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  • Impact of wage garnishment on the business

    Impact of wage garnishment on the business

    Wage garnishment is a legal process when a court issues an order to an employer to withhold a specific amount of an employee’s salary. It is then sent to creditors or whomever the employee owes until the debt fully pay. Payroll garnishments often organize within payroll software.

    Here are the articles to explain, What is wage garnishment? What is the impact on the business?

    Garnishment allows a plaintiff to take a debtor’s money or property from the person or institution that holds the property. Wage garnishment refers to the exercise of an employee having a certain amount of his or her paycheck deducted to cover precise charges. A court order desires to obtain for a person to garnish a person else’s wages.

    Generally, garnishments need so that a worker has to pay baby help, unpaid court prices, defaulted pupil loans, or different debts. The garnishment will remain till the entire debt pay off. There are exemptions to this exercise. If garnishment obtains under a federal court docket, then no greater than 25 percent of someone’s weekly earnings can garnish. Regarding salary garnishment laws, guidelines do not view worker earnings.

    How does wage garnishment work?

    The most common wage garnishment begins when a creditor (usually a bank or credit card company) sues a debtor for an unpaid debt and wins in court. This includes banks that can sue homeowners after foreclosure.

    If the creditor wins in court, they will get a judgment against the customer who owes the debt. No decision will issue unless creditors prevail. The judgment made it possible for them to obtain a third-party order, which stood sent to that person’s employer.

    Types of garnishment of wages

    Wage garnishments typically affect employees every pay period, i.e. their disposable income affects by a creditor garnishment. The two main types of decoration include:

    • Wage garnishment: Employees require by law to give some of their earnings to creditors to pay off debts.
    • Non-wage garnishment: Sometimes called a bank levy, this is when a creditor can legally use a bank account to access funds.

    Who is worried about Wage Garnishment?

    The salary garnishment manner includes a creditor, a debtor, and a garnishee.

    • The creditor is the court, kingdom, or federal business enterprise that orders debt reimbursement. It can also be a private entity that acquires the writ of garnishment to ease debt repayment.
    • The debtor is the man or woman or birthday party that owes the debt. In this example, that’s the worker.
    • A garnishee is a third birthday party that gets the order or writ of garnishment and holds the debtor’s assets. The organization acts as the garnishee because they “hold” wages ultimately paid to employees.

    How Much Can Be Withheld for Garnishment?

    Federal law — Title III of the Consumer Credit Protection Act — mandates how a good deal an organization can withhold from a worker’s earned wages.

    The quantity situation to withholding carried out to a worker’s disposable income, that is the quantity closing after legally required deductions, together with earnings taxes. The maximum weekly quantity decided by one among two figures, whichever results in the lowest amount:

    • 25% of a worker’s disposable income, or
    • The difference between their weekly disposable earnings and 30 times the federal minimum salary (as of writing, $7.25 x 30 = $217.50). Example: $250 (weekly earnings) – $217.50 = $32.50 (most withholding).
    • The 25% parent is the most commonplace calculation, with the second one simplest coming into play with earnings much less than $290 per week ($290 is the factor at which the second determinant is no longer decreased). Note that a total income much less than $217.50 can’t garnish.

    The impact of wage deductions on the business

    As an employer, wage garnishment needs to handle appropriately and accurately, while also remaining compliant. If a court order receives involving a wage garnishment, the employer must withhold a portion of the employee’s wages and forward them to a third party. These orders are usually issued by government agencies, such as the IRS, the U.S. Department of Education, or state tax agencies.

    It is the employer’s responsibility to comply with laws relating to wage garnishment and to ensure that all orders process quickly and correctly. If done incorrectly, employers face financial and legal risks. Any mishandling of wage garnishment could result in an employer judgment for the entire employee’s debt. A lawsuit by the creditor or the employee, and other costs or penalties that the business may not have budgeted for.

    This primarily affects businesses if they need employees to travel abroad or hire drivers. Companies across industries advise using Electronic Funds Transfer (EFT) not only to save time. But also to improve efficiency, streamline processes, and reduce costs. Additionally, under the CCPA, it is illegal for an employer to discipline or fire an employee whose wages garnish for a separate debt.

    What Are Employer Responsibilities for Wage Garnishments?

    Besides knowledge of your felony responsibility to follow through on salary garnishment orders, employers must understand their responsibilities at some stage in the system.

    Notify the Employee

    First, you should notify your employee immediately in writing that you’ve acquired a wage garnishment order. Some garnishments might also have a wide shape that serves this cause. In the case of a federal levy, shape 668 can cowl this communique together with your employee. It’s excellent to talk about these statistics to your employee within one week of receiving the order.

    Update your Payroll System

    Employers should prioritize notifying HR or payroll departments of the garnishment so applicable facts may enter into payroll and make sure bills are sent to the appropriate corporation or entity.

    Familiarize Yourself with State Requirements

    Make certain you are aware of your country’s necessities, as they dictate how quickly employers have to take motion with the salary garnishment order to stay compliant.

    Cease Garnishments whilst Appropriate

    How garnishments give up varies from kingdom to nation and by way of debt kind. Certain salary garnishments might also define the date of termination within the preliminary order. Otherwise, an organization might also acquire a Notice of Termination for a wage garnishment order.

    It’s also possible a worker may also repay their debt via the route of employment. If any of those conditions show up, the agency can forestall wage garnishment and resume well-known payroll processing for that worker.

    What is the impact of wage garnishment on the business Image
    What is the impact of wage garnishment on the business? Photo by Icons8 Team on Unsplash.
  • Payroll Liabilities Vs Payroll Expenses Difference

    Payroll Liabilities Vs Payroll Expenses Difference

    What is the Difference between Payroll Liabilities Vs Payroll Expenses? Payroll liabilities and costs are two terms that regularly get burdened with each different. This comprehensible gives that each of them deals with money and each need to pay through the corporation. However, there is a distinction between the both. Payroll liabilities are costs that employers pay for hiring employees. Payroll prices are the fees incurred because of every day going for walks of a business.

    Here are the articles to explain, Difference between Payroll Liabilities Vs Expenses

    Simply placed, it’s now not always vital to have an in-house accountant. However, professional tax and accounting solutions are still vital. By the usage of them, you may paint your way through a ramification of complicated topics, together with payroll liabilities and payroll prices.

    Are you unsure approximately payroll liabilities vs payroll expenses? Keep reading to learn all approximately the differences.

