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Financial Accounting has its Limitations

Financial Accounting has its Limitations

Download Financial statements – Stock Photography
from © Dreamstime.com If one takes a deeper look into the different aspects of accounting, one will find that it is not free from limitations. Financial accounting gives room for alternative treatment. Basically, accountancy is based on the ‘generally accepted principles’, but one will see that there is more than one principle when it comes to the documentation of a single item. The entities permit alternative treatments for different purposes. But it has to fall within the framework of ‘generally accepted principles’ that have gained acceptance. One of the flaws of financial accounting is that it does not provide timely information. But, this cannot be considered a limitation at all, since highly useful software applications of the likes of Myob are used to produce online and concurrent accounts and the balance sheets can be made available almost immediately. Manual accounting has got a problem or shortcoming with this. The information provided by financial accounting personnel is, at best, one that has got some historical interest only. What takes place is only the post-mortem analysis of the details. In fact, all businesses require access to timely information made possible at frequent intervals. Then, the management of a company will be in a better position to plan and take corrective actions.

As everyone knows, financial accounting cannot be expected to supply information at short notice. With the introduction of computerized accounting and customised soft ware, financial accounting is made easy. It generates monthly profit & loss accounts and balance sheets, and has overcome the limitations that existed earlier. There is some influence of personal judgment happening in financial accounting domain. This so-called ‘Convention of objectivity’ is acceptable and assumes some respect in the accounting area. This is due to the fact that personal judgment is required in order to record certain events and making estimates. It is well nigh impossible to maintain accuracy in future estimates and as a result objectivity suffers. For instance, if one wants to determine the amount of depreciation that has to be charged every year the estimation done cannot be counted authoritative, but just an approximation.

Financial accounting pays no attention to non-monetary information; transactions that are non- monetary in nature. Take a few examples, the intangible things like the extent of competition faced by the company, loyalty levels and efficiency of the employees etc. are some of the important matters which are of interest to the top management. But, accounting does not take note of such matters. Thus the end user of these kinds of financial information is, in effect, deprived of some crucial information that are of a non-monetary character. But, in today’s world, good accounting software or packages with MIS and CRM will be found to be useful in overcoming this limitation, but only partly. Financial accounting, in fact, does not supply one with detailed reports of analyses. But, there is no denying the fact that it enables one to study the overall result. The important information regarding the revenue, cost and profit of each product is not got by simply relying on financial accounting.

The author is an SEO copy writer and internet marketing specialist. To know more about

accounting & bookkeeping and accounting services visit lbks.co.uk/

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EPOS Systems And Business Performance Go Hand in Hand

EPOS Systems And Business Performance Go Hand in Hand

The advent of latest technology has revolutionized all over the world. The modern age of information technology has also completely transformed the way retail businesses used to be managed before. The introduction of EPOS technology in retail industry is the sign of a new age in this industry with its diverse features used for business management and increasing business efficiency. This latest technology has made the several works of retail business entrepreneurs extremely easy and provided them complete peace of mind for administering and processing business processes. EPOS systems can help increase business performance in following ways.

EPOS systems have made the complex and tedious task of inventory management extremely easy and efficient. Manual handling of inventory stock is a really difficult job as stock managers had to manually count all products available in stock and also had to keep track of sold products and deduct them from products available in inventory. This manual process used to become even more complex with high percentage of probability of human errors which had a negative effect on the overall profitability of business as well. But thanks to EPOS technology which has automated the process of inventory management through its stock control system also known as EPOS Software. Latest technology used in EPOS systems not only keeps track of all products available in stock but also alerts inventory managers about minimum levels of products. This feature greatly helps in preventing inventory shortage problem. Also orders can be sent to concerned suppliers automatically preventing managers from the hassle of manually sending orders to a huge range of products to suppliers.

One of the biggest reasons that EPOS systems are extremely useful for retail business is their speed and accuracy which can never be achieved through human resources. This unmatched speed and accuracy of EPOS technology helps businesses improve their overall efficiency in several ways. Entries can be made in EPOS software quite rapidly and orders from customers can be processed with utmost speed and accuracy. This increases customer satisfaction on one hand and reduces business expenditures on the other hand by saving costs for daily wages allocated for human resources used for managing those processes.

EPOS systems not only assist in improving business performance but that improved efficiency can also be monitored and measured through the use of this state of the art technology. This great feature helps manager and owners identify that which products are more profitable for their business and investment in which sector of business can be profitable for business in the long run. All the information obtained from reports generated from EPOS systems can further be used for formulating and implementing various growth and marketing strategies. Success of business growth strategies can also be measured and necessary amendments can be made as well.

Last but not the least, EPOS systems also help greatly in price management of products. Decisions regarding increase or decrease in prices of different products can be taken and their effects on profitability of business can be analysed through this latest technology which was never possible with traditional and manual cash register system.

E-Till Solutions specializes in offering customized and most affordable Pharmacy EPOS Systems, dry cleaners point of sales Systems and Restaurant POS Systems in UK.

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Most Impressive Credit Cards

Most Impressive Credit Cards

Credit cards are one of several types of payment cards in the marketplace along with debit cards, ATM cards, Charge cards, Stored-value card and Fleet card. They are popular nowadays and convenient for customers. With a small, embossed plastic credit card, people can purchase anything from food and clothes to furniture without bringing a big amount of money in their bag. 

 

There are many different credit cards with special and beautiful designs around the world. Here are eight of the most impressive credit cards. Some of them are made of unique materials while others feature strange appearances.

