How Do I File Back Tax Returns? TurboTax Tax Tips & Videos #need #help #with


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How Do I File Back Tax Returns?

Step 1: Gather your tax documents

To file your back tax returns, you will need the W-2s or 1099 forms you received for those tax years to report your income. If you are eligible for deductions and credits, you must also gather any receipts or other supporting records that prove your eligibility to claim them.

Step 2: Request missing documentation

If you are missing any of your tax documents from the last 10 years, you can request a copy from the IRS by filing Form 4506-T, Request for Transcript of Tax Return. Use this form only to request W-2s, 1099s and even 1098s that may provide support for some of your deductions. Though you will not receive a duplicate of the original form, the IRS will provide you with a transcript of all relevant information, which is sufficient for filing your back tax returns. It can take the IRS up to 45 days to process your request.

Step 3: Download prior year IRS tax forms

You must always file your back tax returns on the original forms for each tax year you are filing. You can always search through the IRS website for the forms, but for quicker access, you should use sophisticated tax preparation software, such as TurboTax.

Step 4: Prepare your back tax returns

You cannot complete prior year tax forms using instructions from the current tax year. When you have all your documents in front of you and you are ready to start inputting your data, double check to make sure that the instructions you are using are for the same tax year as the tax return you are preparing. The tax law changes every year, and using the wrong instructions may require you to prepare the return over again.

Step 5: Submit your forms

Submit the forms to the IRS at the address listed in the Form 1040 instructions. If you owe additional income tax for any of the prior years, remember to include as large of a payment as you can to reduce your interest charges. Unlike tax penalties which stop accruing when the maximum is reached, monthly interest still accrues indefinitely until the tax is paid. Once the IRS receives your tax returns, you should expect to receive notice of the exact penalty and interest charges you are responsible for.

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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  • Linux Dedicated Server Reseller for FREE with Resellers Panel #you #can #become #a #linux #dedicated


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    Chat Offline For general and pre-sales questions only. For technical issues, please use the ticketing system in your Control Panel.
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    Dedicated Servers

    Linux Dedicated Servers

    Linux Dedicated servers represent a great deal of all the dedicated servers in the world, due to the several advantages which Linux has as a server Operating System. Linux Dedicated Servers are more stable and secure, cost less than other dedicated servers and are perfect for any Web Hosting enterprise. Linux Dedicated Server web hosting accounts now represent the greater part of all the web hosting accounts in the world.

    At Resellers Panel you will find powerful Linux Dedicated Servers – the ATOM 1 ($60.00/month), the AMD 1 ($100.00/month) and the AMD 2 ($120.00/month) dedicated server configurations offer a wide choice of operating system and Control Panel installation options for server management purposes. Our servers come with an easy-to-use Dedicated Plan Manager, via which you can register new domain names, choosing from our vast collection of available TLDs.

    You can sell all of the dedicated servers without having to buy them first via our Free Reseller Program.

    Why a Linux Dedicated Server?

    As of 2008, 443 out of every 500 supercomputers in the world are running a Linux Distribution. The advantages of running a Linux Dedicated Server are various. The Linux kernel, being open-source based, is customizable and editable by everyone – this way server administrators can modify it according to their own needs. Linux dedicated servers have also proven to be more reliable, secure and stable than their main competitor, the Windows Server.

    Due to the fact that Linux Distributions are not so widely used on desktop computers, there are less viruses and malware software applications that can affect a Linux-based machine. The extensive user community has also created a great number of support forums, which offer solutions and guides for solving most of the problems that could arise.

    Linux-distributions, being open-source based, do not require any license fees and are free to use. This helps hosting companies reduce the cost for hiring a Linux Dedicated server even further. Software designed for Linux is also mostly open source, which also helps reduce IT related expenses.

    Benchmarks have shown that Linux dedicated servers perform noticeably faster when compared to other dedicated servers sporting similar hardware. While they can’t be unanimously declared “fastest dedicated servers”, since this depends on much more than the OS alone, a Linux dedicated server is without a doubt faster than a Windows dedicated server.

