SUBSCRIBE
Home Blog Page 463

How regular management accounts help you plan for the future

Sam Allcock
-
0
How regular management accounts help you plan for the future

What are the most valuable reports in your financial arsenal? The cash flow statement, balance sheet, profit and loss? While these are useful individually, they can be narrow in scope.

That’s why many companies choose to bring these reports together to create management accounts. A more in-depth overview of finances, management accounts can help you spot trends, issues, strengths and weaknesses.

They are also bespoke to your business. You choose what to include, from meaningful KPIs to standard financial reports. This helps you improve processes and make a financial plan fit for the future. Using data this way makes us up to three times more likely to make good decisions.

So, what exactly are they?

What are management accounts?

Management accounts use a range of forecasts, data and reports to make informed business decisions. They use past, present and future financial data to give you a well-rounded, overall look at your business’s financial health.

While individual financial statements tell you part of the story, management accounts bring them all together. They can be created internally or by your outsourced accountancy service. They’re not mandatory – and they don’t have to be filed with HMRC.

Limited companies, small business owners, accountants and management teams alike can benefit from producing management accounts. The in-depth view shows your financial health now and in the future – enabling informed strategic decisions.

How often should you prepare management accounts?

Instead of relying on annual accounts at year-end to make ongoing business decisions, management accounts can be a more regular tool. They’re best prepared at regular intervals; monthly management accounts might help in high-variance businesses, while quarterly works for many others.

Implementing regular management accounts can transform your business, especially when tailored to your business processes or needs.

What should be included in management accounts?

So, what should you include in your management accounts? There’s no one-size-fits-all answer – although many things will appear in most of them. Pick reports and statements that are meaningful to your business activities. Consider including:

Key performance indicators (KPIs)

Include the KPIs that matter to your business. Whether it’s profit margins, areas of performance, or by department, it should be something that impacts your decisions. This lets you focus on areas that make a difference and improve them if needed.

Cash flow statement

This is where your bookkeeping comes in. Use your cash flow statement to get an overview of your cash position. You should use past data to help inform decisions – it’ll give you insights into strengths, weaknesses, and seasonality in cash flow. Then, create cash flow forecasts to spot potentially tricky months ahead of time.

Profit and loss statement

Your profit and loss (P&L) statement gives you a snapshot of your profitability. Check your income statement to see how much you’re generating and get an overview of costs and expenses paid out. This will help identify any costs that are hindering progress and let you compare your situation over time.

Balance sheet

Your balance sheet will also give you valuable financial information. You’ll get an idea of assets, liabilities, and debts – allowing you to see if all obligations are in hand.

What are the benefits of management accounts?

Collecting this information into management accounts brings various benefits.

1 – Monitor your finances closely

Instead of simply checking balances, your management accounts can give you a thorough idea of financial performance. It will help spot errors, look at any variance in cash flow, and identify potential issues before they happen.

2 – Timely decision-making

Then, you’ll be in a position to make informed judgments. You’ll be able to make timely, data-driven business planning decisions – instead of relying on gut-feeling or snapshots in time.

3 – Make budgets for the future

You can then make budgets for the future, not just the present. By planning for the long-term, you’ll avoid shocks from things like tax bills, cash flow variance and dividend payments.

4 – Improve efficiency

Use the insights from your management accounts to improve efficiency. This could mean many different things for different businesses – the crucial part is identifying it through your management accounts.

5 – Work with stakeholders and investors

Management accounts are also an excellent tool for stakeholders and investors. Regular management accounts can help justify business decisions and attract lenders when needed.

Make good business decisions

Up-to-date management accounts can change the way you see your business. By doing regular reviews, you’ll see trends and spot issues early – making better decisions that positively impact business performance.

