How Your POS System can Save You Money

The cost of running a business can be overwhelming, and many companies close because they are unable to manage these costs. Therefore, reducing these costs can ensure more profits and continuity of your business. Here is how your POS system can save you money:

1. Encourage Email Receipts

In business, you have to take every opportunity available to reduce costs in order to maximize returns. Since paper used for receipts is a business expense, use of a paperless sales process can remove this cost and increase your profits. A great POS system allows for printing and emailing of receipts to clients. In addition to saving the cost of the receipt paper, you will be able to collect emails for your mail list. Even if it is a small expense, it will be significant when quantified in the long run.

2. Pulling Sales Reports for Tax Purposes

Getting accurate sales information from your POS system can help to save money and simplify the tax process. POS systems offer accurate sales data for your tax purposes. The system also differentiates sales tax as well as other non-income fees from overall sales. As opposed to using a lot of time calculating your final sales, you can just get the data from your POS system sales report and know it’s accurate. When gross receipts, returns, and allowances are accurate, you can be confident you are paying correct taxes. Therefore, your POS system will aid you in preventing human errors and avoiding substantial penalties.

3. Check Cost of Goods Sold (COGS) and Gross Profit

Being keen on your COGS and gross profit can save you costs and increase your profits. COGS is the expense of acquiring your inventory. Two items with different prices have different COGS. The cheaper product can be bought in more quantities than the expensive one, offering you the opportunity to make more money. You can also put more focus on the item with a higher gross profit to maximize returns.

4. You Don’t Need an Accountant

A POS system can be used with an integrated accounting solution that offers comprehensive reports. There won’t be a need for hiring an accountant to organize your data and provide financial reports. In addition to cost savings, you will be knowledgeable regarding your business finances.

5. Verify Hourly Sales

Confirming hourly sales can be an excellent way of saving your company money. It is essential to note that a day can be profitable, but some hours can be unprofitable. Some hours such as the first and the last, are usually slow and your business can lose money during those periods. Check these hours in terms of the energy bill and the staff salaries. Then compare with the amount of revenue generated at those times. If you are not making a profit, it would be ideal to open later or close early. In addition to saving money, you will have time savings that you can use for your business or personal tasks.

6. Saving Time and Salaries

Time is money, and your POS saves you both cost and time. A good POS system can count in-store inventory and compare it to warehouse inventory, help to order stock, aid in contacting the vendor, assist in re-ordering goods that are in high demand, and more. This saves personnel time that is used to handle sales and customer service. It also reduces the cost of hiring more employees to perform these tasks.

If you want to maximize your profits by reducing your expenses, then an excellent POS system is the answer to your problem. Get a POS that’s best for your industry and enjoy high cost-savings.

Search Engine Optimization

Parxavenue Top Calgary Search Engine Optimization Company – SEO and SEM

What’s the point of building a website if it’s going to rank on Google’s last page?

Building a website in 2018 is a lot different than it was 10 or 15 years ago. Back in the day; companies could create a website and use all kinds of flashy and spammy methods to rank their site in search engines, and it was quite easy to do. Search engines’ algorithms have become a lot smarter in the past decade and can now detect these old-school methods in a matter of seconds. Can you imagine a time when you can rank on Google’s first page 24 hours after building a website stuffed with 20 exact match keywords? Ranking your site used to be, that easy!

Many penalties have been given out lately as algorithms get smarter with the growth of technology. If your website has been penalized in any way whatsoever, many experts in the SEO industry will tell you that it might be easier to purchase a new domain and start fresh. Recovering from a penalty is time-consuming. Building back the trust you once had, won’t be easy – possible, yes, but not easy.

Parxavenue Ltd. an excellent SEO company based in Calgary, Alberta; has experimented with multiple domains, using all major search engines to see how hard they can “push.” The answers didn’t come right away, but after a few short months, they did find out how easy it is to receive a penalty and even have your website de-indexed!

Search Engine Optimization
Calgary SEO – Calgary SEM – Parxavenue Top Search Engine Optimization

If your SEO staff, team, or agency is using “Old-School” methods today in 2018, be aware that these techniques will catch up to you faster than you might be thinking. The best-ranking websites from any niche market have a very natural flow to them, using exact match keywords only when completely necessary. When working with the best SEO tools on the market today, it is quite clear that you have to follow Google’s best practices and again, that’s how simple it is. “Don’t be Evil” For helpful information regarding the best ways to go about working on your own website’s SEO, please click here.

RRSP's

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Registered Retirement Savings Plan – RRSP.ORG the original website that best describes everything you wanted to know about Canadian registered plans and schemes has taken a turn for the best. The information and knowledge base on RRSP.ORG is more than ready for change and a complete overhaul.

