June, 2021
now browsing by month
Third-Party Logistics Explained
The concept of third-party logistics or 3PL, when not properly understood can be complex and complicated. However, every major business owner needs to understand this concept as it could be the difference between their ability to run their product-based business effectively or not.
Understanding the world of third-party logistics may not be simple, especially with the many terms that are involved, however, this blog post seeks to break things down to the very basics so that business owners can better understand what they have been missing while also exposing themselves to one of the tips on creating more storage space.
Who Is A Third-Party Logistics Provider?
Third-party logistics providers are business professionals saddled with the responsibility of taking the stress of the supply chain pipeline from you, as a business owner. These logistics professionals utilize solutions that they have already carved out for your business to address your needs while also making sure that your customers are properly served. Although an external party, third-party logistics providers can be absorbed into your team as they are important in the overall process of order fulfillment.
There is a major misconception when it comes to third-party logistics providers, many business owners believe that a business must have attained a certain level before it can tap into the immense benefits offered. This is largely untrue as many third-party logistics professionals are open to working with all kinds of businesses, irrespective of the size, to make sure that they get the help that is needed.
What Does A Third-Party Logistics Provider Do?
These companies offer their services for a fee. The fee may be based on a flat-rate structure or may be a factor of the weight of the shipment. In other cases, the cost of the services rendered will also depend on other factors like storage costs, and more. In general, a third-party logistics company carries out all of the processes involved from the point of merchant pickup to the customer’s delivery.
As part of the services offered, business owners can enjoy solutions like transportation, warehousing (which essentially reduces the space needed by the business to operate at a fee), pick and packing solutions, inventory forecasting, order fulfillment, packaging and freight forwarding, distribution management, freight consolidation, as well as last-mile deliveries.
When does a Third-Party Logistic Company Come into Play?
The third-party logistics providers are relatively new to the supply chain market with no more than 40 years of experience and presence. However, in the time between the sector’s introduction and now, many businesses have been able to shed a considerable weight by not worrying much about the supply chain as well as the logistics involved in getting their products to the consumer.
Several situations mark the entry point of the third-party logistic company. some of the common instances that warrant a third-party logistics company include;
– What your business has run out of storage space and is in need of a warehousing facility
– When you wish to offer expedited shipping advantage to customers
– When you wish to save money on logistics, storage, and shipping of products to the target consumer
– When you wish to create more room for your business to grow
– When you are in search of a solution that addresses the time-consuming process of shipping and product deliveries.
Insuring Your Belongings for a Move
Moving is a stressful and time-consuming activity, and there’s always something unexpected that happens during the process. This is why it’s important to plan for any eventualities and protect yourself effectively. The best way to do that before a move is to purchase moving insurance. Your belongings are fully protected with moving insurance during a move, even if professional movers are handling the work for you. This small investment gives you the protection you need, and it helps you feel confident about your upcoming move as well. These basic tips will help you prepare for your move, and you should look for more information, such as how to move when you have a pet, to ensure you know exactly what you’re doing on your move.
Find the Value of Your Belongings
Before you ever purchase insurance, you need to know how much money your belongings are worth. Take the time to go through at least all your most valuable items and determine their overall value. You should rely on similar products available for sale today to help you estimate the overall value. Document each item you have with receipts if possible and before photos. Take care to be as detailed as possible, and you’ll be more prepared if you run into an issue during your move.
Choosing the Proper Insurance Option
There are a few different insurance options to choose from. Getting something like basic carrier liability is better than nothing but will only give you a small part of the original value of lost or damaged items. This type of policy is based on weight and will cost a small amount of money multiplied by the total weight of your move. It’s better to invest in a full-coverage protection plan instead. These plans are designed to give you the full value of your items for replacement or repair purposes. You must carefully document all you’re moving if you plan to use one of these policies, though.
Does Insurance Work When You Handle the Move Yourself
Yes and no. If you invest in a comprehensive policy, you may be able to get a plan that will cover your items even if you move them. This depends on the company you are dealing with, and you should always talk about the situation with your moving expert to verify that you’ll enjoy full coverage during the move.
