Personal Financial Management Using Free Tools – Part III

1Welcome to the final article in this 3 part series. In case you are hyperventilating after doing the exercises in the last article, take a deep breath and relax; it’s not that bad. I went from low wages and zero savings to semi-retirement in 15 years (mortgage paid off and zero debt); if I can do it, you can too.

Are you are spending all that you earn (like most people) living paycheck to paycheck? If so, you need to make a big change now in order to accumulate anything in preparation for retirement. Let’s assume that you need to accumulate $500K in the next 20 years and 8% is your expected return. You will need to add, on average, $10K to your retirement fund each year. I say “average” because the rate you earn will vary, you will increase your earning power over time, you will reduce your spending, and you may accumulate some home equity to supplement your fund.

Use your MoneyManager to get a good idea of how much you need to save each year (as a starting point). Each year you will review your Income and Expense Summary and will see how much extra funds you have saved and invested. You will review and update your Investments spreadsheet and know how much you have gained and add this amount to your total saved. If you own your own home, you can update the home value and mortgage amount; a part of your equity increase can be added as well. At year end, update your Progress Report tab. This will give you a snapshot of your progress to date and show where you will be if the past trend continues. You can make plans for immediate improvement and rest easy knowing that you are doing all that you can.

How can you cut your expenses? Can you share rent? You can take advantage of grocery sales by planning your shopping around the sales in flyers and take advantage of coupons. What about using transit or carpooling? Go through your list and make the tough decisions to cut out the luxuries and focus on your needs. Do you need lotto tickets? What about tobacco and alcohol? Can you make do with a 5-year old sedan instead of a new SUV? Ask an accountant friend or coworker about how to reduce your taxes; most accountants would be flattered that you asked! Other than cutting expenses and investing your savings, you can improve matters by increasing your income. Be willing to invest in yourself by upgrading your skills to increase your earning power.

You made it! You have the tools that you need to make your financial dreams come true. Set aside an hour each month to update your spreadsheets and another hour or two at each year end to review your progress and make necessary adjustments. Celebrate each success with a treat for yourself!

Corporate Finance Management

3Corporate finance management is a branch of finance that refers to the management of financial resources of a company. The main objective of corporate financing is to maximize the company value by making proper allocation of financial resources, along with taking care of the financial risks. Finance management focuses on analyzing the financial problems and devising the universal solutions, which are applicable to all kind of companies.

There are various topics, which are covered under the study of corporate finance such as working capital management, inventory management, debtor’s management, dividend policy, short term and long term financing and financial risk management. Each of the above mentioned subjects make use of different financial tools in deciding the allocation and management of resources among most competing opportunities. It is one of the highly discussed topics due to its own importance in growing economy of any country.

Finance management is an absolute necessity for all types of business organizations. Earlier it used to be the part of overall finance management of a firm. But, over the last one decade, it has emerges as a separate discipline altogether. Today, in both large and medium sizes corporations, there is a dedicated department involved in taking care of the corporate finance management of the company.

Professionals involved in this profession have the responsibility to maximize the company’s profit, shareholder’s wealth, capital budgeting and identifying the areas of financial resource allocation. Since, the areas involved in the discipline are critical and thus require special set of skills in the professionals for efficient handling of the job responsibility. One of the best ways to get into organizational financing is get enrolled into finance management courses, offered by various finance institutes across the country.

Courses in finance help the students to plan and act to resolve the whole conundrum of finance. The course curriculum of the finance courses includes a detailed study of different subjects like micro and macro economics, accountancy, personal and corporate finance, merchant banking, investment banking, financial markets and derivatives, the venture capital, mergers and acquisitions and many others. The detailed study of these subjects gives an overview to the students about the true picture of the industry. Finance courses are a gateway to enter into the world of corporate financing. The future in corporate financing is very bright and is likely to show tremendous growth for next few years to come ahead, which is a positive sign for the aspiring students.

Modern Financial Management Theories & Small Businesses

2The following are some examples of modern financial management theories formulated on principles considered as ‘a set of fundamental tenets that form the basis for financial theory and decision-making in finance’ (Emery et al.1991). An attempt would be made to relate the principles behind these concepts to small businesses’ financial management.