    Payroll Liabilities

    Have you ever request yourself, “What are payroll liabilities?” Put inside the best terms feasible, payroll liability is what you owe your employees at a given time. The quantity corresponds to wages and goes away every time you pay them earlier than accruing again. The secret is to keep away from building up too many liabilities over a prolonged length.

    Any payroll liabilities manual will explain that payroll legal responsibility may record via crediting payroll legal responsibility. For instance, if you pay your personnel bi-monthly, then you can credit that payroll on the following fee. This is due to the fact money subtracted from a given employee’s gross pay often owe to a 3rd celebration. This can encompass the payroll administrator, the town, or maybe the federal government. This is something an accountant can deal with without difficulty. Just be sure to discover a person who has vital abilities and traits.

    Payroll Expenses

    You should always document payroll fees at the applicable payroll price account, along with payroll tax expenses as properly. This amount is always gross. Only when you subtract everything you owe to 0.33 events will you get a net pay that gives to your personnel. The most dependable payroll expenses guide classifies payroll deductions as liabilities. As long as those liabilities stand paid off, you gained’t have anything to fear approximately.

    Differences Between Payroll Liabilities Vs Payroll Expenses

    Now that you discover all approximately the variations between payroll liabilities vs payroll charges, you could address those tasks without getting matter mixup. Even an unmarried accounting mistake can snowball into something disastrous so it’s critical to live as informed as possible.

    Sterling Tax & Accounting can provide you with the professional solutions your commercial enterprise desires. We cope with bookkeeping, tax-making plans, virtual CFO services, and more. We intend to help you keep overhead low whilst also leveling up your financial talents.

    Difference between Payroll Liabilities Vs Expenses Image
    Difference between Payroll Liabilities Vs Expenses; Photo by Austin Distel on Unsplash.
  • Corporate Wellness Programs Goals and Objectives

    Corporate Wellness Programs Goals and Objectives

    Introduction; Corporate Wellness Programs are one of the most popular techniques for reaching this goal. The modern place of business is constantly evolving, and employers are increasingly searching for methods to enhance the health and well-being of their employees.

    Here are the articles to explain, Corporate Wellness Programs Definition, Objectives, Advantages, Challenges, and their Impact.

    This essay will explore the effect of corporate well-being programs on employee engagement, productiveness, and usual fitness. It will also discuss the challenges associated with imposing such applications within the place of work. By inspecting the evidence, this essay will provide insight into how company wellness packages may use to create a more fit and more productive painting environment.

    Definition of Corporate Wellness Programs

    Corporate wellness programs stand tasks designed to sell healthy lifestyles among employees within the administrative center. These packages normally consist of activities inclusive of fitness checks, vitamin education, bodily interest lessons, stress management workshops, and intellectual health support. The goal of corporate well-being packages is to create a more fit and more effective painting environment for employees.

    The Objective of Corporate Wellness Programs

    Corporate wellness packages stand designed to sell healthy lifestyles and enhance the general fitness of employees. These programs stand designed to lessen healthcare costs, boom productiveness, and create tremendous painting surroundings. They usually encompass activities that include fitness screenings, fitness classes, vitamin counseling, smoking cessation applications, pressure control workshops, and other sports that encourage employees to make more healthy way of life choices.

    Corporate well-being programs also attention to creating a culture of well-being within the place of job by way of providing resources and aid for personnel to make more healthy picks. The goal is to create surroundings where personnel sense supported and empowered to take manipulation their health and well-being.

    The Advantages of Corporate Wellness Programs

    Corporate wellness packages have become increasingly famous within the place of the job and for a precise motive. These applications stand designed to enhance employee fitness, grow productivity, and reduce healthcare expenses. Research has proven that company health programs can have a high-quality impact on worker health and properly-being. As well as on the bottom line of groups.

    Improved Employee Health

    One of the principal benefits of company well-being applications progresses in employee health. These packages typically attention to selling healthful existence. This includes encouraging employees to exercise frequently, devour a balanced weight-reduction plan, and get sufficient sleep. They may additionally offer to get admission to health screenings and academic substances about vitamins and ailment prevention. By presenting personnel with assets to help them keep their health. Corporate well-being packages can help lessen the risk of chronic ailments consisting as coronary heart sickness and diabetes.

    Increased Productivity

    Another benefit of corporate well-being applications accelerates productivity. Studies have proven that personnel who are healthier and more physically lively tend to be extra productive at work. This is due to the fact wholesome personnel are higher able to concentrate, have more strength, and take fewer unwell days. Additionally, when employees sense supported using their organization concerning their fitness and proper being. They’re much more likely to be engaged and influenced in their work.

    Reduced Healthcare Costs

    Finally, company wellness packages can assist lessen healthcare costs for employers and personnel. By selling healthful life, these packages can help reduce the prevalence of persistent illnesses. Which may lead to lower healthcare costs for both employers and employees. Additionally, by offering to get the right of entry to preventive care offerings consisting of fitness screenings. Corporate health programs can assist become aware of ability fitness issues before they become more critical and pricey to treat.

    Corporate wellness applications provide several advantages for each employer and personnel. These applications can help improve employee fitness, grow productivity, and reduce healthcare prices. As such, they may be an essential device for companies seeking to create a more healthy administrative center environment.

    The Challenges of Corporate Wellness Programs

    Cost of Implementation

    The value of implementing a company well-being application can be considerable. This includes the fee of hiring a workforce to manage the program, shopping equipment, and providing incentives for participation. In addition, companies may additionally want to put money into the era to track employee development and measure effects. This can be a large monetary burden for some businesses.

    Difficulty in Measuring Success

    Measuring the fulfillment of a corporate well-being program may be hard. This is because it is not always smooth to decide the effect of this system on employee fitness and properly-being. For example, it may be tough to determine whether an increase in the physical pastime is due to the program or other elements.

    Difficulty in Motivating Employees

    It also can be hard to encourage employees to take part in corporate wellness packages. This is due to the fact many employees might not see the value in taking components or may also lack the incentive to make lifestyle changes. Organizations should find methods to engage and encourage their employees if they’re to attain the blessings of company health software.

    Strategies for Maximizing the Impact of Corporate Wellness Programs

    In recent years, corporate well-being programs have emerged as an increasing number of famous as employers attempt to create healthier and extra effective painting environments. While these packages can be useful, they should be implemented effectively to maximize their effect. This article will talk about three key techniques for maximizing the impact of corporate well-being applications. Organizing clear goals and goals, using era to song progress, and developing incentives for participation.

