Business Protocol

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A Pro Forma Invoice is an invoice that is presented by one company to another for payment for goods or services prior to their being sent to the buying customer or prior to the service being performed. This type of invoice is mainly used when two companies have never had a trading relationship and is geared towards ensuring that payment is received. There are cases, however, when even businesses that have traded with each other in the past still require a Pro Forma Invoice to be submitted, especially when the selling company does not have a customer account system in place. For other trading entities, if future trading is anticipated it will then be usual for a customer account to be set up for the purchasing company with credit facilities to allow for post-payment of goods and/or services.

We can look at it from the perspective of a car dealer and a car rental agency. If the car rental agency wants to acquire vehicles from the car dealer and they have never done business before, the car dealer will send a Pro Forma Invoice to the car rental agency stating the monetary value of the number of vehicles that they need. Once payment has been made, the car rental agency will receive the vehicles. At this point, the car dealer may choose to open a credit account for the car rental agency so that in future a Pro Forma Invoice will not be needed.

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There are many small businesses operating worldwide today that try their utmost best to keep their books up to date. This is especially important for the times when the auditors come around to check their books, as all the information about business transactions, salaries, and so on have to be well recorded so as to allow for a smooth audit. Over the years though, many of these small businesses have out-sourced their bookkeeping needs, sometimes to the detriment of their businesses. It is not one of the easiest things finding a good bookkeeper who will not over-charge them or end up messing up their books. All businesses deserve to have the services of a company that charges reasonable bookkeeping fees that won’t break the bank.

Accounting Paradise is the company that offers inexpensive Quickbook Bookkeeping and Payroll Services for small businesses. As a member of the Better Business Bureau and Chamber of Commerce, they guarantee that their business is among the best in the industry and they are ready to help your small business keep proper books. Choosing them to handle your bookkeeping needs is a wise decision because unlike other companies that offer a similar service, they do not enter into long term contracts and their great system is very easy to understand. Coupled with that is their commitment to offering their services at inexpensive prices. To show their large scope of operations even more, they also offer Payroll services and provide discounts to people who purchase Quickbooks from them.

Bookkeeping help for all small businesses is available now at Accounting Paradise. To take advantage of their wonderful service, check their website or give them a call toll free at 888-284-3821. You can even visit their office located at 5348 Vegas Dr.,
Las Vegas, NV 89108. There is no better time than now to start using their services so that your books will always be up to date. Outsource your bookkeeping headaches to them now.

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A Power of Attorney is a legal instrument that is used to delegate legal authority to another. The Principal is the person who signs, or executes, a Power of Attorney. The Power of Attorney gives legal authority to an Agent or Attorney-in-Fact to make property, financial and other legal decisions on behalf of the Principal.

An Agent can be given broad legal authority or very limited authority by a Pricnipal. The Power of Attorney is generally used to help in the event of the illness or disability of a Principal, or in legal transactions where the Principal cannot be present to sign necessary legal documents.

You may read up more on Power of Attorney by clicking here.

I am sure that you have heard about companies offering rebates on purchases. A Rebate is simply a sales promotion technique in which the customer is offered a return on the price of purchased goods, whether in single units or in bulk. This applies or can apply to any purchase, be it electronics, clothing, merchandise, you name it. This type of promotion helps to boost sales as customers are normally happy to get something back from the merchants they do business with. However, there are times when certain terms have to be met in order for a rebate to be applied.

An example of that would be of a cell phone dealer offering a 45% rebate on phones purchased before a certain date or that the customer has to fill out a one year plan with a cellular provider to get 100% rebate on cell phones. Another example would be of a clothing wholesaler offering 25% rebate on all winter clothes that are bought during summer. In all three cases, there were certain stipulations that had to be met in order for the customer to get a rebate.

LIFO, or “Last In First Out“, is a method of inventory control where stock that was purchased last is sold before stock that was purchased before. To put it another way, products that were last placed in the store are sold or used before older produced or acquired goods or materials. This kind of stock rotation ensures that fresh stock is always available for sale. In most cases, previously acquired goods would have already been on the shelves awaiting sale.

For example, a store owner purchases some goods on the ninth of January and then makes another purchase on the eighth of February. The goods that were purchased during February would be put out for sale in front of the goods that were purchased in January. Hence, the Last goods that came In are the First goods to go Out.

FIFO, or “First In First Out“, is a method of inventory control where stock that was purchased first is sold before stock that was purchased after. To put it another way, products that were first placed in the store are sold or used before more recently produced or acquired goods or materials. This ensures that stock does not spoil or expire before they are sold.

For example, a shop keeper buys some goods on the first of April. He then makes another purchase on the tenth of the same month. The goods that were purchased on the first of the month would be put out for sale ahead of the goods that were purchased on the tenth. Hence, the First goods that came In are the First goods to go Out.

Have you ever wanted to borrow money but just never had the collateral that is needed? Many persons have been faced with that dilema. It is now possible to have an unsecured debt (spin-off from an unsecured loan). An Unsecured Debt is money that is borrowed without supplying any collateral. This means that anybody can now get a loan without needing to have a house or car or land.

This is a high risk debt, however, because if the borrower falls into hard times, the debt may never be fully repaid. Banks and other lending institutions implemented the Unsecured Debt policy to level the playing field, allowing just about anybody the ability to access a loan.

Venture Capital is the money that is used to finance new companies or projects, especially those that have high earning potential and high risk. The source of this type of capital varies but does not really matter as long as it can be found. So if an individual wants to start up a company that sells water, but doing so in a violent neighbourhood, Venture Capital is what the individual would need. The deal with it is that water has high earning potential since evryone needs water to survive. The neighbourhood would make setting up the business high risk because of its violent legacy whcihmay include robberies and so on. Nonetheless, it is still possible to setup the business despite that.

Current Liabilities are your generally debts that are due in less than 12 months. These include loans, creditors, etc. The short period within which the liability must be paid makes it a current expense, like here and now. The formula for Current Liabilities is

Fixed Assets + Current Assets – Net Worth (or Total Assets)

So if your Net Worth is $3,000, Current Assets is $1,600, and Fixed Assets is $1,900, then your Current Liabilities would be ($1,900+$1,600)-$3,000=$500.