    We, at Resellers Panel, can’t say that we have the fastest dedicated servers. What we can say, however, is that our dedicated servers can work fast enough to run all your web applications with a breeze, and that using our AMD 1 dedicated server, you can even start your hosting reseller business and never notice a service slow-down.

    Linux Web Hosting Servers

    Due to the fact that they are more stable, and the fact that almost every major Linux Distribution has a special server edition, Linux Dedicated servers are very popular among web hosting companies. Linux Web Hosting servers are known for their capability of handling multiple user accounts at the same time without a problem, which is why they are used to power cloud web hosting accounts.

    Aside from Web Hosting servers, Linux is often used as the operating system of choice when it comes to Dedicated Servers. By offering Linux Dedicated Hosting servers, a hosting provider can offer lower prices due to the lack of license fees and can also offer customized kernels, making the servers more secure, since the provider already knows what hardware components will be used.

    Linux is also the OS of choice when it comes to Virtual Private Servers, especially when using an OS virtualization method, where parts of the main OS are used by each Virtual Machine to communicate with the server’s hardware.

    At Resellers Panel, you will find that aside from purchasing a Linux Dedicated Server or a cheap Linux VPS server, you will have an option also to resell these services via our Free Reseller Hosting Program. It allows you to offer Dedicated Servers, Virtual Private Servers and even Semi-Dedicated servers alongside our regular cloud web hosting offers.


    Charities That Offer Free Cars for Low Income Families #donated #cars #for #families #in #need


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    Charities That Offer Free Cars for Low Income Families

    A car is vital for many Americans to get to work, medical appointments, and more. For those who can’t afford a car, there are charities that offer free cars to those in need. These charities are generally locally based, and you can find them by contacting churches, the Department of Human Services or websites like Working Cars for Working Families.

    1-800-Charity Cars

    1-800-Charity Cars is a nationwide program that provides cars to low-income families. Visit the eligibility criteria page on their website to find out if you might qualify. If you meet the criteria, you will then need to fill out the online application form. You’ll be asked to provide your story as to why you need the car, and to get votes on your profile. When the organization receives a car, they look at top vote-getters in the area and then reach out to verify their need.

    There are a variety of requirements. including being at or below 200% of the poverty level, having a genuine need for a vehicle, and being able to afford insurance, title fees, and car registration. This charity focuses especially on victims of domestic violence or natural disasters, those in transitional housing, and those who have medical needs. There is no guarantee of getting a car, and this charity is not a good option for someone who needs a car quickly.

    Cars 4 Christmas

    Cars 4 Christmas. also known as C4C, is a nationwide non-profit organization that operates primarily in the Midwest areas of Kansas City, Wichita, Omaha, St. Louis and Springfield. The founder saw that people would be able to help themselves if they had transportation available, and so the organization focuses on helping those who are going through life hardships and need a vehicle.

    To apply for a car for yourself or someone you know, fill out the online application. which requires a story about how the car would improve your (or the recipient’s) life. Typical recipients include people with ill children, disabilities and medical conditions, and those in transitional housing.

    Cars 4 Christmas also has a partner organization called Cars 4 Heroes that focuses on providing vehicles for veterans who are in need.

    Good News Garage

    The Good News Garage is a non-profit program of Lutheran Social Services that has given over 4,400 cars to families in need since its founding in 1996. Good News Garage operates in the New England area, including the states of Massachusetts, New Hampshire, and Vermont.

    Each state has its own qualification criteria, so it is important to contact the office in your location for proper guidelines. This program supports families on public assistance who cannot afford cars on their own. Contact 877.GIVE.AUTO or visit their website for more information.

    Find Cheap Cars on a Low Income

    If you have applied for free cars and do not qualify, you may be able to find a cheap car though a program available to low-income families. Low-cost car programs are a great option if you need a car quickly, since the free car programs can take months to be approved for and there’s no guarantee there will ever be a car available in your area.