Manage Your Work and Studies with Apps Like Study Bunny

Sam Allcock
-
0
Manage Your Work and Studies with Apps Like Study Bunny

One of the significant reasons behind installing productivity apps on your phone would be procrastination. Productivity apps help in improving our lifestyles. There are tons of advantages to installing productivity apps like Study Bunny. The first benefit is that you start observing the noteworthy improvements in the quality of work you do daily. Also, it is one perfect way to set and implement goals. Apart from that, you don’t need to keep manual track of your work; these apps also take care of that.

Focusi – Study Timer

If you want to take your studies seriously and improve productivity, Pomodoro is a technique you must check out. The Focusi has made this technique even better with its intuitive interface. This study time will allow you to start your study with one tap. You can also check your studying stats and make more improvements according to your schedule. One of the best advantages of the app is that you can easily concentrate better with its fantastic screen pinning feature.

Moodflow: Mood

Wouldn’t it be amazing if an app told you what makes you happiest? Yes, now, with Moodflow, you can discover what makes you most comfortable. The app aims to help people by giving improvement suggestions. One of the app’s best features is that it has a calendar that allows you to track your days in the easiest possible way. Apart from that, the app is excellent for discovering personal insights.

Dreamfora: Daily Goal Settings

If you are someone who hates to plan out things, then start using the Dreamfora app. It is a complete package that converts dreams into reality. Also, it is one of the most straightforward goal-setting apps you will ever discover. With the Dreamfora app, Long-term Planning is Made Quick and Easy. Apart from that, if you want to make your journey more pleasant and productive, there would be hardly a better app than the Dreamfora. 

StudySmarter- School & Uni

With more than 5 million downloads and votes #1 study app, the StudySmarter is the only app you may require to get better grades. The app has many features such as flashcards, notes, explanations, textbook solutions, a study timer, and many more. The app allows you to create flashcards within seconds. Apart from that, you can save valuable time by using the most accessible note-taking tool of the Studytimer app. Also, the app has dedicated experts to solve your study-related doubts.

FLIP – Focus Timer for Study

FLIP is an app that will help you improve your study habits in a short period. There could be tons of reasons to use the FLIP app. If you are unable to pay attention to your study, read, or work, or unable to manage your work and studies together, the FLIP is an app you should go for.

Summing Up

If you find yourself lacking in the quality of work, then you must check out all these apps and install the best suit for you. All the apps mentioned above have significant features that allow you to do things in a better way. Also, managing your work and studies will never be so smooth and easy with the apps like Study Bunny.

London property prices set to fall as apartments drop in value by 11%

Sam Allcock
-
0
London property prices set to fall as apartments drop in value by 11%

UK Land Registry data reveals median sale value plummeted from £444k to £394k since August 2020

Simon Bath, CEO of iPlace Global, the creators of Moveable, and David Hannah, Group Chairman at Cornerstone Tax, outline how the capital’s property market is cooling.

There are signs of a cooldown in the capital’s property market, with apartments declining in value and house prices increasing, but at less than half the rate seen across the rest of the UK. The median sale of a flat in London now sits at just under £400k, which is 11% down from a peak of around £444k in August 2020. Although the average sale price of a house is now at a staggering £634,000, Zoopla data highlights London as the UK’s worst-performing property market with just a 3.9% increase in value since May last year – which is less than half the British average. 

The real estate platform also reported that properties are taking much longer to sell in London; Simon Bath, CEO of iPlace Global, the creators of Moveable, and David Hannah, Group Chairman at Cornerstone Tax, suggest this is an indication that something has to give in Britain’s most expensive market. The trend of homebuyers opting for houses with garden space over apartments began during the pandemic and has continued to pick up steam since – as illustrated by the plummeting value of flats in London. The stunted growth of house prices is also reflective of what is happening across the nation, with Nationwide’s latest data showing they increased by just 0.3% in June, compared to a 0.9% rise in May. 

