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Importance Of Cash Control

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Cash is a vital component of any profit-generating organization. An organization’s assets generate revenue, which in turn generates cash inflows. These cash inflows are used for several purposes: to pay creditors, compensate employees, reward shareholders, provide asset replacement, and provide for growth.

Cash is unique because it’s the single asset that is readily convertible into any other type of asset. Therefore, it’s also the most widely desired asset. However, cash is also the asset that is most susceptible to fraud and abuse. Therefore, management has to ensure that adequate controls and safeguards are in place to eliminate any unauthorized transactions with cash.

Fortunately, there are ways management can safeguard the cash generated by its organization. Each of the following methods will help an organization prevent losses due to human error or theft:

o Monthly bank reconciliation

o Segregation of duties over cash handling

o Accountability for cash shortages

o Authorized cash disbursement

o Internal audits

Monthly Bank Reconciliation. Monthly bank reconciliation will help ensure that the amount of cash generated by an organization is consistent with bank records. In addition, an independent review of the reconciliation by management will provide an additional safeguard. Independent verification of bank reconciliation acts as a check to make sure the reconciliation was done properly and ensures there is no abuse of the organization’s cash.

Segregation of Duties Over Cash Handling. Every organization must make sure that there is adequate segregation of duties over cash handling. Separating the duties of cash receipts and disbursements prevents an individual from committing and concealing embezzlement.

Accountability for Cash Shortages. Management should hold supervisors accountable for cash shortages. If supervisors know that they’ll be held accountable for a cash shortage, they’ll be motivated to keep a close eye on how cash is used within their departments.

Authorized Cash Disbursement. Management should allow cash to be disbursed only through checks issued by authorized signers, which will provide a method for tracking cash usage. In addition, your organization should require signatures on all checks in order for them to be valid.

Internal Audits. Every organization should arrange to have internal audits conducted on a regular basis. Whether the auditors come from an internal audit staff or an outside auditing firm, auditing an organization’s accounting system can identify how effective and accurate the operation is and whether or not any improvements need to be made.

ESTABLISHING A QUICKBOOKS CONTROL ENVIRONMENT

QuickBooks allows more than one user to access company files. (Conceptually, an unlimited number of users may have access to the company’s data files, but only five users may work with the data at the same time.) When multiple users will have access to the company’s QuickBooks data files, it generally is necessary to create a control environment that protects the data from unauthorized use. For example, some users may not need access to sensitive payroll data, while others may not need access to accounts receivable and sales information.

One of the best ways to prevent errors when posting transactions in QuickBooks is to limit access to specified users. If passwords and access permissions are not assigned, users have unlimited access to all areas in QuickBooks. When setting up QuickBooks, one user should be designated as the QuickBooks Administrator.

The QuickBooks Administrator has unlimited access to all areas of QuickBooks and assigns passwords and access permissions to other users. The name and password for the QuickBooks Administrator can be set up by selecting “Set Up Users” from the “Company” menu. The QuickBooks Administrator must be set up before any other users can be set up. Although QuickBooks does not require the use of passwords, the QuickBooks Administrator should set up and use a password since anyone logging in to the company’s QuickBooks files as the administrator has full access to all areas in QuickBooks. After setting up a name and password, the QuickBooks Administrator should click the “Closing Date” button in the “User List” window and enter the date through which books are closed in the “Accounting” preferences dialog box. The administrator can also password-protect the closing date (requires single-user mode). When this feature is enabled, QuickBooks requires users to enter the password before they can make changes to periods that have been closed.

The QuickBooks Administrator is the only user who can:

o Set up other users.

o Change other users’ access permissions.

o Set up a company file using the “EasyStep Interview.”

o Change company information (such as company name, address, fiscal year, tax year, tax form, and federal identification number).

o Change company preferences.

o Condense data.

o Import and export data.

o Apply for QuickBooks Merchant Account Services.

Note: Since the QuickBooks Administrator has the ability to password-protect the entire company’s files, has access to all accounting functions, and assigns access to all other users, the company should carefully consider whom to select as administrator. The person selected should have an understanding of the importance of this position on the internal control of the company. Some companies designate the controller or Chief Financial Officer as the QuickBooks Administrator because those individuals normally do not have direct interaction with the software.

The QuickBooks Administrator can set up additional users and specify the areas to which each person has access. To do so, select “Company” from the menu bar and “Set Up Users.” Then click the “Add User” button in the “User List” window. Assign a user name and password for the new user. Even though QuickBooks does not require the use of passwords, each user should be set up with a password that must be used when logging in to the company’s QuickBooks file. (An unlimited number of users can be added, but only five can have access to the company’s data file at the same time.)

After setting up the user name and password, the administrator then specifies whether the user will have access to selected areas of QuickBooks or all areas of QuickBooks. The user should not be given access to all areas of QuickBooks since that permission essentially establishes a second administrator allowing users to access the following:

o Sales and accounts receivable.

o Purchases and accounts payable.

o Checking and credit cards.

o Inventory.

o Time tracking.

o Payroll and employees.

o Sensitive accounting activities such as bank transfers, general journal entries, and online banking.

o Sensitive financial reports.

o Changing or deleting transactions.

o Changing closed transactions.

