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Monday, 09 April 2018 20:15

Assets = Liabilities + Equity

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Assets = Liabilities + Equity

At the end of the company’s reporting period, a snapshot is taken of the company’s financial health. A balance sheet allows owners to get a glimpse into the company’s financial standings. The balance sheet is one of the three primary financial statements that business owners use. It allows owners to get a glimpse into the company’s financial standings and see what the company’s financial position is. It shows what assets are owned, which liabilities are outstanding, and any equity that has been made.

Assets
Assets are the things companies own and are categorized into two categories; current and non-current assets. Current assets are defined as cash and any other asset that will be turning into cash within the company’s operating cycle. Assets are the top part of the balance sheet and will be listed in the order of liquidity. Liquidity meaning that this item can be turning into cash quickly. An example of what order current assets would appear on the balance sheet is; cash, temporary investments, accounts receivable, inventory, supplies, and prepaid expenses.

Non-current assets are not intended to be turned into cash with the company’s operating cycle and are what the company owns. They’re the fixed assets such as office equipment, building property, land, long term investments, stocks and bonds.

Liabilities
Liabilities are financial contracts that require a payment of cash for compensation. Liabilities are also categorized into two categories; current and non-current liabilities. Current (or short term) Liabilities are obligations that are to be paid within 12 months or expected to be paid off within its normal operating cycle. Some examples of current liabilities are accounts payable, wages, and rental payments.

Non-current liabilities, also known as long term liabilities are financial contracts that are not due within 12 months, or within the company’s operating cycle. They’re not expected to be liquidated anytime soon. Long-Term liabilities indicate how much the company is currently in debt vs it’s cash flow. Some examples of long term liabilities are bonds payable, long term leases, and product warranties.

Equity
Equity is what is remaining after you subtract what you own (assets) from what you owe (liabilities) and is called net worth. After all debits and obligations have been paid for any remaining values belong to the business owners, also known as owner’s equity.

Want to learn more?
Accounting can be very challenging. We find that most business owners don’t know where to get started. On Wednesday April 25, 2018 at 11:00 AM EST we will be presenting a webinar called “Tools Your Business Can't Live Without: The Only Accounting Guide You'll Need.” Content that will be covered in the webinar will include going over the principles of accounting. Our webinar will ensure that small business owners will have the tools to understand their finances. Topics that will be covered in this webinar are Introduction to Cash Flow, Income Statements and Balance Sheets.Visit the link below for more details.

CLICK HERE TO SIGN UP FOR THE WEBINAR TODAY!

Crystal Williams, Web Marketing Assistant, WebSan Solutions Inc.,a 2017 Microsoft Modern Marketing Innovation Award Winner

 

Ever had your boss ask you to pull a report which meets a specific set of criteria or sat scratching your head trying to pull up a record, but could not recall the exact details? With Advanced Find in D365, you can find exactly what you are looking for in just seconds. Advanced Find is the most powerful and robust tool in Dynamics 365 for searching. Using intuitive, user friendly features, you can quickly create queries and search your entire D365 database with ease.

At first glance Advanced Find may appear a bit intimidating, however once you become familiar with it, you will find yourself using it all the time, and wonder how you ever worked without it.

Continue reading to learn everything you need to know to get started using Advanced Find today!

The Advanced Find button is simple to locate, no matter which screen you are on, because it is housed in the D365 navigation bar.

adv find pic 1

Once you click on the adv find pic 2 Icon, a window like the following will appear.

adv find pic 10

In this window you can find every entity in D365 by clicking on the “Look for” drop down. In the drop down, select the record type you wish to perform a search on.

adv find pic 4

Next in the Details area, choose the fields you want to perform the search on, the query operator (equals, contains, begins with...), and the data value.

adv find pic 5

You have the ability to add multiple conditions, so repeat these steps for each condition of your query. By default, all conditions are processed as an AND condition.

adv find pic 6

To display results matching any of the specified requirements you will need to add an OR grouping. To do so, select the arrow next to each of the field names that you want to include as an OR statement, and choose Select Row. Then in the navigation bar, select Group OR.

adv find pic 7

Once you have entered all your query conditions, click Results in the ribbon.

adv find pic 8adv find pic 9

See, that wasn’t so hard was it?