    “Wellness is a procedure of turning into aware about and making alternatives closer to an extra successful life”.

    Establishing Clear Goals and Objectives

    The first step in maximizing the impact of a company’s well-being application is to set up clean dreams and goals. According to Dr. John W. Travis, founding father of the Wellness Inventory, “Wellness is a process of becoming privy to and making picks in the direction of a more a hit life”. Therefore, it’s miles essential to define what success looks like for this system to make sure that it meets its desired effects. For instance, if the purpose of the program is to lessen employee absenteeism due to illness. The metrics that include the common range of ill days taken in line with workers have to be tracked through the years. Establishing clean dreams and objectives will assist make sure that this system has the preferred effect on employee health and productivity.

    Utilizing Technology to Track Progress

    Another key strategy for maximizing the effect of a company’s health software is utilizing technology for song development. By leveraging the era which includes cell apps or online portals, employers can without difficulty display how employees are engaging with this system and measure its effectiveness. For example, employers can music how many personnel are collaborating in activities along with health screenings or fitness instructions, as well as how frequently they are attracted to this system. These records can then be used to discover areas in which enhancements can be made or additional sources allotted to increase engagement and maximize the impact of this system.

    Creating Incentives for Participation

    Finally, developing incentives for participation is a powerful way to maximize the effect of a company’s wellness application. By offering rewards such as gift cards or discounts on medical health insurance premiums for employees who take part in sports or acquire certain goals, employers can inspire extra people to engage with this system. Additionally, employers can use incentives to inspire employees to reach better degrees of performance by using offering rewards for accomplishing sure milestones or finishing specific obligations. By developing incentives for participation, employers can make sure that their corporate well-being programs are having a tremendous impact on worker health and productivity.

    Conclusion

    In conclusion, Corporate Wellness Programs can be useful for employers seeking to create more healthy and greater effective painting environments. However, these packages have to be carried out successfully to maximize their impact. This article discussed 3 key techniques for maximizing the impact of company health applications: establishing clean desires and targets, using generation to song progress, and developing incentives for participation. By following those strategies, employers can ensure that their corporate well-being applications are having a fantastic effect on worker fitness and productivity.

    Corporate Wellness Programs Goals and Objectives Image
    Corporate Wellness Programs Goals and Objectives; Image by Ingo Kramarek from Pixabay.
  • 3D modeling types and advantages

    3D modeling types and advantages

    3D modeling is the process of generating a three-dimensional (3D) digital representation of any object or image. It has changed the way people look at product design projects. While 2D is still suitable for plans and schematics, It provides an enhanced visual perception of the final product. With 2D rendering capabilities, 3D modelers can place their designs in real-life environments to more realistically show how products interact with the real world.

    Here are the articles to explain, What is 3D modeling? What are the types and advantages?

    3D modelers use 3D modeling software that creates 3D representations by manipulating polygons, edges, and vertices in a simulated 3D space. Users can create and deform polygonal surfaces or scan real-world objects into data points that can use to digitally represent the object.

    Types of 3D Modeling

    While several advanced forms of modeling commonly use in the creative industries, these advanced techniques are based on three basic types of 3D modeling:

    • Solid Modeling: This type of modeling uses 3D shapes (cylinders, pyramids, cubes, etc.) that work together like building blocks to create 3D objects. These shapes can rotate, modify, be brought together, or be manipulated while remaining whole and solid from all angles.
    • Wireframe Modeling: This often uses when the surfaces curve and are complex. The basic building blocks used in solid modeling are difficult to modify and manipulate into complex configurations. In contrast, wireframe modeling uses components such as lines, edges, and curves. Wireframe modeling displays as visible lines all surfaces and internal components that might normally hide in other forms of modeling.
    • Surface Modeling: This approach is more complex than solid and wireframe modeling. It helps to create detailed models with more details, complex features, and organic shapes. The primary use case for surface modeling is to represent objects in the real world.

    Advantages of 3D Modeling

    It has come a long way in terms of the design advantages it offers the creative industries and the visual benefits available to clients in those industries. Some of these advantages include:

    • Create accurate visual aids: 3D visualization provides an accurate depiction of what the final product will look like, which helps explain projects to clients, investors, or team members who may not have the design skills or imagination to understand results without visual assistance.
    • Save time: It saves designers time and allows them to create models faster than 2D modeling, without sacrificing quality or accuracy.
    • Marketing assistance: Marketers can incorporate 3D visualization into marketing materials to help customers understand and interact with products before they release them.
    • Help with inspection: Designers can inspect every nook and cranny of the 3D model, allowing them to find and correct errors and weaknesses before creating the actual product.
    • Efficiency: 3D models help designers and developers understand the most efficient way to build products, so they can create safe, functional products without wasting valuable time and materials.

    The Essential Elements of 3D Modeling

    While no two 3D design projects are the same, most of them will contain the same basic elements, which include:

    • Ideation: Before modeling begins, the designer must discuss project goals with the team or client requesting the model. Sketches often draw to ensure both parties are on the same page. This helps the designer understand the requirements.
    • Modeling: The basic geometry of an object is built using polygons. Then adjust the shape according to the expected result of the 3D model. Processes such as topology and retopology are also used to reduce the number of polygons to reduce the “weight” of an object. A “lighter” 3D model is more compatible with the applications it may be used in, such as (virtual reality) VR, augmented reality (AR), or video games.
    • Mapping and Texturing: This is the process of overlaying texture maps on 3D models. These overlays are usually made in 2D, which means they are just flat-color pictures. So if the designer wants the resulting 3D model to look realistic, the texture must look realistic.
    • Rendering: While rendering refers to an entirely different technique and process, design projects often use rendering and modeling. Rendering is the process of taking 3D objects and creating realistic visualizations. In this step, photorealistic effects and lighting add to the model.
    • Post-processing: The final stage involves modifying the final image to reveal more detail. Filters, lighting effects, and color manipulation can use to improve quality and make images look more realistic

    3D Modeling Best Practices

    It is not an easy skill to master, and 3D designers often spend years perfecting their skills. To keep improving as a designer, follow these best practices:

    • Holistic thinking: Keeping the big picture in mind helps to understand how all the elements of an object fit together. Details are important in 3D models and renderings, but it’s often proportion that makes an image attractive and realistic.
    • Details: While details and textures are very important for creating realistic models, it is necessary to balance details. Make sure to include large, medium, and small details.
    • Reuse: Instead of starting from scratch every time, maximize efficiency by reusing as many meshes as possible. Meshes can duplicate exactly, or a mirror modifier can use to make something similar.
    • Surfaces: One of the most important factors in determining the quality of a 3D model is how light interacts with the surface. Watch for surface imperfections in post-processing, such as bumps, warped areas, or pinches.

