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Inventory Management Software for Women Startup Owners

guest post — Sat, 29 Oct 2011 01:54:21 +0000

If you are a woman who recently created your very own startup, congratulations! You’ve ventured into a very exciting and rewarding world. Owning her own business can be one of the most fulfilling things a woman can do. It can also be one of the most challenging things, especially when it comes to managing your company’s cash flow. You don’t want to face the difficult situation of not having enough cash to pay the bills for your business.

Here are some tips to help you take control of your company’s cash:

Your company’s cash conversion cycle is, in essence, the amount of time it takes between when you buy your inventory to when you pay for it. First, you buy what you need. Then you put effort into sales. Then customers buy your products. And then you pay your suppliers, and that’s when the cycle ends. A lot of novice business owners get caught up waiting for their customers to pay them, and this slows the cycle down. When the cycle’s slowed down in this manner, you might have to pay your suppliers before you have the necessary amount of cash in your company bank account. This spells trouble for your business. You need to prevent this from happening.

Accounts receivable is one of the most important factors affecting cash flow, along with accounts payable and inventory. To improve collections of accounts receivables, you must adopt stern policies regarding late payments; a thorough check on credit records should also be made before extending credit for expensive items. Invoicing the soonest time possible is also advisable, so is charging fees on late payments. Email and phone reminders are sound collection efforts too. Accounts receivable aging reports for long-term debts enable you to efficiently scrutinize individual customers, the payment behaviors of each, and detect accounts that have potential to become bad debts.

Collecting from customers early is advantageous, but paying your suppliers early is not. When it comes to paying your suppliers, you have to delay payment for as long as you can without necessarily going beyond the deadline, so as to preserve your good credit standing. Electronic fund transfers can be arranged with the bank so you can make payments when your liabilities are due and not have to send money out days beforehand. The idea is to pay your payables at a much slower pace than you collect receivables from clients.

Tracking of inventory movement is tricky, but with inventory management software, raw materials, work in process, and finished products are monitored much more successfully. With this type of program, you can keep an eye on orders, goods shipped, and the inventory itself; you will also know which products are selling the most and which are literally slow or non-moving. A good portion of your resources is represented in inventory, so you have to manage your inventory wisely.

Preventing delays in your cash conversion cycle, correcting the flow of accounts receivable and payable, and employing inventory management software definitely helps you achieve faster and more favorable cash flow. So, ease your mind about cash with the previously mentioned strategies, and enjoy owning your own business!

photos courtesy: redscottphotography.com

Author Bio: Margot is a guest post writer on the subjects of running your own business using tech tools like inventory management software.

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Online Insurance Quotes Frustrating You too?

Kathleen — Fri, 04 Mar 2011 07:44:47 +0000

Midlife today is unquestionably different from those of our parents. The digital era provides us with new resources for just about everything. Nowadays we do business online, communicate with family and friends, and even purchase car insurance online. Prior to the digital era, shopping for insurance meant phone calls to multiple companies. Frustration no doubt settled in after hours were spent with varying, vague results. Do you remember a parent on the phone with an insurance company? Not a good memory as I recall.

Shopping for insurance rates is not easy to begin with and the resulting quotes can vary quite extensively from company to company. With online car insurance quotes, the documents are immediately available for review. This relieves those extensive phone conversations and the chance for jotting down information incorrectly. Or perhaps not being able to read your own hand written insurance notes. How many times does that happen, right?

Being a midlife geek type mom and small business owner, I’ll share a few online insurance ”lessons learned” to help avoid the frustration of gathering estate car insurance quotes online. Who knows they possibly could save a few dollars on those insurance premiums as well.

Before The Quote

Pull out and review your current policy. There may be smart ways you can cut your premiums by raising deductibles, or dropping collision insurance on an older car. Decide where changes, if any, will be made for the new policy prior to requesting new car insurance quotes.

Have the following information on hand:

Current policy declaration page
The state operator license numbers for all drivers to be on the insurance policy
Dates of all tickets and infractions for all drivers, if any
Date and outcome of accidents, generally within the last five years
Lien holder information available for any car that has a loan attached

Selecting the Insurance Website

Search for websites that advertise discounts across multiple companies. These discounts are commonly offered for multiple policies, safe drivers, and good students. At times, discounts for multiple policies will be as much as 25%.

Avoid quick quote insurance sites that ask for minimal information. More times than not, these quotes appear very affordable upon inception. The process is merely an insurance lead service. Trust me on this they got me once. These insurance sites requiring a name, zip code, email, and phone number. The information is sent several customer service reps for several different insurance companies. After receiving a confirmation email prompting a return to the site, the premiums are displayed. These generally require a telephone conversation or two with each customer service rep in each data center either by the purchaser or from the carrier. The coverage did vary from company to company making this a time consuming process, difficult for comparison along with several very high premiums.

Being prepared with pertinent information may save a great deal of time and frustration when purchasing any type of insurance. By providing accurate information, to all companies should then be quoting identical coverage, making for easy comparisons. In addition, premiums increases will be less likely due to missing information.

Kathleen

Hey, there I'm Kathleen. My friends call me Kathy; to my kids I'm Momia. Life has afforded me many hats: Mom, wife, sister, friend, business owner... and most recently a midlife blogger. From college to marriage and babies, in the midst of business and wealthy boomers, midlife retrospection validates this extraordinary journey called life.

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Tips for cleaning stainless steel cookware

Kathleen — Wed, 08 Dec 2010 04:58:15 +0000

Tried-and-true tips for cleaning stainless steel cookware.

General Care
For daily care, hand-wash stainless steel cookware in hot, soapy water and dry it thoroughly with a soft cloth before storing. Most experts warn against citrus dish detergents or dishwasher cleaning.

Removing Tough Stains

Water with high calcium content leaves chalky white residue on stainless steel cookware. To remove the residue, fill the pot or pan with 1 part vinegar to three parts water. Bring to a boil, let it cool to the touch, then wash thoroughly with hot, soapy water and dry.

Burned-on food is removed by first filling the pan with enough warm, soapy water to cover the mess then allow soaking for one hour. Boil the soapy water for 10 to 15 minutes and allow the water cool to the touch. Immediately scrub with a nylon-scouring pad. Wash again with hot, soapy water, rinse and dry. Repeat for stubborn residue.

Use non-abrasive cleanser like Bon Ami Polishing Cleanser or Bar Keepers Friend for general cleaning, stain removal, and keeping the cookware shiny as new.

Never use metal scouring pads or abrasive cleaners. While they do an excellent job of removing stuck-on food, stainless steel cookware makers caution about cleaning with abrasives as they scratch the surface of the cookware. Opt for nylon-net scouring pads, plastic, or nylon brushes when scouring is necessary. On no account should chlorine bleach or ammonia-based cleaners be used on stainless steel cookware.

Final Cleaning Suggestions

To recover that brand-new shine, wet the cookware’s surface and sprinkle with baking soda. Rub gently with a synthetic scouring pad such as a Dobie (a sponge covered with nylon netting) or a Scotch-Brite green pad, rinse thoroughly and dry. Fingerprints are easily removed using glass cleaner and a paper towel or soft cloth. Minor scratches can on occasion be buffed out using a paste of water and a non-abrasive cleanser such as those mentioned above.

With proper care and cleaning, stainless steel cookware is known to last a lifetime. With a bit of extra effort, stainless steel cookware continues to look as good as it cooks.

Kathleen

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