What is a Chargeback System

What is a Chargeback System

Many people are wondering what exactly a chargeback system does. The main purpose of the system is to charge IT services to the business unit which is using them. There are some important aspects to a chargeback system which we will cover in the following text.

Accounting

Chargeback systems are often called responsibility accounting because of their nature. This type of accounting follows which department makes what expenses and they are held accountable for it. People tend to hog IT services just because it is not that easy to track who makes what expense. With the chargeback system, this can be thoroughly followed and accounted.

Following Finances

This is a tool used to make budget cuts, reduce expenses, follow costs of certain services, and makes all of these financial issues transparent. It is useful for the management to pinpoint the potential problems and think about the future. It helps prevent steep expenses and reach profitability easier.

Prevention

Not a lot of people know that some fees are brought about by chargeback prevention. The best way to achieve this is by preventing customer disputes before they occur. This strategy can help you prevent over 40 percent of potential chargebacks.

Precision

It is a complex system which cannot function without some manual help. A balance needs to be made between the real costs and the financial goal. It is a precise system which will need all the data it can get in rode rot be efficient and accurate. It uses measurements or metrics typical for any IT system but it has to have the varying data from the specific business unit.

The-danger-of-chargebacks-1

Information

The chargeback system needs easily prepared and ready to use information. This includes user counts, application counts, subjective estimation, general expenses, a listing of departments etc. The upside is that all of this information is available inside the business unit and is generally easy to obtain.

Representment

Chargeback representment provides services which help accomplish the merchant’s ultimate goal. They discern the real validity of a fraud alert and help the merchant keep the revenue. This is something the merchants themselves could never achieve so it is advised they hire a professional.

Causes and Effect

Some people will find the chargeback system threatening and downright scary. This system encourages people to make expenses less hastily and think of IT services as a communal utility. By incorporating the chargeback system in the workplace people will inevitably think more thoroughly of their actions. This system was developed to help prevent expenses made when using IT services. Energy costs have sky-rocketed in businesses in the last couple of decades so it comes as no surprise that such a system has become widely used.

Usage and Application

The chargeback system can be applied and used and managed outside of the business unit. It doesn’t have to be connected to the business unit itself but rather it can function independently. It can even be used for tracking the services a business unit provides for a third party.

Best bar Management Solutions to Maximize Your Profit

Best bar Management Solutions to Maximize Your Profit

While running a bar is either a dream job or a nightmare for some people, the fact of the matter is that sometimes no matter how much time and love you invest in the job, on certain days there is a big deficit even though your house was full several hours ago. How is this possible?

Well, when it comes to money people are incredibly good at losing it, whether it be due to high costs or due to theft, there is never a shortage of wasted money in certain businesses. If you want to start managing your money better and maximizing your profits you will have to read up on some of our tips and tricks.

There is never a unique problem that needs fixing, but rather, the issues are intertwined and the bar needs some solid changes in order to maximize the potential profits.
Here are some of our best solutions.

Reports are important

Running a bar might seem like a walk in the part, but what actually happens behind the scene is that there are thousands of ins and outs of the business and keeping them all on track usually requires some form of reports. Having a report for almost anything done in the bar might be an efficient way of actually spotting the issues before they start becoming problems.

The financial reports can be an irreplaceable part of the working mechanism that is your bar, as it can give insight into all aspects of the potential profits and potential expenses that have happened in the past and that can be avoided in the future.

Keep track of how much money you lose

Reports are the golden standard when it comes to generating data that can help you run your bar more efficiently. However, keeping track of the lost money should be a separate part of the reports as they can give insight to the overall possibilities when it comes to replacing certain parts of the job and introducing new ones as well.

Insights-into-bar-management-1288x724

For instance, you can identify what guests enjoy more, where they are willing to spend money, and what items are not living up to their potential, so you can safely remove them instead of constantly losing money on things that nobody wants or needs.

Install theft prevention systems

This should be a no-brainer for any business owner. Theft is sadly an increasing problem on many jobs and in many industries. Sometimes you just can’t know or be there at all the times, so you need a system in place to keep potential thieves in check.

Installing a camera or two can seriously improve your security and render potential thieves from stealing from your business.

It’s also not only boiled down to simple theft, but advanced methods of “robing” your business can include that the bar staff can bring their own bottles of expansive drinks and charge the patrons money. This will effectively make them the money your bar should be making. Dilution of the drinks is another issue that many bar owners are not aware that their staff could be doing. So, a proper security system over the bar and the register is a must if you want to prevent any kind of theft.

Create seasonal items

This can be an amazing way where you can dispose of your stocks while making some serious money. Invest in promotions and all kinds of themed nights as that will bring your business where usually your bar would be empty.

Resources:

https://www.glimpsecorp.com/bar-inventory-control/

https://www.glimpsecorp.com/

Investing in Land – Is it a Good Idea?

Investing in Land – Is it a Good Idea?