MONEY.CA the leading Canadian money and personal finance website has acquired the aging website for all the right reasons. RRSP is just one of many keyword subject sites that most of Canada wants and needs. For over 20 years this small and meaningful site providing news and information in the world of Registered plans for Canadians has now been taken over by people who know and care dearly about the subject matter and the benefits and advantages it brings to Canadian’s, the government and the country as a whole.

Look forward to the changes and updates as Canadian financial consumers will learn how to make, save and preserve more of their hard earned wealth. The advisor channel is more than welcome to contribute news, information, stories and articles that make sense and pays dividends to the average Canadian.

The Mortgage Broker

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The Andex Chart is probably the single most important investor – advisor learning tool and education wonder when first seen by anyone. The Canadian economy at a glance, what happened when and how things are related and can change often and without notice or comprehension.

One can analyze the information in hundreds of ways and enjoy seeing the big picture of Canada’s capital markets. There is no doubt the value of these important charts that explain a lot and allow the imagination to research and drill down from macro-economics to the local pocket book.

MONEY.CA online – Money Magazine and Money Media are excited to offer Canadian’s who buy Money Membership at $30.00 which includes Money Magazine to the door step and the monthly Money Newsletter to the desktop. When you buy a Money Membership you will receive a 2014 Canadian Andex Chart Handout and you will have caused a 2013 Canadian Andex Chart to be given away free to a child, student or teenager for a first time, eye opening experience right in the palm of their hands; and because of you. Just to let you know one Andex Chart alone will cost over $16.00 + tax.

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Its your call – How to get new clients.

Its your call – How to get new clients.

Humor me for a second. Think back to the last deal you closed and ask you, “Who was the decision maker I had to reach and influence? How did I do it?”

The reason I asked you to think about that is because there will always be someone you will need to contact and influence to get the next deal and the one after that and all the deals you could ever possibly close in one lifetime. Your success doesn’t just happen. You make it happen, and it all begins with prospecting.

Prospecting is nothing more than the art of speaking with people who might do business with you, and engaging them in a meaningful conversation so that they will want to see you and talk further. Let’s not make it any more complicated than that. At the end of the day a telephone sales call is only a conversation between two people.

Make a list of everyone you just identified. It doesn’t matter if you need to speak with fifty people or only one; your focus is on precision not volume.

Once you have the names write down the main issues facing each person on that list. The reason I’m suggesting that is because you will have to address their issues, not yours.

If you start your conversation rambling on about your products and services you will sound like you’re selling something. When you talk about their issues you hit their Greed Glands which address what’s in it for them. Retirees are not waking up in the morning wanting financial products. (It would be nice.) They are, on the other hand, concerned about the rising cost of living.

Once you’ve worked out what you want to say you will have to get the person on the phone. The objective of your call list is not about making calls. Many financial advisors base their lists on volume, in other words the more names on the list the better because if they don’t contact someone there are plenty more to call. What happens with this approach is that most people end up leaving a lot of money on the table, missing up to 75% of their opportunities, simply by not contacting people. A call is not a commodity. It’s precious.
It would be nice if we were mind readers and knew where our biggest opportunity was, but we don’t so we have to speak with everyone. Your objective is to book appointments.

So whether you have twenty people to call or only one, get them on the phone. All of them. Without exemption.
Leaving a voice message doesn’t count. That only fools you into thinking you contacted someone when in fact all you did was leave a voice message. The easiest way is to ensure that you connect with your prospects is to simply find out when they are in, and then call at that time.

By planning your calls and your message you stay in control.
Once you get your prospect on the phone you will have the opportunity to speak for all of about thirty seconds at which time you will either ask for an appointment or ask a qualifying question. From the time you introduce yourself to the time you ask for an appointment there are less actually than thirty words. Make each word count. The words you speak paint images in people’s minds and you have complete control over what those words are.

Twice as important as what you say will be how you say it. Speak slowly and send the message that what you have to say is important. It’s so important that you will take a minute before the call to focus on how you can make the prospect’s life better, and that will bring out the passion in your voice.

At the end of each call you will either be sitting there with an appointment or you won’t. Either way self-assess to either see what you did well so that you can do it again on the next call, or look at where you need to improve.

If a call does not work out for whatever reason figures out if it was they or you. If there was something you could have done better, make sure to take correction action for the next call and then reward yourself for learning from your mistakes. When you consistently self-assess you stop repeating the same mistakes, and when that happens your performance benchmarks rise as like gravity.
By making yourself more effective you ensure that your next deal will be more successful than your last.

Mark Borkowski – www.mercantilemergersacquisitions.com

How can I recognise a SCAM?

