Sage 50 Canadian Edition allows small businesses to keep track of inventory stored at more than one location, for example at home in the basement or at different store locations.
Some business will have regional warehouses to cut back on shipping and or importing exporting cost. It can be very helpful to know what inventory is where to expedite deliveries, shipping and re-ordering of goods.
Drop shipments become manageable by creating a supplier as one of your warehouse locations which then allows you to ship direct from factory to customer. Transferring between locations can also be done using the Inventory Adjustments & Transfers window. This fantastic feature is in the Premium and Quantum versions of the software.
Be careful with this powerful feature, once a location gets used in a transaction, it cannot be removed or made inactive. Locations cannot be turned off. If you want to edit location codes, be sure to do so before performing any transactions. You can set up as many as 100 locations.
To turn on: Go to the Inventory & Services Settings – Locations
The Product Analysis report is found off the reports menu on the home screen. Go down to Forecast & Analysis and then Analysis and click on Product Analysis. Depending on your selections in this window you will be able to return valuable detailed information on your inventory by warehouse location.
Certified Sage 50 Trainer
Soma Small Business Solutions
The title of this blog was taken directly from an email conversation between a mentor and a start-up business owner. This new entrepreneur knew it was essential to seek out a professional mentor that had, as he put it, done this many times before. In this particular email he had two questions for his mentor.
Do you actually charge interest on overdue invoices?
Sometimes I charge interest. I expect that you have been phoning and nagging at least weekly. If not, you must.
I’ve got a student who has agreed to help me out part time – she’s perfect in that she has great skills and is super flexible. Only we haven’t come to any terms about her employment/contract/whatever. I think the easiest thing for me to do is to sub-contract her, but I’m not sure if there are any pitfalls to this idea.
It is my understanding from my bookkeeper that if you hire someone on contract and they do not have other sources of income you may be declared their employer and have to pay Payroll Source Deductions retroactively. If you hire them as an employee, you have to pay Payroll Source Deductions monthly for the previous month’s pays.
Do you have a book keeper?
Didn’t think I’d need a bookkeeper….maybe I do. If only I had time to find one.
- You do need a book-keeper.
This mentor had learned from building a successful business a bookkeeper was needed. Answers to these questions are possible through outsourcing to a professional bookkeeper and implementing a computerized bookkeeping system. It is imperative to invest a little of that start up money on quality and accurate bookkeeping records.
You’ll be on top of the game and the competition with a simple click of a button or a phone call to your bookkeeper. Your financial statement and month end reports fulfill the checklist of a well managed company for all stakeholders. The institute of Professional Bookkeepers of Canada www.ipbc.ca is a great resource to help you find a qualified bookkeeper.
Monitoring the progress of your business from the beginning stages is critical for new businesses to grow and you need to prepare a cash flow plan. A professional bookkeeper can help you prepare budgets, cash flow plans and a break-even analysis by looking at your projections of revenue over variable and fixed costs.
With accurate bookkeeping you will be able to check on progress such as increased profitability tracking, accounts receivable monitoring, and controlling expenses. How does the data compare with your projections? Are you on track or falling behind?
Clean tax records will keep you and your business in good standing with your banker, investor and Canada Revenue Agency.
Your bookkeeper and accounting software will provide monthly financial statements and reports that provide a precise road map of which direction to take your business in the future. No more sleepless nights wondering if you have made the right decisions. You will feel confident with the numbers to back you up. Start focusing on what matters and hire a professional bookkeeper today. The rest will follow!
Dianne Mueller CPB
Soma Small Business Solutions
You know it is important to lower taxes and increase profits. You also know that it is imperative that you have enough money in the bank to pay the bills, but do you know how to access vital information and the Key Performance Indexes to measure your business progress in Sage 50–Canadian Edition?
Let’s start with the Income Statement and Balance Sheet found in the report center on the home page.
The Income Statement indicates:
- Which expenses are paying you back and should be increased.
- Which expenses should be cut back or eliminated.
- Which products are profitable and which are not.
The Balance Sheet indicates:
- What your business owns – Assets
- What you business owes – Liabilities (or financial obligation)
- Shareholder or Owners Equity – ROI (return on investment)
They also provide Key Comparisons information like:
- Last month vs. current month.
- Last quarter vs. current quarter.