    3D Modeling and 3D Rendering

    3D renderings can only create after the 3D model has stood created.

    It is the creation of 3D objects by manipulating polygons, edges, and vertices in a simulated 3D space. This representation calls a 3D model and use to convey the object’s shape, size, and texture. After the model creates, 3D rendering produces a realistic image of the 3D model. At this stage, photorealistic lighting effects add to simulate how the object would look if placed in a real environment. 3D modeling and rendering are steps designers take in the 3D visualization process.

    What are the types and advantages of 3D modeling Image
    What are the types and advantages of 3D modeling? Image by Anthony Jarrin from Pixabay.
  • Policy Management Software Types and Advantages

    Policy Management Software Types and Advantages

    Policy management software is the process of creating, reviewing, approving, organizing, and distributing all policy and procedure documents within an organization. Policy management allows companies to adapt as needed, ditching old policy glue for a modern, easy-to-understand format. Employees in an organization need to stay abreast of the latest threats, risks, and data, and perform their jobs by applicable rules and regulations. Policy management helps organizations ensure that all employees know how to operate and comply with their policies.

    Here are the articles to explain, What are the types and advantages of policy management software?

    Policy management software helps users manage policies from creation to approval and every step in between according to the organization’s established workflow. Policy management allows team leaders to distribute and share policies with all relevant employees. This process further helps organizations comply with external regulations and respond quickly to situations such as customer upgrades or security breaches.

    Types of Policy Management

    There are various types of policy management, some more effective than others. The type a company chooses depends on its size, budget, and preferences.

    • Paper: Outline your policies on physical paper, using old-fashioned methods like filing cabinets and binders to organize them. This approach is generally considered risky because paper policies are easily lost or damaged, are prone to security risks, and are time-consuming to update. Also, frequent printing can be expensive.
    • Mixed media: a mix of paper and digital solutions. It helps reduce paper usage and inefficiencies. This type of policy management allows organizations to collaborate and distribute policy documents more easily than paper-based ones. Mixed media policy management often involves uploading documents to shared intranet drives, digitally signing and tracking documents, and collaborating using tools such as Gmail, Google Workspace, Microsoft Teams, and more. This method is more secure than paper-based methods but is still prone to inefficiencies such as outdated or duplicate documents. Employees need to manually update these policies.
    • Digitally Based: Organize, update and distribute documents as efficiently as possible using cloud-based software. The software allows organizations to automate workflows and update policies in real-time, eliminating the need to distribute new policy documents every time a change occurs.

    Advantages of Using Policy Management

    Governance policies help teams stay up-to-date with the latest releases, keeping employees compliant in all situations.

    • Easy to update. Policy management helps prevent the loss of critical updates and new policies passed from managers to employees.
    • Risk Management. Employees who understand what is expected of them to comply with relevant policies can reduce their organization’s risk of non-compliance.
    • Save time by automating workflows. Policy management in large organizations brings policymakers closer to employees and gives policymakers greater influence. It also helps teams automate workflows to save time.
    • Report easily. Policy Management Documents all policies and revisions in one central location for easy reporting.
    • Accountability and transparency. Policy management helps track which employees made changes and makes the process more accountable and transparent.

    Basic Elements of Policy Management

    Policy management requires a system to maintain and update documentation. This is often referred to as the Policy Catalog. The more advanced the directory, the better it is for the organization.

    The basic elements of a good policy management system include:

    • Policy Review: Periodic reviews ensure all policies are up to date. This requires employees and managers to share, edit and approve files promptly.
    • Policy reporting: Status reporting is important for reporting to leadership and audit. They should allow for frequent and easy reporting.
    • Policy Approvals: Leads the approval of policies and lets the policy management team track the approval status of each policy.
    • Policy revisions: Policy management should facilitate easy updates that identify the latest version.

    Policy Management Best Practices

    A policy management system must be in place to be successful and maintained regularly to achieve positive outcomes. Follow these best practices:

    • Using the Software. Companies without an organized policy management system experience difficulties with policy consistency and communication. Additionally, manually distributing policies on paper, spreadsheets, or basic cloud storage systems leaves too much room for error. With software, organizations can automatically update company-wide policies. Policy versions are located in a central location, providing continuous access to all relevant stakeholders. Organizations also don’t have to worry about working with multiple policy versions at the same time, as the software always displays the newer version.
    • Prioritize consistency. Policy management needs to be consistent so that employees understand the importance of policies. Proper policy management provides managers with consistent disciplinary guidance that is necessary for fair treatment.
    • Make the policy accessible. Policies should be easily accessible to employees throughout the organization. Giving employees the ability to search and find the policy they’re looking for helps them understand exactly what the policy expects them to do so they can respond to the situation accordingly.
    • Provide policy training. Training based on company policy helps employees contextualize policy and improve long-term policy compliance management.
    • Review often. Reviewing and updating policies is an important part of policy management. Policies change frequently, and a good policy management system will keep up with those changes.
    What are the types and advantages of policy management software Image
    What are the types and advantages of policy management software? Photo by Mikhail Nilov from Pexels.
  • Net sales how to calculate the cost

    Net sales how to calculate the cost

    Net sales are the total sales of a business after deducting all deductions for a certain period. To calculate this amount, companies look at their total amount and subtract returns, discounts, and allowances from the total amount. These calculations are valuable for financial reporting purposes, but it is important to note that they are not always shared externally for transparency reasons.

    Here are the articles to explain, What are net sales? how to calculate the cost

    Many companies report these profits on their financial statements because this calculation represents the financial health of the company. Businesses turn to customer relationship management (CRM) software to manage and collect data for calculations.