Submitting a Claim
If something happens to your belongings during the move, it’s up to you to submit a claim to the insurance company as soon as possible. Pay attention to any deductibles that could be attached to your plan and consider those costs against the damaged items when determining if you should file a claim or not. If you do file a claim, be sure to give the company detailed information about the item and before photos of the item if possible.
It’s wise to get moving insurance before an upcoming movie, but it will only help you invest in the right sort of policy. Do yourself a favor and work with a knowledgeable insurance expert to help you decide which policy is right for you overall.
Uninsured/Underinsured Motorist Coverage Explained
Car accidents happen every day. However, what happens when the other party that hit your car does not have any insurance or doesn’t have enough liability coverage? What happens if the other party leaves before you can get their insurance information? These and many questions are the reason why uninsured and underinsured coverage exists. These insurance products are designed to save you from the financial weight of the decisions made by irresponsible drivers. If you are interested in learning some interesting facts about insurance, below are some of the things you need to know about uninsured and underinsured motorist coverage.
How Uninsured And Underinsured Motorist Coverage Works
As a vehicle owner, it is understandable that you want to know how a product like uninsured and underinsured motorist coverage works. If you have been involved in an accident due to no fault of yours, the other party is expected to cater to the damages that you have suffered, whether property-wise, bodily injury or both. However, in some cases, you may find that the at-fault driver does not have car insurance to begin with, or does not have enough liability coverage. When such happens, you are mostly left to fend for yourself. Taking into consideration the high cost of medical attention as well as the cost of property repair and/or replacement, uninsured and underinsured motorist coverage appears to be a smart financial decision to make.
What Is Underinsured Motorist Insurance?
This insurance product is designed to help you to pay for expenses incurred as a result of another party’s negligence, especially when they do not have enough liability to cover the extent of the damages caused. In some states across the United States, you may get a bundle offer of both the underinsured and uninsured motorist insurance while in some other states, these are electable products to choose from.
Please note that each state defines underinsured differently. A driver who doesn’t have enough liability coverage is typically described as underinsured, however, if the at-fault driver has just enough to cover for the third party’s damages alone, he or she may also be regarded as underinsured.
Difference Between Uninsured And Underinsured Coverage
For states where this insurance product isn’t bundled into one, the main difference between both insurance solutions is that the Uninsured motorist product caters to the need of drivers who have been hit by a third party that doesn’t have insurance coverage. On the other hand, the underinsured coverage is focused on drivers who have been hit by other drivers who do not have enough liability to cover the extent of the damage caused.
Types Of Uninsured And Underinsured Motorist Coverage
Uninsured and underinsured motorist coverage can be further broken down into two distinct types based on the type of damages covered.
– Uninsured or Underinsured Motorist Bodily Injury Coverage
This type of insurance covers all the bodily injury that the insurance policyholder may face on account of an uninsured or underinsured driver’s negligence. This will cover common bills and damages like lost wages, medical bills, as well as pain and suffering.
– Uninsured or Underinsured Motorist Property Damage Coverage
This is focused on offering repair or replacement for the policy holder’s damaged property in the aftermath of an accident caused by a party who is underinsured or doesn’t have insurance coverage.
DIY Plumbing Inspections: Do’s and Don’ts
As a homeowner, you have a lot to keep track of, and it can feel overwhelming trying to watch and maintain all the parts of your home. One of the most important systems in your house is your plumbing. Without regular inspections, your plumbing system will deteriorate and begin experiencing problems. If you feel intimidated by the prospect of checking the plumbing in your home yourself, don’t, it isn’t as hard as you might think. Below is a simple list of DIY plumbing inspections: dos and don’ts. Follow along with the tips, and you’ll have a decent idea of what’s going on in your home.
