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How to Price a Catering Job

admin — Wed, 01 Feb 2012 07:21:39 +0000

Pricing can be fixed in at least 3 different ways, as follows.
1.Fixed Pricing: With fixed pricing, you would assign a price to your menu item, do this for each menu item and charge the customer on a “per-plate” basis or platter basis. Check if this model suits your catering assignment. Needless to say, in this case, profits would be determined also on a platter basis.
2.Tiered Pricing: This is very similar to fixed pricing but you can pass on the benefit of numbers to your customer. Essentially, more the expected turnout, lower will be the price of each item. You can have 3-4 such tiers with the minimum number of guests deciding each tier price. For example, for greater than 50 guests you could charge $20 for an item; for greater than 100 guests you could charge $18 for the same item and so on. This can be a very cost-effective model provided there is a great turnout of guests expected.
3.Customized Pricing: With the earlier methods, the customer knows upfront what your charges typically would be; however, with custom pricing, you have the freedom to decide the menu and pricing after the customer briefs you about all the details of the event. However, it is still beneficial to have a pricing guide ready for reference even for custom pricing. It will enable you to approximate the estimates better.
The above guidelines for determining the pricing for a menu are not stringent. It is just information about how pricing for a catering job is done. You will in fact need to be flexible if you’re serious about being in the business for a long time. There are many other factors that influence pricing such as the type of customer, your immediate competition in the same area and how established you are in the business. If you’re well-known for the quality of food, customers may not be very rigid about lowering your prices. On the other hand, if you have your close competitors quoting below your rates, you may have to negotiate harder so as not to lose the deal. You may have to provide additional “frills” to add value and differentiate your catering service from that of your rivals. If you’re very new to the business, you may well have to incur losses in your first few assignments just to prove your worth and establish your presence.

Thus, the ultimate profitable pricing strategy is a mix of several factors. Keep an open mind and be optimistic about the outcome. Once you know your market, your client base, etc., you will gradually work out the pricing strategy that is optimum for your catering business. Take each assignment as a challenge and be willing to learn from your mistakes as the catering business is certainly not for the faint-hearted. Many unexpected challenges may arise in the form of lesser than expected guest turnouts or shortage of food during service, weather delays, etc. Once you start your catering business, only experience can help you find your foothold in this industry. With some experience, you will be able to predict and manage most risks and contingencies better and plan everything in a cost-effective manner.

Importance of Gross and Net Income

admin — Tue, 17 Jan 2012 09:01:33 +0000

If you wish to know how to calculate gross pay for employees hired on an hourly basis, then it is quite simple. You just need to take out the details of the number of hours devoted by the employee at the work and multiply that figure with the pay rate. The resultant amount will give you the gross pay for the contractual employees hired to work for a few hours for the company.

Then, the next step will include knowing how to calculate gross pay for the full-time salaried employees. For this, what figures you need is the annual pay package of the employee as well as the number of pay periods in a year. If you divide the annual salary figure with the number of pay periods, you will easily get the total gross income of the employee in the particular financial year.

Calculating net pay from gross pay and calculating gross pay from net pay is possible if you are aware of what are the mandatory deductions from the total income of the employee. If you wish to know how to calculate gross pay from net pay, then the things you will be needing is a calculator, your monthly salary slip and details of deductions such as tax deductions social security and health insurance amount paid by you. First of all, note down the net salary figure. Then, add all the deductions mentioned above and the resultant sum should further be added to the net income to give you the total gross income. Conversely, calculating net pay from gross pay is easy too. You again need the total of your monthly deductions and subtract the same from the gross income figure to get the net income.

Given below is the formula for gross payment.

Gross payment = Net payment + (social security + tax deductions + state taxes).

Given below is the formula for net payment.

Net payment = Gross payment – (social security + tax deductions + state and local taxes).

Importance of Gross and Net Income

In the above paragraphs, we have discussed how to calculate gross pay as well as net pay. Both these figures are important from the point of view of judging a person’s financial strength. They are important parameters to determine the strength of your personal balance sheet. More than the gross income, the net income assumes significant important when you wish to take a loan against your salary income. A bank or a financial institution will be sanctioning loans for salaried people only on the basis of the net income every month. This income figure helps them to know of your loan repayment capacity. Gross pay vs net pay discussion is also important when talking about the corporates after individuals. In case of companies too, you give more emphasis on the net income generated in any particular quarter or year than the gross income.