    Costs Affecting Net Sales

    There are three main types of costs that affect net sales. These costs deduce from the total sales of the business. they are:

    • Returns: These costs are most common among retail businesses. The company allows buyers to return items within a certain time frame for a full refund. The company must then adjust its finances to deal with any returns. There are different ways to indicate a return. Some companies may notice increased returns as revenues allow. Other businesses may express returns as a direct reduction in revenue.
    • Discounts: Some companies offer discounts to customers for a variety of reasons, including seasonal profits, discounts for cash payments, and discounted prices for bulk purchases. When a business applies a discount to its product or service, the price reduces by a fixed number or percentage of the original price.
    • Allowances: Similar to discounts, allowances affect the original price of a product or service. Allowances are usually deductible in specific circumstances, whether for one product or service or a single customer.

    How to Calculate Net Sales

    Calculating sales is relatively straightforward as long as there are solid financial records to rely on. The formula for calculating Sales is: Net Sales = Gross Sales – Returns – Discounts – Allowances

    For example, Company X wants to calculate their sales. First, Company X needs to know its total sales. Then, they need to deduct returns, discounts, and allowances.

    Let’s say Company X’s total sales are $105,000. They have a $5,000 return, a $2,000 discount, and a $2,000 allowance. Company X’s total net sales are $96,000.

    $96,000 = $105,000 – $5,000 – $2,000 – $2,000

    Importance of Calculating Net Sales

    Businesses benefit from calculating their sales. This calculation is necessary for many reasons, including:

    • Provides a better view of revenue performance. While gross profit numbers can be exciting, They must calculate to understand how the bottom line affects. High sales may look impressive; however, it can be misleading if there is a significant gap between gross and net. A holistic view provides a better understanding of a company’s financial health.
    • They can inform decision-making. Understanding the overall financial health of a business is critical to making decisions around the strategic direction. Because net sales are included in financial statements, these calculations are key to future financial decisions.
    • Helps motivate sales team members. Knowing the difference between gross and net sales can motivate sales teams to close the gap. These numbers can also help reps understand and understand what types of deals to make in the future.

    Net Sales vs. Gross Sales

    • Net sales and gross sales are different, and both paint a unique picture of a business.
    • They are gross sales minus returns, discounts, and allowances. This calculation is often seen as a more accurate representation of an organization’s financial health. Gross sales are the total sales of a company before deductions are taken into account. This is income without any adjustments.
    What are net sales how to calculate the cost Image
    What are net sales? how to calculate the cost; Photo by Lukas from Pexels.
  • Pareto Principle 80 20 its Applications and Best Practices

    Pareto Principle 80 20 its Applications and Best Practices

    The Pareto principle, also known as the 80 and 20 rule, states that 80% of the effects come from 20% of the causes, which means that there is an unequal relationship between inputs and outputs. The idea, named after economist Wilfredo Pareto, stems from the imbalance in land ownership in Italy. Today, it uses in businesses in various industries. For example, 20% of a company’s employees may generate 80% of its profits.

    Here are the articles to explain, What is the Pareto Principle 80 and 20 rule? Basic Applications and Best Practices

    The idea works best in customer service-based businesses and has stood adopted by project management software. This principle also applies to personal development settings. For example, 80% of work-related output may come from only 20% of a person’s working time.

    Benefits of the Pareto Principle

    The Pareto principle helps individuals and organizations determine which actions have the greatest impact on outcomes. This principle is beneficial because it:

    • Display the object to reward. If 20 percent of employees drive 80 percent of an organization’s profits, then those 20 percent should reward and compensate accordingly.
    • Reveal areas for improvement. Identifying the 80 percent of business operations that drive only 20 percent of outcomes can help organizations determine which operations or departments need an overhaul.
    • Optimize resource allocation. Finding that 20% of executive operations shows that organizations can increase their budgets to be more profitable.
    • Create maximum value. Organizations and individuals use the 80/20 rule to prioritize their actions for full benefit no matter what they are doing.

    Basic applications of the Pareto principle

    The Pareto principle can use in almost any situation. The most common business examples fall into the following categories:

    • Productivity: This rule can use to prioritize which tasks need to stand done first. Individuals should tackle the highest-impact 20% of tasks first, before tackling the other 80% of important but lower-impact items on their to-do list.
    • Decision-making: When solving problems, teams can first identify the causes of challenges, divide them into groups, label the impact of each group on the business, and then focus on the set of issues that have the greatest impact on the company.
    • Quality Control: The Pareto principle is often used in the Six Sigma quality control methodology to help one visualize data and prioritize actions. The method is a general operations management system that reduces the amount of variation in the process to increase yield. The 80/20 rule determines which changes have the greatest impact on the process.

    Pareto Principle Best Practices

    While the Pareto principle is a common observation, it is not a proven mathematical rule. The best practice for this rule is to keep the following considerations in mind:

    • Observation, not law. While the Pareto Principle is true in many situations, it is not always accurate. Knowing it’s not the law, organizations can simply use it as a guide to identifying the actions and people that drive the most profit. Depending on the circumstances, this percentage may be higher than 20%.
    • Remember the other 80%. Even if 80% of profits come from 20% of actions, the remaining 80% of actions still matter. Resources can reallocate based on ROI, but that doesn’t mean the other 80% of actions should eliminate from the organization. After all, the most effective 20% are often supported by the other 80%.
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    What is the Pareto Principle 80 and 20 rule? Basic Applications and Best Practices; Photo by Nataliya Vaitkevich from Pexels.
  • Online payment its types and benefits

    Online payment its types and benefits

    Online payment refers to the exchange of electronic money through the Internet. These payments typically involve the transfer of monetary funds from a customer’s bank or debit or credit card account to a seller’s bank account in exchange for a product or service. These funds can come directly from the customer’s credit card or checking account, or from an online payment system linked to the buyer’s and seller’s bank accounts.

    Here are the articles to explain, What is online payment? There are these types and benefits

    Online payments use by buyers of goods and services as well as sellers of those goods and services. Several steps take place when funds transfer and receive, especially between two parties, often requiring different types of software to successfully facilitate the transaction.

    Steps of online payment

    Typical steps are as follows:

    Making an Online Purchase:

    The customer (buyer) provides the necessary information (debit or credit card, checking account information, etc.) to pay for goods or services. This data is then sent to the payment processing software or payment gateway.

    Information encrypt:

    The payment gateway encrypts payment details such as the customer’s name, address, and bank account information, which provides a level of security and makes it harder for this information to steal.

    Verification of details:

    After the transaction data is encrypted, the information is sent to the payment processor to ensure that the transaction is valid. Once the transfer verifies, the information is sent to the buyer’s and seller’s banks.