This comes amidst a worsening cost-of-living crisis which has seen energy bills soar, inflation hit its highest rate in 40 years and interest rates rise to 1.25%. Experts suggest this is finally starting to have an effect on the UK property market, with new Bank of England figures revealing consumer borrowing hit a four-month low in May – indicating Brits are now exercising much more caution with their finances. Although some initiatives have been introduced to help people get on the property ladder – such as the return of right to buy and the scrapping of affordability tests – soaring prices still represent an insurmountable hurdle for many and this is beginning to affect levels of demand. 

Simon Bath, CEO of iPlace Global, the creators of Moveable, discusses whether London prices are set to fall:

“It certainly seems as though prices in the capital are beginning to peak after years of considerable growth. Amidst a cost-of-living crisis the idea of buying in London became somewhat of a dream rather than a reality for many.

“However, with the price of apartments now falling by 11% since August 2020, this finally brings them back into the realms of affordability. The fact that house prices in London are rising at one of the slowest rates in the UK also suggests that something has to give in the most expensive markets in Britain. 

“House prices across the nation as a whole will undoubtedly seem daunting for a large number of prospective homeowners. However, we are seeing smaller increments in these rises, exhibiting signs that the property market is cooling.
 
“Whilst I predict that the housing marketing will see a slowdown in the coming months, it is also worth noting that there are still significant hurdles to overcome in terms of supply and demand. The government has recently announced various plans to overcome the supply chain issues in the market, which could further help to put the brakes on rising prices over the next year. Hopefully with these new schemes, we will potentially see a continuous decline in house prices to balance out growing inflation.”

David Hannah, Group Chairman at Cornerstone Tax, analyses whether the property market across the UK is set for a slowdown: 

“Despite the consistent rise in prices, I think there are signs of a slowdown. The average house price saw a month-on-month rise of 0.3% in June, which is lower than May’s 0.9%, combined with the expected rise of inflation to reach double digits towards the end of the year, I believe the rise in house prices will continue to slow.
 
“If more properties do enter the UK housing market, a more manageable supply and demand level will be seen and subsequently halt the rapid rise of house prices. There are positive signs in relation to this, with figures showing an increase in new listings in the UK, which will put an even harder brake on the incredible rises we’ve seen over the past few months.”

Revealed: Pay gaps between CEOs and employees increased by 85% after the pandemic

Sam Allcock
-
0
Revealed: Pay gaps between CEOs and employees increased by 85% after the pandemic

One consequence of the pandemic was that pay ratios between CEOs and their employees began to fall, but new research has indicated that these ratios are once again rising to new highs.

MoneyTransfers.com has analysed new data in the field and here is what we found:

  • A correlation between the industries with the lowest CEO/employee pay-ratio and the highest paying UK companies. Media and finance have the lowest average pay ratio, 29:1 and 30:1, respectively. This could be due to the fact that employees in these industries are likely to be highly-skilled and therefore earn a higher median salary than more service-based industries such as retail.
     
  • The median CEO/median employee ratio across FTSE 350 was 44:1 in 2020/2021 – a drop from 53:1 in 2019/2020. This drop suggests that the pandemic impacted pay-ratios with CEOs salaries decreasing significantly as a consequence of lost business performance.
     
  • However, data from the first quarter of 2022 shows that the median CEO/median employee ratio has almost doubled compared to the same period last year –  63:1 in Q1 2022 compared to 34:1 for the same companies last year. This indicates that the diminished pay ratios in 2020 were merely a result of impacted business performance due to the pandemic, rather than a shift in attitudes from CEOs.
     
  • A survey of the public opinion shows that 62% of respondents think that CEOs should earn between 1 and 20 times that of an employee and 29% think they should earn between 1 and 5 times more. For reference, public opinion is more in-line with the typical pay-ratios seen in the 1980s than the astronomical differences in pay we can see now.

“The poll clearly shows that the public are strongly in favour of a fairer distribution of income within companies – something likely to be only more changed by the fact that incomes are not rising comparably with inflation, energy bills, and other daily expenses,” says Jonathan Merry, CEO of MoneyTransfers.com. 

You can read the full analysis here. 

