Month: April 2014

QuickBooks Point of Sale Assists Entrepreneurs Turn the Best Profit

Matt Crowe’s Blog

One of the most difficult tasks involved in running a business is managing inventory.  If too much is ordered, items will sit gathering dust on the shelves.  If too little is provided, a consumer may become disgruntled at the lack of supply and refuse to return.  According to the National Retail Federation, United States retailers lose two hundred and twenty four billion dollars a year from excess inventory; forty five billion dollars are lost from lack of sufficient products.  As a result, despite how time consuming and labor-intensive managing inventory can be, it is obviously crucial to success as a retailer.  Entrepreneur recently completed an article to assist business owners with this daunting task.

The article recommends employing QuickBooks Point of Sale software, which addresses three specific common mistakes to allow the owner to effectively and automatically track their inventory.  First, owners often buy too much and end up tying money to product that won’t move off the shelves.  Point of Sale has two reports that enable the retailer to resolve this issue.  One report shows which products are failing to sell; a “Best Sellers” spread acknowledges the best moving products in the shop, with one mere click.  Armed with this information, the owner can then decide which items need to be discounted and which should be promoted.

Second, entrepreneurs often make the mistake of buying too little product and, as a result, risk losing customers.  Point of Sale resolves this by setting reorder points, which sends alerts to the owner that it is time to restock the chosen item.  The third and final error enacted by entrepreneurs is loading up the stock room and forgetting the inventory located there.  With QuickBooks Point of Sale, the owner has the ability to track all inventory, which allows recognition of all items previously ordered and prevents accidental duplicates and unnecessary restocks.  The ledger is updated as items are rung out at the checkout counter, providing an automatic and real time account of all items both in the store and the storeroom.  With these three built in features, QuickBooks Point of Sale allows the owner to eliminate unnecessary inventory expenses and boost their profits.


from About Matt Crowe

Increase in Entrepreneurs and Corresponding Courses at Lehigh University

Matt Crowe’s Blog

An article recently completed by Northampton News details the steady incline of courses dedicated to entrepreneurism and analyzes potential causes.  At Lehigh University, creativity is aflutter, as the Wilbur Powerhouse is home to a 3D Printer, which allows for projects to be printed in 3D.  The Creativity Lab has partially completed projects thrown about, notes scribbled on the blackboards to help them along the process.  The environment is intended to inspire the best in their Technical Entrepreneurism Program, which involves twenty-seven students, who engage in an accelerated masters degree program that was created two years ago.

According to the article, the program at Lehigh University is one small fraction of a larger project, instigated by the Baker Institute of Entrepreneurship, Creativity and Innovation.  The Baker Institute, which started in 2010 with four undergraduate classes offered to one hundred and forty two students, has now grown to involve eighteen classes and five hundred undergraduate students.  Both Lehigh University and its affiliate the Baker Institute are one part of a growing trend; classes in entrepreneurship have steadily increased since the mid 1970s.

According to the Ewing Marion Kauffman Foundation, a nonprofit dedicated to promoting education and entrepreneurship, the last two decades have particularly seen a steep incline in programs.  This statistic is confirmed by a study completed by the United States Commerce Department in October, which declared that a majority of jobs created in the last two decades were due to start-ups.  The article attempts to explain this, as it indicates Millennials are inclined to step out of molds and actively seek to make a change in the world.  Armed with technology that makes this process easier, Millennials strive to build this trend.  In addition, the display of successful entrepreneurs, such as Facebook’s Mark Zuckerberg, has shown Millennials that this can be a thriving and prosperous avenue, if the right idea is pursued.  In the words of the United States Commerce Department, entrepreneurship emphasizes a focus on short-term goals to create fulfilling long-term projects.  Proactive Millennial’s can’t help but pursue these notions at full speed ahead.

from Matt Crowe