Note: Even if users need access to most of the preceding areas, they should not be allowed to change closed transactions.

Rather than giving users access to all areas of QuickBooks, the QuickBooks Administrator should give users access to selected areas. In that case, the QuickBooks Administrator specifies whether the user should be given no access, full access, or selective access to each individual area listed in the preceding paragraph. If the user is given selective access in a particular area, the QuickBooks Administrator also must specify whether the user can (a) create transactions only, (b) create and print transactions and forms, or (c) create transactions and create reports.

Sensitive Accounting Activities. Users generally should not be given access to sensitive accounting activities. Such activities include:

o Maintaining the chart of accounts.

o Working in the account register for balance sheet accounts.

o Reconciling accounts.

o Making journal entries.

o Using the “Accountant’s Review.”

o Transferring funds between accounts.

o Using online banking.

o Creating budgets.

o Printing registers.

o Condensing data.

Even if users are given full or selective access to sensitive accounting activities, they cannot create financial reports (with the exception of the “Payroll Report”) or change or delete previously recorded transactions. Those permissions must be assigned separately, as discussed in the following paragraphs. The QuickBooks Administrator generally should be the only user with access to sensitive accounting activities.

Sensitive Financial Reports. Users generally should not be given access to sensitive financial reports (such as the balance sheet, profit and loss reports, budget reports, cash flow reports, income tax reports, and audit trail reports). That access allows users to create all reports and graphs available in QuickBooks. However, even users with access to reports cannot change or delete transactions included in the reports. That permission must be assigned separately, as discussed in the following paragraph. The QuickBooks Administrator generally should be the only user with access to sensitive financial reports.

Changing and Deleting Transactions. Even if QuickBooks users have full access in a particular area, they cannot change or delete transactions in that area unless they are given that permission in the “Changing or Deleting Transactions” window. For example, a user with full access in the sales and accounts receivable area cannot change invoices or sales receipts unless they are given permission to change or delete transactions. However, even if users do not have permission to change or delete transactions, they can change or delete transactions they entered in the current QuickBooks session so that quickly identified data entry errors can be corrected. Users that are given permission to change or delete transactions can alter transactions only in areas in which they have access. For example, users that have access to the inventory area but not to the payroll area cannot alter payroll transactions even if they have permission to change or delete transactions. The QuickBooks Administrator generally should be the only user with permission to change or delete historical transactions.

If a user is given permission to change or delete transactions in areas in which they have access, the “Changing or Deleting Transactions” window also asks whether the user should be able to change or delete transactions recorded before the closing date. The QuickBooks Administrator always should deny users access to such transactions by selecting “No” in response to that question. Even when “No” is selected, users can view prior-period transactions in QuickBooks areas to which they have access. If “Yes” is selected and the administrator sets a password, the user will be required to enter the password.

Viewing Data. QuickBooks allows the QuickBooks Administrator to limit a user’s access to creating sensitive financial reports or creating and printing sensitive reports. Companies can use this feature to allow the Controller, Chief Financial Officer, or another person independent of the accounting function the ability to oversee the accounting operations. Because many companies frequently have small accounting staffs, this increased oversight can mitigate some of the risk to the system of internal control created by having limited segregation of duties.

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Source by Leigh Ann

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January 22, 2020
Dousing the Flames of Marital Conflict

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Conflicts in marriage are endemic. Because this is a union of two distinct individuals each with his or her own likes, dislikes, prejudices and pet peeves, conflicts are built into the marriage packet. As the famous evangelist Billy Graham once said, “For a married couple to expect perfection in each other is unrealistic. The unblemished ideal exists only in ‘happily-ever-after’ fairy tales. ‘Happily incompatible’ is a good adjustment.”

No human relationship can exist in a permanent state of happiness, and conflicts need not be viewed as a sign of instability or impending rupture of marriage. Couples need to master the art of quarreling constructively and resolving all conflicts positively. A mature approach will increase understanding and trust, and strengthen their relationship. However this depends on their level of commitment to each other.

Areas of conflict:

o Finance: In this consumer-oriented society of today, money or the lack of it can lead to conflict. Spouses have different spending habits. Overspending or unnecessary spending by one partner can upset the family budget, leaving less money for essentials. Entertainment, alcohol, consumer goods can eat into one’s pocket. Similarly miserliness will also trigger conflict.

o When the needs, wants and desires of one partner are not met, there is a tendency to be irritable or argumentative over trifles.

o Domination: When one partner is excluded from the decisions that affect them both, friction is bound to arise. Similarly, procrastination by one partner on issues that need urgent decisions can be annoying.

o In-laws: Too much interference or over dependence of in-laws can become a bone of contention. Unfair references and comparisons lead to quarrels.

o Children: Different styles of parenting or lack of proper parenting skills can result in heated arguments.

o Sex: Husbands and wives have exclusive conjugal rights over their partners. Depriving a spouse of normal sexual activity creates tension in the relationship.

o Working wives: Some women with high tech jobs may not have quality time to spend with husband and children. Stress, fatigue or overwork can sap them of strength and put them in an irritable frame of mind.

o Habits: Drinking, smoking, gambling or drug taking are frequent causes of conflict.

o Social activities. Time consuming parties or games leave very little time to spend with each other.

o Physical and emotional abuse.

o Self-centeredness.

o Secrecy: Keeping important secrets from each other is a breach of trust.

o Infidelity.