Payments trends for 2022 and beyond 

ABC Staff
-
0
Payments trends for 2022 and beyond 

The payments sector has evolved significantly over the last decade. We have moved away from cash-based payments and fully embraced the digital sector. In 2022, a number of trends are dominating and for businesses that want to take payments, or make them, it is essential to have an idea about what they are. 

Payment gateways 

Consumers are no longer inputting their card details into sites, instead, they are utilising payment gateways that do much of the work for them. A payment gateway is a merchant service that provides the facilitation and authorisation of purchases between an account holder and a platform such as a gambling site or eCommerce store.  

For example, there are many casinos that use Interac, which is a payment gateway service provider that allows players to electronically transfer money from their bank to their account and then to a gambling site. It provides a secure option for players, as well as speed, safety, and convenience. This kind of method is becoming increasingly popular across all verticals, with operators offering several different providers in a bid to serve their clients better. 

Crypto and digital currencies 

For many years, cryptocurrencies were something of a fringe technology. They were used almost exclusively in the underground, with very few places to spend them. But in 2022, the situation has completely changed. More than 100 million people use cryptocurrency across the world, according to data from a leading cryptocurrency exchange.  

As Bitstamp’s survey indicated, the actual number is likely to be higher, with more and more users coming on board every day. While only around 5% of global merchants accept crypto, some big names are already involved. For example, Microsoft, Starbucks, Etsy, and Whole Foods all offer crypto payments, with demand from consumers rising toward 50%. There are a number of intermediary companies that provide services to merchants and online operators who want to offer crypto payments to clients, making the process easier and more secure. 

Digital wallets 

Source: Pexels 

Also known as an electronic wallet, a digital wallet is an app stored on a phone, tablet, or computer that stores the users’ payment information securely. The information it stores include card numbers, names, addresses, security numbers, and even passwords. Using a digital wallet means that users do not need to type in all their details every single time they want to make a payment. 

Instead, they simply use the app each time they reach the checkout. However, digital wallets do not just store credit and debit card details, they can also keep track of gift cards, membership and loyalty cards, coupons, and reservations for travel and accommodation. According to Jonathan Kriegel of the Forbes Business Council, some of the most well-known and widely used digital wallets include PayPal, Google Pay, Venmo, Apple Pay, Zelle, and Cash App, although there are many local ones for specific jurisdictions. 

Digital wallets are widely believed to be the future of card and bank account-based payments, increasing security and convenience and even facilitating in-person payments. 

We have come a long way from paying with just cheques, notes, and coins. In 2022, the use of physical money is lessening while there is an increase in money that uses pixels, code, and the internet. Where we go from here remains to be seen. 

Global water scarcity is ‘code red’ for humanity, the answer is private finance

Sam Allcock
-
0
Global water scarcity is ‘code red’ for humanity, the answer is private finance

Half the world is now facing droughts, floods and filthy water – and the problem urgently requires huge amounts of private finance, warns the CEO of one of the world’s largest independent financial advisory, asset management and fintech organisations.

The warning from deVere Group’s Nigel Green comes as Italy declares a state of emergency amid the worst drought in 70 years. 

Elsewhere, Lake Mead, the largest reservoir in the United States, which provides water for tens of millions of people and countless acres of farmland in the southwest, is now just one-quarter full. 

Meanwhile, once again Sydney is flooded as the impact of the climate crisis becomes the new normal for Australia’s most populous state.

Nigel Green says: “There’s no doubt that all around the world the fallout of the growing climate crisis is accelerating.

“The UN’s Intergovernmental Panel on Climate Change has warned in a report that more than half the world’s population faces water scarcity for at least one month every year, others will be hit by regular severe floods, previously only seen once-in-a-generation, while others have access to only dirty water.

“This is now being played out in real-time every time you look at the news.”

He continues: “A failure to get a grip on this emergency is going to produce catastrophic, irreversible consequences later.

“The response will require political and social determination on a global scale. 