    Some great options for low-cost cars include:

    • Vehicles for Change serves needy families in Maryland, the District of Columbia, Virgina, and Michigan by offering used cars at very low prices. To be eligible to purchase a car from them, you must be employed at least 30 hours per week and have funds available to pay the taxes, title, and tags on the vehicle. The vehicles available are donated by the public and then refurbished for use. Recipients are referred to the program through social services.
    • Goodwill Industries operates a low-cost loan program in San Antonio, Texas to help qualified recipients purchase affordable cars. You can contact a Goodwill near you to see if they have anything similar by using the online store locator and calling the number of your local Goodwill.

    You can also look for inexpensive cars in your local classifieds section, eBay and online. Be sure to check the car over for any mechanical problems, as a cheap car really is not a deal if you end up spending hundreds or thousands of dollars to bring it into working order.

    Transportation Options

    Getting a car for free is not easy, but it may be possible if you qualify and have the time to wait for an available vehicle. For many people, finding an affordable car to purchase is an even better option, especially for those who need a car quickly.

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  • Why Retail Strategies are in Desperate Need of Change #wine #retailers


    #retail strategy

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    Why Retail Strategies are in Desperate Need of Change

    Accurately Responding to Market Change to Create Competitive Advantage

    Retail strategy is at a reset moment. Historically, retail CEOs have designed business strategies by creating differentiation among the 8 primary factors of location, store, merchandise/assortment, visual merchandising, staff, service, mass media and communications, and price. A retailer could achieve sustained leadership by standing out in at least 2 of these dimensions.

    For example, Walmart’s differentiation is based on broad assortments and low price, or Nordstrom on Service and highly specific assortments.

    However, an unprecedented change in consumer technologies, and more so consumer behaviors, has transferred the balance of retail commerce power from retailers to consumers. Consumers are now more connected and informed, and have far more purchase options than ever before. Their personal technologies have changed their behaviors. Consumer expectations have increased, their loyalty has decreased and because barriers to switching brands continue to decline they are in fact switching brands at an accelerated pace.

    To respond to consumers’ new behaviors, technologies and purchasing power, retailers must append their business strategy with new forms of differentiation, recognize that customer relationships increasingly influence consumer purchase decisions, understand that mass media communications have given way to consumer preferences for highly personalized messaging, and that business intelligence is a new basis for competitive advantage. My diagram below visually illustrates the adjustments needed for todays successful retail strategy.

    While the 8 historical differentiation factors still apply, they are fleeting and insufficient by themselves. They are also being copied and replicated by existing and new competitors in shorter and shorter time spans a trend that will continue to erode differentiation and accelerate commoditization.

    The definition of competitive advantage is differentiation that is relevant, measurable and unique. If you recognize that the retail market has changed in a way that none of the original 8 dimensions are unique, you also recognize that they are no longer capable of creating competitive advantage by themselves.

    Fortunately, the rise of consumer empowerment also brings new opportunities for retailers. Consumers want to engage with their preferred brands pursuant to their terms and using their personal technologies. Retailers that apply Customer Relationship Management (CRM) strategies to engage consumers and nurture consumer relationships can find that these Customer Relationships trump every other competitive differentiation factor for certain classes of consumers, such as loyalty members, repeat customers and high value customers. Further, customer relationships don’t deteriorate over time. In fact, just the opposite, they normally get stronger over time, making customer relationships one of only two sustainable competitive advantages available to retailers.

    The other sustainable competitive advantage is the ability to apply business intelligence for improved decision making throughout the enterprise. Business intelligence is the long heralded but seldom achieved capability to get the right information to the right decision maker at the right time. And for the record, decision makers are not found in just the C-suite. Too often, business intelligence (BI) is narrowly viewed as something for corporate leaders, somehow suggesting the remaining 99% of the business can operate just fine without intelligence.

    BI software can use data to create a differentiating customer experience and more accurate merchandise/assortment planning forecasts among other things. However, executive sponsorship is required to create a culture which discourages subjective, gut or intuitive decision making (risk taking) and instead favors data driven, fact based and evidence supported decision making in all areas of the business.

    Not Worthless, Just Worth Less

    So what about the original 8 competitive advantage factors?