The mark of a good marriage is not the absence of conflict, but how each partner deals with the problem. Conflict is like an ember with the potential to spark into a flame, and if not doused in time, can blaze into a conflagration. The foremost thing to remember is that it is not a battle between enemies. It is just a disagreement between spouses who have promised to love and cherish each other till the end of their lives.

“Many marriages would be better if both husband and wife realize that they are on the same side,” says Zig Ziglar.

The aim must be to diffuse the situation by proper resolution, so that it does not crop up again and again.

There are two options available.

1.The Negative Approach which will generate hostility.

2.The Positive Approach which will make the bonds of marriage stronger.

Negative Approach:

– One partner personalizes the problem and treats it as an attack. Women are more prone to this approach. They withdraw into themselves and wallow in self pity. Withdrawal may be physical, sexual or emotional. Breach of communication follows. This is a dangerous trend. A trivial problem festers in the mind until it assumes gigantic proportions.

– Angry reactions like yelling, crying, abuse, sarcasm, insults or even violence are disastrous. The idea obviously is to hurt the other person while defending one’s self in the blame game.

As Broderick said, “Couples who vent their anger and do nothing to get at its cause and cure are committing marital suicide.”

Positive Approach:

1. Couples should never communicate when angry. They should first think things over calmly by themselves and then discuss the issue. Privacy is important. Discussions should not take place in the presence of their children or relatives, but in a quiet place where there will be no interruptions. They must bear in mind at all times that they are allies and not adversaries. There must be eye contact throughout the discussion. Respect for each other’s feelings is important. So the tone of voice and body language must be appropriate. Listening carefully to the other’s point of view is showing respect. Questions and clarifications are in order. It is also a time to share one’s genuine hurts and frustrations. Generalizations like ‘You always find fault’ or ‘You never listen’ are not helpful.

2. The core issue must be tackled. It is important to define and discuss only the problem that started the conflict. Is the problem repetitive? Is there a recurring pattern? If so, why has the problem not been resolved before? There should be no deviation into unrelated issues. Old problems must not be dredged up and recycled to score a point.

3. Finance can be a contentious subject. Bad financial habits must be mended. Budgeting one’s income is important. If expenses go beyond the budgeted amount, there should be a discussion on how best to make good the deficit. Honest conversations about purchases, savings and overspending will help. It might require lowering one’s standard of living or finding other ways of income generation.

4. Sex is an important aspect of marriage. Withholding sex by one partner as a means of punishing the other, is hurtful. Sex enhances intimacy and reconciliation.

5. Spouses must take responsibility for their contribution to the problem. They should be willing to change their behaviour if necessary. Owning up faults and admitting their weaknesses will diffuse tension. Sometimes it may even be necessary to give into the partner’s wishes, even though not fully agreeable. It is important to focus on what is right and not on who is right. Compromise is by no means weakness. It reflects strength and helps resolve the problem permanently.

6. Forgiveness is the most important salve that will heal the hurt of conflict. Couples should be generous in forgiving each other’s faults. It may not be easy, but it is always better to get it over with and move on.

Conflicts in marriage are inevitable. Fault finding and negativity can destroy and tear apart relationships. ‘Let not the sun go down upon your wrath,’ advises Scripture. With proper communication, tolerance and commitment, most conflicts can be resolved.

As Alexander Perry said, “The ultimate test of a relationship is to disagree but to hold hands.”

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Source by Eva Bell

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January 14, 2020
Free Winning Mass Cash Tips

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Massachusetts happens to be one of the most populated states in America despite of its size. Boston happens to be one of the most beautiful cities filled with rich history, culture, and considered as the ‘Cradle of Liberty.’ It is by far one of the homes of the biggest lotto players earning the name Mass Cash.

Mass Cash is a 5/35 lotto game with a one hundred thousand-dollar jackpot. It may not be impressive for most, yet having a hundred grand can and will make anyone smile regardless. The probability in winning the cool hundred grand is 1 in 324,632, which can be translated as anyone’s game with a good chance of winning than even Powerball.

As for tips, this odd-numbered game would require some careful planning and checking on past winning numbers. With a state that lives in history, it can be a great tool for winning the prize. Second and third place winners can pretty much get their money back.

Starting with the odd-even tactic for Mass Cash would be a good choice to even the playing field of a 2/3, 3/2 combination. Checking on the past winning numbers (even dated as far back as 1955) can be a chore at times, yet the high probability of the numbers showing up again would be somewhere close to seventy percent.

Using the High-Low combination on Mass Cash can be tricky at times yet still useful, regardless of which side the middlemost number should go would sometimes be the deciding factor on getting a proper combination. A quick way in doing so is to avoid integers, meaning anything that has a multiple of 35 (five and seven respectively). The general rule of thumb from experienced lotto players and probably even some mathematicians would always be to expect the expected, not the other way around.

Group matches are another great way in determining a proper combination, basing it on a set group/s that a player has established. This is where history can tell, which number can be used as a replacement for a potential cold number. Beware, though, as what may be considered as a cold number might turn up, yet the chances of it ending the losing streak would be rare.