“But, critically, it will also require tens of trillions of dollars. As governments alone cannot afford this now, especially with slowing economic growth amongst other headwinds, the solutions demand private financing.”

As such, notes the deVere Group CEO, the financial sector needs now needs to become more proactive to “unleash and mobilise” the funds required.
He is calling for never-before-seen levels of cooperation between financial advisories, insurance firms, banks, wealth and asset managers, investment companies, fintech groups, banks, and auditors in the fight against climate change.

“Governments around the world have proven themselves to be slow – at best – at responding to the urgent ‘code red’ situation’ we’re facing.

“Therefore, the financial industry must step-up. If we don’t, the level of funding will not be available, nor at the pace necessary, to mitigate human-created global warming.”

Nigel Green concludes: “Climate change is the greatest risk multiplier to our planet, to our communities, and to our way of life.

“It will take huge amounts of private financing to halt its impact. 

“The onus now falls on the financial sector to help mobilise and unlock the necessary funds through education and robust, impactful investment solutions.”

Some Property Features Buyers Are Looking For In 2022

Sam Allcock
-
0
Some Property Features Buyers Are Looking For In 2022

A brand new year means there are new buyer trends and preferences. The key is staying ahead of the curve. This is especially true if you plan on selling your home anytime soon.

Here are some of the major things that a lot of prospective buyers and investors will be looking for in 2022. Knowing these things can help you get as much money as possible from cash house buyers or on your next home sale.

1. Open Kitchen

One of the top things a lot of new buyers are looking for is an open kitchen. A lot of prospective home buyers are looking for homes that have open kitchen concepts that make the space look bigger. This not only improves the perceived size of the kitchen but also makes it easier to entertain guests. While this may mean you need to knock down some walls to make it happen, it could be something worth considering.

After all, your kitchen is typically the major selling point for your property. Because of this, it’s going to be a deal-breaker for a lot of prospective buyers. You want to ensure you are putting the most effort into making your kitchen as marketable as possible. A lot of buyers have specifics they are looking for when it comes to kitchen features. Look to add complete water filtration systems, walk-in pantries, an island, and even a double sink.

2. Better Laundry Room

A lot of buyers in the past may have glossed over the laundry room. However, that’s no longer the case. Nowadays, more and more buyers are looking for full-sized laundry rooms because they spend so much time in them. They don’t want small laundry closets anymore. These days, those won’t cut it. A laundry room can be a good place to add a lot more practical storage space. For instance, you can add some cabinets on top of the washer and dryer appliances. You can use these areas to store a lot of stuff including various household essentials that you normally might have to throw in your bathroom cabinets.

Some of the other features that a prospective buyer might value in a laundry room would be a large sink tub for hand washing any clothes. Another good thing would be an ironing board to get some ironing done while you are doing the laundry. A fold-out folding board is another good option. All of these things can significantly reduce the total amount of time it takes to finish chores which is the number one factor a lot of prospective buyers want.

3. Completely Separate Home Office

A lot of new buyers are looking at the changes happening within the workplace. More and more people are working out of the office. With more people working remotely, it’s important to consider whether or not your home is conducive to having a quiet and productive workspace. Nearly 1 in 4 Americans are currently working from home nowadays. They will want a completely separate office space that they can use to get work done in their homes.

You cannot simply turn a part of the family room into an office. They want separate rooms that can be turned into a quiet home office. The good news is this isn’t necessarily difficult. You can stage a lot of rooms to be a home office and you can make subtle changes to make it more conducive to being a home office. Some of the best things to add to a home office would be Internet cabling, natural light, bookshelves, and more.

4. Multi-Use Garage

This is another major change a lot of prospective home buyers are looking for when it comes to the features they want going forward. A lot of buyers want to get the most out of the space they have available. They are looking to take advantage of every part of their homes. A lot of times, a garage is wasted space. It can be very difficult to see the value of a normal garage with so much clutter.