Being a land owner and investing into your property is one of the best ways you can use your money, and make a living out of it without having to go to work every day. Investing in real estate is the best way you can do this but, as is with every job, you have to be smart and think things thru before you put a lot of money into an idea that can fail you.

If you are looking at how to invest in land this article will be useful for you we will talk about some general facts you should check before you invest in your land or before you decide to buy a piece of land.  Besides this we will talk about some important facts that should convince you that this step towards land ownership is a smart one.

Buying Land as an Investment

If you are not jet a land owner you should check for a couple of things before you purchase your own land. First check what the land can be used for, not all land has the same building permit it can get and you don’t want to find an ideal location for a restaurant and then once you have bought the lend you discover that you cannot build the type of building you want on it.

Also always check the land quality on your plot, especially if you are planning to use it for agriculture or for animal farming. Another thing you should have in mind is the location of the land and if it is protected by some special laws.

money-2696219_1920-1-1030x687

When you check all of these things you should have no problem with making your idea come to life, well maybe money can block you, but that’s a different mater all together.

Land and Money Return

The other important thing you should always have in mind is the fact that land is an expensive investment and you can sometimes wait for years before you can sell it for the right price. This depends on the real estate market and the trends that regulate it. This is why you should think about either buying and investing in it immediately or waiting for the right moment to sell it to someone else. Think of it as a bank deposit or a savings plan, but if you don’t have the patience for slow investments than you should buy the land and start use it for something.

The things you can do with your land are many, and you can be everything from a farmer to a motel or hotel owner. Everything is up to you and your abilities and ideas. Buying land is like getting a blank canvas for business, that you can transform into anything you want to, this is one of the reasons you can never go wrong with such an investment. Just remember you have to check all the facts so you don’t get surprised, buying land is not cheap.

Property Management Guide for Beginners

Property Management Guide for Beginners

Before you as a landlord, owner or an investor decide to put your trust in any property management company, there are some things that you need to take into your consideration. First of all, by hiring professionals to manage your property, you will be surprised with what they can do for you actually. If you are completely new to this, it is important to know that you need a team of experts who can put themselves in your shoes and think like they are the ones who own that particular property.

Seeing things from the perspective of owners changes the way you do things, absolutely. You are not there just to do some job, no, you are there to make the best of it. After you are done with the place as the property manager, you can introduce the great results to the owners. Vastly improved conditions in their properties, increased property value and rent rolls would be very nice for starters.

property

Managing a property is not only about taking care of it, it is about making the most of what you have and ensuring that you reach the full potential of the property. If you consider selling your property, it’s strongly advised you not to do it until you consult the experts. There may be more to your property than you actually know and they can help in those kinds of situations. A property management company can help you figure things out quickly and efficiently.

Let professionals assess the value of your property

In case that you still want to do it after they have done what they could for it, you will be pleased to know that they can greatly increase the value of your property by properly taking care of it in every sense of those words. they have a really exclusive system and methods of how they do things and they can really help out. They want to maximize the profit you can make off of your property by cutting the expenses and actually increasing the value of your property. That is what property management is all about, to be honest.

Property-Management-Apricot

Even though they have nothing against self-management, most of the time these landlords do not know how to do things properly or they are not aware of certain things and ways of how things work. That is why this property management company in Manhattan offers to do things for you. They have all the necessary knowledge acquired through all these years of work and more importantly, we know the regulations and standards.

They keep the teams updated on new rules and norms. They use this knowledge and skills to help the owners raise the value of their properties and increase the rents. This company wants to help them make some money off what they have and they can only do that if they are compliant with the rules. If you’re new to this game, it is good to know they can be way more efficient if you join forces and work together.

Foodpanda devours Hungarian food ordering rival Ételvitel after only 3 months

Foodpanda devours Hungarian food ordering rival Ételvitel after only 3 months

Online food delivery is a hot space, with heavily-financed European startups such as Just-Eat, Delivery Hero, Lieferando and others quickly trying to gain market share all across the world.

The Samwer brothers’ Rocket Internet accelerator has got some skin in the game as well with its Foodpanda / HelloFood business, which it has been launching in a slew of countries worldwide at its typical rapid pace.

Today, Foodpanda is announcing that it has acquired Hungarian online food ordering service provider Ételvitel KFT, a mere three months after launching in the country. The Foodpanda group is a global mobile food delivery marketplace with its headquarters in Berlin, operating in 43 countries and territories. Now they are taking over Hungary.

According to a press statement, Etelvitel currently boasts more than 200 partner restaurants (only in Budapest, though).

After this move, Foodpanda delivers food in Poland, Ukraine, Hungary, Russia, Nigeria, Morocco, Kenya, Senegal, Ghana, Ivory Coast, Peru, Mexico, Brazil, Colombia, Chile, Singapore, Thailand, Vietnam, Indonesia, India, Malaysia, Taiwan, Pakistan, Argentina, and Venezuela.

We caught up with Ralf Wenzel, Foodpanda’s global managing director, to learn more about the move and the company’s overall strategy. This is the complete interview we had with him.