Check Your Taps
One simple thing you can do to keep your home running smoothly is to check the drains and taps in your house. Run each one and listen for stuttering or strange noises. Also, check the drains to see that water is running down smoothly. Doing these two simple things will give you a quick overview of the health of the fixtures throughout your house. If you notice slow draining water or strange odors in your drains, you may need them snaked. If your taps are stuttering or running with low pressure, you likely need to clean them out or maybe replace them in extreme cases.
Check All Exposed Pipes
Walk around your house and look at any exposed pipes you have available. For some homeowners, this means looking in the basement. For others, it means shining a light into the crawlspace. Check any pipes you can get too easily for signs of wear, corrosion, and leaks. This one simple check can help you pinpoint potential problem areas before they become a major concern. You’ll avoid water damage by doing this in many cases.
Look Over Your Water Heater
Take a glance at your water heater and all the pipes, the tank itself, and any surrounding fittings. Look for signs of corrosion or malfunction of any kind. You’ll likely spot major issues almost immediately, which can help you make repairs or replacements before your home suffers any damage.
Check Your Toilets
Properly functioning toilets are important and can actually save you money. Pay attention to how your toilets perform when you flush them. If they run smoothly and there isn’t any sort of delay, you likely don’t have anything to worry about. Also, add dye to the tank and see if it shows up in the bowl if you let your toilet sit without using it for at least 30 minutes. If you see the color coming through, you have a toilet leak you need to deal with. Pay attention to your toilets throughout the year, and you’ll notice any problem signs before they become serious issues.
Just checking up on your home’s plumbing in these simple ways will help alert you to many potential problems. If you notice anything strange, consider calling a plumber to take a look or start researching problems yourself. You’ll save money and lots of time by doing simple checks like these on a regular basis.
Reasons to Buy Second-Hand Office Furniture
Running a business, no matter its size requires you to find smart solutions. Office furniture could be one of the most expensive investments for your newborn business. The expenses are many times unbearable; that’s why you should always have a backup plan.
Buying them from a used office furniture store could give you the chance to select the brands and colors matching your premises. It’s easy to find such stores close to your office and even negotiate prices if your budget is tight.
Used furniture may offer you a better cash flow and become a permanent solution for your business. Here are some good arguments to know supporting the purchase of used furniture for your office.
Used Furniture Is More Affordable
Stores selling used furniture have bought them from business foreclosures and auctions. The furniture is always in good condition and certainly usable without major repairs needed. That is why it could cost you less than 50% of the regular price for the same furniture if you bought them new.
You could use that extra money to support your business and even improve its cash flow. Investing in used furniture sounds like a bargain for all start-up businesses. They can accommodate visitors and associates while saving money for more pressing business needs.
They Offer Your Business An Eco-Friendly Face
Using used office furniture doesn’t mean you are cheap. Many new business owners are proud to use that kind of furniture to promote an eco-friendly way of life. Your customers would appreciate the fact you recycle used office furniture, not by sending them to a junkyard, but by prolonging their lifespan.
Second-Hand Furniture Is or Premium Quality
It is sad to see new business owners spend their last pennies on new furniture. It’s an investment that will not give them any return other than being stylish and show a luxurious profile to their clientele. On the other hand, second-hand furniture always belongs to the premium brands, which retain their quality and market price for years after their initial use.
Used furniture from well-established brands can be the best choice you could make for your new offices. They would need fewer repairs to be comfortable and could give more style and personality to your business.
They Are More Comfortable and Trusted than No Name
Most business owners buy no-name products because they are new and the only ones they can afford. However, that could be the wrong choice since no-name furniture is usually less comfortable and trusted. People tend to behave better when sitting and working in brand furniture.
No matter the time passing by, brand furniture could be durable and suitable for a second life in your new office. Prolonging the furniture life makes you more prepared for unexpected expenses occurring to your business.
Used office furniture remains a viable solution for new and existing businesses. Stores that trade used furniture have huge profit margins and can be a win-win situation for all parties involved.
What Analytical Methods Does A Valuer Use?