How to become a Forensic Accountant?

admin — Wed, 07 Dec 2011 00:26:27 +0000

The way to get started with forensic accounting is to earn a Bachelor’s degree in a field like accounting. This Bachelor’s degree is a regular four-year course that is available at most universities and colleges, and many universities are now offering this Bachelor’s degree as long distance learning program online.

Your next step would be to get prepared for the Certified Public Accountant exam in order to become a CPA. There are many online preparatory courses that are available to assist you in passing your exam.

Once you clear the CPA exam and earn a Bachelor’s degree in accounting, you can formally start practicing as a forensic accountant. However, in order to get started in the best way in the field (and of course, to earn the best salary) you should also consider going to graduate school. These days, a Master’s Degree in Forensic Accounting is also available in two forms – as the traditional Master’s degree and as an MBA program with a focus on Forensic Accounting. Earning this graduate degree will serve many purposes – one being that it can further train you to work in the field and will also serve to fulfill the educational requirements that are required for you to maintain your unique CPA status.

Apart from this, you will also be able to find extra coursework in other areas like criminal justice and law enforcement, which can be of great help, and legal training will also be of use. In addition, you could also go ahead and pursue a CFE accreditation or a Certified Fraud Examiner accreditation from the Association of Certified Fraud Examiners. This accreditation is nationally recognized and is very similar to the CPA exam.

Lastly, you could also pursue a CrFA accreditation or a Certified Forensic Accountant accreditation. This is a relatively new accreditation in the field of forensic accounting and most forensic accountants don’t have it, giving you an edge over the rest. While the industry continues to grow and expand, however, this accreditation may also become standard.

Yes, forensic accountants are experts that use a unique combination of experience and education to apply auditing, accounting and investigative skills in order to uncover the truth, assist in investigations and form legal opinions. If this sounds interesting to you, then you should seriously contemplate making Forensic Accounting your career – you will never regret it!

How does the Hybrid Method of Accounting Work?

admin — Fri, 25 Nov 2011 00:32:17 +0000

As mentioned above, the hybrid method is an integration of several other methods. In the absence of an established hybrid method, businesses and companies basically formulate and improvise their own hybrid systems of accountancy. The existence of financial accounting software makes the formulation, development, improvisation and operation of a hybrid system quite easy. The following is the usual way in which the hybrid method works.
1.Anticipation and Costing: This is the first step. Any business organization needs to spend money to produce goods or provide services. The business then resorts to the costing of the product, that is, the expenditure is assessed, considering the per unit cost that the company incurs.
2.Actual Transaction, Journal, Ledger: In case if the transaction is sanctioned by the accounts and finance department, it is entered and recorded on a cash transactional basis. All the entries throughout the year go through the journal and ledger. In cases where the direct cash is used, a cash book entry is done.
3.Tax and Duties: This is a salient feature of the hybrid method. Every transaction is taxed or something needs to be paid to the government. Instead of ascertain tax at the year-end, it is calculated right during the transaction. Often a monetary provision for such tax is made as soon as the transaction is made.
4.Predictable Expenditures: This one is similar to the tax provision. There are certain expenditures which can be predicted. In such cases, cost analysis of expenditures such as raw material procurement, maintenance charges, power consumption, liability payoffs is done and provision for the same is made. This also helps in cost and profit ascertainment.
5.Inventory Analysis: The inventory and its worth is frequently analyzed as it is a crucial part of the asset side of the balance sheet.
6.Consolidation of Accounts: Consolidation of accounts is done by companies which own and operate several businesses and establishments. Different accounts, incomes, expenditures, assets and liabilities and other significant accounts are consolidated on a daily basis, so that management personnel can view the entire thing as a single individual company’s statements.
7.Cost Analysis Statements: Preparation of cost analysis statements is a salient feature where financial accounting and costing brilliantly mix. In a said company, there are several processes working at the same time. A statement indicating the expenditures of each process, per unit and per minute/hour is calculated. The total sales and profit figures of every process are also calculated and indicated on the statement. This is done on a daily basis.
8.Final Accounts: The final accounts are often prepared on a daily basis, these usually include an income and expenditure account, a balance sheet and a cash flow statement (which hints the rise and fall in cash flow). Now, these statements are strictly accrual in nature, and contain market prices of all assets and liabilities. The statement indicates the financial status of the company on a daily basis.
9.Indexes: Due to the highly dynamic nature of modern businesses, graphs indicating, three chief components, namely, assets, liabilities, income and expenditures, are updated every day.
This entire process is possible only due to the existence of superior quality financial software. Most of the entries are automated, due to which statements can be prepared on everyday.

