SBANC Newsletter
March 7, 2006
Issue 411-2006
|
QUOTE
"When
you innovate, you've got to be prepared for everyone telling you
you're nuts."
--
Larry Ellison
|
FEATURE PAPER
You Ought to Keep Good Records and Use Them in Management
This paper was presented by Dorthy Davis and Paul Dunn of The University of Louisiana
at Monroe at the 2005 Association of Small Business and Entrepreneurship
(ASBE) Conference.
Abstract
Experts agree that small business owners should keep
and use good records in managing their business. This paper was designed
to determine the type records kept, the methods of keeping records
and the uses made of the information generated from those records.
Manual system users, about half the respondents, were not as likely
to use their records in managing their business as computer based system
users.
Read
the Entire Paper...
|
CONFERENCES
IAEB
|
| Who: |
International
Academy of E-Business
|
| What: |
Sixth
Annual Conference
|
| Where: |
Sheraton
Studio City Resort Hotel in Orlando, Florida, USA |
| When: |
March
23-26, 2006 |
|
|
|
NCIIA
|
| Who: |
National
Collegiate Inventors & Innovators Alliance
|
| What: |
NCIIA
10th Annual Meeting
|
| Where: |
Marriott
Portland Downtown, Portland, Oregon, USA |
| When: |
March
23-25, 2006 |
|
|
|
Diversity
Business
|
| Who: |
Diversity
Business
|
| What: |
6th
Annual National Multicultural Business Conference
|
| Where: |
MGM
Mirage in Las Vegas, Nevada, USA |
| W
hen: |
March
29-31, 2006 |
|
|
|
IABD
|
| Who: |
International
Academy of Business Disciplines
|
| What: |
18th
Annual Meeting
|
| Where: |
Red
Lion Hanalei Hotel, San Diego, California, USA |
| When: |
April
6-9, 2006 |
| |
|
Saint
Louis University
|
| Who: |
Saint
Louis University
|
| What: |
Gateway
Series for Entrepreneurship
|
| Where: |
St.
Louis, Missouri, USA |
| When: |
April
6-8, 2006 |
|
|
|
CALLS FOR PAPERS
IBFR
|
| Who: |
Institute
for Business and Finance Research (IBFR)
|
| What: |
The
2006 Global Conference on Business and Finance (GCBF)
|
| Where: |
Hotel
Herradura: Golf Resort and Conference Center in San Jose,
Costa Rica |
| When: |
May
31-June 3, 2006 |
Submission
Deadline:
March 17, 2006
|
|
|
|
The
Globalism Institute
|
| Who: |
The
Globalism Institute
|
| What: |
Thirteenth
International Literacy Conference on Learning
|
| Where: |
Montego
Bay, Jamaica |
| When: |
June
22-25, 2006 |
Submission
Deadline:
March 22, 2006
|
|
|
|
IBAM
|
| Who: |
Institute
of Behavioral and Applied Management
|
| What: |
14th
Annual IBAM Conference
|
| Where: |
Memphis,
Tennessee, USA |
| When: |
October
5-7, 2006 |
Submission
Deadline:
April 12, 2006
|
|
|
|
IABE
|
| Who: |
SInternational
Academy of Business and Economics |
| What: |
IABE-2006
Annual Conference
|
| Where: |
Las
Vegas, Nevada, USA |
| When: |
October
15-18, 2006 |
Submission
Deadline:
May 31, 2006
|
|
|
|
ASBE
|
| Who: |
Association
for Small Business and Entrpreneurship |
| What: |
Fall
Conference
|
| Where: |
Best
Western in Corpus Christi, Texas |
| When: |
Novermber
1-3, 2006 |
Submission
Deadline:
August 1, 2006
|
|
|
|
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TIP OF THE WEEK
Setting
Up an Accounting System
Your specific accounting
needs are largely determined by the industry you're in and by the size
of your business. The smallest businesses often need little in the
way of accounting records beyond and accurate check register. As businesses
become larger, the difficulty of any one person being able to remember
all its details increases exponentially. When a business is large enough
to have one or more employees, formal record keeping is a must.
Regardless of your
business's size, the one essential element of an accounting system
is cash accounting that is accurate, easy to use, and tracks all checks
written and all deposits made.
As your business
grows the following accounting functions will become important to your
success:
• Accounts payable records to track what you owe and to make timely payments in order to capture prompt pay discounts and to maintain a good credit rating for your business.
• Payroll records to ensure that payroll and employment taxes are
kept current.
• Fixed asset accounting that automatically calculates and accumulates
depreciation.
• Credit card sales function to enable reconciling your sales records
with the amount of discount and charge backs taken by your credit card
provider.
• Accounts Receivable records if you provide credit to your customers. Accurate and timely accounts receivable records are essential for making decisions concerning the extension of credit. Accurate records also help produce accurate billing of customers, and thus help to maintain good customer relations.
• Insurance register to ease the problems of keeping necessary
insurance coverage current and in force.
• Investments records if your business keeps surplus cash invested
in securities.
• Leasehold records if your business has made improvements to leases
property or equipment.
The actual task
of setting up a computerized accounting system for your business is
quite easy. All the small business accounting systems listed above
include all the functions that you are likely to need. Additionally,
each program has a method to establish a set of records that is appropriate
for your specific business. Should you have a business that is unique,
setting up a set of records from scratch takes less than an hour. Quickbooks
and Peachtree include an "interview" function that will guide
you through the setup process by furnishing a series of questions and
prompts..
Often in such situations,
you can get help for free from your local Small Business Development
Center or SCORE (the Service Corps of Retired Executives). Alternatively,
for a small fee (generally $200 to $1,000) many CPAs (certified public
accountants) will set up any of these accounting programs for your
specific needs. You can find CPAs in your phone book (hard copy or
online) or even through Google searches for a CPA directory like the
one in the Google search bar. As when you choose any other professional
(like doctors or lawyers), it makes sense to check with others about
a professional before making a major commitment.
| Katz,
Jerome A., and Richard P. Green. Entrepreneurial Small Business. New
York: McGraw-Hill/Irwin, 2007. 360. |
|
The
SBANC Newsletter is provided as a service to the members of our
affiliates: Academy of Collegiate Marketing Educators (ACME),
Association for Small Business & Entrepreneurship (ASBE),
Federation of Business Disciplines (FBD),
International Council for Small Business (ICSB),
Institute for Supply Management (ISM),
The International Small Business Congress (ISBC),
Marketing Management Association (MMA),
Small Business Administration (SBA),
Service Corps of Retired Executives (SCORE),
Small Business Institute (SBI),
Society for Marketing Advances (SMA),
United States Association for Small Business & Entrepreneurship
(USASBE), U.S.
Department of Veterans Affairs (VA).. If you are interested in
membership or would like further information on one of our affiliates,
please
see
our web
site at http://www.sbaer.uca.edu
SBANC STAFF
Main Office Phone: (501) 450-5300
Dr.
Don B. Bradley III, Executive Director of SBANC &
Professor of Marketing;
Direct Phone: (501) 450-5345
Taylor Farrar, Development Intern
Ashley
Ford, Development Intern
Garion
McCoy, Development Intern
Brandon
Tabor, Development Intern
To subscribe or
unsubscribe to the SBANC Newsletter, please E-mail SBANC at sbanc@uca.edu |
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