The primary reason for owning a property is its value. Estimating a property’s value is necessary for various reasons like property insurance, taxation, investment analysis, sales listing, or financing. Valuation is handy when determining the property’s asking or buying price. Melbourne Property Valuers Metro explains the various property valuation methods a valuer uses.
Why is Property Valuation Important?
Property valuation is a critical pillar in real estate investment. It informs you as an investor on how much you should pay in taxes or how much rent you should charge. It also helps to determine property insurance figures. To know the value of your property, you will need to get a home appraisal. Home appraisal refers to a professional opinion about the value of your property at a specific time. Appraisers evaluate your property to estimate its value based on location and market condition.
The Sales Comparison Approach
The sales comparison approach is the most popular valuation method. Property valuers use it for analyzing the value of land and single-family homes. In this method, your property’s value is arrived at by comparing it with properties of similar characteristics. The properties used in the comparison are called comparables. Additionally, they must have been sold within the last year in an open, competitive market under typical market conditions.
The Cost Approach
A valuer can use the cost approach method to estimate the value of developed property. The primary goal is to ensure that you don’t buy a property for more than it would cost to build it. Your Appraiser uses comparables to estimate the value of the land. They follow by valuing the buildings on-site while considering depreciation. By adding up both estimates, they get the value of the developed property.
The cost approach method is not used to estimate the value of residential or rental properties. It is instead used for properties that are rarely sold and don’t generate income. Examples of such properties are government buildings, churches, schools, e.t.c.
The Income Capitalization Approach
Another property valuation method is the income capitalization approach. Appraisers use this method to estimate the value of income-generating properties like apartment complexes and office blocks. The method is based on the rate of return you need versus the net income a property produces.
The income capitalization method has two appraisal approaches, Direct Capitalization, and Gross Income Multipliers. In direct capitalization, a valuer estimates the property’s annual potential income. Considering vacancy and rent collection issues, the Appraiser arrives at an estimated gross annual income figure. They then get the net income after subtracting expenses. They estimate the net value of a property using the capitalization rate and net operating income.
Valuers use gross income multipliers in valuing properties not meant for income generation but could be rented out. They calculate the property’s gross rental income. Its sale price is then divided by the gross income to get a gross income multiplier which your valuer uses to find the property’s value.
Property valuation is an essential part of real estate investment. With information on property value, landlords, insurers, mortgage lenders, and buyers can make wise decisions. Hire a professional property valuer for accurate figures on your asset’s value.
Do I Need a US Tax ID Number When Importing Into the United States?
Businesses that are interested in expanding into the United States, especially product-based businesses, need to understand a few things that will make the process seamless for them. As a business owner who wishes to import products into the United States, there is a need to obtain a US Tax ID to facilitate the process.
To ensure that the process of importing products into the United States is seamless, below are some of the recommendations that you may need.
US Custom Brokers
Goods arriving in the United States are required to be Delivered Duty Paid (DDP) or free from custom clearance charges or import taxes. To make this happen, business owners or importers are advised to work with customs brokers to bring their products into the United States market. Although there is no legal requirement for a business owner to hire a customs broker, you should learn more about Sherpack and the advantages offered to your business. Working with a licensed customs broker saves you a lot of stress, especially as the broker is in charge of filling out the paperwork required to obtain the proper documentation to complete the import.
How To Get Your US Tax ID Number
To successfully shop your product or merchandise into the United States, customs demand that the owner of the product has a United States Federal Tax ID number. The Tax ID Number is also known as the Employer ID Number with a United States mailing address, If you do not have a federal tax ID and wish to import items into the United States, below are some of the recommended methods to obtain what you need.
Method 1: Incorporate your business in the United States
To incorporate your business in the United States, visit incorporate.com and ask for an Employer Identification Number (EIN). A US mailing address is required as part of the registration process, however, if you do not have one, you can get a mail forwarding address from the platform. If you wish to speak to staff by phone for a better understanding of the process, call 1-888-340-7239. After the process, your EIN is processed and you can begin the importation process.