Pros of an Irrevocable Trust

admin — Fri, 04 Nov 2011 05:33:51 +0000

1. Reduction in Tax Liability
Once the transferrer transfers his/her assets to an entity, his/her taxes on the estate are reduced. This is because, those assets will no longer be included in his personal assets anymore.

2. Reduction in Financial Liability
By creating an irrevocable trust, transferrer’s assets are protected from his/her financial liabilities. In case he/she defaults, or undergoes bankruptcy, the assets in the irrevocable trust cannot be confiscated for any legal action.

3. Free from Court Intervention
After the death of the transferrer, the court does not need to be involved in the process of transferring of assets, unless some dispute has occurred regarding it.

Cons of an Irrevocable Trust

1. Permanent Transfer of Estate
Because its a permanent transfer, a transferrer cannot change his/her decision of making the transfer.

2. Transferrer Immediately Loses His Right on the Assets
The transferrer loses his right on the assets mentioned in the trust from the moment he signs the trust/document.

3. Transferrer is Deprived of the Income Generated
Not only does the transferrer lose his ownership on the assets, but is also deprived of the income generated from it.

4. Transferrer Cannot Make Any Changes
If the transferrer wants to add or amend something written in the trust, he will not be able to do so.

The Basics about Running a Profitable Coffee Shop

admin — Fri, 04 Nov 2011 05:31:41 +0000

First of all, congratulations on your venture! You are soon going to do a lot of people good! Now, before I move onto tips and tricks of the business, let me first throw light on some of the basics, for you cannot and should not get the basics wrong! Here are my 3 basic tips from the customer point-of-view.

The Coffee
Now this might sound too obvious a suggestion, but it isn’t, for the importance of serving GOOD coffee cannot be emphasized enough. Make sure you serve real good coffee, especially if you want to increase the number of regulars frequenting your coffee shop. You can have all different kinds of brew, all different mixes and what not. But if the basic, simple coffee you serve at your coffee shop is not up to the mark, no one is going to come back! Understand the psyche behind this – a new customer always orders something ‘safe’ at a new coffee shop or restaurant. He/she rates the entire coffee shop based on that first cuppa. That might sound unfair, but it is true! Now, if the simplest of the coffees you serve does not live up to the customer’s expectations, why is he/she ever going to come back?
Tip: Practice and practice and practice till you get your brew right, and train and train and train till your baristas gets it right too. Also, learn from feedback. When you take orders, ask your customer if he/she likes his/her coffee black, strong or sweet.

The Mood
A lot of the success of coffee shops is dependent on the overall look, feel and mood of the place. The furnishing and interiors of your coffee shop, and how you have decorated the place, should all make up a harmonious picture, where your customer feels comfortable, relaxed, and welcomed. Make sure you have ample floor space. Do not cram too many tables in a small place. Customers do not want other people to even accidentally eavesdrop on their conversations! Finally (and this is the most important thing), keep your place clean. This includes the tables, chairs, serving and billing counters, displays, and most importantly, the washroom.
Tip: Get friends and family to visit your coffee shop before it is open to customers and rate it for different things – experience, ambiance, etc. Work to improve the feedback.

The Service
Do not, for any reason, compromise on the staff and service! The staff you employ at your coffee shop should be enthusiastic, hard-working and young. Train them how to greet customers, how to take orders and not make a mistake in serving them, how to suggest coffee combinations to customers, etc. Make sure your staff serves customers their orders within a stipulated time. Train them to take care of their customers and attend to them, even after they have served them their coffee. Service to a customer does not end till the customer leaves your coffee shop. Here, it is important for your staff to be genuine rather than just ‘nice’ and ‘polite’ and all that jazz.
Tip: Think from a customer point-of-view. Visit nearby coffee shops and observe the staff. Note the mistakes they make, and make sure you avoid them in your coffee shop.

Career Opportunities

admin — Fri, 21 Oct 2011 15:30:21 +0000

With growing opportunities many graduates are pursuing higher studies in business administration and management. But, what is important is that, how successful you grow in a particular career and for how long you are able to stand successful in the business market. Now let’s take a look at the career opportunities in business administration.

Business Manager: Business manager job is a prime job concerning business management. The job involves almost everything that is pertaining to develop the business of a company. The work includes planning, organizing, supervising, decision-making, scheduling and combination of all management skills that is required to increase the profitability of an organization.

Business Analyst: Business analyst job is one of the lucrative and interesting jobs. It not only involves basic management skills but also has a wide integration with information technology. Business analyst analyzes the business models and helps to develop the project plans of a company.