 

Estonian Otto de Voogd used the famous Firefox logo for his new credit card design as he gave out a special offer from his bank named SEB Eesti Ühispank. Users can upload an image through a web interface and they will create a custom bank or credit card from the style. They can pick up the card from the bank a few days later. 

Otto de Voogd is a fan of firefox. He has made Firefox bankcards

This strange transformers visa can be found only in Japan

Visa designers from all over the world have created one hundred beautiful credit cards for Epos International of Japan. The credit card with chocolate sample seems to be the most delicious one.

Users can stop a bullet with this card because it was made of pure titanium

The Dubai First’s Royale MasterCard itself is so impressive with an embedded diamond in the center. It is definitely that making this card is worth more than most charges

If you are a fan of Futurama, you have already known this personalized Futurama credit card. This card can be used every time you buy something, but the cashier will always wonder about its mean

World of Warcraft is a popular game with millions of players nowadays. There is even a World of Warcraft Visa credit card for the World of Warcraft players.

This card looks simple, but it is a disguised USB 2.0 Flash Drive. It can store 8GB of data, so our files will not be lost or stolen.

 

Related articles:

Best Multinational Companies to Work for

Top Creative Ice Cream Trucks

Interesting Facts about Money

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What is black zirconium

What is black zirconium

Zirconium is an element and a metal very similar to titanium. As a matter of fact, you can’t tell a difference by looking at them. It is slightly heaver than titanium, but not as heavy as stainless steel. It has a unique property of being able to be turned black. It is machined from solid bar the same way titanium rings are made from solid titanium.
Some rings are made from something called Black Titanium. It’s a proprietary alloy of one large company, and it’s actually an alloy of mostly zirconium with a little titanium thrown in for good measure. It has more to do with marketing because people recognize the term titanium, and not so many recognize zirconium. It’s the zirconium that turns black; titanium doesn’t do that. The method and process are exactly the same. My rings are crafted from pure zirconium and then blackened.
The blackening process is interesting. The raw ring is the color of titanium or stainless steel, and it gets heated to high heat in a specific atmosphere. When this happens, zircon, a clear ceramic coating floats to the surface. The color changes to bronze, then to blue, then to yellow and other colors as the heat increases. The color is caused by interference of light waves, the same way that oil on a wet parking lot gets its colors. Constructive interference of the lightwaves creates a very pure blue and other colors. As the heat increases, a second order of colors is formed over the first. Then a third and fourth and more is added. As the oxide layer gets thicker, the wavelengths of light reflecting off the surface start destructively interfering, until nothing is left but a shiny black surface. It has the look and slippery feel of Hematite. It is an extremely inert surface, and zirconium is used in artificial knee joints for that reason. The surface is also pretty hard, at a Mohs hardness of 8.4, where diamond is 10 and titanium is 6.5 and gold is around 3.
Because zirconium is a strong metal, special designs like any of our tension sets can be made in it. There is also the possibility of lasering through the oxide to create engraved or colored effects. The imagination is the limiting factor on what’s possible. We also do our exclusive continuous inlay rings featuring inlays of hardwoods, meteorite, stone, and acrylics.

Check out some of the possibilities of Black Zirconiumon our BooneRings page: http://www.boonerings.com/color.htm
www.boonerings.com is a leader in the manufacture of black zirconium. Please visit their site to see the possibilities of titanium made into attractive pieces of art.

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Benefits of EPOS Systems in E-commerce Business

Benefits of EPOS Systems in E-commerce Business

The introduction of EPOS systems in retail sector has opened several doors of business for e-commerce businesses all over the world. EPOS technology enables business organizations to make use of internet effectively and gain much more business sales of their products and services than other sources of marketing. A few years back it was almost impossible for retail small scale businesses to use EPOS systems. The absence of modern EPOS technology in retail and e-commerce businesses was resulting in reduction of all those sales and business activities which these businesses can perform due to this technology. But now customized EPOS systems are available in market which has made it possible for small e-commerce businesses to afford installing and taking benefits of EPOS systems. Also latest additions of internet connectivity in EPOS systems have made these systems much more efficient and profitable for e-commerce industry.

EPOS systems are extremely efficient for managing e-commerce sites of various businesses. EPOS software can be used to update information on website about various products. Product descriptions and services details can be sent through EPOS software directly to customers. EPOS solutions offer flexibility to manually change pricing of various products and their details online without any need to hire extra workforce to perform all such operations.

Online orders can be managed quite conveniently with the help of such systems. Customers can place orders through your website and such orders can be processed by forwarding those orders to concerned labour staff. Current details of orders can be seen all the time through EPOS software and once orders are complete, customers can be made aware of that. In this way, EPOS systems can be efficiently used not only for processing customer orders and queries but better online customer services can be offered to customers. More number of satisfied customers means more opportunities to grow and expand business.

EPOS systems offer a perfect solution for e-commerce industry by providing integration between your business and your website. Your stock management systems can be integrated with your website making it convenient to automatically deduct products from store or inventory with each product sold through your website.

Online marketing campaign can also be run much more efficiently and effectively through these EPOS systems. Existing customers can be informed time to time about discounts on different products and services through internet. Thus EPOS systems can be used as an excellent medium for flourishing marketing campaigns of business. These systems offer opportunity to maintain better communication and relationship with new and existing customers.

E-Till Solutions specializes in offering customized and most affordable epos pharmacy Systems, dry cleaners point of sales Systems and Restaurant EPOS Systems in UK.

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