    Location and Store. Omni-channel renders any single location and store less potent. More merchandise sold over more channels lessens the volume of business done in any single channel. This doesn’t suggest that the location, store or any single channel is unimportant but that channel diversification renders any single channel less important than the overall omni-channel strategy .

    Merchandise and Assortments. These are being copied by high volume imitators and lower cost competitors in shorter durations. For example, shoes, bags, apparel and new fashion trends revealed on Milan runways now have their designs copied and reproduced in hours, and are manufactured in China or Bangladesh in less than four days. However, on the flipside, better data is creating better science to compliment artful assortment planning so that any knowledgeable retailer taking advantage of the science can create improved merchandise and assortment forecasts and plans. Merchandise/assortments is still a critical success factor, but is increasingly replicable by competitors and available to any retailer willing and able to apply data and science to deliver increased accuracy, which thereby renders less differentiation and competitive advantage.

    Visual Merchandising. Still important but easily and quickly replicable. Little to no differentiation here.

    Staff. While most retailers view staff as expenses and not assets, a few retail leaders are upping their game in terms of staffing – mostly as it relates to their Customer Experience Management goals. Retail staffing as a differentiator varies considerably by sector.

    Service. Most retail customer service disappoints but the industry is taking note of the strategies and successes of retailers such as Zappos and Nordstrom. Pre-sale and post-sale service processes are easily and quickly replicable. However, upping the game from simple service scenarios to delivering rewarding and memorable customer experiences (CX) is indeed a strong competitive advantage. For reference, I include CX management within CRM. I know today they are often considered separate, but it’s clear to me they will merge. Understanding this now will help retailers create a single CRM strategy and avoid fragmented processes and systems.

    Mass Communications. Mass media branding value and mass communications conversions are dying. I continue to hear retail marketers suggest that mass media creates branding. Unfortunately, they fail to realize that consumers determine the brand value not from paid advertising (which is at an all-time low in terms of believability) but from social media and their own consumer experiences. Retailers must engage consumers via a social media strategy and finely tuned segmentation in order to deliver relevant, personalized and contextual messaging and offers that resonate in order to achieve conversions and campaign effectiveness. This is a big transition that most retailers make at a snails pace.

    Price. Unless you are Walmart, competing on price remains a fools errand.

    The unprecedented pace of change in the retail industry is producing a growing divide between those that act and those that wait and see. As innovative retailers respond to more demanding consumer behaviors they will in turn attract larger numbers of new customers while those retailers who procrastinate will involuntarily become the source of those customer defections and incur a steady business deterioration.


    These are the 7 most important skills retail managers need to have #retail #definition


    #retail skills

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    These are the 7 most important skills retail managers need to have

    Retail managers have to do it all: work with customers, manage sales associates, hit monthly store quotas and pitch in whenever something needs to get done.

    That s why employers in the retail industry often look for a blend of diverse, transferable skills on a resume that are indicative of a versatile, well-rounded candidate who has a good understanding of the industry and is able to adapt as needed , says Michael Lan, resume consultant at Resume Writer Direct in Wilmington, Delaware.

    These are the seven skills you most need to be a success as you rise in the ranks.

    Customer service is critical for everyone in retail, says career communications specialist Kelly Donovan in Los Angeles. Retail is all about making sure the customer has an excellent experience every time, so this skill should be at the top of your list.

    As a retail manager, you ll be supervising a team that may include inexperienced employees earning modest wages for a tough job, Donovan says. You ll need a track record of your leadership capabilities, and you must be able to provide examples of how you motivate people.

    Devin Pappas, who works as a store manager and visual merchandiser for Clearwater, Florida-based Patchington, says that being able to assess other people s strengths and identify areas of opportunities is key. Depending on how the store or chain is managed, you may be asked to provide one-on-one management and written action plans for store teams. You ll also have to create a team environment to get everyone working together.

    You may also be responsible for employees training and development, and you will need a background in recruiting or networking in the retail market to help fill positions, Pappas says. You ll need to be able to handle delicate situations with fairness and patience, follow corporate guidelines and hold every employee to high standards.