You want to showcase the potential of the garage by clearing everything out. You also want to add a lot of cool elements that can help them realize the full potential of the garage. This includes using vertical space for adding storage, bringing in practical cabinets, and even adding a workbench. All of these things can help you showcase the space as an extension of the home that adds value. Another good idea that could be marketable is turning some of the garages into a home workout area as more and more people are looking to stay healthy and fit at home.

5. Adding An Outdoor Feature

The curb appeal of your home is essential. If people don’t like the look of your home from the outside, they are never going to come for a look inside. You need to have stellar curb appeal if you want to pin buyers against one another and generate a lot of interest in your home.

Because of this, adding outdoor elements and improving the outdoor space is a must. You want to utilize the space outdoors as well as possible to showcase its potential. Adding a pool could be a good option, albeit a pricey one. You could even add an outdoor kitchen if you truly want to market your home as a high-end option in the marketplace. However, you don’t have to spend a fortune to add more value. Every detail matters and you could add a walkway, a small patio, or even a deck to help open the space and give prospective buyers something to visualize themselves using.

6. Complete Guest Suite

A lot of prospective buyers are looking to entertain their friends and family. They want to be able to invite people over for dinner and house their guests while they are visiting during the holidays. You want to have a guest suite if possible to attract these buyers.

7. Half Bathroom

Buyers nowadays are also looking for half bathrooms. These bathrooms are much more functional than they are appealing. They are designed to be clutter-free and functional spaces where people can go to the bathroom. Half bathrooms may have been seen as outdated in the past, but a lot of prospective buyers see the value they add to a home and they are actively looking for homes with them.

Most Important Factors to Consider When Buying a House

Sam Allcock
-
0
Most Important Factors to Consider When Buying a House

Buying a house is a considerable investment and one of the most important decisions ever. Knowing what you’re looking for and what to avoid is essential. The only variable is what’s important to you and your family.

However, we’ve compiled a list of the most important factors to consider when purchasing a home.

1. Location

Location is everything when it comes to real estate. The neighborhood, commute, schools, and other amenities should all be considered. You want to find a place you’ll be happy with for years.

2. Size

The size of the house is also essential. You need to ensure it’s big enough for your family and all your belongings. But, you also don’t want to overspend on a house that’s too big for your needs.

3. Budget

Your budget is one of the most important factors when buying a house. You need to make sure you can afford the mortgage, repairs, and other costs associated with homeownership. When purchasing properties in Port Andratx, staying within your means is essential.

4. Maintenance and repairs

Another vital factor to consider is the cost of maintenance and repairs. Older homes will likely need more work than newer ones. It’s important to factor in these costs when budgeting for your new home.

5. Warranties and insurance

When buying a house, get warranties and insurance for the home. This will protect you from any unforeseen repairs or damages.

6. Curb appeal

The curb appeal of a house is the first thing you’ll see when you drive up. It’s essential to ensure the house’s exterior is well-maintained and looks its best. Your real estate agent can help you find a place with excellent curb appeal.

7. Home inspection

Before you buy a house, it’s important to have it inspected by a professional. This will help you identify any problems with the property before you make your purchase.

8. Resale value

When buying a house, you should also consider its resale value. You may not plan on selling anytime soon, but it’s crucial to consider the future. You’ll want to make sure you can sell the house for a profit if you decide to move.

There are numerous benefits of working with real estate agents; namely;

a) To find a suitable property, it is essential to consult with a real estate agent. They have the experience and knowledge to help you find the perfect home.

b) A real estate agent can also help you negotiate the price of the house. They will fight for you to get the best deal possible.

c) A real estate agent will also help you with the paperwork and other technicalities involved in buying a house. This can be confusing and overwhelming, but it will make it much easier for you.

d) Working with a real estate agent is an excellent way to ensure you get the best possible deal on your new home.

e) Real estate agents are also a good source of information about the local market. They can tell you about upcoming developments, schools, and other essential factors to consider when buying a house.

If you are planning on buying a house soon, be sure to keep these factors in mind. They will help you find the perfect home for your needs and budget. And, if you work with a real estate agent, they can assist you throughout the process.