Agency Theory
Agency theory deals with the people who own a business enterprise and all others who have interests in it, for example managers, banks, creditors, family members, and employees. The agency theory postulates that the day to day running of a business enterprise is carried out by managers as agents who have been engaged by the owners of the business as principals who are also known as shareholders. The theory is on the notion of the principle of ‘two-sided transactions’ which holds that any financial transactions involve two parties, both acting in their own best interests, but with different expectations.

Problems usually identified with agency theory may include:

i. Information asymmetry- a situation in which agents have information on the financial circumstances and prospects of the enterprise that is not known to principals (Emery et al.1991). For example ‘The Business Roundtable’ emphasised that in planning communications with shareholders and investors, companies should consider never misleading or misinforming stockholders about the corporation’s operations or financial condition. In spite of this principle, there was lack of transparency from Enron’s management leading to its collapse;

ii. Moral hazard-a situation in which agents deliberately take advantage of information asymmetry to redistribute wealth to themselves in an unseen manner which is ultimately to the detriment of principals. A case in point is the failure of the Board of directors of Enron’s compensation committee to ask any question about the award of salaries, perks, annuities, life insurance and rewards to the executive members at a critical point in the life of Enron; with one executive on record to have received a share of ownership of a corporate jet as a reward and also a loan of $77m to the CEO even though the Sarbanes-Oxley Act in the US bans loans by companies to their executives; and

iii. Adverse selection-this concerns a situation in which agents misrepresent the skills or abilities they bring to an enterprise. As a result of that the principal’s wealth is not maximised (Emery et al.1991).

In response to the inherent risk posed by agents’ quest to make the most of their interests to the disadvantage of principals (i.e. all stakeholders), each stakeholder tries to increase the reward expected in return for participation in the enterprise. Creditors may increase the interest rates they get from the enterprise. Other responses are monitoring and bonding to improve principal’s access to reliable information and devising means to find a common ground for agents and principals respectively.

Emanating from the risks faced in agency theory, researchers on small business financial management contend that in many small enterprises the agency relationship between owners and managers may be absent because the owners are also managers; and that the predominantly nature of SMEs make the usual solutions to agency problems such as monitoring and bonding costly thereby increasing the cost of transactions between various stakeholders (Emery et al.1991).

Nevertheless, the theory provides useful knowledge into many matters in SMEs financial management and shows considerable avenues as to how SMEs financial management should be practiced and perceived. It also enables academic and practitioners to pursue strategies that could help sustain the growth of SMEs.

Signaling Theory
Signaling theory rests on the transfer and interpretation of information at hand about a business enterprise to the capital market, and the impounding of the resulting perceptions into the terms on which finance is made available to the enterprise. In other words, flows of funds between an enterprise and the capital market are dependent on the flow of information between them. (Emery et al, 1991). For example management’s decision to make an acquisition or divest; repurchase outstanding shares; as well as decisions by outsiders like for example an institutional investor deciding to withhold a certain amount of equity or debt finance. The emerging evidence on the relevance of signaling theory to small enterprise financial management is mixed. Until recently, there has been no substantial and reliable empirical evidence that signaling theory accurately represents particular situations in SME financial management, or that it adds insights that are not provided by modern theory (Emery et al.1991).

Keasey et al(1992) writes that of the ability of small enterprises to signal their value to potential investors, only the signal of the disclosure of an earnings forecast were found to be positively and significantly related to enterprise value amongst the following: percentage of equity retained by owners, the net proceeds raised by an equity issue, the choice of financial advisor to an issue (presuming that a more reputable accountant, banker or auditor may cause greater faith to be placed in the prospectus for the float), and the level of under pricing of an issue. Signaling theory is now considered to be more insightful for some aspects of small enterprise financial management than others (Emery et al 1991).

