in owner’s equity resulting from operation of the business.

Various terms are used to describe different types of revenue; for example, the revenue earned by a real estate might be called Sales Commissions Earned, or alternatively, Commissions Revenue. In the professional practice of lawyers, physicians, dentists, and CPAs, the revenue is called Fees Earned. A business which sells merchandise rather than services (General Motors, for example) will use the term Sales to describe the revenue earned. Another type of revenue is Interest Earned, which means the amount received as interest on notes receivable, bank deposits, government bonds, or other securities.
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When to Record Revenue: The Realization Principle When is revenue recorded in the accounting records? For example, assume that on May 24, a real estate company signs a contract to represent a client in selling the client’s personal residence. The contract entitles the real estate company to a commission equal to 5% of the selling price, due 30 days after the date of sale. On June 10, the real estate company sells the house at a price of $120, 000, thereby earning a $6, 000 commission ($120, 000 x 5% ), to be received on July 10. When should the company record this $6, 000 commission revenue¬† in May, June, or July?

The company should record this revenue on June 10¬† the day it rendered the service of selling the client’s house. As the company will not collect this commission until July, it must also record an account receivable on June 10. In July, when this receivable is collected, the company must not record revenue a second time. Collecting an account receivable increases one asset, Cash, and decreases another assets, Accounts Receivable. Thus, collecting an account receivable does not increase owner’s equity and does not represent revenue.

Our answer illustrates a generally accepted accounting principle called the realization principle. The realization principle states that a business should record revenue at the time services are rendered to customers or goods sold are delivered to customers. In short, revenue is recorded when it is earned, without regard as to when the cash is received.

Expenses

Expenses are costs of the goods and services used up in the process of earning revenue. Examples include the cost of employee’s salaries, advertising, rent, utilities, and the gradual wearing-out (depreciation) of such assets as buildings, automobiles, and office equipment. All these costs are necessary to attract and serve customers and thereby earn revenue. Expenses are called the “costs of doing business”, that is, the cost of the various activities necessary to carry on a business.

An expense always causes a decrease in owner’s equity. The related changes in the accounting equation can either (1) a decrease in assets or (2) increase in liabilities. An expense reduces assets if payment occurs at the time that the expense is incurred (or if payment has been made in advance). If the expense will not be paid until later, as, for example, the purchase of advertising services on account, the recording of the expense will be accompanied by an increase in liabilities.

When to Record Expenses: The Matching Principle. A significant relationship exists between revenue and expenses. Expenses are incurred for the purpose of producing revenue. In measuring net income for a period, revenue should be offset by all the expenses incurred in producing that revenue. This concept of offsetting expenses against revenue on a basis of “cause and effect” is called the matching principle.

Timing is an important factor in matching (offsetting) revenue with the related expenses. For example, in preparing monthly income statements, it is important to offset this month’s expenses against this month’s revenue. We should not offset this month’s expenses against last month’s revenue, because there is no cause and effect relationship between the two.

Buy Social Media Followers Make You Small Business Popular

Buying fans and followers in the social networking sites is indeed a very good option for expanding and supporting the business. The idea is new but highly effective. You need to make sure that you reap most of the benefits of these new ideas. This concept of Buy Social Media Followers or fans is to make sure that your page and your account becomes famous and gets optimized. Moreover, you can use your social networking sites for advertising your product or your service and make sure that your business prospers. Along with that the pages with more fans and followers are bound to attract more people ensuring better website traffic.

How It Works?

If you are interested to Buy Social Media Likes then you need to know about the procedure. First of all you have to create an account into these social networking sites. After creating the account you have to make sure that you add enough friend and followers to make your account visible. After doing that you can use tour account to advertise your product or service. This way you are advertising your business without making significant expenditure for business promotions. However, the process must be seamless as well as accurate otherwise desired results would not come. If you do not have enough fans and followers you can buy them. For example, buy YouTube Viewers to make your business profile in YouTube highly successful.

Benefits of Buying Followers

Buying social media followers is always beneficial as that makes your business successful over the virtual platform. If you are a small business, it is obvious that you cannot compete with giant fishes in terms of advertising investments or expenditure. However, social media platform is for everyone there is no discrimination. With minimal investments, you can still manage to compete with established brand names at virtual platform. This is why social media is becoming famous these days.

Earning Money from Home

If you are a freelancer or if you are looking for a part time income, social media platforms gives you the opportunity to Earn Money from Home. Being a freelancer, you can work as per your schedule or timings. You even do not need to do it regularly, though more time investment will fetch more money for sure. You can Get Paid For Likes from business merchants, as more likes or followers will draw more potential customers or clients for the businesses. The method is simple though chance for huge income is certainly available.

Government Business Financing In Canada Canadian Govt Loans Deliver

Government business financing in Canada – While many entrepreneurs have heard of Canadian govt loans they have not fully understood his business finance offering. Let’s ‘ unbox ‘ the program and discuss the merits and applicability of this loan to your business – and that applies to start ups, franchises… in fact any business tha is under the pre-requisite 5 Million in revenues. Let’s dig in

Established by the federal gov’t many years ago the Small Business Financing program is dedicated to helping new , young, and growing businesses access the financing they might otherwise not receive.

The uniqueness of loan is that the majority of the loan is ‘ guaranteed’ to Canadian banks which offer the financing. At the end of the day it’s the govt commitment to encourage Canadian banks to lend to new and smaller businesses. Naturally one of he benefits to the government is the overall economic stimulus in employment, taxes, etc.

In recent years upwards of 7000++ businesses access the loan annually – for billions of dollars. The accessibility of the loan is augmented by the fact that Canadian ‘ bricks and mortar’ branches are on every main street in Canada. (Truth be told the challenge is not finding the right bank, it’s finding the right banker).

