What Ever Happened to Customer Service

Copyright 2006 Bookkeeping R Us All Rights Reserved

In my humble opinion, the number one issue a company should be paying attention to is customer service. But it seems more and more that getting the sale is taking priority over making the customer happy. Below are several examples of poor service – how would your company handled each of these circumstances?

I ordered file cabinets from Staples through their on-line store and was given a specific delivery date that their trucking company would deliver. The promised day came and went with no phone call to me to let me know there was a delay. The trucking company had very specific directions to my place of business, they had my phone number and I was sitting here all day waiting for them to show up. Even though Staples was using a local delivery service that was located less than 50 miles from my place of business and had in their possession not only the correct address but also detailed directions and I am located on the corner of a main highway the driver could not locate the delivery address (have they ever heard of Map Quest???). And they didn’t bother to call for further clarification. At about 6:00pm I called Staples and was told they would deliver the next day. Now wouldn’t you think that after all this, I would be at the top of the list the next day? Not so – at 7:00pm, after waiting another whole day, the delivery was finally made. They did offer and sent a $50.00 gift certificate for my troubles but I lost two days of work (as an consultant my work rarely consists of sitting in my office) and never again will I order from Staples.

My husband ordered a specialized type of ink from Digital Art Supplies also through their on-line store. This is a company he has had dealing with before and he expected no issues. The ink arrived in a timely matter, however when he opened up one of the cartridges a few days later, what he had was a plastic bag full of ink – the cartridge had leaked out its entire contents. He called Digital Art Supplies and the first person he spoke to said no problem, they would replace it immediately and have the damaged cartridge picked up. A few hours later, a second person called back (Dave) and informed us that the only way the exchange could be handled would be to either wait until they received the damaged cartridge before sending out a new one or charging him for the new cartridge and he could wait for the credit to be issued when they received the damaged one. And unless he wanted to pay extra the cartridge would be send ground service from California (from our experience expected delivery would be 10 to 14 days from the date of shipment). This order was a sale of over $600.00, they sent out what was clearly from the look of the box, a product that had been returned by a prior customer, and in their own words they have had this type of problem with this type of cartridge before. Of course they put the blame on Epson stating it was a drop shipment, however in the package was their invoice and their business cards. I guess Epson keeps a supply of each dealer’s stationery at their manufacturing plants. I think not – so why are you lying Dave? After explaining that he had an order to fill and not being able to use the ink was delaying the order and agreeing to pay for the extra shipping charges it was still going to be either wait until the damaged cartridge was in their hands or pay up front for a new cartridge and wait for the credit to be issued – neither solution was an example of good customer service. So I asked to speak to the manager and after waiting several hours she returned my phone call with the same lame solution. My husband ended sending back the cartridge (at his expense) and ordering a new one from another dealer (B&H Photo in New York) which was shipped the day he ordered it and will be here the day after it shipped. And so we will wait for the credit to be issued. Never again will he deal with Digital Art Supplies.

And what is up with UPS? This is a question for the people who set policy at this company. Each day I watch their brown trucks go up and down my street multiple times and yet if they have a package on their truck that is meant for us, they just will not take the few minutes to stop and make the delivery. They would rather run around like rats in a cage going right by several times and finally delivering our package sometime between 5:00 pm and 7:00 and sometimes at late as 9:00pm. Now I know they have delivery priorities depending on the level of service chosen however it seems that with the cost of gas nowadays, they are not saving any money by handling their deliveries in this manner. Does this make sense to anyone?

And speaking of deliveries – for all of you who provide delivery service or are in the business of providing a service where you arrive a person’s place of business or home, do you think you are endearing your customers by making them sit around an entire day waiting for you to show up? Here’s a unique idea – give your customer a specific time or a range within two or three hours when you will be there and be there on time. They will appreciate it and you will have happy customers, not angry ones.

We all have busy lives, and there is nothing more infuriating then to waste time trying to resolve an issue. Mistakes sometimes happen – when your company has a less than fully satisfied customer the best way to keep that customer is to find the best solution for them even if it’s cost you some money. The largest advertising budget cannot make up for just one dissatisfied customer. And a pleased customer is worth gold.