Method 2: Visit IRS Online for a Personal Tax ID
Alternatively, you can obtain an EIN or Tax ID Number from the IRS online. Visit IRS.gov to get started. When you visit the link, you can begin the process of creating a tax ID number for yourself, however, if the website link becomes inaccessible, you can fill out Form SS-4 (Application for Employer Identification Number) to get started.
If you run into any trouble completing this form, call 267-941-1099 to connect with the International Bureau of IRS registrations to seek guidance. If you are unable to place the call, you can submit the form via mail, although this can easily take 30 days or more for processing, thus not advised.
Confirm That the Goods You Have Can Be Imported
To ensure that you are on the safe side, it is recommended that you confirm that the goods you intend on shipping into the United States are allowed prior to processing the requirement. Be sure to identify the regulations that surround imports as well as what those regulations mean for you.
5 Essential Tips To Consider When Moving During Covid-19
The Covid-19 pandemic has adversely affected all sectors. The health, education, business, employment, and even the agriculture sector have been involved in one way or another. Due to limited movement, many people have opted to relocate. Some relocate to cheaper housing to manage the drastic changes in the employment sector, such as working from home. Others have permanently moved due to other reasons such as job loss, salary cuts, the need to be with family, and fear of contracting Covid-19 considering the dynamics of the current location.
Moving during covid-19 is not an easy process. There are many restrictions and fear of contracting the disease during transit. Using professional companies such as move central san diego helps handle such worries. If you plan on moving, it would be wiser to do due diligence to protect everyone involved in the process from contracting the virus.
- Find Out If There Are Lockdown Rules
Find out if there are existing lockdown rules in your area and the new area you are relocating to. Many restrictions may hinder your movement, and this could result in extra costs. Find out if there are time restrictions where trucks are only allowed to move during specific periods. This could mean extra hours, translating to additional costs. Is your new area a containment zone? Do you need any mandatory Covid-19 tests and clearance certificates? Are there requirements for a specified quarantine period? This could mean extra storage costs.
- Get a Quote Virtually
You do not want visitors in your house during the pandemic. The best option is to send photographs and videos of the items that you intend to move. The moving company will estimate costs and send you a virtual quote. Remember to ask questions to ensure the quote is inclusive. There could be other charges with restricted movements, such as special permits, mandatory Covid tests, and authorization letters.
- Observe the Recommended Guidelines
Ensure everyone observes all the recommended safety precautions. Wear masks and gloves all the time. Sanitize, hand wash regularly, and keep a distance. Do not share packing items such as scissors and tapes.
- Clean and Sanitize
Before moving, ensure you do a thorough cleaning. Disinfect and sanitize surfaces and items on transit. This should also be the case with moving trucks.
- Disinfect Your New Home
Before settling in the new home, thoroughly clean and disinfect. Ensure you dispose of all packing materials in the right way. You may consider putting your items in a different place, such as a garage, for some days before moving them for unpacking. You may also opt to unpack without the movers’ assistance to reduce exposure to the virus.
Moving during Covid-19 could be a lot easier with cooperation. If you are looking for a reliable mover, Move-Central Storage and Moving is your moving partner.
How to Calculate Fulfillment Costs
How to Calculate Fulfillment Costs
Running a business is difficult, and operating an organization that relies on shipping products from a warehouse makes things even more difficult. One key skill you must have when running such an organization is calculating fulfillment costs. You need to know how much it’s going to cost to store and ship out your products. Otherwise, you won’t know what sort of profits you can expect from business sales. Below is an overview of what goes into calculating fulfillment costs, so you’ll know exactly how to manage the Shopify order fulfillment process if you’re running that type of business.
What is Order Fulfillment?
Order fulfillment is what it sounds like. It’s the process of getting the products for a specific order and shipping them to the buyer or the facility where the buyer will pick them up. This process is more complicated than it sounds, and it’s often one of the key elements that business owners work on perfecting, but it’s something that can be managed with the right process in place.