Talking about history, a repeat hit may occur at more than fifty percent at the time. Mass Cash has one of the longest lists of winning numbers that would sometimes repeat itself. With regards to these numbers, sometimes a combination of using a group number would be like playing poker if needed to change some cards.

Playing Mass Cash is a lotto game that would mean that everyone’s a winner. From getting some of the money back to getting the one hundred thousand is to know and have a right mindset once the player lines up to the betting booth. Mass Cash is an ideal way on being a thousand dollars richer, and if given some thought on how to use the money would be beneficial. Just because the jackpot is small doesn’t mean it’s useless.

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Source by Chris S Malcolm

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January 14, 2020
Attractive New Regenerative Medicine Tool Uses Magnets to Shape and Stimulate Stem Cells

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How would it have been if we could develop embryoid bodies (EBs) from individual embryonic stem cells (ESCs) using technology? This could give birth to the development of the regenerative medicines and other therapies, which does not require an external supporting matrix as needed by the traditional regenerative technology to create a coordinated assembly.

All this is possible with a cellular magnetic Legos. A technology developed by the researchers at the Laboratoire Matiere et Systemes Complexes (CNRS/Universite Paris Diderot) is capable of combining cells with the help of magnetic nanoparticles and magnetized miniaturized magnets. In order to differentiate, it does not need any supporting matrix. The best part of this technology is that it can develop any tissues and deform them at will.

An elaborate insight of the study has been detailed in Nature Communications. This tool infused with miniaturized magnets can be used as a great technology in the field of regenerative medicines and also in biophysical studies.

Since the demand of nanotechnology is ever growing for providing an unprecedented solution for diagnosis and regenerative therapy, we can feel its necessity in every sphere of medicines and biosciences. Hence, this finding is another milestone for the development of regenerative tissues or therapies sans an external supporting matrix.

However, for scientists it is not viable to use matrix for the development of cohesive and organized cellular assembly for tissue generation. This is what they find it a great challenge, especially when they have to work on synthesizing thick or large sized organ or tissue. Or sometimes, the stimulation of these tissues is quite tough as they refuse to function properly as opposed to their counterpart cartilage.

Magnetic Cellular Lego At Scientists’ Assistance

A new tool developed by the scientists in France, uses magnetized stem cells to alter and stimulate stem cells into 3D shapes. By using external magnets, cells can be magnetized for differentiation, assembly, proliferation and stimulation through insertion of nanoparticles. This way, these cells are turning into cellular magnetic Legos. The magnetic Legos performs as a magnetic tissue stretcher, where mobile magnets captivate aggregate developed from the cells before a second the micromagnet could attract magnetized cells. The experimenting tissues on the magnetic tray behave independently (say compression and stretching) influenced by the two actuated magnets.

The Method Of The Experiments

The first approach of the study was to gauge the capacity of the magnetized cells to differentiate and proliferate as similar as stem cells, and also zap pluripotency characteristic in embryonic stem cells when introduced to nanoparticles. It was aimed at developing the embryoid body applying the differentiation process of embryonic stem cells. We can call embryoid bodies as 3D groups of pluripotent stem cells, which comprise three types of skin cell types. The team further found that nanoparticles do not impact the formation of embryoid bodies in the magnetic stretcher.

In order to form embryoid bodies using magnetized cells, it has more effective outcomes as opposed to the hanging drop method, where embryoid bodies cannot proliferate properly.

The study further showed that the addition of the nanoparticles to the embryonic stem cells do not put any impact on its differentiation process. Simultaneously, the embryoid bodies could move toward the heart muscle in the magnetic stretcher when stimulated by magnetic cells. Thus, it proved that other than living orgasmic cells, the mechanical factors like magnetic cells can take part in the process of cell differentiation too.

We can hope that by using this all-in-technology, we can generate tissues by manipulating stem cells, or use it as a powerful method to enhance biophysical learning possibilities.

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Source by Richa Verma

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January 12, 2020
Mindset: A Summary

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Dr. Carol S. Dweck was challenged by her student to write a book on the results of years of their research study. Dr. Carol S. Dweck rose to the occasion and has written this book, “Mindset: The New Psychology of Success, and How we can Learn to Fulfill Our Potential” in the hope that it will help the ordinary human being understand that life is what you make it and not what was dealt to you at birth. She has written in simple language giving examples of ordinary real people like herself and her students, artists like Picasso, sportsmen like Michael Jordan, the basketball player and John McEnroe the tennis player, Marina Semyonova the great Russian dance instructor and CEOs of different companies to name a few. In the third paragraph of her introduction she writes, “… you’ll learn how a simple belief about yourself… guides a large part of your life… In fact it permeates every part of your life… ” Thus she draws the reader into the book, making the reader one of her real life examples as the reader finds himself or herself in these examples.

Dr. Dweck introduces the two types of mindsets, the fixed mindset and the growth mindset in the first section of the book. She writes how she learned from ten year old kids that failure could be turned into a gift if you had the right mindset. By giving them hard puzzles to work on, the kids cultivated their intellectual skills through effort and did not give up. These kids became her role models in her pursuit of whether human qualities are things that can be cultivated or are things curved in stone. Each person has a unique genetic endowment but experience, training, and personal effort take them the rest of the way.