A very good question and here are some tips including information from the Canadian Anti-Fraud Centre. www.antifraudcentre.ca

1. If it sounds too good to be true – guess what?!
You’ve won a big prize in a contest that you don’t recall entering. You are offered a once-in-a-lifetime investment that offers a huge return. You are told that you can buy into a lottery ticket pool that cannot lose. Oh really?
2. You must pay or you can’t play.
“You’re a winner!” BUT, you must agree to send money to the caller in order to pay for delivery, processing, taxes, duties or some other fee in order to receive your prize. Sometimes the caller will even send a courier to pick up your money. No legitimate lotteries use this process!
3. You must give them your private financial information – I think not!
The caller asks for all your confidential banking and/or credit card information. Honest businesses do not require these details. If you are placing an over-the-phone order, be extremely careful when providing credit card information – get the name of the person and an order number and record it to compare with your monthly statement.
4. Will that be cash… or cash?
Often criminal telemarketers ask you to send cash or a money order, rather than a cheque or credit card. The reason is simple – cash is untraceable and can’t be cancelled. Crooks (obviously) have difficulty in establishing themselves as merchants with legitimate credit card companies.
5. The caller is more excited than are you – oh joy, oh rapture!
The crooks want to get you very excited about this “opportunity” so you won’t think clearly. Lottery, “free” vacation, stock tip – the gimmick doesn’t matter. Act in haste, repent at leisure!
6. The manager is calling – don’t we wish.
The person claims to be a government official, tax officer, banking official, lawyer or some other person in authority. The person calls you by your first name and asks you a lot of personal or lifestyle questions (such as “how often do your grown children visit you”). They are trying to get enough information to steal your identity or have another crook try to scam you as a parent/grandparent.
7. The stranger calling wants to become your best friend – so you need more?
Criminals love finding out if you’re lonely and willing to talk. Once they know that, they’ll try to convince you that they are your friend – after all, we don’t normally suspect our friends of being crooks. Hang up and ignore them – HONEST people don’t try to become best friends over the phone or internet or in chat rooms or dating sites.
8. It’s a limited opportunity and you’re going to miss out – good, miss out.
If you are pressured to make a big purchase decision immediately, it’s probably not legitimate. Real businesses or charities will give you a chance to check them out or think about it.

What can you do to protect yourself?
Remember, legitimate telemarketers have nothing to hide, however….
• criminals will say anything to part you from your hard-earned money.
• be cautious. You have the right to check out any caller by requesting written
information, a call back number, references and time to think over the offer. Legitimate business people will be happy to provide you with that information. They want the “bad guys” out of business too. Always be careful about providing confidential personal information, especially banking or credit card details, unless you are certain the company is legitimate. And, if you have doubts about a caller, your best defence is to simply hang up. It’s not rude – it’s smart.

If you’re in doubt, it’s wise to ask the advice of a close friend or relative or contact the Canadian Anti-Fraud Centre, local law enforcement or the Better Business Bureau. Rely on people you can trust. Remember, you can Stop Phone Fraud – Just Hang Up!

What if I suspect that a relative or friend is being targeted by unscrupulous telemarketers?
Watch for any of these warning signs:
• a marked increase in the amount of mail with too-good-to-be-true offers;
• frequent calls offering get-rich-quick schemes or valuable awards or numerous calls for
donations to unfamiliar charities;
• a sudden inability to pay normal bills;
• requests for loans or cash;
• banking records that show cheques or withdrawals made to unfamiliar companies; or
• secretive behaviour regarding phone calls.

If you suspect that someone you know has fallen prey to a deceptive telemarketer, don’t criticize them for being naïve. Encourage that person to share their concerns with you about unsolicited calls or any new business or charitable dealings. Assure them that it is not rude to hang up on suspicious calls. Keep in mind that criminal telemarketers are relentless in hounding people – some victims report receiving 5 or more calls a day, wearing down their resistance. And once a person has succumbed to this ruthless fraud, their name and number will likely go on a “sucker list”, which is sold from one crook to another.

Also, make sure the details are reported to local law enforcement, the Better Business Bureau and the Canadian Anti-Fraud Centre. In addition, add your phone numbers (including your cell and fax) to the Do Not Call List – at www.dncl.gc.ca. It isn’t perfect but it does help.

Death Bed Advice….

These were some words of wisdom told to me by a client that had to sell his company from his death bed. He and his family dictated these pieces of advice in one long visit. Not sure where they got them, but I wrote them down while he was dying.

I wanted to share them with you.