    Funds Approved:

    Assuming no red flags are raised by the payment gateway or processor, the bank authorizes the transaction. However, there are several reasons why either bank may not be able to approve the transaction:

    • Insufficient funds
    • Freeze account status
    • Invalid credit card number or expiration date
    • Transaction limit
    • The card has stood reported missing or swiped
    • The address does not match the card
    • Also, Invalid Card Code Verification (CCV)
    Request Funds:

    After the funds and corresponding transfer are approved, the payment processor requests that funds be sent from the buyer’s funding source to the seller’s bank account.
    Seller Receives Funds:

    The fund’s transfer is complete and the purchase price has stood sent from the buyer to the seller.

    Types of Online Payments

    Credit Card:

    This is a form of payment by which financial institutions lend money to cardholders, allowing them to purchase products and services online. Shopping with a credit card is a popular online payment method because buyers typically have little liability for fraudulent charges and most sellers accept it.

    Debit Cards:

    Use a debit card (sometimes called a check or bank card) to make online purchases, debiting the price directly from the user’s bank account. Similar to credit cards, where buyers are generally protected from unauthorized charges, debit cards are widely accepted online.

    Third-Party Payment Services:

    These online and mobile services help facilitate buyers and sellers sending and receiving payments online. After linking a bank account to a third-party payment service, transactions can often be made through phones, tablets, smartwatches, and apps.

    Electronic Checks:

    This form of online payment (sometimes called eChecks or ACH) debits cash from a checking account, eliminating the need for a buyer to write a paper check or a seller to deposit a check. Also, Electronic checks require the payer’s name, checking account routing and account number, and the payment amount.

    Bank transfer:

    A bank transfer is similar to the debit card method in that it transfers funds directly from one bank account to another. Unlike bank transfers, no physical debit card requirements, provide a faster and more secure method of payment.

    Benefits of using online payments

    Online payments offer many benefits to buyers and sellers, such as security, efficiency, convenience, and contactless options.

    Security:

    Online payment options use encryption to protect consumer information and ensure the safe transfer of data and funds from buyer to seller. These security protocols also reduce the chance of personal information standing stolen.

    Efficiency:

    Online payments are efficient because they are fast, sometimes instant, and have no constraints such as distance, time, or location.

    Convenience:

    Vendors that accept online payments are making it easy for their customers to pay for goods or services, improving the buying experience. If a supplier accepts credit card payments, customers can buy items on credit and pay later. Payments can also make at any time, anywhere without going to a bank or other financial institution.

    Contactless option:

    Contactless online payments allow buyers to pay for items simply by holding their smart device close to the terminal that processes the transaction and transfers the funds to the seller via the internet. Customers can also pay using a QR code or a one-time password (OTP), both of which require no human intervention.

    Software for Facilitating Online Payments

    Depending on the type of online payment method used, there are several categories of software that can benefit both buyers and sellers, which help facilitate the sending and receiving of funds for online purchases. What do you know about Payment Card Industry (PCI) Compliant or Compliance?

    Payment Gateways:

    Payment gateways automate payment transactions between shoppers and merchants, securely transmitting transaction information to banks. E-commerce businesses rely on payment gateways to protect customer information through encryption and ensure their information travels securely from the customer to the merchant to the payment processor.

    Payment Processing Software:

    Payment processing software provides businesses with the means to process many types of business-to-business (B2B) payments. Also, Companies use this type of software to manage payments received from business customers and paid to suppliers.

    Installment Payment Software:

    Installment payment software helps businesses offer their customers the option to purchase items over time through a set number of recurring payments.

    Payment Analytics Software:

    Payment analytics software tracks online payments for e-commerce or subscription-based companies. Also, This type of software consolidates payment data from multiple sources to monitor customer prices.

    Payment Card Issuance Software:

    Payment card issuance software helps industries and financial institutions generate physical and also virtual payment cards. While banks issue payment cards for their customers, companies use such software to generate cards for their employees.

    What is online payment There are these types and benefits Image
    What is online payment? There are these types and benefits; Photo by Karolina Grabowska from Pexels.
  • Payment Card Industry (PCI) Compliant or Compliance

    Payment Card Industry (PCI) Compliant or Compliance

    Payment Card Industry (PCI) Compliant or Compliance, originally known as Payment Card Industry Data Security Standard (PCI DSS) Compliance, is a self-regulatory industry code of conduct administered by the Payment Card Industry Security Standards Council. PCI compliance requires organizations that process branded credit cards under major credit card programs to securely accept, store, process, and transmit cardholder data.

    Here are the articles to explain, What is Payment Card Industry (PCI) Compliant and Compliance? Levels and Requirements

    Companies need to discover sensitive data stored, transmitted, or processed in their systems and protect it from unauthorized access to comply with PCI. Sensitive data discovery software makes it easier to locate this sensitive data and helps companies put in place measures to prevent hackers from accessing it.

    Organizations need the following to be PCI compliant:

    • 12 General Requirements for PCI Compliance
    • 78 Essential Requirements Based on Your Business
    • Four hundred testing procedures to ensure your organization is PCI compliant (depending on your business)
    • PCI compliance regulations keep customers and businesses safe from data breaches. It applies to all businesses that carry credit card information and is the cornerstone of every organization’s security protocols.

    The PCI standard has expanded its outline to include encrypted Internet transactions and added new rules and regulations to accommodate the latest advances in payments technology and commerce.

    PCI compliance level

    The four PCI compliance levels determine the number of transactions a merchant processes each year.

    • 1 Tier: Merchants that process more than 6 million card transactions per year.
    • 2 Tier: Merchants processing 1 to 6 million card transactions per year.
    • 3 Tier: Merchants processing 20,000 to 1 million card transactions per year.
    • 4 Tier: Merchants processing fewer than 20,000 card transactions per year.

    For PCI Compliance Level 1 organizations, achieving Payment Card Industry (PCI) Compliant and compliance include performing an external audit by a Qualified Security Assessor (QSA) or Internal Security Assessor (ISA). A QSA or ISA conducts an on-site assessment to:

    • Validate the scope of the assessment
    • Review technical information and documentation,
    • Determining Compliance with PCI Requirements
    • Provide guidance and support during the compliance process
    • Evaluate compensating controls
    • Following a successful assessment, a qualified security assessor demonstrates compliance by submitting a Report of Compliance (RoC) to the organization’s operating bank.