The Pecking-Order Theory or Framework (POF)
This is another financial theory, which is to be considered in relation to SMEs financial management. It is a finance theory which suggests that management prefers to finance first from retained earnings, then with debt, followed by hybrid forms of finance such as convertible loans, and last of all by using externally issued equity; with bankruptcy costs, agency costs, and information asymmetries playing little role in affecting the capital structure policy. A research study carried out by Norton (1991b) found out that 75% of the small enterprises used seemed to make financial structure decisions within a hierarchical or pecking order framework .Holmes et al. (1991) admitted that POF is consistent with small business sectors because they are owner-managed and do not want to dilute their ownership. Owner-managed businesses usually prefer retained profits because they want to maintain the control of assets and business operations.

This is not strange considering the fact that in Ghana, according to empirical evidence, SMEs funding is made up of about 86% of own equity as well as loans from family and friends(See Table 1). Losing this money is like losing one’s own reputation which is considered very serious customarily in Ghana.

Access to capital
The 1971 Bolton report on small firms outlined issues underlying the concept of ‘finance gap’ (this has two components-knowledge gap-debt is restricted due to lack of awareness of appropriate sources, advantages and disadvantages of finance; and supply gap-unavailability of funds or cost of debt to small enterprises exceeds the cost of debt for larger enterprises.) that: there are a set of difficulties which face a small company. Small companies are hit harder by taxation, face higher investigation costs for loans, are generally less well informed of sources of finance and are less able to satisfy loan requirements. Small firms have limited access to the capital and money markets and therefore suffer from chronic undercapitalization. As a result; they are likely to have excessive recourse to expensive funds which act as a brake on their economic development.

Leverage
This is the term used to describe the converse of gearing which is the proportion of total assets financed by equity and may be called equity to assets ratio. The studies under review in this section on leverage are focused on total debt as a percentage of equity or total assets. There are however, some studies on the relative proportions of different types of debt held by small and large enterprises.

Equity Funds
Equity is also known as owners’ equity, capital, or net worth.
Costand et al (1990) suggests that ‘larger firms will use greater levels of debt financing than small firms. This implies that larger firms will rely relatively less on equity financing than do smaller firms.’ According to the pecking order framework, the small enterprises have two problems when it comes to equity funding [McMahon et al. (1993, pp153)]:

1) Small enterprises usually do not have the option of issuing additional equity to the public.
2) Owner-managers are strongly averse to any dilution of their ownership interest and control. This way they are unlike the managers of large concerns who usually have only a limited degree of control and limited, if any, ownership interest, and are therefore prepared to recognise a broader range of funding options.

Financial Management in SME
With high spate of financial problems contributing to the high rate of failures in small medium enterprises, what do the literature on small business say on financial management in small businesses to combat such failures?
Osteryoung et al (1997) writes that “while financial management is a critical element of the management of a business as a whole, within this function the management of its assets is perhaps the most important. In the long term, the purchase of assets directs the course that the business will take during the life of these assets, but the business will never see the long term if it cannot plan an appropriate policy to effectively manage its working capital.” In effect the poor financial management of owner-managers or lack of financial management altogether is the main cause underlying the problems in SME financial management.

Hall and Young(1991) in a study in the UK of 3 samples of 100 small enterprises that were subject to involuntary liquidation in 1973,1978,and 1983 found out that the reasons given for failure,49.8% were of financial nature. On the perceptions of official receivers interviewed for the same small enterprises, 86.6% of the 247 reasons given were of a financial nature. The positive correlation between poor or nil financial management (including basic accounting) and business failure has well been documented in western countries according to Peacock (1985a).

It is gainsaying the fact that despite the need to manage every aspect of their small enterprises with very little internal and external support, it is often the case that owner-managers only have experience or training in some functional areas.

There is a school of thought that believes “a well-run business enterprise should be as unconscious of its finances as healthy a fit person is of his or her breathing”. It must be possible to undertake production, marketing, distribution and the like, without repeatedly causing, or being hindered by, financial pressures and strains. It does not mean, however, that financial management can be ignored by a small enterprise owner-manager; or as is often done, given to an accountant to take care of. Whether it is obvious or not to the casual observer, in prosperous small enterprises the owner-managers themselves have a firm grasp of the principles of financial management and are actively involved in applying them to their own situation.” McMahon et al. (1993).