    Most retail employees are responsible for sales, Donovan says. So sales skills are essential for the majority of retail applicants, whether you re going for an associate position or a management position.

    Have examples ready that show you understand how to turn a browser into a buyer, and how to maximize sales by upselling customers with add-ons to their purchases.

    Your own sales experience may not be enough. Not only do you need to motivate people to work, you must motivate people to sell, Donovan says.

    A background in sales leadership is vital for retail managers. You may be asked to train sales associates and then improve their sales numbers over time.

    Retail is constantly changing, says Lisa Ritchie, vice president of human resources at Match Marketing Group in Mississauga, Ontario. Retail managers need to be flexible and mentally tough to deal with day-to-day variations. While the uncertainty of the industry can be exciting, it can also lead to burnout if you don t have the chops to handle the ups and downs.

    Retail is a fast-moving and dynamic industry, and it takes a lot to stay on top of everything that s going on. Successful retail managers are organized, good planners and strong troubleshooters, Pappas says. Being able to multitask helps as well.

    You ll need to draw on your communication skills to work with employees, customers and your own manager, Pappas says. You ll be directing store meetings and will need to confront a variety of internal and customer-facing situations, both positive and negative. Being able to communicate effectively will serve you well through it all.

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    What Equipment Does Your Retail Store Need? #retail #eyes


    #retail supplies

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    What Equipment Does Your Retail Store Need?

    Updated June 28, 2016

    Do you know which equipment your retail store needs? Starting a business or buying an existing business from someone is a very exciting situation to be in, but if you run out of the necessary supplies, you will face the consequences. If you re lucky, you might just experience a slight inconvenience from running out of a supply. But if you re unlucky and run out of the necessary equipment, it could spell disaster for your business.

    The best way to keep your business running smoothly and to keep disaster at bay is by making sure you have the supplies you need before you run out of them. Of course, which supplies you need depends on what kind of retail store you have, but to give you a better idea of the sorts of equipment businesses need, view this list of store supply items commonly needed in each area of a brick and mortar retail establishment.

    What Your Stock Room Needs

    Most retail store stock rooms need basic equipment. This includes trash cans, trash bags, a pricing gun, a tagging gun and a labeler.

    You ll also likely need sign supplies, box cutters, a tape gun, brooms, mops and other cleaning supplies, such as disinfectant. And don t forget the wet floor signs. Having a customer trip and fall on a wet floor is a lawsuit waiting to happen.

    Equipment for Your Break Room

    The supplies a break room needs are pretty common sense.

    Make sure you have a coffee pot, a refrigerator (it s up to you whether you have a full-size fridge or a mini fridge), storage lockers, trash cans and trash bags.

    You ll also need a microwave, table and chairs, a television, kitchen cleaning supplies and labor posters that inform employees of their rights, codes of conduct and related issues.

    Stocking the Office

    In your office, you ll need a filing cabinet, a safe, computer, printer, shredder and possibly a fax machine (fax machines are increasingly becoming obsolete). The office should also include a telephone, voicemail system and basic office supplies such as pens, pencils, staplers, staples and paper clips.

    Equipping the Sales Floor

    Here, you ll need cash registers, bags of various sizes, shopping carts and baskets, an open sign, security mirrors and a security system.

    The sales floor also requires shelving, racks, POP displays, hangers, a TV and stereo system, and, finally, your inventory.

    Wrapping Up

    If you re not sure exactly what kind of equipment you ll need, or you simply want to make sure you have everything covered before your grand opening, contact an organization designed to help business owners. It could be your local Chamber of Commerce or your local branch of the Small Business Association. They might be able to direct you to veteran entrepreneurs who can put you on the right path.

    If that doesn t interest you, consider hiring a consultant, if your budget allows for one. A consultant might be able to give you the tips you need on which supplies to stock.


    Retail Management – Meaning and its Need #retail #jobs #indianapolis


    #retail management

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    MSG Management Study Guide

    Retail Management – Meaning and its Need

    What is management ?

    Management refers to the process of bringing people together on a common platform and make them work as a single unit to achieve the goals and objectives of an organization. Management is required in all aspects of life and forms an integral part of all businesses.