    PCI Compliance Level 2 organizations should also complete the RoC.

    Level 2 to 4 organizations can complete a self-assessment questionnaire instead of an external audit to determine compliance.

    Benefits of Payment Card Industry (PCI) DSS Compliant

    PCI DSS compliance provides a set of regulations and requirements to ensure optimal data confidentiality and security.

    Some of the benefits of being PCI DSS compliant are:

    • PCI DSS compliance ensures multiple layers of security for corporate assets.
    • It gathers ever-changing threats and attacks vectors to make the data environment more secure.
    • It DSS involves setting up firewalls, SIEM systems, and other security infrastructure to gather threat intelligence when anomalies occur.
    • PCI compliance’s emphasis on encryption of cardholder data makes PCI DSS-compliant businesses less valuable targets for cybercriminals.
    • PCI compliance principles focus on protecting cardholder data while it is stored or in transit. It emphasizes the implementation of PCI principles with an appropriate security infrastructure to help organizations prevent data breaches.
    • PCI DSS compliance builds and maintains customer trust in data security.
    • PCI compliance helps businesses meet industry-accepted standards for storing, processing, and transmitting cardholder information.
    • DSS compliance helps organizations comply with industry-accepted data security standards.
    • Also, PCI compliance requirements
    • PCI DSS compliance requirements focus on achieving PCI compliance and protecting cardholder data from unauthorized access.
    Protect the corporate network with a firewall

    Steps you can take to protect your network:

    • Configure firewalls to protect corporate networks and regulate incoming and outgoing traffic according to organizational standards.
    • Use hardware firewalls and software firewalls to protect your network.
    • Configure firewalls for inbound and outbound traffic. If an attacker breaks into the system, it will be difficult for them to export the stolen information due to outbound rules.
    Avoid default passwords and configuration settings

    To comply with the second requirement of PCI compliance:

    • Modify the default password to achieve system reinforcement and system configuration management.
    • Addresses all vulnerabilities in the system, remediates and reports them, and ensures system hardening standards comply with industry best practices.
    • System management software is a complete software package for monitoring, scanning, and configuring the device and system hardening options.
    • Also, Verify that system hardening standards are securely enforced as new devices and applications are introduced into the system environment.
    Protect stored cardholder data from unauthorized access

    Take the following steps to protect cardholder data from unauthorized access:

    • Cardholder data is encrypted using strong and industry-accepted encryption standards such as AES-256.
    • Ensure the system stores confidential cardholder details in an encrypted format.
    • Create and document a Cardholder Data (CHD) flowchart. It is a graphical representation of data flow within an organization.
    • Use sensitive data discovery tools to find sensitive information, such as social security numbers, in corporate systems to encrypt or delete.
    Encrypted transmission of cardholder data across open public networks

    Consider the following factors to encrypt cardholder data transmission across open or public networks:

    • Determine how and where data is transferred. Also, Track all regions sending similar details.
    • The transition from Secure Sockets Layer (SSL) and earlier versions of Transport Layer Security (TLS) to more secure versions of TLS.
    • Check gateways, terminal providers, service providers, and banks to see if they use newer encryption for transaction applications.
    Use an updated version of antivirus software

    Take the following actions to comply with the fifth PCI DSS requirement.

    • Use antivirus software and protect your system from known malware.
    • Update antivirus software regularly.
    • Gather information on emerging malware and the different ways it infiltrates your company’s systems.
    • Configure systems and design processes to alert of any malicious activity in the system environment.
    • Also, Run regular malware scans to make sure you have a process designed to enforce it.
    Develop and maintain secure systems and applications

    Practice the following methods to develop and maintain secure systems and applications:

    • Patch security holes with the latest patches released by the software provider.
    • Install the latest security updates and patch vulnerabilities in applications and systems critical to the card data flow.
    • Also, Install critical patches within a month of release to ensure compliance
    • Proactively manage and implement patches as they are released.
    Limit access to cardholder data on a business need-to-know basis

    Consider the following restrictions on access to cardholder data:

    • Ensure strict access control to cardholder data by implementing a role-based access control (RBAC) system that grants access to cardholder details on a need-to-know basis.
    • Also, Avoid creating group users or sharing common user accounts with other users. Tracking data breaches will be challenging. `
    Assign a unique ID to each person with access to the computer

    Take the following steps to comply with Requirement 8 of the PCI DSS requirements:

    • Assign each user with computer access a unique ID and create strong passwords to prevent unauthorized access.
    • Create multiple layers of security when securing user accounts.
    • Use a multi-factor authentication solution to provide an extra layer of defense and protect your systems from attackers.
    Limit physical access to workplace and cardholder data

    Important considerations for compliance with Title IX requirements of the PCI DSS:

    • Restrict employee access to areas where cardholder data is stored.
    • Document who has access to the secure environment and who needs access. Lists all authorized device users, locations where the device is not allowed, and where the device is currently located. Note, all applications can be accessed on the device. Document what, where, when, and why you use your equipment.
    • Distinguish between employees and guests in your organization and use methods to monitor who has access to your secure environment.
    • Make sure to remove users’ access and disable or return physical access mechanisms like keys and access cards when employees leave.
    Track and monitor access to rework resources and cardholder data

    Key points to consider when tracking and monitoring access to network resources and cardholder data:

    • Implement and maintain a logging system to view all logs and get alerted when anomalies occur.
    • Check system event logs at least once a day to identify patterns, gather threat intelligence, and detect behavior that contradicts expected trends.
    • Also, Use a security information and event management (SIEM) solution to build and manage a centralized log collection system, monitoring, and inspection.
    Regularly test security systems and processes

    Please follow the practices mentioned below to comply with the requirements of Article 11 of PCI DSS.