Dr. Dweck’s twenty years of research has shown that the view you adopt for yourself profoundly affects the way you lead your life. She writes that, if you believe that your qualities and traits are curved in stone and cannot be changed then you have a fixed mindset. And if you believe that cherished qualities and traits can be developed and cultivated then you have a growth mindset.

Fixed mindset people believe that an individual’s intelligence, quality and traits are a fixed quantity which cannot be increased. If they are doing well in school then they are smarter than the others who are not doing well. If they do well in sports then they have talent dealt them at birth. They spend time to prove that they are better in the qualities dealt to them just to prove they were dealt a healthy dose and that they are not deficient. If something doesn’t work for fixed mindset people they always blame it on something else.

Growth mindset people work hard to do better always. They do not sit back and see their accomplishments as the final goal. In their minds there is always room for improvement. They have no time to sit and see themselves as the best or better than others. They have no time to sit and think that they have a special talent. They are busy thinking of how they can make it better and what changes they can make if something expected did not go right. To them if something doesn’t go right it’s not failure it is a challenge to find out ways to make it happen.

In the second section of the book, Dr.Dweck, takes us through her research journey of fixed mindset and a journey of growth mindset through several sets of eyes. Showing how these two mindsets make or break people in their daily lives. In individual sports she gives an example of John McEnroe fixed mindset in tennis. He was a brilliant player who believed on talent not effort and working hard. When he didn’t win he blamed it on something else. Like when he blamed the system for not liking the game any more. He would not take responsibility. Micheal Jordan on the other hand has a growth mindset. If he missed a goal he would go and practice for several hours trying to figure out why he missed it In team sport the author gives an example of Couch John Wooden who was tactically and strategically average but went on to win ten national championships. Coach Wooden a growth mindset, tells us he was good at getting players to fill roles as part of a team. He cared about the feelings of the players. Fixed mindset like Coach Bobby Knight picked players for talent. He was an excellent coach but used the dictator approach to win. The winning were short lived and broke individuals’ characters in the process.

In corporate companies the author uses General Electric CEO, Jack Welch, as the fixed mindset who managed to humble himself to a growth mindset and as he grew in his mindset the company grew at the same time. Lee Iacocca whose fixed mind set is good to bring the company up to the top in a hurry but then you need to get rid of him before he breaks it. Ford motor company did just that and Lee Iacocca was not happy. Fixed mindsets leaders are more concerned with being heroes and put their ego before the welfare of the company. The author gives example of Enron as a company that broke in the hands fixed mindset high echelon smart people. Enron employed smart people with talent and paid the maximum price of closing the company. Enron is a good example of groupthink where executives get carried away with their brilliance and superiority and make catastrophic decisions.

In love, these two mindsets can make or break a relationship. In her research, Dr. Dweck, found out that fixed mindsets feel judged and labeled by rejection in a break up. They also chose revenge as a means to get at the person who hurt them. Growth mindsets chose to forgive, learn from it and move on. The author gives Hilary Clinton as an example who forgave her husband and went to canceling in order to save her relationship. Time and effort is needed to cultivate the emotional skills that are needed to keep a relationship.

Dr. Dweck, ends this third section with the influence that parents’, teachers’ and coaches’ mindsets have on children that are under their care. In her research she found out that children interpret the caregivers words of support and encouragement in a fixed mindset approach. This sets them up for failure. For example, “… You learned that so quickly! You are so smart… ” is interpreted as “… If I don’t learn something quickly, I’m not smart… ” She explains that parents, teachers and coaches should refrain from giving praise that judges their intelligence or talent but praise them for the work that they put in. She goes on to say parents, teachers, and coaches need to give equal time and attention to the children regardless of their initial skills. The children will in turn give all and blossom. The author points out, “… As parents, teachers, and coaches we are entrusted with peoples’ lives. They are our responsibility and our legacy… “

In the fourth section of the book, Dr. Dweck, embarks on the most gratifying part of her work, watching people change. People are not conscious or aware of their beliefs. Dr Aaron Beck, a psychiatrist, discovered that he could teach them how to work with and change these beliefs. And cognitive therapy, one of the most effective therapies ever developed, was born. Dr Dweck, used workshops to probe the way people of fixed mindsets dealt with information they were receiving. She found that they put a strong evaluation on each piece of information. Something good led to a very strong positive label and something bad led to a very strong negative label. People with growth mindset are also constantly monitoring what’s going on, but their internal monologue is not about judging themselves or others. They are sensitive to positive and negative information, but they are attuned to it’s implications for learning and constructive action. Dr. Dweck also had workshop for students. The workshops require a large staff to deliver the material. So the workshop material was put on interactive computer modules. The teachers guide their classes through the modules, and called it Braintology. These mindset workshops put students in charge of their brain.

It is interesting to note how a simple characteristic like a mindset affects decision making in a wide spectrum of the population. A student in kindergarten, a CEO in billion dollar company, a surgeon at work in a hospital, a sportsman at practice and on the court, a chef at a high end hotel, selection of dance students and a sport team. College students drop classes or drop out of school due to having a fixed mindset. A growth mindset helps you learn to deal with anger, and deal with stereotypes in racial and gender discrimination. It’s quite fascinating.