Some researchers tried to predict small enterprise failure to mitigate the collapse of small businesses. McNamara et al (1988) developed a model to predict small enterprise failures giving the following four reasons:

– To enable management to respond quickly to changing conditions
– To train lenders in recognising the important factors involved in determining an enterprise’s likelihood of failing
– To assist lending organisations in their marketing by identifying their customer’s financial needs more effectively
– To act as a filter in the credit evaluation process.

They went on to argue that small enterprises are very different from large ones in the area of borrowing by small enterprises, lack of long-term debt finance and different taxation provisions.

For small private companies, these measures are unreliable and textbook methods for judging investment opportunities are not always useful in organisations that are privately owned to give a true and fair view of events taking place in the company.

Thus,modern financial management is not the ultimate answer to every business problem including both large and small businesses.However,it could be argued that there is some food for thought for SMEs concerning every concept considered in this study. For example it could be seen (from the literature reviewed )that, financial records are meant to examine and analyse corporate operations. Return on equity, return on assets, return on investment, and debt to equity ratios are useful yardsticks for measuring the performance of big business and SMEs as well.

Finance Management of Small Business

1Managing finances in a business is among the few important things that need to be considered when starting and carrying out a business. It is all about efficiently and effectively utilizing available funds in order to achieve the objectives of the business. Financial management is aimed at planning, observing, organizing and managing the monetary resources of a business.

Small business finance management strategies

Small business finance management is mostly concerned with procurement, allocation and control of financial resources so that a regular and adequate supply of funds is maintained to run a business. Once the funds are in hand, they should be utilized in maximum possible ways at low costs and should be invested intelligently in safe ventures. A few tips that can help you efficiently use your funds while running a small business are:

  • In the initial years of managing a small business, you need to estimate how much money you need for a decent living and pull out that money from your business income. Now invest the remaining money back into your business for its growth.
  • Early wins in the form of high profits may urge you to spend it on leisure holidaying or improve your housing status. You need to be firm and defend yourself against such ideas and wait till your business gets a little more established.
  • The main expense in a business is covering the payroll of your staff. It is advisable not to hire new employees unless you absolutely need them. When things get busy and a lot of work pressure builds up, you may get tempted to hire more people. Try and stretch the existing staff members to their full potential to get through the workload and hire only if necessary.
  • Try and save up money on applying for loans and procuring inventory. Taking up loans from banks is a common practice in the business world, but it carries an extra cost of its own in the form of interest you pay while returning. Reducing this extra cost can help you add up and save more money in the long run. This can be done by dividing the total money you need as loan and borrowing it in parts over a period of time. This reduces the overall amount of interest you pay back to the bank. Borrowing the entire amount at once will result in you paying interest for the money you are not going to use till later time.
  • Keep the money separate for paying the taxes and avoid mixing it with other funds. Paying taxes is of utmost importance and since that money is meant to be given away, it should not be kept or used for other purposes.
  • Bargain the terms of the agreement with the outside contractors and vendors like delivery services, electrician etc., such that you get a grace period in paying your bills. This grace period can be used to manage your funds and prioritize your other bills more efficiently.

Products Tips for The Average Joe

4 Steps To Using An Egg Incubator Properly

Egg incubator is a very useful tool that’s built to speed up the entire procedure for hatching eggs. As a matter of fact, this piece of equipment is very practical in terms of hatching different kinds of eggs. But, it is frequently used in hatching chicken eggs. Other eggs that could be hatched in this kind of incubator include ostriches, quails, ducks or even penguin. In the next lines, you are going to discover 4 steps on the right way of incubating chicken eggs.

Step number 1. Set up an incubator – basically, egg incubator is an easy to use equipment and varies in quality from hobbyist set up or DIY to hold up to 6 eggs to commercial scale setup with space that can carry hundreds of eggs. There are many incubators that also include a built-in fan that helps in regulating the temperature and keeping the air moving.