    Retail management

    The various processes which help the customers to procure the desired merchandise from the retail stores for their end use refer to retail management. Retail management includes all the steps required to bring the customers into the store and fulfill their buying needs.

    Retail management makes shopping a pleasurable experience and ensures the customers leave the store with a smile. In simpler words, retail management helps customers shop without any difficulty.

    Need for Retail Management – Why retail management ?

    Peter wanted to gift his wife a nice watch on her birthday. He went to the nearby store to check out few options. The retailer took almost an hour to find the watches. This irritated Peter and he vowed not to visit the store again.-An example of poor management.

    You just can t afford to make the customer wait for long. The merchandise needs to be well organized to avoid unnecessary searching. Such situations are common in mom and pop stores (kirana stores). One can never enjoy shopping at such stores.

    Retail management saves time and ensures the customers easily locate their desired merchandise and return home satisfied .

    An effective management avoids unnecessary chaos at the store.

    Effective Management controls shopliftings to a large extent.

  • The retailer must keep a record of all the products coming into the store.

  • The products must be well arranged on the assigned shelves according to size, colour, gender, patterns etc.

  • Plan the store layout well.

  • The range of products available at the store must be divided into small groups comprising of similar products. Such groups are called categories. A customer can simply walk up to a particular category and look for products without much assistance.

  • A unique SKU code must be assigned to each and every product for easy tracking.

  • Necessary labels must be put on the shelves for the customers to locate the merchandise on their own.

  • Don t keep the customers waiting.

  • Make sure the sales representatives attend the customers well. Assist them in their shopping. Greet them with a smile

  • The retailer must ensure enough stock is available at the store.

  • Make sure the store is kept clean. Don t stock unnecessary furniture as it gives a cluttered look to the store. The customers must be able to move freely.

  • The store manager, department managers, cashier and all other employees should be trained from time to time to extract the best out of them. They should be well aware of their roles and responsibilities and customer oriented. They should be experts in their respective areas.

  • The store manager must make daily sales reports to keep a track of the cash flow. Use softwares or maintain registers for the same.

  • Remove the unsold merchandise from the shelves. Keep them somewhere else.

  • Create an attractive display.

  • Plan things well in advance to avoid confusions later on.

  • Ask the customers to produce bills in case of exchange. Assign fixed timings for the same. Don t entertain customers after a week.

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  • Inventory Management in Retail Industry – Need and Important Terminologies #promotional #code


    #retail inventory management

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    MSG Management Study Guide

    Inventory Management in Retail Industry – Need and Important Terminologies

    What is Inventory Management ?

    Inventory refers to the goods stocked for future use. Every retail chain has its own warehouse to stock the merchandise to be used when the existing stock replenishes.

    Inventory management refers to the storage of products to be used at the time of crisis .

    The retailer keeps a track of the stocked goods and makes sure there is surplus inventory to avoid being out of stock . Such a process is called as inventory management.

    Why Inventory Management ?

    Gone are the days when customers had limited options for shopping. In the current scenario, if a customer does not find the desired merchandise at one retail shop, he has a second brand to rely on. A retailer can t afford to loose even a single customer. It is really important for the retailer to retain his existing customers as well as attract potential buyers. The retailer must ensure that every customer leaves his store with a smile. Unavailability of merchandise, empty shelves leave a negative impression on the customers and they are reluctant to visit the store in near future. Inventory management prevents such a situation.

    One must understand that the products need some time to reach the store from the supplier s unit. The retailer must have sufficient stock to offer to the customers during the lead time .

    Managing inventory also helps the retailer during situations beyond control like transport strikes, curfews etc. The retailer has ample stock as a result of judicious inventory management even at the time of crisis.

    Important Terminologies used in Inventory management

    1. SKU (Stock Keeping Unit)

    Every product available at the store has a unique code. This code which helps in the identification and tracking of the products at the retail store is called as stock keeping unit or SKU.

    The retailer feeds each and every SKU in the master computer and can easily track the product in the stock just by entering the SKU Number.

