Home based businesses frequently do their own home accounting, unless it is outsourced to an accounting service or done online. Personal finances can have a wide range of procedures depending on family size, location, amount of wealth, amount of assets, number of investments, or age in regards to estate planning. So as you can see, home accounting is a very versatile term, but several aspects will be defined and discussed.As discussed earlier, personal home accounting can vary upon the person or family. The most common use of home accounting for personal information is the monthly income and expenses sheet. This document is referred to as a balance sheet or statement of financial position. This is a summation of all assets, liabilities, and ownership equity to find the net worth of the person or family. It is calculated as of a specific date and time.

The calculation periods can range from weekly to yearly, with the average household using a monthly schedule.The balance sheet and income statement are closely related. Also called a profit and loss statement the income statement accounts for all the transactions over a given period to see an increase or decrease of value. In fact, since home accounting is relaxed without any set rules, a modification of both types is sometimes utilized. An example of this ledger would show the total net worth each month so it is easily compared to the previous month.Another important home accounting processes worth mentioning is asset compilation. It’s the inventory of everything owned for insurance purposes.

If a fire destroys personal items insured, the insurance company must have a record of the item and the condition it was in. Also, by forming a corporation or LLC money can be saved on taxes and personal assets are protected. This introduces us to the next type of home accounting.Home accounting for a home based business is also somewhat informal, but more precision is needed because it deals with other people’s money. When dealing with customer’s or vendor’s money, either billed or owed, it can get ugly if they feel cheated in any way. Nothing turns customers away faster than if they think they are not getting what they pay for.Like personal finances, business home accounting can vary greatly depending on the type of business. Some home based businesses are simple data entry or phone calling, but the majority of businesses deal with customers or other businesses.

For these types of commerce, companies must create their own professional-looking custom forms, such as customer estimates, invoices, and reports. They should also have the capability to accept multiple payment methods for payment of those invoices.Regardless of the business procedures, home accounting for any small business should monitor profit and loss and overall income performance. Maximizing tax deductions is also a concern. Home businesses must categorize expenses as business or personal to legally claim those deductions.

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Delay the salary discussion for as long as possible in the hiring process

The best time for? negotiating salary is after a firm job offer has been made. Your negotiating power is at its peak when the company has been convinced of your potential value to them and has decided that you are the best candidate for the job. If the salary question comes up early in the interview process it is best to remain as non committal as possible and suggest that your salary requirements are “open” or “negotiable” until you have learned more about the job. If pressed to give an amount state a wide range within which your salary requirements fall. Avoid giving? a specific salary figure on the application form and rather put “competitive” or “open to discussion”.

Find out the value of your skills in the marketplace

Information is your greatest tool in negotiating salary. Research your competitive market value. What are other organizations in your field and geographical area paying for your skills and experience? It is much easier to persuade the company to agree with your salary request if your negotiation proposal is firmly based in hard fact such as what people with similar skills and in similar jobs are currently earning. You can research salary data in a number of ways including visiting various free salary websites, asking people in similar positions, calling professional and trade associations, asking recruiters and employment agents and looking at similar job postings.

Know what you are worth to this specific company

Understanding your company-value helps you determine your real bargaining power. What is your value to this particular company? Consider factors such as the supply and demand ratio of your skills and experience in this industry and area, the number of candidates the company has interviewed, how urgently the company needs to fill the job and the direct and indirect contribution to company profitability of this position.
Evaluate the entire compensation package

Benefits can contribute up to 30 percent of the whole compensation package. Include the benefits in your salary calculations to get a more accurate picture of the dollar value of the whole compensation package. Put a direct dollar value on benefits such as medical, dental and life insurance, company bonuses, profit sharing, direct expense coverage such as parking, phone etc, company services such as child care and paid overtime. Decide which aspects are important to you and what you can negotiate to balance the base salary.

Calculate a realistic salary range to negotiate within

Work out how much you need to earn to cover your expenses. For each expense work out the amount of money you need and the amount of money you would like. The total of each amount provides you with an acceptable salary range within which you can negotiate. You will use this data for your salary decisions. However during the negotiations it is important to base your salary request on your value to the company and your skills and experience and not on what money you need to earn every month. The employer is unlikely to be interested in your expenses.? Begin negotiating at the top of your salary range to give yourself sufficient room for negotiation.

Always start your salary negotiations by thanking the employer for the job offer and highlighting your enthusiasm for the position and the company. Keep a positive attitude throughout the process of negotiating salary and make requests rather than demands. Know your true value and be confident of your ability to get the best job offer you can.

Go to Negotiating Your Salary for a complete guide to negotiating the job offer including free practical salary negotiation resources and tools.

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