1. Life isn’t fair, but it’s still good.
2. When in doubt, just take the next small step.
3. Life is too short to waste time hating anyone.
4. Don’t take yourself so seriously. No one else does.
5. Pay off your credit cards every month.
6. You don’t have to win every argument. Agree to disagree.
7. Cry with someone. It’s more healing than crying alone.
8. Save for retirement starting with your first paycheck.
9. When it comes to chocolate, resistance is futile.
10. Make peace with your past so it won’t screw up the present.
11. It’s OK to let your children see you cry.
12. Don’t compare your life to others. You have no idea what their journey
is all about.
13. If a relationship has to be a secret, you shouldn’t be in it.
14. Life is too short for long pity parties. Get busy living, or get busy
dying.
15. You can get through anything if you stay put in today.
16. A writer writes. If you want to be a writer, write.
17. It is never too late to have a happy childhood. But the second one is up
to you and no one else.
18. When it comes to going after what you love in life, don’t take no for
an answer.
19. Burn the candles, use the nice sheets, and wear the fancy lingerie. Do not save it for a special occasion. Today is special.
20. Over prepare, and then go with the flow.
21. Be eccentric now. Don’t wait for old age to wear purple.
22. The most important sex organ is the brain.
23. No one is in charge of your happiness except you.
24. Frame every so-called disaster with these words: “In five years, will
this matter?”
25. Always choose life.
26. Forgive everyone everything.
27. What other people think of you is none of your business.
28. Time heals almost everything. Give time.
29. However good or bad a situation is it will change.
30. Your job won’t take care of you when you are sick. Your friends will. Stay in touch.
31. Believe in miracles.
32. Whatever doesn’t kill you really does make you stronger.
33. Growing old beats the alternative — dying young.

Mark Borkowski is president of Mercantile Mergers & Acquisitions Corporation. Mercantile is a mid market M&A brokerage firm. Mark can be contacted at mark@mercantilema.com or www.mercantilemergersacquisitions.com

From loyalty programs to the true cost of credit cards

Moving past the cost of loyalty programs to credit cards

My last blog covered how the costs of all the loyalty programs are passed along to all consumers – even those who don’t belong to such programs. Credit card costs have been in the news a great deal in 2013 and even received a mention in the Speech from the Throne that opened the new Session of Parliament.

Most readers will remember the Competition Bureau finding earlier this year in FAVOUR of credit card fees being passed along to all consumers rather than just those who use the cards. The issuers of the credit cards were, of course, ecstatic with the ruling – merchants not so much and consumers not at all, but then, cynic that I am, did anyone really expect the Bureau to side with consumers over large financial institutions – both national and international in scope?

So let’s do some math (sorry). For simplicity, I will use a card issued in three flavours – a basic, no-fee, no-reward format (Bronze), a fee-based card that also provides extra loyalty bonuses in the form of “points” redeemable for merchandise gifts from the issuer’s pre-selected catalogue (Silver) and the third is a Gold card (also fee-based but at nearly twice the level of the Silver card) that gives points that can be redeemed for travel – allegedly unlimited travel without blackouts and restrictions.

Having operated business that accepted credit cards, I know all too well the costs involved. First the merchant pays a fee to be able to accept each type of credit card. Then they have to rent at least one of those ubiquitous terminals that work at least some of the time. Their banking institution will sometimes charge an additional processing fee to handle the credit card vouchers while other card issuers have a fixed-fee arrangement (as a percentage of the TOTAL amount charged, including tips and taxes!).

A typical fee schedule for this hypothetical card series would look like this:

Card User Charge Merchant Charge
Bronze $0 annual fee 1.75% of total amount charged
Silver $120.00 annual fee 3.15% of total amount charged
Gold $225.00 annual fee 4.65% of total amount charged

I am NOT quoting fees for ANY specific credit card currently in use. These are illustrative only and roughly represent a mid-point of charges currently at work in our economy. Each card issuer and supporting financial institutions are completely free to set (and change) their own fee schedules.

With these fees charged to the merchants and vendors on the total amount put on the purchaser’s card, it is no wonder that the card companies and issuing institutions are raking in obscene profits at the expense of both the merchant and consumers – regardless of their incomes.

If you were a merchant, how much of these merchant costs would you include? 1.75%? 3.15%? 4.65%? Plus somewhere the cost of “buying into” the use of the card and terminal rental has to be included – the merchant can’t afford to take any loss with margins being so tight!

Most users today have either a Silver- or Gold-type credit card so the merchant has to plan for at least the Silver fee and a large percentage of the Gold fee – say 4.15%? On everything. Whether the purchaser pays in cash, uses a debit card (there are fees for these cards too but are usually less than .60% depending on merchant volume) or a credit card. Oh, the merchant also pays GST and possibly PST on top of these fees!

The low and modest income person or family who can’t qualify for any credit card, well, they are all still is paying the fees. Is this fair? This says nothing of the usury interest rates of sometimes more than 24% being charged on any outstanding balances.

Make sure you understand the costs and how they affect you!