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Source by Nancy Maina

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January 11, 2020
Biotechnology and Social Entrepreneurship: The Perfect Symbiosis

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This is the era of globalization where modernization in every sector is essential due to societal changes and the continuous demand for a quality life. It’s the duty and a moral obligation of every industry to assist in providing a better way of life to those who are less fortunate and require your help. In such conditions, one needs to be resourceful, altruistic, have qualities pertaining to that of a businessman, and have a scientific view. Biotechnology as such is a field that can contribute to various individuals in terms of money as well as its inventions. This industry has grown monumentally over the years and has helped people find hope and restore their belief in humanity with its applications in the field of genetics, agriculture, food, medicine, and healthcare.

Biotechnology and social entrepreneurship can go hand in hand. For example, by providing better healthcare options at cheaper costs, consumers are motivated to opt for Biotech products. In this way, the Biotech organizations can help move low-income communities toward better health, and by purchasing their products, the consumers are indirectly promoting the company’s brand. Creating employment opportunities, intellectual wealth, and expanding industrial growth are a few of the absorbing factors that guarantee a focused approach for this sector, resulting in a general benefit to society.

Scientific entrepreneurs often lack managerial competencies, industrial experience, and contacts, even if they integrate members with an administrative background; so therein lies a critical area that requires some work. Solutions to certain social problems, such as improving the quality of health, economic, political, and cultural problems in reference to poverty, often require fundamental transformations in the political, economic, and social systems. A Social Entrepreneur brings change to the social system by utilizing their work and business to address that cause. Such ingenious creativities represent social entrepreneurship. Hence, it can be stated that the approaches for network building observed by biotech companies regarding social entrepreneurship will combine behavioral features that are archetypal of biotechnology entrepreneurs, and include other characteristics that are a response to the conditions found in their particular environment.

An excellent managerial team can provide the necessary skills for the management and coordination of scientific and commercial operations, and can also help maintain a good organization repute. One key area where social entrepreneurs play a vital role is in the commercialization of research results of the biotechnology industry thus, warranting sustainable growth. A working local innovation system with respect to the connections between companies and knowledge organizations can be the stimulus to this implementation.

For example, Juan David and Alicia Carpio launched Q’omer Bioactive Ingredients, a technology-based social enterprise. They witnessed the condition of people regarding their farms and unfair labor deals in Peru, so they designed a sustainable and socially responsible way of working with resources in Latin America. They offer raw materials and ingredients to produce organic products and improve the well-being of people while promoting the economic and social sustainability of producers from Latin America. This is only one example, but with each passing year, more and more Biotech companies are taking the initiative to promote social entrepreneurship and contribute to various societies by providing scholarships, funding, and research options in the field of Science.

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Source by Chris Bouchard

Views: 0

January 10, 2020
Book Summary: Tax-Free Wealth – How to Build Massive Wealth by Tom Wheelwright

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I was lucky as a kid to have my father as a business mentor. When the time came and I entered the business world, I could not lean on him as he passed away young. The Rich Dad / Poor dad books were my saving grace when it came to financial education. Several of the concepts I knew about because of my father but the advanced strategies and the “how to” really came from the Rich Dad books. Tom is a Rich Dad advisor.

Why is this important to me?

I am not doing this summary to waste your time. It is my vision to provide concise action steps that you can adopt right now to enhance your financial life and career. If you want to continuously improve, you have to be committed to continuous learning. Lever the continuous learning with the right associations and you will succeed in your career.

The Cash flow quadrant really sums up the essence of financial success. If you focus on the left side of the quadrant then you can make an OK income but if you focus on the right side then you can become rich. Robert Kiyosaki points out in Rich Dad / Poor Dad that the left sides of the quadrant people make money, pay tax and then spend it. On the right side of the quadrant people make money, spend it and then pay their taxes. This is a huge difference and can be the biggest success lever in your financial arsenal.

Tax-Free Wealth points out 24 Tax Strategies you can use on your way to Tax-Free Wealth. For the sake of time I will point out a few along with some commentary about each.

1. Rule # 1 – It is your money, not the governments. People tend to run scared when it comes to taxes. Remember that you are the one creating the value and making the business work, be smart and utilize tax strategies to minimize tax and maximize your investment. The key here is tax avoidance NOT tax evasion. Every concept in this book is totally legal and encouraged by the IRS.

2. Rule # 2 – The Tax Law is written to permanently lower your taxes. All financial plans need a solid foundation. This is why you simply can NOT focus on rate of return only. You can make a huge rate of return but if you can lose it because of a law suit or 50% gets eaten up in taxes then you will lose in the long run. 99% of the tax code is written as incentives to encourage people to start business. The reason the government does this is because businesses create jobs and that is the single biggest economic driver.

3. Rule # 3 – The fastest way to put money in your pocket is to reduce your taxes. Businesses require investment. That investment is a business expense along with R&D, Travel and other business related expenses. You can combine vacation and work legitimately and write it off as a business expense. If you travel and sell items then go on sales calls in the vacation area. If you are a real-estate investor then travel where you may invest.