Now that you know the basics for using the Advanced Find feature in D365, you can query the system with ease and find exactly what you are looking for. However this is just the tip of the iceberg.

If you need assistance, have questions, or want to learn more about the Advanced Find feature, please reach out and email us at This email address is being protected from spambots. You need JavaScript enabled to view it..



Has your business grown to the point where it’s too much for you to handle your own finances? If this is the case, you must be wondering if it would be better to hire a bookkeeper or an accountant. Gaining a better understanding of both professions will help paint a better picture of who you should hire. Both positions will be responsible with managing your finances, but each one will contribute differently to the company’s accounting objectives.

Bookkeeping is more of the administrative role of the company’s accounting process but is still a key component. Daily tasks include collecting and sorting, through the receipts and invoices then inputting the required data into the general journal. The bookkeeper would have to maintain the general ledger on a constant basis and monitor the ongoing finances of the business. Additional responsibilities for the bookkeeper are but not limited to;

Recording Transactions
Processing Invoices, Receipts, Payments
Processing and Maintaining Payroll System
Reconciling Accounts and Preparing Reconciliation Reports
Managing Accounts Receivable and Accounts Payable
Calculating HST
Preparing and Lodging BAS
Tax Preparation

Bookkeeping is only half of the accounting process. An accountant helps business owners make better financial decisions. The accountant has a more of an analytical position and will create reports based on past financials performances. These reports are generated from the financial reports that the bookkeeper has created during a specific time. Their accounting certification (CPA, CGA, CMA, CA) and strong financial background makes them best suited to provide feedback and advice for the company’s future objectives. Other responsibilities of the accountant are but not limited to;

Financial Projections
Future Financial Elements
Preparing Adjusting Entries
Preparing Company Financial Statements
Analyzing Costs of Operations
Auditing
Business Establishment Assistance
Financial Management Advice
Taxation Advice and Planning

The job of the accountant relies heavily on the work of the bookkeeper, it would be beneficial to have both for your business. This will ensure that your business remains financially healthy and it will allow you to have more time to focus on growing your business. Develop your company into a paperless business with Microsoft Dynamics, download our demo today http://www.websan.com/demo/ and see how going digital can benefit your business.

Crystal Williams, Web Marketing Assistant, WebSan Solutions Inc.,a 2017 Microsoft Modern Marketing Innovation Award Winner

 

 

Microsoft Dynamics 365 Voice of the Customer – Reach Out and Engage Your Customers

Measure Satisfaction. Improve Customer Relationships. Gauge Customer Needs. The Voice of the Customer Solution for Dynamics 365 provides these capabilities, and so much more! Through the creation of surveys, connect with your customers to gain insight into how they rate your support; understand their needs to align with product offerings; measure feedback on conference attendance; gauge interest on topics; enlist product testers…the list is endless for how surveys can be utilized. Along with surveys, the Voice of the Customer solution enables you to measure the feedback which is returned and provides various functionalities for action to be taken.

This session will focus on the following:

  • What is Voice of the Customer
  • Why you should consider Voice of the Customer
  • Components that make up Voice of the Customer
  • How Surveys Can Be Distributed
  • Survey Data Reporting & Analytics

Date: Wednesday March 28, 2018
Time: 11:00am - 11:30am EST

Click Here to Sign Up For The Webinar Today!