The level of humidity, proper ventilation and temperature are some of the important points that should be taken into mind when setting up the egg incubator.
Doing Reviews The Right Way

Step number 2. Source fertile eggs – fertile eggs could be easily sourced from a willing local farmer to sell eggs. Also, other available options that are included similar to feed stores that have egg supplies during spring. There are several other sources as well like the internet, which is a great option too. When buying, the eggs would be sent in the post in a cooled state, this is to ensure that they’ll be fertile upon the day of arrival.
The Ultimate Guide to Products

Step number 3. Incubate – it takes a total of 21 days for the general incubation period. Before you place the fertile eggs inside the egg incubator, be sure that it reached the desired temperature range and humidity. And by the time when the eggs are already inside the incubator, it just a matter of maintain the optimal environment for it.

It is vitally important to do regular checks in an effort to reduce the odds of things to go wrong. Also, it helps to add water on a regular basis to keep the level of humidity inside. What’s more, frequent turning of eggs is one thing that must not be taken for granted and should take place every other day.

Step number 4. Hatching – the chicks must start breaking one by one through their shell after 21 days. You are more likely to cause harm to the chicks if you try to attempt on helping them with the hatching process. Once the chicks are fully hatched, they can now be left in the incubator. You may now relocate the chicks to a brooder where they’ll stay for the next weeks.

The Beginner’s Guide to Equipment

How To Buy Camping Gear In 3 Steps?

Buying gears for your camping trips or backpacking isn’t rocket science however, it isn’t a piece of cake either as there are thousands of different models and products to choose from. It may be tedious to buy the right sleeping bag, tent and sufficient cooking supplies for first time campers. If you are an experienced camper on the other hand, it will be easier since you already know what to watch out for.

However, this is just the first step to buy a camping gear. If you are on a tight budget for example, then it will be important to look around, research properly and compare the goods. Because there are many products and brands in this category, the search may be a mind-boggling process. With that said, visiting different online stores, comparing different models of product that you’ve shortlisted and reading reviews will be critical.

You will surely come across various reviews on most popular and best selling items if you buy online. Do not forget to read these reviews as it can greatly help you in your decisions. You will be able to learn about the basics of finding the proper camping gear for your next trip as you read this article.
A Simple Plan: Sales

Step number 1. Jot down your specific needs – this will include the destination to where you plan to go, the duration of your stay and climate of the area. More so, you need to be certain that you have included the number of people who’ll go with you because for sure, you don’t want to find yourself using one sleeping bag trying to fit 4 people in it.
Practical and Helpful Tips: Equipment

Step number 2. List the important items you need on the trip – for first time campers, this can be a bit tricky as they might not know what things are more important on the camping trip. You can consider asking your friends or families for some suggestions because there is a possibility that one of them has gone to a camping trip before.

You may always use the internet as an alternative resource in case that none don’t. There are countless of websites that can tell you on what your needs are whether you believe it or not.

Step number 3. Use price comparison websites – these websites are extremely beneficial and useful to anyone as it can help you to get the best possible deals on things you want to buy. And this works not only for camping gears but to almost any product. These comparison websites will help you to easily compare products side by side from its price, manufacturer, feature and reviews, which allows you to make a smart decision.

The Beginner’s Guide to Equipment

How To Buy Camping Gear In 3 Steps?

Buying gears for your camping trips or backpacking isn’t rocket science however, it isn’t a piece of cake either as there are thousands of different models and products to choose from. It may be tedious to buy the right sleeping bag, tent and sufficient cooking supplies for first time campers. If you are an experienced camper on the other hand, it will be easier since you already know what to watch out for.

However, this is just the first step to buy a camping gear. If you are on a tight budget for example, then it will be important to look around, research properly and compare the goods. Because there are many products and brands in this category, the search may be a mind-boggling process. With that said, visiting different online stores, comparing different models of product that you’ve shortlisted and reading reviews will be critical.

You will surely come across various reviews on most popular and best selling items if you buy online. Do not forget to read these reviews as it can greatly help you in your decisions. You will be able to learn about the basics of finding the proper camping gear for your next trip as you read this article.
A Simple Plan: Sales

Step number 1. Jot down your specific needs – this will include the destination to where you plan to go, the duration of your stay and climate of the area. More so, you need to be certain that you have included the number of people who’ll go with you because for sure, you don’t want to find yourself using one sleeping bag trying to fit 4 people in it.
Practical and Helpful Tips: Equipment

Step number 2. List the important items you need on the trip – for first time campers, this can be a bit tricky as they might not know what things are more important on the camping trip. You can consider asking your friends or families for some suggestions because there is a possibility that one of them has gone to a camping trip before.