4. 4. Rule # 24 – Build massive passive income through your tax savings. This is the strongest wealth builder in the book because you lever up compound interest, velocity of money and leverage. Utilizing these three vehicles along with investment stacking and you will be rich. The goal is to build your business and make the money there and turn it into passive income and then park the added money into cash flow investments like real estate. You want your money working harder than you do. You do not want to trade hours for dollars. Let me give you an example.

In our software company there are two ways to build wealth and that is through intellectual property and maintenance agreements. These two things used together will build a company that can be sold for 2-4X revenues. Now to foster that investment with leverage, I use the “Infinite Banking Concept” to lend money to the business through “my own bank.” Now the money the business pays me comes back as investment income which means lower taxes. The new revenue the additional maintenance contracts bring foster new contracts. The next step is to use “good debt” to leverage our coverage and purchase more maintenance contract revenue with our software platform.

In summary, you make money in your business and hold it in passive income generating assets using good leverage, velocity of money and compound interest.

Tax-Free Wealth is a great resource that I encourage you to read. If you immerse yourself in these concepts, financial security and true wealth can be yours.

I hope you have found this short summary useful. The key to any new idea is to work it into your daily routine until it becomes habit. Habits form in as little as 21 days. One thing you can take away from this book is lever your financial education. If you take control of your education and schedule 30 minutes per day dedicated to this then you will reap results. You cannot put your financial future in the hands of somebody else. Take on the responsibility and good things will happen.

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Source by Joe Mosed

Views: 0

January 9, 2020
Can Your Migraines Disappear With Orthomolecular Medicine?

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Quantum Brain Healing addresses the root of the migraine problem before recommending the treatment protocol. The root causes of migraine headaches include stress, poor diets, neurotransmitter imbalances, endocrine hormone imbalances, vitamin and mineral deficiencies, mineral level imbalances between calcium and magnesium, pineal gland malfunction, electromagnetic field imbalance, and emotional trauma. It is possible for a migraine to be a secondary illness where the primary disease is a brain tumor. Migraine headaches are an important symptom of a brain tumor. A brain aneurysm may feel like a migraine. Migraines may accompany ADHD, epilepsy, diabetes, Crohn’s, heart disease, irritable bowel, depression, and bipolar disease. A comprehensive look at your medical history and diagnostic testing must occur to rule out more serious problems prior to treatment.

Migraine headaches can be caused by food and environmental allergens. Avoid nitrates, MSG, artificial sweeteners, and foods high in tyramines including red wine, cheeses, and chocolate. Stay away from carbonated beverages, soy, peanuts, pickled foods, non-organic coffee, chocolate, food dyes, food additives, or refined foods. It is very important include protein in your breakfast each day. Avoid all genetically modified foods and eat local or organic fruits and vegetables. Include fresh salmon, avocado, walnuts, almonds, and omega 3 and 6 essential acids in your diet.

Identify allergens in your diet and avoid them with dietary changes including the G.A.R.D. Diet or the Elimination Diet. The Rotation Diet follows a different theory that allows exposure to each food once each four days. The immune system calms down when there is not frequent exposure to the allergen. Gluten may be a trigger for many people with migraines. Try to keep a food diary for at least one month to identify the foods that may be your triggers.

Many people with migraines may experience problems with pollution and environmental triggers. These may be avoided or eliminated with hard work. Otherwise, this can be dealt with by reducing stress and improving overall diet and health. Stress may be improved by changing jobs, a divorce from an abusive one, a new job, a new hobby that you enjoy, volunteer work, and watching comedy on TV or at the movies. Stress can be reduced with Yoga, tai chi, and Qi Gong. There are several alternative therapies that can help migraines such as neurobiofeedback, hypnosis, homeopathy, and Bach Flower Remedies.

Chinese Traditional Medicine (TCM) is great at improving migraines with patent herb formulas and liquid herbal extracts which can be used along with auricular laser therapy, auricular acupuncture, scalp acupuncture, and traditional body acupuncture. These therapies usually require two weeks to see improvement. The acupuncturist may recommend several months of treatments depending on how long you have experienced the migraines.

© Dr R Stone, MD-India

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Source by R Stone

Views: 0

January 8, 2020
5 Reasons to Be in the Restaurant Business

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Restaurants can be found in almost everywhere that you may go and this is proof that this kind of business is really good. Every once in while, someone makes a decision to open up a restaurant for whatever reasons he/she has. There are evidently many reasons why people choose to open such business and you do not need to have the same reasons. You just have to evaluate what you want and to help you out, here are 5 reasons why you should be in the restaurant business.

The fact that all people need to eat is one of the main reasons why you should be in the restaurant business. People can actually cook their foods on their own at home but sometimes there are people who choose to eat in a restaurant, the busy people in particular. Because they do not have enough time to cook at home, they prefer to go out and eat. In addition, during special occasions or events, there are people who choose to celebrate in a place other than their home and they want to taste different types of foods.

Considering the fact that people need to eat, somehow you can be assured that the chance of your business to become a failure is smaller and this is another reason why you should be in a restaurant business. As long as you know what the people want and what they are looking for, you are going to be just fine. You just have to be creative and imaginative when it comes to the foods that you are going to prepare. If you want a lot of people to come to your place, then you need to come up with something new, unique and delicious. With this, you can surely keep the people coming to your place.