And for you customers, who feel you have been treated badly or unfairly, speak up with both your words and your pocketbooks. Report your non-performing online businesses to the many organizations that track these stores – Yahoo, Amazon, EBay, Alexa and Pay Pal are just a few. Start a blog writing about your experiences. Tell your friends and business associates. No matter if it is only a few cents or many dollars, customer service will only improve if you take the bull by the horns. One of two things will happen – either your vendor will respond to bad press or word of mouth and the resulting loss of sales or they will go out of business. Keep quiet and they will continue their “standard operating procedures”. And refuse to deal with businesses that don’t stand behind their products and services and do not respect your valuable time.

Some Companies that have provided me with excellent customer service and suggested readings:

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Trapped in a Sticky Web

Copyright 2006 Bookkeeping R Us All Rights Reserved

If you are like most business owners you have either taken the plunge or are thinking about
having a web site. Whether you design you own site or hire someone to write it there comes the time to
choose a hosting service. And there are so many out there – how do you choose?

Since most businesses are budget conscious your first consideration might be price, however beware as “cheap can be expensive” as one of my clients found out the hard way. I would recommend that you consider two issues beyond cost.

The first is – does the hosting company own their own servers. Many hosting services are renting server space and reselling to their customers. Not always a problem, but when there is a problem your hosting company will not always have the control to fix the problem. This could mean a delay in getting your web site back up and running correctly.

The second issue is one that even long time web developers might not be aware of – the one my client got caught in –shared IP’s. Some hosting sites use shared IP addresses which put your web site into a group of sites. This becomes a problem when one or more of the sites sharing the IP address are banned by search engines such as Google. Remember the old adage “one bad apple spoils the whole barrel”. This is what happened to my client. After years of time and hard work building up his web exposure and rankings with search engines, he was dismayed to see his rankings starting to fall very quickly. It took quite a bit of research and help from an expert who had the programs to test his site to ferret out the problem. And sure enough the hosting company he was using had placed his sites into a shared IP address that Google was banning from their search engine, not because of anything my client was doing, but because of the misdeeds of others. And then a battle to not only solve the problem but to stop and repair the damage began.

The first step was to research and shop for a new hosting service. And the criteria were to find a service that owned their servers and did not share IP addresses and also wouldn’t break the bank. (By the way I was hosting this site at the same company – so once I heard about his problems, I was looking for a new company as well). After looking at several companies and talking to them over the phone (I strongly suggest a phone call before you sign up so you can get a feel of what it will be like to deal with their personnel) both him and I settled on IX Web Hosting for the following reasons:

1. The phone call assured us that their personnel were helpful, knowledgeable, courteous and reachable.

2. They owned their own servers – there is a picture of them on their web site.

3. They made a big point of not using shared IP’s. In fact you can host up to six domains each one with a separate IP addresses for one low monthly fee. Of course you can also purchase space for than six depending upon your requirements. They offer both Microsoft Windows or Linux hosting.

4. They offered a no questions asked, money back guarantee.

Both my client and I have been with IX Web Hosting for quite awhile now and still are very pleased with the quality of the product and the response of their personnel. So don’t get caught in a sticky web, do your research first and don’t get fooled by cheap prices – look for service first, price second.

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Stuck in Mud (or I Really Hate My Job

Copyright 2006 Bookkeeping R Us All Rights Reserved

I have been thinking about a conversation I had last night with a young woman I used to work with and thought I would share what may be possible solutions for all of you who are feeling frustrated, angry, unappreciated and just plain crummy about getting up and going to work everyday. So what are you going to do about it? And just when are you going to stop making excuses for staying and get yourself out of the mire you call a job. Of course, you need to make the decisions based on what is good for you – and what is good for you should be first and foremost in your mind – not what others might think or loyalty to people who are not loyal to you.

What gets you excited (we are not talking about that really cute guy or gal you ran into last night) but what would really make you feel good about yourself, your work, your place in society. Make a list of all your interests and than expand that list to include jobs that correlate with your interests. Think out of the box with this exercise. Really stretch your imagination and don’t worry if you have the skills or knowledge to do the job while you are doing this. For example if accounting or bookkeeping is your dream job (and yes there are some us who really think that way) then your options are unlimited. All companies and all industries need this type of service. So pick an industry you would like to know more about – medical, manufacturing, construction or real estate, education and the list goes on forever.