- Year to date. Year to date by month.
- Current month to same month last year.
- Current quarter to same quarter last year.
Combining these two statement numbers will indicate important ratios you can use to manage your success.
Increase your profits by utilizing the Business Performance Monitoring feature:
The key financial ratios of liquidity, efficiency, operating, financing and profitability are all at your finger tips in Sage 50–Canadian Edition. The software provides a detailed performance measurement explanation and graph to help you analyze the information in an easy to understand format.
You will find this Key Business Performance information in the Daily Business Manager under the Business Assistant Menu on the home page. Click on the radio button indicating Business Performance. To get a complete list of all ratios available go to the view menu and chose options. You are able to add any that do not appear on the main page to your customizable list. (See screen shots below)
It is important to know your strengths and weaknesses, manage spending and credit. Have money when you need it. These are all important ratios that Sage 50 helps you to reach and manage greater success.
Dianne Mueller CPB
Certified Sage Trainer
Soma Small Business Solutions
The WordPress.com stats helper monkeys prepared a 2012 annual report for this blog.
Here’s an excerpt:
600 people reached the top of Mt. Everest in 2012. This blog got about 3,500 views in 2012. If every person who reached the top of Mt. Everest viewed this blog, it would have taken 6 years to get that many views.
Click here to see the complete report.
Soma Small Business Solutions would love to invite you to come find out whats new with Sage 50 Canadian Edition (formerly Sage Simply Accounting). Soma wants to assist you with this transition to the new name Sage 50 and get you informed and up to date with the new features and how they benefit your business. We will have ongoing demonstrations throughout the evening. Soma has Sage Certified Consultants and a Sage Trainer on Staff to help you!
We are very privileged to be able to host this “Sage 50 whats new in 2013” launch party at the North Shore Business Showcase put on by the West Vancouver Chamber. This event will Feature guest speakers on a variety of Business Topics. Call 604-926-6614 or visit above link for Chamber event Details.
Soma will have door prizes, refreshments and a demonstration of Whats New in Sage 50 2013 at our booth.
Looking forward to seeing our existing clients, and meeting everyone.
Park Royal North Mall 4:00pm-8:00pm Booth # TBA
Please Register to attend by following this link below
Here is a link to Bianca’s Sage Summit Blog – Hashtag Sage Summit
Soma Small Business Solutions had a great time attending our first Sage Summit. I hope you read this blog and join us next year at Sage Summit 2013 in Washington, DC.blog
In layman’s terms, Sage City is like a hybrid of education, social media and networking all in one event. Don’t get left in the dust or you may end up like this guy –
can I be your friend?
There are great business relationship benefits that you get from networking events where you meet other people who share similar common interests, goals and expertise as you. To access these benefits you have to get out from behind that desk of yours and go to places like Sage Summit “A place where networking actually works”, also known as Sage City where you can take your Big Idea to a Small Village. I quite enjoy attending round table product sessions and discussing the product I’m using or interested in with like-minded users. From what I gather, I will get my fix by attending a village at Sage City.
At Sage City on Tuesday August 14th at 3:30pm, we will all explore numerous villages based on the top business interests of Sage Summit attendees (Customers, Partners and Staff). Villages provide the primary means for Sage to organize attendees into groups with common goals, backgrounds, challenges, and perspectives. Sage City aims to place similar customers by product, interest, and hot topics in small groups to create meaningful, long-lasting connections. (sounds a bit like marriage, no? Well maybe not the small groups part!)
Hot topics will be determined through several means, including surveys prior to and during registration, social media tools, Facewall, and more. The number of hot topics will vary from village to village and will be displayed on their chat walls. What are chat walls you ask? Well, there will be white-board style signs that will be displayed at each village. This is where the collaboration will happen, you can give solutions and get answers all in one place, a village working together.
Speaking of villages, remember where’s waldo? That’s what I will be asking when I am trying to find YOU (yeah you!) at this conference if you are not on Facewall. You will definitely know where to find me. Maybe I’ll be a village Host, maybe not. I guess you will have to wait to find out won’t you? Hopefully by the time I finish writing this blog someone will have won the 100th facewall sign up and receive a gift certificate to the Grand Ole Opry! It’s super easy, all you do is set up your profile during the registration process!
Soma Small Business Solutions