Calculating the Total Costs of This Process
To understand what prices you need to charge, you need to understand how much it costs your business to fulfill orders. This is complicated, and the costs depend on variables such as your warehouse costs, your warehouse employee salaries, shipping costs, and more.
To calculate the cost of fulfilling a single order, you must determine how much you spend warehousing all your inventory along with how many orders you ship from your warehouse facility. When determining your total warehouse costs, you must consider the upkeep of any equipment, your employee salaries, warehouse rent, or taxes, maintenance, and mortgage payment if you own it. You also need to look at any packaging costs you have and any other fees for tools, equipment, and other products necessary for maintaining your shipping operation. Once you have that total number, divide it by the total number of orders shipped annually, and you have a rough estimate of your order fulfillment costs. You can take that cost average and add shipping for specific products to determine how much a certain order will cost you to fulfill on an individual basis.
It can be tempting to try and calculate specifics such as labor costs, warehouse housing costs, and more for specific items in an order, but it’s more accurate and simpler to average all the orders fulfilled in a single year to help you determine your ongoing costs.
When you’ve done the math to determine what an order costs you to fulfill, you can begin looking at your overall profits, adjust your prices to make your business more profitable, and start making decisions about running your company most efficiently. If you are running a Shopify store, you have to handle all your order fulfillment tasks, but there are other providers that will handle this work for you. By determining your costs for fulfillment, you can compare warehouse fulfillment services to see if it makes sense to outsource this part of your business. Look at the cost figures closely and rely on this information to help you make the best decisions for your business moving forward.
What Documents Do I Need To Provide Prior To Filing?
When you are in a financially bad position and have no other option, a bankruptcy filing may be the next line of action for you. Consulting lawyers for bankruptcy may initially seem like a hard choice to make, however, when you consider the harassment calls and collection efforts mounted by your creditors, you may have a change of heart. If you have decided on bankruptcy filing to help in discharging your debt, some documents are essential for finalizing the process. Having an idea of the needed documents can help you to plan better for what is to come.
Document Checklist For Your Bankruptcy Filing
For your bankruptcy filing, below are the needed documents you will be required to produce;
– Basic personal information
– Tax returns
– Income documentation
– Real estate information and documents
– Detailed and updated bank statements
– Vehicle titles and records
– Credit or debit records
– Alimony and/or child support verification
– Proof of credit counseling, and
– List of assets
How Bankruptcy Lawyers Help
Pursuing a bankruptcy process on your own can be complex and complicated. Having an attorney in your corner can help you to simplify the process while also guiding you through the potential legal minefield. Your bankruptcy attorney will help to determine which of the bankruptcy options is best for you as well as how to process the petition such that it is free from mistakes that can cost you time and money. With bankruptcy being a difficult process, your attorney can help to speed up the process such that it is completed in a matter of months.
Basic Personal Information
Documenting who you are is an important part of seeking bankruptcy. Providing correct information will help with the processing stage. You will be required to provide information like your full name, age, social security number, and others. You will also be required to show proof of identification when you meet with the trustee.
Income Documentation
Whether you are filing for chapter 7 or chapter 13 bankruptcy, you will be required to provide documentation of your income. This documentation will be used to categorize whether the petitioner falls below or at the median income level. People who earn above the median income may be unable to file for a chapter 7 bankruptcy except in a few cases. Petitioners will be required to provide pay stubs for the last six months prior to filing for bankruptcy. The petitioner will also be required to provide their last two w-2 forms. For self-employed persons, a copy of their profit and loss statement for the last six months prior to bankruptcy filing will be required. Those with other types of income including disability, social security, or investment income will also be required to provide detailed information about their earnings and from those income sources.
Tax Returns
In most cases, at least two years of tax returns are requested by bankruptcy trustees. Some applicants may be required to provide more as tax returns can be used to verify the petitioner’s income.
Real Estate
Depending on the state’s laws, you may be able to exempt certain properties or part of your housing equity from the process. However, to be sure, you should speak to a bankruptcy attorney in your state.