Once you have narrowed down your career desires then it is time to look at your options for accomplishing your dream. Having said that – if you really want to go back to school then how about looking at companies that will help you with that – some that come to mind (now don’t fall over laughing and think I have truly lost my mind) are places like Wal-mart, Lowe’s and Home Depot. Just about all large retail chains have good education programs for young people and even those not so young. And you are not limited to stocking shelves or sitting at a cash register – these companies all need people who can work in the background doing bookkeeping, payroll, scheduling, managing, etc. And your hours can be flexible.

Another option is temp work – there are lots of temp jobs out there for every type of work. Try getting a position in an industry you might be interested in – if you want to work in the environment field, for example, look for a company that does that type of work. This will give you real world experience to see if this is really your dream career.

Also try looking for jobs at the college you might want to attend. Course costs are often reduced and sometimes free for employees. That way you can experiment with different subjects until you find the one that is right for you.

Get your resume out. Do it today!

If there is one thing I know if you stay at a job where you are miserable, it won’t get better. If people don’t treat you right in the beginning when you are new, they certainly won’t be treating you right when you have been around for awhile – it will just get worse not better. And making excuses for staying doesn’t work either; you will just prolong the pain.

Your job should be rewarding, and let you feel good about what you are accomplishing no matter what you choose to do.

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Setting Up Your Chart of Accounts

Copyright 2006 Bookkeeping R Us All Rights Reserved

Setting Up Your Chart of Accounts

While installing your new accounting software you have most likely been asked whether you would like to use one of the default charts of accounts included with the program or develop your own. Unless you are very familiar with setting up a set of financial books you will want to choose from one of the selections offered. And even if you have the experience choosing one of the defaults will save you a great deal of time. But you may ask what if I don’t need all these accounts and how do I know which accounts I should keep. And should I use a numbering system or not? Let me help you by explaining just what a Chart of Accounts is and how to adjust the default list to your needs.

First of all a Chart of Accounts in its simplest definition is a list of accounts used to track all financial transactions that flow through a business. This list is typically broken in to eight segments: Assets, Liabilities, Equity, Income, Cost of Goods Sold, General and Administrative Expenses, Other Income and Other Expenses. You might see Equity referred to as Capital, Cost of Goods Sold referred to as Direct Costs, and General and Administrative Expenses referred to as Expenses. Companies that wish to track Sales Expenses such as commissions, salaries and related expenses of sales personnel and other costs related directly to sales activity might also add a Sales Expense segment.

The first three segments represent the accounts you will find on a Balance Sheet and they will be broken down into sub-segments. Under Assets you will find sub-segments for Current Assets, Fixed Assets and sometimes Other Assets. Current Assets accounts are used for assets that can be readily liquidated into cash, such as cash, investments, accounts and notes receivables, and deposits. You may choose when setting up more than one cash account or receivable account to create a further segment. This will allow you to summarize all your cash accounts, for example, on your balance sheet while keeping a separate recording account for each bank account. Fixed Assets accounts are used to record the cost of items purchased that have a useful life that extends beyond one year. The Fixed Assets segment also includes contra-accounts (reduction of the value of an asset) that are used to record the depreciation of your fixed assets. These contra-accounts are typically named “Allowance for Depreciation – (name of type of fixed asset)”. You should have a fixed asset account and corresponding depreciation account for each type of fixed asset you purchase. Some examples are vehicles, office equipment and furniture, building or leasehold improvements. The Other Assets segment is used for all other types of assets.

Likewise the Liabilities segment is broken into Current Liabilities and Long-Term Liabilities. Current liabilities represent the company’s liabilities that are to be paid in less than one year. Examples are Accounts Payable, Payroll Tax Liabilities, and Note Payables. Long Term Liabilities represent liabilities that are to be paid over a longer term than one year such as mortgages, vehicles loans and other long term debt.

The third segment of the balance sheet is the Equity, or Capital, segment. This segment consists of accounts that record the owner’s, partners or shareholders investments, draws of profits taken from the company by the investors and the net earnings of the company. For each owner or partner within a business entity there should be an individual investment account and draw account. When a company is incorporated than the capital investment by the shareholders is recorded into capital stock accounts. These accounts may be broken down further if different types of stock are issued. The Retained Earnings account is used to record the profit, or loss, the company has earned from the beginning of its existence. Usually you will not be posting to this account, as this is the account your software program will use to close out your end of year income statement accounts.