Question: Foodpanda essentially lets people order food online. What makes it special compared to other Internet food delivery services?

Ralf Wenzel: Food delivery is all about choice, quality and convenience. We aim to offer the broadest choice of restaurants and covering every possible regional area and city. We ensure highest quality standards by rating and assessing all restaurants, taking into consideration our customers’ recommendations and feedback.

Foodpanda provides a very simple, fast and convenient way for ordering food, online and through mobile channels. We also feel responsible for the fast delivery and the overall service.

If the restaurant does not offer delivery, we will do it.

Question: How many countries are you in now, and which countries or regions are up next?

Ralf Wenzel: We are already the most global food delivery service: Foodpanda with our affiliated brand HelloFood targets by now 3 billion people worldwide, which is almost half of the world population.

At the moment, we deliver food in 25 countries, focusing on markets like Brazil, India, Russia or Singapore.

In the last couple of months alone, we were able to bring Foodpanda to 14 more countries, serving an additional number of over 800 million people.

Question: Is this basically a numbers game, where you roll out as quickly in as many countries as possible, or is each regional launch carefully considered and assessed?

Ralf Wenzel: The nice thing about food delivery is that it works pretty much everywhere, since everywhere people are interested in food and more people become aware of the possibility of ordering food online. Though we always analyze new markets very carefully, look into local infrastructure, cultural behavior, Internet penetration and the competitive landscape.

Based on that we decide about the next countries to launch. And even though this is a global business model, some countries qualify much more than others. I think our central team in Berlin has learned a lot from our local teams and vice versa. We believe in investing in opportunities but always focus on feasibility and quality.

Question: Where is most growth coming from, geographically speaking, from a user and revenue perspective?

Ralf Wenzel: Foodpanda is already famous in Asia, since we had a bit of a head start there and in some Asian countries we are the market leader already. But Africa, Latin America and especially Eastern Europe are catching up really fast. One example is Hungary: we have just started 3 months ago but we are already taking over the service of our competitor Ételvitel KFT.

In just one step, we now cooperate with more than 200 new partner restaurants to guarantee the greatest variety.

This takeover is the logical consequence of our worldwide expansion. Foodpanda is a global movement.

Question: You recently became Foodpanda’s global MD – what differences in culture between different countries and regions have you encountered that Foodpanda has had to adapt to?

Ralf Wenzel: Food belongs to every country’s culture and is a central part of everyone’s daily life. As such there are more similarities than differences. However people’s preferences differ from country to country and this can be sometimes very surprising to us.

In Senegal, the most ordered food is croissants, whereas the Vietnamese favor Mexican food. Overall, we adapt to local cultures by always offering a customized choice of the best and most recommended cuisines and restaurants.

The fact that people share one culture doesn’t mean that they all prefer the same meal. Our goal is that people immediately think of Foodpanda when they think about food, no matter what cuisine.

Question: What’s the ratio between customer orders from mobile versus the Web? What about Android vs. iOS?

Ralf Wenzel: Our mobile app is now available in 21 countries: the number of customers using our mobile service has been growing rapidly. At the moment, Web predominates but we expect that the mobile orders are going to pick up even more in the future. iOS is used twice as much as Android for now but this also differs widely from country to country. It’s important for us to accept orders through all locally important online channels.

Question: What’s the deal with marketing both foodpanda and hellofood? Or will they be folded under the same umbrella brand in the future – and if so, which one?

Ralf Wenzel: In Asia and Eastern Europe, we work as Foodpanda; in Africa, the Middle East and Latin America we are called HelloFood. We set the same ambitious standards and the service remains the same. We have a strong central team in Berlin and local experts in all of our countries.

This close cooperation creates perfect synergy. The whole coordination is done in Berlin with central teams for IT, Product, Marketing and Business Intelligence. The centralization enables us to expand into new countries very fast, both as Foodpanda and HelloFood.

Question: You face quite some stiff competition from Just-Eat, Delivery Hero and others, all of which are heavily funded and also expanding internationally fast. Do you see consolidation on the horizon, or is there room for many players in this field?

Ralf Wenzel: The majority of the market is unexplored. Most customers still order their food offline, via phone. The next years we will see a big shift in offline to online.

Offering the widest reach of the best restaurants, having an easy to use product and an overall outstanding customer journey will allow us to capture a large part of this growing market. And the reality proves us right: Once people come to our website they come back again and again.

Most importantly, we know our customers. This enables us to be successful in such diverse markets. We already have a big network of restaurant partners and a robust supply and distribution.

Question: How does Rocket Internet, and your experience working for other Samwer brothers-founded ventures in the past, help you scale the business?

Ralf Wenzel: I have now been working in the Internet industry for about 10 years and many experiences can be used and leveraged.

But still, every venture is different and performance management on this global scale is an exciting challenge. We are a very young venture and profit a lot from Rocket Internet’s expertise. Our growth in 25 countries would not have been possible without them.

SOURCE