    Assigning a unique code to the products avoids unnecessary searching.

    Let us take the example of Numero Uno which stocks denims, shirts, T Shirts and targets both men as well as women.

    Where:
    NU stands for Numero Uno
    M – Men
    40 – Collar Size
    FL – Full Sleeves
    W – White (Colour of the shirt)

    In the same way B in the second example would stand for Blue

    Simply typing NU � M�40-FL-W would let the retailer know whether the particular merchandise is available with him or not.

  • New Old Stock (Abbreviated as NOS)

    The stock which is never been sold by the retailer and now not even being manufactured comprises the new old stock. Such products do not have takers and may not be produced anymore.

    Stock out refers to a situation when the retailer fails to fulfill the customer s requirement due to lack of merchandise. The merchandise is not available in the current inventory and thus the customer has to return home empty handed.

    Preventing loss of inventory

    Employees working at the store might get tempted to steal the merchandise.

    Let us go through some tips which help to prevent loss of inventory:

    • Check the bags of the employees before they leave the store.
    • Raise an alarm whenever you find someone stealing something. Supporting a wrong deed is also a crime.
    • Make sure that all the employees leave from one common door.
    • Avoid multiple exits.
    • Check garbage before dumping.
    • Keep proper record of the inventory(Stock coming in and going out)

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  • What You Need to Know About Managing Retail Inventory #retail #trends


    #retail inventory management

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    What You Need to Know About Managing Retail Inventory

    November 14, 2013

    In the fifth edition of his book Retail in Detail , retail business owner and consultant Ronald L. Bond offers small-business owners an updated, no-nonsense guide to the world of retailing. In this edited excerpt, the author explains what type of inventory system you should put in place and why.

    One of the most time-consuming tasks you ll face in operating a retail store is keeping up with your stock. Unless you have a very narrow product mix, you ll spend a significant chunk of time tracking inventory. Although it requires work and discipline to maintain, a good inventory system will make it easier to meet the needs of your customers — the key to growing a successful business.

    • Theft control. Without an inventory system, it s impossible to know if you re being ripped off by customers or employees until it s too late
    • Customer service. You can avoid running out of stock and can determine if an item s in stock and locate it more readily if you keep track. You can also locate out-of-stock items, their prices, and manufacturers.
    • Financial management. Inventory systems help you keep track of how you re doing. It makes little sense to go for an entire year without knowing the status of your stock.
    • Product tracking. You can track specific items and weed out low sellers with sales or markdowns.

    There are a number of computer software programs available for tracking inventory. Some are relatively inexpensive. Many allow you to print and read bar code labels, print invoices, and provide a complete array of reports and statistics.

    One disadvantage of using a package inventory system is the inability to use stock numbers that relate an item to a specific product and vendor. You can always look up the information in the system, but it s not transparent from a stock number and you may not have the time to chase it down when you re waiting on customers.

    You can also use a database program, such as Microsoft Access, to manage inventory. These programs can handle almost any kind of descriptive product code, but they ll require more computer skills to develop than a package system. You ll also have to develop your own reports and statistical analyses.

    If you re not comfortable starting with inventory software, you can begin with a card system. You can purchase preprinted inventory cards from an office supply store that have spaces for the item code, description, supplier, cost, selling price, beginning stock, sales, and current balance.

    When a new item arrives, you ll assign it a unique inventory code and enter a description, your cost, selling price, and the amount of your beginning stock on the card. A simple coding system is to use alphanumeric codes, with the first few digits being an abbreviation of the vendor s name, followed by an item number. For example, items from a company called Homespun Cottage could be coded HC-1, HC-2, and so on.

    When you sell an item, put the inventory code on the sales ticket. At the end of the day, update the inventory cards from the sales tickets.

    Even if you use a computer system, you can still use the same sales tickets, merchandise coding, daily posting, and pricing systems. The only difference is, you ll enter the daily sales and receipts on a computer-generated printout, which you then input into the computer weekly or monthly. Each month, update the inventory and generate a new printout for the succeeding month.