Moving on to the Income Statement segments, you will want to have in the Income segment accounts to record each type of income you earn in the course of your business. You may want to break out your sales income into more than one account if you have more than one type of service or product. For example if you are a general contractor you may want to track how sales compare between remodeling and new homes.

Cost of Goods Sold or Direct Costs are those expenses that relate directly to the sale of a product or service. Again if you are a contractor these typically would include payroll and payroll expenses of your workers, materials, subcontractors, permits, general liability and workman’s compensation insurance, equipment rentals, etc. They would not include rent or office supplies.

General and Administrative Expenses are business expenses incurred that are not dependent on the sale of a product or service. They include rent, phone, office payroll and payroll expenses, employee benefits, office supplies, utilities, etc.

Other Income typically includes non-sales income such as interest income. Federal and State Income Taxes and any related interest and penalty expenses are what you will find in the Other Expense segment.

Now that you have an idea of how a Chart of Accounts if typically set up, how do you pick and choose what accounts to keep and which to delete? Print out the default list and go through it choosing the accounts you think you will need. You will need at least one cash account, an account receivable and accounts payable account. If you do not have employees and don’t ever expect to have any than by all means delete all accounts with payroll in the name. If your company will not be making investments than delete all accounts having to do with investments under Current Assets. You get the picture – however it is easier to keep what you think might be needed sometime in the future. Your program may not let you delete some accounts because they are being used in conjunction with another account or accounts. Let them be. You can also edit account names – as long as the new account name belongs in the same segment as the one you are replacing.

Now, to number or not number. Numbers are used in a Chart of Accounts to sort the accounts correctly. Also, between you and me, accountants are much better at remembering numbers than they are at names so they prefer numbers. When using numbers, each segment is assigned a specific group of numbers. Typically these are as follows: Assets – 1,000’s
Liabilities 2,000’s
Equity 3,000’s
Income 4,000’s
Cost of Goods Sold 5,000’s
General & Administrative 6,000’s
Other Income 7,000’s
Other Expense 8,000’s

When a Sales Expense segment is used it is assigned the 6000 range and each of the remaining segments move up a range. Leave room between sub-segments so you will be able to add if needed. And when setting up numbers within a segment make sure you leave some room between each account as you may also want to add accounts.

And when in doubt ask a professional. Your software advisor or accountant can get you started in the right direction from the start which may save you a lot of time and aggravation down the road. As with most endeavors, doing it right the first time is always best.

MacMillan Associates

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Refinance or Not To Refinance?

Copyright 2006 Bookkeeping R Us All Rights Reserved

You have read or heard the news – you have seen or heard the advertisements. Depending upon your situation you are either missing out on a great opportunity or financial doom is about to land on your head.

The opportunity to refinance and pay off all of those expensive charge cards is one of the carrots being dangled. If this is your reason for refinancing then make sure that you have the discipline it takes to pay off the cards in full and put them away. Otherwise you will soon end up with the higher mortgage payment and credit card debt to pay off as well. The threat of adjustable mortgage rates rising and looming balloon payments are the threats. If you were smart enough to go for an adjustable rate mortgage several years ago, then you have been reaping the benefits of your rate dropping each year, but that is no longer the case as rates are rising once again. Depending on your contract, that can mean sizable increases in your payments. Other reasons to be tempted to refinance are buying that new car you have been drooling over, or perhaps financing the start up of a new business. But remember you are putting the roof over your head on the line for both of these dreams. Unless you are planning on keeping the car for several years and putting aside the payment you would have been making to the finance company, you are paying interest on that car for the life of the mortgage. And a new business is about risk – check out other options before putting your home up for collateral.

But if you have thought carefully about your reasons, and considered the pitfalls then refinancing may hold the answers. So you run to the phone or your computer and jump in with both feet and soon discover just what a murky hole of paperwork and legalese you have landed in.

If you are like most people you have already gone through the typical bank/mortgage company nightmare of obtaining a mortgage. Just when you think everything is going smoothly they throw you a curve ball. And I swear it is presented at the exact time you feel you have gone to far to back out. Either you have paid upfront those pesky no-return application and appraisal charges, you have made commitments for the funds expected or they have just run you ragged enough that you are thinking “well just one more piece of paperwork and then I’m home free”.