Market Research Analyst: The market research analyst provides the data of the consumer needs, demands, choices of the customers, consumer demographics, etc., before a company launches its product. Knowledge about statistics is very much necessary for this job. The job also involves identifying the competitors and providing information for the betterment of the company’s product.

Purchasing Manager: Purchasing manager is also called “procurement manager”. The goods and services required for a company is managed and forecasted by purchasing manager of the company. The job responsibility is to buy and approve the necessary products for the company by analyzing the technical specifications of the products. The purchasing manager also oversees the general supplies required for the company such as equipment and contracts.

Regional Sales Manager: The job is to oversee the products and services and manage the delivery of the goods and services to the customers in a defined geographical area. The regional sales manager sets the target of the sales representatives of the company and develops the plans to meet the required target. It requires presentation skills also. The work includes giving demonstration on goods and services of the company to various other client companies in his region.

Human Resources (HR) Manager: This job involves managing the needs and improving the values of the employees of an organization, in order to bring profit to a company. It also involves hiring efficient employees and organizing other human resource programs. The HR manager analyzes the skills of the employees and provides the required resources to improve the knowledge of the employee by implementing training process, with an objective to utilize the employee’s knowledge and applications for the benefit of the company.

Business Development Manager: This job requires analysis of economic conditions and industrial trends and competition. It also includes setting up the sales target and attracting new customers. The business development department of a company is managed and supervised by business development manager.

Types of Acquisitions and Mergers

admin — Wed, 05 Oct 2011 05:09:31 +0000

There are different types of mergers and acquisitions, depending on how they have been financed, overtaken or merged.

Types of Acquisitions
•Asset Acquisition: In this case the acquiring company buys the assets of the acquiring company.
•Stock Acquisition: In case of stock acquisition, the acquiring company buys the stock of the acquiring firm.
Types of Mergers
•Horizontal Merger
•Vertical Merger
•Conglomeration Merger
•Market Extension Merger
•Product-Extension Merger
•Forward Extension
•Backward Extension
•Purchase Merger
•Consolidation Merger
Benefits of Mergers and Acquisitions

Merging of two companies or acquiring a company is done only because, both the parties benefit from it. Let’s look at the benefits it can generate.

Economies of Scale: When two companies merge or when a company gets acquired by another company, then the market that both the companies cater to, become one and their market share as well as their market access increases.

Increased Revenue: Because of economies of scale, the production, sales, expenditure and revenue increase. Which implies that higher profits are derived.

Increased Market Share: When two companies unify, their shares and stock together increases their market share by almost a half. All the investors are now under the same brand.

Diversification: A merger or an acquisition can diversify risk-faced companies, the products they deal with, and they also get access to diverse markets.

Skill and Technology Transfer: When two companies come together, there is a transfer of skills and the technology used. When a company acquires another company, it unifies the systems and the processes in both the firms.

Starting a Mobile Marketing Business

admin — Wed, 05 Oct 2011 05:08:12 +0000

Research Thoroughly
Every day, several entrepreneurs venture into the mobile marketing industry, and only those who offer innovative marketing techniques last in the industry. Your main objective is to offer something different to your client. For this, you will have to know what are the existing marketing methods. The only way to learn about the marketing techniques prevalent in the market is to research! Apart from the marketing methods, your research should tell you about:
•Your competitors
•Scope of the business
•Legal and financial aspects of the business
Make a Business Plan
Use your research and make an effective business plan. When you make a business plan you should include the following points in it:
•Objectives of your business
•Cash estimate
•Competition analysis
•Target market
•Marketing strategy
•Projected flow of cash
You should always remember, a business plan is essential for your business. It will keep you on track, and will help you achieve your objectives. One more thing, you should modify your business plan with respect to the changes in the market.

Finalize Your Services
It is very important to finalize the services that you are going to offer, before you think of contacting prospective clients. You may offer:
•Development of mobile website
•Mobile marketing strategies
•Text messaging
•Mobile advertising
In addition to the above, you can also come up with innovative ideas. Most of the companies in the mobile marketing business offer a package which comprises multiple services. I recommend you to offer only those services in which you have expertise, because if you offer some service, and you are not able to deliver, then it will be detrimental to your company. Once you have made the business plan, and finalized your services, you should acquire all the licenses needed to run your business.

Low cost NFL Tops along with Discounted National football league Cycling jerseys

admin — Sat, 01 Oct 2011 09:40:19 +0000

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