    Now that you understand the mechanics of inventory systems, you ll need to establish some policies for managing inventory. Obtaining knowledge about inventory is useless unless you use it to improve your store s sales and profitability. Watch for these indicators:

    Items that are selling well and have low stock balances. With this type of item, you ll find it helpful to establish and indicate on the inventory card or computer sheet a desirable reorder point.

    Slow sellers that have been in inventory a long time. Unless these are seasonal items, which will sell later, you should consider putting them on sale to move them out so you can put your money into faster-moving items.

    Hot sellers for which sales have increased. For these items, you should increase your order quantities or put in a special order to take advantage of the selling surge.

    The final inventory activity is the annual physical inventory. This is essential to the prudent financial management of your store and shouldn t be skipped. You must do this at the end of your tax year, which is almost always the calendar year.

    To get started, make lists from your inventory system before the physical count and use these to make your count. These lists should include the item code, cost per item, and inventory quantity shown on the records, along with a space for the actual count and a space for the total value of that item in stock.

    After the count, calculate the value by multiplying the cost times the actual count. Then total this column for all items to get the total inventory value. With a manual system, you do this by hand, but a computerized inventory system can calculate the values, along with differences between actual and recorded inventories. By comparing these inventories, you ll have an idea of the loss of goods through theft or disappearance.


    These are the 7 most important skills retail managers need to have #retail #signs


    #retail skills

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    These are the 7 most important skills retail managers need to have

    Retail managers have to do it all: work with customers, manage sales associates, hit monthly store quotas and pitch in whenever something needs to get done.

    That s why employers in the retail industry often look for a blend of diverse, transferable skills on a resume that are indicative of a versatile, well-rounded candidate who has a good understanding of the industry and is able to adapt as needed , says Michael Lan, resume consultant at Resume Writer Direct in Wilmington, Delaware.

    These are the seven skills you most need to be a success as you rise in the ranks.

    Customer service is critical for everyone in retail, says career communications specialist Kelly Donovan in Los Angeles. Retail is all about making sure the customer has an excellent experience every time, so this skill should be at the top of your list.

    As a retail manager, you ll be supervising a team that may include inexperienced employees earning modest wages for a tough job, Donovan says. You ll need a track record of your leadership capabilities, and you must be able to provide examples of how you motivate people.

    Devin Pappas, who works as a store manager and visual merchandiser for Clearwater, Florida-based Patchington, says that being able to assess other people s strengths and identify areas of opportunities is key. Depending on how the store or chain is managed, you may be asked to provide one-on-one management and written action plans for store teams. You ll also have to create a team environment to get everyone working together.

    You may also be responsible for employees training and development, and you will need a background in recruiting or networking in the retail market to help fill positions, Pappas says. You ll need to be able to handle delicate situations with fairness and patience, follow corporate guidelines and hold every employee to high standards.

    Most retail employees are responsible for sales, Donovan says. So sales skills are essential for the majority of retail applicants, whether you re going for an associate position or a management position.

    Have examples ready that show you understand how to turn a browser into a buyer, and how to maximize sales by upselling customers with add-ons to their purchases.

    Your own sales experience may not be enough. Not only do you need to motivate people to work, you must motivate people to sell, Donovan says.

    A background in sales leadership is vital for retail managers. You may be asked to train sales associates and then improve their sales numbers over time.

    Retail is constantly changing, says Lisa Ritchie, vice president of human resources at Match Marketing Group in Mississauga, Ontario. Retail managers need to be flexible and mentally tough to deal with day-to-day variations. While the uncertainty of the industry can be exciting, it can also lead to burnout if you don t have the chops to handle the ups and downs.

    Retail is a fast-moving and dynamic industry, and it takes a lot to stay on top of everything that s going on. Successful retail managers are organized, good planners and strong troubleshooters, Pappas says. Being able to multitask helps as well.

    You ll need to draw on your communication skills to work with employees, customers and your own manager, Pappas says. You ll be directing store meetings and will need to confront a variety of internal and customer-facing situations, both positive and negative. Being able to communicate effectively will serve you well through it all.

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