You may always use the internet as an alternative resource in case that none don’t. There are countless of websites that can tell you on what your needs are whether you believe it or not.

Step number 3. Use price comparison websites – these websites are extremely beneficial and useful to anyone as it can help you to get the best possible deals on things you want to buy. And this works not only for camping gears but to almost any product. These comparison websites will help you to easily compare products side by side from its price, manufacturer, feature and reviews, which allows you to make a smart decision.

CMA-An international high-profile education in Finance Management

7Are you dreaming to head a Finance Empire in future? A traditional master degree in finance may not be adequate to help you reach your goal. The reason behind is top positions in FINANCE is generally restricted to Professional Accountants. Even an MBA (Finance) from a top B school is, often, not considered as an optimum qualification for this purpose.

To be a Professional Accountant, you neither, always, have to be a Public Accountant (Auditor) by struggling for 5-8 years including your article ship period nor you need to get disappointed by repeated failures in  examinations and eventually turning nowhere with a demoralized, half-accountant status as it happens to majority of the aspirants.

A faster yet challenging CMA (Certified Management Accountant) route provides you faster earning opportunity. By the time your friends pass the auditing exam, you would earn Rs 20-25 lacks and occupy 1-2 level positions above them.

Management Accountants are also Professional Accountants and learn the same body of knowledge the Public Accountants learn. Although the CMA exam is held by IMA, US, a student can take the preparation and appear for an online exam from any part of the globe.

The best features of CMA are

  • It is a compact examination consisting of only 2 papers.
  • The syllabus is focused to the needs of the modern world of finance.
  • There is facility to appear for the exam online from any metro city.
  • CMA has international brand value.
  • It is officially equivalent to ICWA (India) if the student appears for CMA from a country outside India.
  • Job opportunity of a CMA is huge.
  • CMA is a quite affordable exam.
  • Classroom Coaching or coaching in distant mode is available. (www.ifcpld.com)

Even Harvard, IIM, XLRI graduates do this robust, convenient, industry-relevant CMA (US) to extend their career choice in finance functions.

Why CMA is only a 2 papers exam?

The world is moving in faster pace nowadays and most of the students neither have the patience nor the time to face many shorter exams over number of years. Hence, all American exams including CMA have evolved, in a scientific manner, as compact exams encompassing all subject areas within fewer papers. It requires hard work over a shorter period to pass the exam. CMA is an internationally portable qualification – a passport to work in all countries, including US.

CMA can be extremely beneficial for

  • Current MBA students / MBA aspirants – CMA will be synergic with MBA as it will help them do very well in Financial Management, Cost & Management Accounting, Corporate Finance, Security Analysis & Portfolio Management, Financial Institutes and Markets, International Finance & Derivatives and Management papers of the MBA examination. However, students doing CMAs will not need to do an MBA (Finance) as it automatically covers most areas of MBA (Finance).
  • B Com / M Com students – CMA will help you separate yourself from other lacks of MBAs. With a CMA, you can work in any area of Finance or Accounting in Managerial positions. CMAs drive performance in business – auditors just express opinions. Even an ordinary MBA (Fin), MFC, B Com, or M Com can have extraordinary career with the international CMA. CMA alone can get you all the material benefits life and job has to offer. The CMA option will save substantial money for the B Com/B Sc graduating students and they will start working early.
  • CA aspirants – Cost of doing a CA over an average 4.5 years period is Rs 23.54 lakhs including the opportunity cost of lost earning (as compared to a CMA) during CA studentship.
  • IT professionals – A good programmer with an additional CMA qualification will be a hot cake in the international job market. If you want, you may also move to the career line of a Finance Manager or MIS Manager where your IT background will be accepted as a plus.
  • Ambitious Science/Engineering graduates who have a knack in finance and dreaming to hold a prestigious position with a handsome salary as early as possible.