And such was my client’s experience. But the many mail and email advertisements that arrived daily were so tempting with their offerings of such “sweet deals”. How to choose the right one seem a staggering problem. And of course they all offered really low rates, no hassle and little paperwork and low upfront fees. Until you called them – and then the list of “what we need from you” gets generated and you are up to your eyeballs in paperwork.

Well my client is just not that kind of guy – in his eyes it’s pretty simple. I have a house I want to refinance, and you can get my credit history. If the house appraises for an amount that you are willing to finance, my credit history is acceptable to you and I agree to the closing costs, then get me the documents and I will sign. Send me the check. So having worked with the Intuit
family of products for many years and knowing the quality of their software products, I suggested he give Quicken Loans a try.
And sure enough the process went just as easy he wished and they promised.

He applied on line, and was immediately contacted through email. He had applied for a no doc loan and believe it not, that truly means no documentation when you are using Quicken Loans. The process went like this: The appraisal fee was paid by credit card. The application was sent to him by email and he was able to sign most of it electronically, faxing back only one signature page. The appraisal appointment was arranged to meet his schedule. Once the appraisal was forwarded to Quicken, and accepted, he was notified of the results and they even offered him a larger refinancing amount because the appraisal came in higher than he assumed it would. Within a week of the appraisal being reviewed by Quicken, a notary arrived at his home and the paperwork was signed. And the funds arrived exactly one week later. This whole process took less than a month and it only took that long because my client was out of town on business for over a week which delayed the appraisal appointment by two weeks.

I have been in the business of helping construction companies with their financing for many years and as a result have often been around when their clients were in their offices closing on real estate loans. In order to make this often daunting process easier for their clients, construction companies partner with mortgage companies and banks so the process is known and surprises are few. But I have seen true disasters happen at the closing table. Paperwork is wrong, unexpected requests for additional money from the client is asked for, and the list goes on. Few people walk away without signing and I believe the financing companies bank on that. In fact I have seen people encouraged to sign wrong paperwork with the explanation “oh we will fix that later”. Well a signed contract is a signed contract and there is no “fixing it” unless both parties agree. And the chance that the party who gains by the mistake will actually change the contract after it signed is very small.

I was amazed and overwhelmed by how smooth and painless this whole experience was for my client. The personnel he dealt with from Quicken Loans’ from Kevin McGraw, Mortgage Banker (KevinMcGraw@QuickenLoans.com) to Tonetria Moss, Client Care Specialist and her staff to the appraiser and the notary were professional, helpful and friendly. In fact, my client said after the process was completed “this was like having a friend stop by the house and lending you some money. It couldn’t have been any easier. Thank you all”.

So if you have decided that refinancing is for you, then give Quicken Loans a try. They offer many types of programs, well informed professional loan consultants and a true no hassle process. If I hadn’t seen first hand my client’s experience I wouldn’t have thought it possible to say financing your home can a pleasant experience. Click on one of the links below and see for yourself.

Find out if you should refinance with our Refinance Calculator.

"> Refinance The Quick And Easy Way!

Quicken Loans is one of the nation’s largest home mortgage
lenders and was named “Best of the Web” by Forbes, Money and PC magazines.

Quicken Loans offers over 100 loan programs and their Loan Consultants can advise you on the best way
for you to refinance. Their process is quick and easy. You can apply online — it’s quick and easy You can even sign
your application and track the process of your loan online.

• Nearly 20 years experience
• Direct lender in 50 states
• Great rates
• Fast, easy, minimal paperwork

Find out that “The Easiest Way To Refinance” is with Quicken Loans, a name you trust.

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The Burden of Payroll

Copyright 2006 Bookkeeping R Us All Rights Reserved

The Burden of Payroll

And I am not talking about the actual time and cost of getting your employees paid, but all those costs often not considered when providing a customer an estimate or proposal or not included in budgets and financial planning.

The cost burden of payroll includes all expenses incurred over and above an employee’s wage. To get to the true hourly cost of an employee you need to take these into consideration. The employer’s share of FICA, Medicare, and State and Federal unemployment taxes are common examples of payroll burden, however there are others to include in your payroll costs.

Workman’s compensation and part of your general liability insurance premiums are based on wages paid. These rates vary from state to state as well as job classification and these costs are part of your payroll burden. You can find out the cost of the premium per wage dollar paid from your insurance agent.