5 ways to fight inflation as a SaaS business

Sam Allcock
-
0
5 ways to fight inflation as a SaaS business

The consumer prices index (CPI), which is used to measure inflation, is linked to the prices consumers pay for everyday goods – as the name implies.

But businesses are being hit by inflation as well, even in software. Chances are, you’re paying more for computer hardware, office supplies, and labor than you were a year ago.

And since other SaaS businesses face the same pressures, you might be paying more for accounting and HR software than you used to.

Here are five ways you can fight inflation as a software as a service business.

1. Lock into longer-term contracts, and pay upfront

If your business is growing, and you have cash available, it often makes sense to lock into longer term contracts with your suppliers. And if possible, it’s also beneficial to pay upfront.

By doing this, most vendors will give you access to around a 5-10% discount, depending on the size of the contract and the nature of the product.

In this economic environment, there is a lot of value in locking in customers for longer. If you can provide this sort of certainty to your suppliers, whether it be for software, hardware, insurance, or anything else, you can usually get a lower price, even with annual inflation at 7-8%.

2. Don’t be afraid to switch suppliers

If your suppliers aren’t willing to offer discounts for extended commitments, or you feel that they’re not providing enough value, consider switching to a different vendor.

CRM software is one area that companies often end up overpaying. These types of products often have all sorts of add-ons that you have to pay for, but which don’t add a whole lot of value at the end of the day.

For example, if you mostly use your CRM for sales, are you paying more for customer service functionality that you don’t really need? In this case, a more simple CRM solution might be a better choice.

If you’re looking to cut costs, sit down with stakeholders who interact with these suppliers and their products, and ask some difficult questions about what it’s really necessary for their teams to have, in order for the business to hit its growth targets.

3. Shop around when buying hardware

For SaaS companies that are back in the office, hardware is an important cost to consider.

For the average SaaS business, you’ll need to buy, maintain, and eventually upgrade equipment like:

  • Computers
  • Printers – maybe only one or two per twenty employees, in this day and age
  • TVs, for presentations
  • Phones, especially if you have a large sales team
  • Computer peripherals, like mice and keyboards
  • Computer monitors

These expenses can really add up, especially with the chip shortage we’re facing at the moment.

To save money on hardware, there are a number of things you can do:

  • Buy refurbished computers and phones. This is a great way to get powerful hardware that will enable your team to maximise its productivity, without spending a fortune.
  • Compare phone deals in-depth, and consider buying phones on a contract, just like you were buying a plan for yourself. This way, your monthly cost on the phone with a SIM plan will be lower overall. If an employee leaves, you can reset the phone and give it to a new hire, so there’s usually no harm in committing to a 12 month or longer phone contract.
  • Buy items in bulk from larger distributors, if your business has enough employees to make this work.

You might also be able to save money by leasing computers, printers, and other equipment. If you’re not already doing this, it’s a good idea to speak to your accountant, because leasing may or may not be tax-optimal, depending on where your company is based.

4. Don’t be afraid to raise prices

If you’ve wanted to raise prices for a while, but are afraid of customer backlash, now is a great time to do it. Because of the inflation we’re experiencing at the moment, you have a good reason to make your product more expensive.

If you’re still worried about potentially upsetting customers with a price increase, you could try to release a new product tier with a higher cost and more functionality, and push your best customers towards this option. This works best if you know that some customers have a higher willingness to pay, and will get more value out of the increased functionality.

Alternatively, you could release more features on your existing pricing tiers, and then raise prices. Just ensure that the new functionality will have value for the majority of customers, before using this to justify a price increase.

5. Consider outsourcing/offshoring non-core tasks

If the labor market is driving your costs higher, you could consider outsourcing or offshoring certain tasks that are not mission-critical.

There are companies known as business processes outsourcers that manage tasks such as customer service, collections, and even software development, potentially helping you to lower costs.