The ability to get approved for a govt small business loan in Canada provides realistic access to capital for businesses who otherwise cannot qualify for ‘ traditional ‘ loans. Yet the actual offering of the program is just that – a traditional term loan at attractive rates, great amortizations, and even the ability to pre-pay without penalty.

Many businesses who utilize the loan are either new, or in some cases purchases of businesses, including the very popular ‘ franchise ‘ segment.

The requirements of the loan are pretty basic – the owner must have reasonable good personal credit history, and must be able to contribute a minimum of 10% or more of permanent capital to the financing in question. The loan can only be used to finance 3 separate asset categories – equipment, leasehold improvements, and real estate. (The latter, real estate is rarely used in our experience as commercial mtges are more suited to this type of finance need).

As important to understand what the loan does to is what it doesn’t offer. You cannot use proceeds to refinance existing loans or for working capital/line of credit needs.

Other key aspects of getting approved include a good business plan, a cash flow forecast, and basic info on your business location, previous business experience, etc.

If you’re looking to ‘ unbox ‘ government business financing in Canada seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist in making Canadian govt loans a realistic part of your new or existing business venture.

Stan Prokop

Transformer manufacturers in India

Trutech increase every-day, we insured huge tend to be connected with market which often give you the transformer. Your merchandise & providers adhere to almost all principles in addition to rules of getting connected with transformer which means the item will be top quality item. Transformer manufacturers in India Of which handles the latest provide to be able to just about every unit within sector.

Trutech considers within development of which allows you develop much better item truley what will be very good within top quality in addition to top quality architectural. We all develop the item by making use of innovative technological innovation. We’re accredited by ISO 2001:2008 Company We’re discover for our top quality in addition to very good item we formulated item by making use of sophisticated technological innovation the transformer will be longevity in addition to well suited for sector goal.
Customer expansion will be the fulfillment because customer expansion will be will depend on the item. Customer keeps growing their own company which means the item will be effectively did wonders generally there which is the slogan. Your strive is to create top quality connected with transformer

We all often update the technological innovation because new technological innovation will work for much better the next day of which produce creation lighter in weight in addition to effortless using rich in innovative technological innovation. We’re very many headsets before to be able to within this sector in addition to we are effectively maintain the home in addition to problem to rival by presenting new technological innovation. Trutech will be remarkably acquiring business within Of india in addition to we create unique variations of transformer according to the customer in addition to we attempt to satisfy the customer right up until the particular giving item to arrive at their own destination. Trutech control transformer manufacturers are accessible in both single and three stage designs and with further varieties to give more than one optional yield.

Trutech has focused group connected with worker, analyze technicians in addition to propagated management means that makes creation effortless in addition to without the deficiency. Your employees will be trained in making within transformer in addition to chokes. We all usually attempt to maintain the moment management in addition to attempt to sent item well-timed to be able to customer. Your almost all item in addition to subject to regular analyze according to the making standard. All style of analyze will be utilized about develop item pertaining to maintaining the coffee quality.

How To Start A Home Business

Taking the leap of faith and starting a home based business can be an exciting and daunting experience at the same time. While there are numerous reasons why people are drawn to the concept of a home based business the challenge is getting it off the ground. Unlike several decades ago, having a respectable home business was unheard off.

In fact if you didn’t have a shop front or office then you were considered to have a questionable business operation that lacked credibility. Times have certainly changed and so have our lifestyles. These days with the modern advances in technology you can comfortably setup a home business and compete successfully with much more established and larger businesses without any noticeable decrease in credibility.

In fact many of the multinational technology companies we know today as household names started out in dorm rooms, in the garage or a spare bedroom. Below are a few handy steps to help you get your home business off the ground.

1. Decide on your business structure. While you may be working from home you will still need to register the business and deciding on the business structure can be a critical decision. You hardly want to settle on a structure just because it is the easiest to setup or most cost effective only to have to restructure the whole business when it gets larger. If you don’t want to invest in an accountant to help you with this step there are some useful resources available at any local library about the different business structures and the benefits each structure can provide.

2. Decide on a name and register it. You will need to register your business name with the appropriate business authority in your area so that you can commence business operations. Rules and regulations differ from state to state and from country to country so consult your local government business department and they will be able to assist you on the forms you will need to fill out.

3. Decide on where your business is going to operate from. If you are lucky enough to have a spare room then you are pretty much set with getting your business going. You can probably get by with a table, chair, a filing cabinet, phone and computer in the early days. If you need other things relevant to your business you can get them later on when you are starting to create some turnover. Don’t worry about not have the perfect business setup from day one as your success won’t be determined by how beautiful your office looks. If you don’t have the luxury of a spare room then you might need to make do with a temporary office table that you need to setup and pack away at the end of each day.

4. Invest in business stationary. Probably the most important aspect of getting a business off the ground is making sure people know about it. Tell your friends and family that your open for business. A useful and cost effective way to promote your business is to get business cards designed and printed. While your at it you might as well print letterheads as well. With the abundance of cheap online printing companies out there this can be quite inexpensive and certainly well worth the small investment. Either use the available templates provided by your printer or engage the services of a cheap graphic designer from your local university to get them designed for you.

5. Start marketing. Its all well and good to have your business open but in order for it to stay open you need to have customers. Unlike having a shop front or office people aren’t going to just stumble across your business and wonder in your doors. You are going to need to do some leg work. Whether it be a telemarketing campaign or a direct mail campaign you are going to be the one that needs to do that if you want your business to grow. There are many wonderful small business associations that you can join that can give you useful advice and resources on how best to maximize your small marketing budget most effectively.

Starting a small business can be such a rewarding experience and once of the ground the fun is just beginning.