So, do not wait for your chance to come anymore. Go and grab your dream through the CMA way of success.

What Has Changed Recently With Experts?

What to Look for in a Plumber

People experience problems with their water and sewer systems from time to time. The use of water therefore becomes difficult for them. There is a need to find plumbers to help solve such problems. They have what it takes to fix pipes and open up blocked sewers. In the case of such problems, people should contact them immediately. This will ensure that they have an easy time with their water systems. When selecting plumbers, people should consider some important traits.

Availability is one of the important traits to look for in a plumber. People should be capable of reaching their plumbers by simply calling. They should also respond. Respect for their clients time is needed. This is achieved by being available at the agreed time. There will be no hindrance to their clients’ activities. They should as well avoid delays and fix the problems as soon as they can. In order to ensure that they do a good job, they should fix their mind on what they are doing and avoid unnecessary distractions.

The plumber should always be prepared. Materials required for use should always be carried by the plumber after they get the problem. Someone to help them should be available if there is need to. Fixing the problems will be easy for them. A tool kit for storage of their items should be carried. This will make it easy for them to carry them around. They will as well be able to keep trace of their materials and avoid losing them. Postponement of work as result of lack of some materials is also avoided.
Understanding Experts

The plumbers should be capable of making good estimates of expected costs. Very high and very low figures should not be quoted. This enables their clients to budget appropriately. When installing pipes, they should make proper estimations of the length as well as materials to be used. Inadequacy of funds as a result of lack of finances is also avoided.
Why Professionals Aren’t As Bad As You Think

Openness is also required from the plumbers. They should readily respond to concerns raised by their clients. In case there are some problems after completion of their work, they should be willing to correct them. They should as well strive to have a good relationship with their clients so as to win their trust. Clients should willingly leave them working in their homes without worrying about losing their items.

Patience is another virtue expected from plumbers. They should be ready to revisit their clients homes to ensure that their work was effective. Patience will also enable them to work efficiently. This is because they will not carry out their activities in a rush. Completion of work will be done in good time. Redoing their work will also be avoided. If a plumber acquires these traits, they will be able to perform well as well as maintain their clients.

A Beginners Guide To Accounting

The Specialized Accounting Concerns for Today’s Dentists It can often be quite stressful for a new dentist to figure out what kinds of technology he needs to purchase in order to make his office the best one in the area. You may also consider the types of employees you’ll want to hire to make sure that you are providing your patients with the highest level of care. Many dentists will tell you, however, that you really need to be sure that you’re making the right kinds of financial decisions for your company. The truth is that there are many different expenses and sources of income that will have to be managed for any business. When you want to be sure that you’re keeping all of your different business operations in order, it’s absolutely crucial that you find the sort of dental accounting services that can help you out. When you are trying to find a great dental CPA, it’s going to be quite important that you look into which ones have the best overall qualities. You can use the following article to help you determine how to choose the right kinds of accountants for your company. More than anything else, it’s going to be quite important for you to be able to find accounting companies that specialize in dealing with all of the challenges that are involved in working with dentists. This is because dentists have some very unique categories for accounting. Because dentists generally are dealing with a lot of chemical and equipment purchases, you will find that they can often get some tax discounts that aren’t applicable elsewhere. If you want to be certain that you aren’t spending more money than you need on taxes, then having a specialized service that handles accounting for dentists is the way to go.
Where To Start with Services and More
Another consideration you should make when you’re choosing an accounting firm is how much you’ll pay to receive the accounting services. It’s important to be certain that all of the financial savings your accountant is going to offer you won’t be completely erased by what you’re paying the accountant. Fortunately, you’ll generally be able to get some good quotes from each accounting firm you’re considering so that you can make a solid financial decision about who you’d like to hire.
The Essentials of Professionals – The Basics
As you can see, there are a number of factors that you’re going to have to keep in mind when you’re trying to locate the right kind of dental accounting firm to help you with the financial side of your dental business. If you’re serious about taking your company to the next level, it’s going to be crucial for you to find the right accounting services for your needs.