Just ensure that you avoid outsourcing business functions that are key value drivers for your company. In SaaS businesses, it’s generally not a good idea to use external developers, as this will increase the time it takes to deploy new functionality, and may reduce the quality of the code you’re shipping.

Beginners Tips & Tricks for Using Laser Wood Cutting Machine 

Sam Allcock
-
0
Beginners Tips & Tricks for Using Laser Wood Cutting Machine 

In this day and age, there is no shortage of options when it comes to purchasing woodworking tools. It is more difficult for beginners because they have less info about using the laser wood cutting machine.

Undoubtedly, these wood-cutting laser machines come with the ability to cut through even the densest of wood stock. It can save time and frustration when crafting your projects.

But what will be the mess if you are a beginner and do not know how to do your cutting work perfectly and effectively? Do not worry; this blog will inform you about some fantastic tricks and tips for efficiently using the laser wood cutter.

What are Laser Wood Cutter Machines & Their Purposes?

Laser wood cutter machines are tools used to cut pieces of wood by using a laser beam. The laser beam is directed at the wood, and the machine moves the beam around to cut the desired shape. There are many different types of laser wood cutting machine, each with specific purposes.

One type of wood cutting machine is a commercial-grade machine. These machines are designed for industrial use and can be very large. They are typically used to manufacture furniture or other large wooden objects.

Another type of wood cutting machine is a hobbyist or DIY machine. These machines are smaller in size and are designed for personal use. They can be used to create small projects, such as wooden signs or picture frames.

Advanced Tips and Tricks for Wood Cutting Laser Machine

There are a few things you need to take into account when using a wood cutting machine.

Thickness of Wood

The most crucial factor is the thickness of the wood. You need to make sure the laser can cut through the material thickness without difficulty. If the wood is too thick, it will not be cut properly and could potentially cause damage to the machine.

Type of Cutting Material

Some woods are more complex and can be more challenging to cut with a laser. Make sure you select a variety of wood compatible with the machine.

Wear Safety Gears

The beams emitted by the lasers are mighty and can cause significant eye damage if they come into contact with your eyes.

Prepare Yourself by Reading Instructions

Most importantly, increase your knowledge about the machine by reading the manual or instructions provided by the manufacturer. By knowing the valuable tips from the makers, you can use them without any haphazard. Moreover, it will increase the chances of working as a pro simultaneously.

Take Away

In conclusion, using a wood cutting laser machine can be a fun and rewarding experience, but it is essential to keep the following tips in mind:

  • Always wear safety goggles.
  • Avoid contact with the beam.
  • Read the manufacturer’s instructions carefully.

With a bit of practice, you’ll be able to create beautiful pieces of woodwork that you can be proud of.

1...462463464...996Page 463 of 996

ABC Money 2025 - 1st Edition

Magazine - 2025 Edition

Explore the latest insights, trends, and expert analyses in finance with ABC Money 2025. Stay ahead in 2025!

LEARN MORE

Leading news network for crypto, finance and business.

More from ABC

Contact

Contact: advertise@abcmoney.co.uk © ABC Money Team @ 2006

  • bitcoinBitcoin (BTC) $ 119,121.00 1.48%
  • ethereumEthereum (ETH) $ 2,975.21 1.06%
  • xrpXRP (XRP) $ 2.83 3.24%
  • tetherTether (USDT) $ 1.00 0.01%
  • bnbBNB (BNB) $ 692.61 0.94%
  • solanaSolana (SOL) $ 161.20 0.07%
  • usd-coinUSDC (USDC) $ 0.999904 0%
  • tronTRON (TRX) $ 0.302806 0.13%
  • staked-etherLido Staked Ether (STETH) $ 2,974.64 1.1%
  • cardanoCardano (ADA) $ 0.741922 4.49%
  • avalanche-2Avalanche (AVAX) $ 21.26 2.07%
  • the-open-networkToncoin (TON) $ 2.97 1.11%
Enable Notifications OK No thanks