The cost of paid vacation, sick, personal and holidays should also be included in the cost of payroll. To do this, determine the number of paid days off an employee is entitled to and multiply that number by the employee’s average daily wage. Then divide by the number of working days in a year (for example – 52 weeks less 2 weeks vacation equals 50 working weeks). And then divide by the average number of hours worked in a week resulting in an average hourly cost of paid time off. For example an employee paid $800.00 per a 40 hour week with two weeks paid vacation, 1 week of paid sick leave and eight paid holidays computation would be: 10 days vacation + 5 days sick + 8 holidays = 23 paid non-working days. $800/5 days = $160 per day paid wages. $160 x 23 non-working days = $3,680 (yearly cost of non-working days). There are 260 possible working days in the year (52 x 5) less the 23 non-working days = 237 working days. These 237 working days need to be burdened with the cost of the 23 non-working paid days. Divide the expense of the non-working days by the number of working days ($3,680/237) which is $15.53 per day. Divide the $15.53 by 8 hours and you have your hourly burden cost for paid days off. Depending on your company you may have employees working overtime or even less than a 40 hour week occasionally. Unless you think this may affect your burden substantially you can base your figures on the “usual order of business”.

Other expenses you should consider are health, dental, and/or disability insurance premiums paid by the company (net of employee contributions). And if you are providing a vehicle to your employee the cost of purchasing, financing and insuring that vehicle may be an expense to include. Also any other employee benefit cost that the company provides should be considered as part of the payroll burden charge.

When all is said is done, the wage you pay your employee for a day’s work is just the beginning of the cost of that employee. Not determining the cost of your payroll burden can shave profits from your bottom line. And without profits we can not continue to stay in business.

You may be interested in these products:

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SBA News Release - Disaster Loan Deadlines Extented

Copyright 2006 Bookkeeping R Us All Rights Reserved

U.S. Small Business Administration

– News Release –

***********************************************

Release Date: June 2, 2006
Contact: Rick Jenkins (LA/TX) (916) 735-1500 or Michael Lampton (MS/AL/FL) (404) 347-3771 Release Number: 06-43 Internet Address: http://www.sba.gov/news

SBA Extends Disaster Loan Deadlines For Small Businesses Suffering Economic Losses After Hurricanes Katrina and Rita

WASHINGTON – SBA Administrator Hector V. Barreto announced today that small business owners dealing with financial losses in the aftermath of Hurricanes Katrina and Rita have more time to apply for an SBA Economic Injury Disaster Loan. The new deadline for small businesses in the areas affected by Hurricane Katrina is June 28. Small businesses in the Hurricane Rita disaster areas have until July 26 to apply.

The Economic Injury Disaster Loan filing deadline remains July 24 for Florida business owners affected by Hurricane Wilma.

“After consulting with the business community, local officials and our congressional delegation, we have decided to extend the deadline for small businesses that may want to apply for economic injury disaster loans in the Gulf Coast,” said Administrator Barreto. “It’s a top priority for us to help small businesses recover from last year’s devastating hurricanes and I am pleased that we’re able to give them extra time to submit an application.”

Small business owners in Louisiana, Mississippi, Alabama, Texas and Florida may apply for SBA’s Economic Injury Disaster Loan to cover ordinary expenses the company would have been able to handle if the disaster hadn’t occurred. The loan limit is $1.5 million, at a 4 percent interest rate with terms of up to 30 years.

To apply, small businesses can visit SBA’s website at www.sba.gov/disaster to download an application. They can also call the agency’s Customer Service Center at 1-800-659-2955, or send an email to disastercustomerservice@sba.gov to obtain an application.

In the nine months since the Gulf Coast hurricanes struck, SBA approved more than $2.15 billion in disaster loans for businesses.

Aside from the disaster recovery loans, more than $685 million have been made to small businesses in the affected areas through the SBA’s two conventional business loan programs: the 7(a) general business loan guarantee program and the 504 Certified Development Company loan program.

Overall, more than $9.78 billion in disaster loans have been approved for more than 149,600 businesses, homeowners and renters following last year’s hurricanes. Over 99 percent of all applications received have been processed.

For more information on SBA’s disaster assistance program, and tips on how to prepare before disaster strikes, visit the website at www.sba.gov/disaster.

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