    • Conduct frequent vulnerability scans to determine whether security holes have been successfully patched.
    • Perform quarterly vulnerability scans of all external IPs and domains exposed in the cardholder data environment using a PCI Approved Scanning Vendor (ASV).
    • Conduct regular penetration testing to identify different ways hackers can exploit vulnerabilities to safely configure your security systems and protect data from similar malicious tactics. (Penetration testing frequency depends on your Self-Assessment Questionnaire (SAQ), environment, size, procedures, and other factors).
    RISK ASSESSMENT AND DOCUMENTATION

    Adopt the following practices to meet the final requirements of PCI DSS compliance:

    • Document all policies, procedures, and evidence related to the organization’s information security practices.
    • Also, Assess formal and annual risks to identify key threats, vulnerabilities, and associated risks.
    What is Payment Card Industry (PCI) Compliant and Compliance Levels and Requirements Image
    What is Payment Card Industry (PCI) Compliant and Compliance? Levels and Requirements; Photo by Monstera from Pexels.
  • Operating cash flow its type and importance

    Operating cash flow its type and importance

    Operating cash flow (OCF) is the cash a business generates through routine operating activities, such as service delivery, marketing, hiring, and payroll, over a specified period. OFC represents a company’s ability to make money in the short and long term. Focusing on operating cash flow metrics helps businesses understand whether they can continue to grow and expand their business. OCF is also important for assessing overall organizational performance and financial health.

    Here are the articles to explain, What is operating cash flow? type and importance

    For any business to generate income, it must maintain a positive operating cash flow daily as it is directly related to net income. Cash flow management software helps companies and accounting teams manage money coming in and going out. It can also forecast future cash flows using historical financial data as a reference point.

    Type of cash flow

    Cash flow measures how much money is moving in and out of a company. A business considers valuable when it can generate positive cash flow or have more inflows than outflows.

    • Operating Cash Flow: Cash collected from regular business operations, including sales of goods, rent, wages, overhead, etc.
    • Investing cash flows: The funds used to purchase capital assets and securities such as stocks, bonds, and related holdings are investing cash flows. Cash flow into the company comes primarily from interest and dividends paid on these holdings.
    • Financing cash flows: Cash generated from the capital, external investments, and loans are financing cash flows. It also includes amounts recovered from debt and equity and additional corporate payments.
    • Free Cash Flow (FCF): The money left over after a business pays its operating expenses (such as salaries and taxes) is called free cash flow. Companies can spend their FCF however they want. Operating free cash flow often provides great insight for investors when reviewing business plans and making investment decisions based on the company’s financial efficiency.

    The importance of operating cash flow

    OCF is a major component of any financial analysis as it demonstrates the sustainability and financial stability of a business. Since operating cash flow takes into account day-to-day activities, it is necessary to determine whether current transactions are profitable.

    OCF is an integral part of a company’s earnings assessment. It focuses on cash items that can help determine whether a business will need outside funding or investment shortly.

    If an organization generates significant operating cash flow but reports a lower net income value, this implies an increase in the number of fixed assets and accelerated depreciation throughout the transaction.

    Operating cash flow is important for the following stakeholders to make sound business decisions:

    • Financial Analysts: OCF is interested in analysts because it indicates whether a company is financially stable and profitable.
    • Investors: OCF helps investors decide whether a business is worth their capital and offers them a good return on their investment.
    • Lenders: Financial institutions such as banks, loan unions, and credit unions evaluate OCF values ​​to determine an organization’s creditworthiness and financial responsibility for lending.

    How to Present Operating Cash Flow

    They are usually the first part of the financial statements, reported under the statement of cash flows, and include investing and financing cash flows. There are two ways of describing operating cash flow.

    Indirect method:

    The indirect method first adjusts net income at the bottom of the income statement to the cash basis. Net income needs to adjust because most businesses report on an accrual basis, which means there are small financial gains over time.

    Non-cash items such as depreciation, amortization, accounts receivable (AR) and accounts payable (AP) add to arrive at the cash figure. When a company raises an AR increase, revenue generates but cash has not yet been received. In this case, the AR value must subtract from net income to understand the true cash impact on the business.

    Likewise, an increase in AP indicates that expenses incurred have not been repaid. This results in the AP amount being added to net income to determine the actual cash impact.

    Direct Method:

    The direct method expresses operating cash flow and starts by recording cash-based transactions and tracking them during the accounting period.

    When using the direct method to display the OCF value, the company still needs to separately perform the indirect method of operating cash flow to reconcile funds to obtain absolute cash figures.

    Items included when presenting OCF by the direct method:

    • employee salary
    • Vendors and Vendor Payments
    • cash collected from customers
    • Interest Income and Dividends
    • Income tax and related interest payments

    How to Calculate Operating Cash Flow

    Reading cash flow and income statements can be challenging without knowing how to calculate the different metrics. Financial analysts can measure how a business conducts cash-based transactions by calculating operating cash flow.

    While the simplest form of calculating OCF is Gross Revenue Operating Expenses, the formula may vary from business to business. Every organization has different non-cash items, changes in assets, and financial liabilities. Regardless of how OCF calculates, all items on the income statement and balance sheet must consider.

    Calculate the change in operating cash flow:

    • OCF = Net Income + Non-Cash Expenses – Increased Working Capital
    • OCF = Net Income + Depreciation + Stock-Based Compensation + Deferred Taxes + Other Non-Cash Items – Increased AR – Increased Inventory + Increased AP + Increased Accruals + Increased Deferred Revenue
    • The operating cash flow ratio is a measure of whether a company can use the cash it generates to pay its current liabilities. It helps in assessing the short-term liquidity of a business with a transparent view of the company’s total revenue.

    OCF Ratio = Operating Cash Flow / Current Liabilities

    Operating Cash Flow Example

    Let us take a simple example to better understand cash flow from operations. A small business collects $50,000 in cash from its customers. It spent $2,500 on marketing, skills training, and advertising. Assume its current office space depreciates by $1,000 in the same fiscal year, while taxes are $12,500.

    Net income = $50,000 – $2,500 – $1,000 – $12,500

    Net Income = $34,000

    OCF = Net Income + Depreciation

    OCF = $34,000 + $1,000

    So OCF – $35,000.

    Operating cash flow vs. net income vs. cash earnings per share

    • Several financial indicators help assess the economic performance of a business. But two common metrics that stand often confused with OCF are net income and cash earnings per share (cash earnings per share).
    • Operating cash flow takes into account the amount of cash generated from normal business activities. It is part of the cash flow statement and calculates on an accrual basis.
    • Net income is gross income from sales, including investments and excluding expenses. The main difference between OCF and net income is the way a company recognizes revenue over a certain period and matches expenses to that revenue.
    • Both OCF and net income may be higher or lower depending on the type of financial principle and when it measures.
    • Cash earnings per share is a measure of cash flow based on the number of shares outstanding. Cash EPS indicates operational stability and helps to compare business and financial trends in the market.
    What is operating cash flow type and importance Image
    What is operating cash flow? type and importance; Photo by Tima Miroshnichenko from Pexels.