If you love to cook a large variety of foods, then a restaurant business is going to be great for you. Although starting up this kind of business does not really require you to be someone who loves to cook, it’s definitely better if you do. When you are doing something that you really love, then the results/outcome would be better than doing something that you do not have that much interest in.

Having a place where a lot of people pass by every single day is another sign that you should start-up a restaurant business together with your passion for cooking. If you have a really good place that’s accessible, many people would instantly know that your business exists and this means that you do not need to spend too much money for advertisements.

And of course, money is the last reason why you need to be in a restaurant business. Along with all the reasons stated above, if you have enough funds to open up a restaurant, then you should go ahead with starting up your own.

However, if you feel that you are not really interested in this kind of business, that’s the time when you can look into other options available.

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Source by Mabel Miles

Views: 0

January 7, 2020
Rolling Deposits – Uncovering the Granddaddy of Cash Fraud

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The Shift Manager of the fast food restaurant sat in his car, under a shade tree in a parking lot. On the floor board are unused disposable deposit bags and a destroyed deposit bag that had been sealed with last night’s closing deposit. The manager had sliced open the deposit bag and the passenger seat is littered with the contents – ones, fives, tens, twenties, and change. He will use one of the unused bags to make a new deposit. The manager counted the funds several times, his stress level mounting. The amount is not enough to match a deposit slip for a deposit dated two days ago. Two days ago? What is going on here? Why did he open a deposit bag today for funds to match a deposit ticket that is two days old? Do you know?

This is a theft scheme called “rolling deposits” and unfortunately it is not uncommon when retail and restaurant managers prepare deposits and make deposit runs to the bank. The employee steals all or a portion of the day’s deposit and makes up for the stolen cash from the contents of future deposits to cover the thefts. The scheme continues as long as the manager has access to deposits.

The tell tale sign of the “rolling deposit” theft scam is deposits taken to the bank by a particular manager are consistently validated by the bank several days after they should be. Deposits taken to the bank by the other managers are validated on time. The stress level of the manager who is scheming mounts as the need to match deposit funds with unvalidated deposit tickets becomes increasingly complicated. As in the example above, the deposit the manager opened is not enough to cover the past deposit ticket. The manager will now have to wait to add funds from tomorrow’s deposit to conceal his thefts.

If the business is using disposable deposit bags and the deposit was prepared by another manager, our shift manager involved in the theft scheme makes the bank run with the deposit. As in the scenario above, the shift manager in order to continue his thefts, must cut open the sealed deposit bag and remove the cash and the accompanying deposit slip.

With no intervention, these theft schemes can go undetected for a long time and the cash losses can be staggering. Experienced security and loss prevention professionals can easily reveal the fraud with a little investigation. In my experience, the manager conducting the rolling deposit fraud will readily confess when interviewed properly. They are so stressed trying to keep the scheme floating, they are generally relieved that it is over.

There are tried and true protocols in establishing sound loss control practices to prevent this type of scheme and ways to easily uncover it. If you suspect one of your employees of rolling deposits:

1. Develop a chart – across the top of the chart list these columns: Date, Shift (deposit), Amount of Deposit, Bag #, Depositor Name, Date of Bank Verification. Make a separate line for each deposit. Down the left side of the chart, list the sequential days of the month. Fill in the corresponding information starting with the first of the month.

2. Analyze the chart – Look for patterns and discrepancies such as missing disposable bag numbers from the sequence, “leapfrogging” of bag numbers and deposit validations from the bank. Look for a pattern of the same manager taking the deposits to the bank when the discrepancies occur.

3. Action – Prohibit suspect’s access to deposits. If rolling deposit scheme is occurring, a deposit will soon show excessive shortages or missing altogether. Track the deposit activity for past months to get a better indication when the discrepancies first appeared.

4. Prevention

* Require all deposits be sealed in disposable deposit bags

* Eliminate the vinyl/canvas/zippered pouches

* Record deposit bag number with corresponding deposit

* Require depositors to sign for deposits they take to the bank

* Check all deposit validation dates from the bank with the dates of business

* Develop strong cash and deposit auditing programs looking for deposit bags and validations out of sequence

* Have a bank representative notify you of “late” deposits (> 3 days late)

* Consider SMART safes or armored car service

Taking deposits to the bank is a common practice for Fast Food (QSR) restaurant and retail management. It is fraught with issues such as time away from management responsibilities in the restaurant or store, exposure to traffic accidents and crime, and this “rolling deposit” theft scheme. Although seemingly the cheapest way of getting funds to the bank, it may be most costly should the manager be seriously injured or killed in a car crash or armed robbery during the transport. Stealing tens of thousands of dollars from deposits may pale in comparison.As new technology is developed, armored cars service becomes more competitive, and ways of banking become more progressive it may be time to rethink how we get our money to the bank and eliminate the exposures to our people and our profits. So what is going here? Why are certain deposits getting to the bank several days late?

Now you know, and now you can do something about it.

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Source by Libby Libhart

Views: 0

January 6, 2020