 

Crystal Williams, Web Marketing Assistant, WebSan Solutions Inc.,a 2017 Microsoft Modern Marketing Innovation Award Winner

 


This webinar is a continuation of the Dynamics NAV Manufacturing Series. In Part 7, we will discuss the following;

  • Variance reporting
  • Labor reporting
  • Dashboards and insights
  • Power BI
  • Variance reporting
  • Labor reporting
  • Dashboards and insights
  • Power BI


Date: Tuesday March 20, 2018
Time: 11:00am - 12:00pm EST

Click Here to Sign Up For The Webinar Today!

 

As a business owner an ERP system will take your business to the next level. It will take all your current business flows and transforms them into a single process. Majority of ERP systems have already been pre-developed to fit the standard business prototype but can be modified to better fit your business needs. Once you have the ERP system in place, you will have access to all the right tools to remain highly competitive in the marketplace and become more efficient. Implementing an ERP system for your business can be highly profitable in the long run and can assist your company in becoming more scalable for future growth. Here are three reasons why you should implement an ERP system:

Reason One: Streamlined Processes

Once your ERP system has been implemented, all of your department’s processes streamlined. These faster and simpler working methods will increase employee efficient and in return, create a stronger business model. Also, room for human error decreases significantly when an ERP system is in place. As multiple departments, work as one, the business can now develop and grow into something bigger than it was before.

Reason Two: Customer Service

Every business has a consumer base; whether you’re a B2B or a B2C, the customer experience is everything. Customers need to have a positive interaction with your company every single time. An ERP system will increase the possibilities to provide memorable customer experiences using your new streamlined processes, therefore increasing customer satisfaction.

Reason Three: Analytics

ERP systems collect data and provide analytics so that, can make profitable decisions. ERP systems not only allows all your departments to work using one integrated system but also requires all employees to input all the data into one integrated system. All this collected data can then be extracted and later analyzed to improve business processes, product development, marketing campaigns, becoming more cost efficient and so much more.

To stay competitive in the marketplace its recommended for your business to have an ERP system in place. If you have any questions about ERP systems and how it would make your current business model better email us at This email address is being protected from spambots. You need JavaScript enabled to view it. and we’ll be happy to assist you. If you would like to try out our ERP system, you can download our demos here: www.websan.com/demo

DOWNLOAD OUR MICROSOFT DYNAMICS FREE INTERACTIVE DEMOS

Crystal Williams, Web Marketing Assistant, WebSan Solutions Inc., a 2017 Microsoft Modern Marketing Innovation Award Winner

 


Most companies have two main parts for their customer lifecycle; customer acquisition and service delivery. During the customer acquisition phase, the salesperson is very active in gaining the customer’s trust, after the customer decides to purchase the service/product, it’s your job to provide value, and trust that has been promised to them, this opportunity can be changed to won within your Microsoft Dynamics CRM system; however, if they didn’t follow through with the purchase they became a lost opportunity. During the service delivery phrase, the product/service is being delivered, and then there is no more interaction with the salesperson they trusted, but instead systems, automatic emails, and customer service.

The point here is that after the customer purchased the product/service, the salesperson has an opportunity to nurture their clients and turn them into long-term clients. They didn’t just buy the product or the service; they also bought the trust and bond that that was established through time, and this relationship should not be taken for granted. The moment a customer feels like their trust has been violated they’re going to look elsewhere for their products/services.

In Microsoft Dynamics for Sales once an opportunity has turned into a won-opportunity the company name can be added as an account. The actual client is added as a contact, and future interactions are quick and easy. Sending them personalized emails right from the system to check in on them, make sure the product/service is working out, and how you can help them in the future. When you use Microsoft Dynamics for Sales, there is no reason why any customers, new or old, ever feel like their left in the dark. If you wish to take a test drive of this system, please visit our free CRM demo http://www.websan.com/demo/dynamics-crm and see what this system can do.

Crystal Williams, Web Marketing Assistant, WebSan Solutions Inc.,a 2017 Microsoft Modern Marketing Innovation Award Winner

Download our Dynamics 365 for Sales Demo