Tax Planning for Owning a Second Home-Kiplinger #mortgage #claculator


#mortgage tax deduction

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Tax Planning for Owning a Second Home

If you are in the market for a second home, congratulations! Not only can you look forward to having a place to relax, you also can garner some tax benefits for that place in the mountains or at the beach. You can use several tax breaks:

See Also: Tax Planning for Life’s Major Events

Mortgage Interest

If you use the place as a second home — rather than renting it out as a business property — interest on the mortgage is deductible just as interest on the mortgage on your first home is. You can write off 100% of the interest you pay on up to $1.1 million of debt secured by your first and second homes that was used to acquire or improve the properties. (That’s a total of $1.1 million of debt, not $1.1 million on each home.) The rules that apply if you rent the place out are discussed later.

Property taxes. You can deduct property taxes on your second home, too. In fact, unlike the mortgage interest rule, you can deduct property taxes paid on any number of homes you own.

If You Rent the Home

Lots of second-home buyers rent their property part of the year to get others to help pay the bills. Very different tax rules apply depending on the breakdown between personal and rental use. If you rent the place out for 14 or fewer days during the year, you can pocket the cash tax-free. Even if you’re charging $10,000 a week, the IRS doesn’t want to hear about it. The house is considered a personal residence, so you deduct mortgage interest and property taxes just as you do for your principal home.

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Rent for more than 14 days, though, and you must report all rental income. You also get to deduct rental expenses, and that gets complicated because you need to allocate costs between the time the property is used for personal purposes and the time it is rented.

If you and your family use a beach house for 30 days during the year and it’s rented for 120 days, 80% (120 divided by 150) of your mortgage interest and property taxes, insurance premiums, utilities and other costs would be rental expenses. The entire amount you pay a property manager would be deductible, too. And you could claim depreciation deductions based on 80% of the value of the house. If a house is worth $200,000 (not counting the value of the land) and you’re depreciating 80%, a full year’s depreciation deduction would be $5,800. You can always deduct expenses up to the level of rental income you report.

But what if costs exceed what you take in? Whether a loss can shelter other income depends on two things: how much you use the property yourself and how high your income is.

If you use the place more than 14 days, or more than 10% of the number of days it is rented — whichever is more — it is considered a personal residence and the loss can’t be deducted. (But because it is a personal residence, the interest that doesn’t count as a rental expense — 20% in our example — can be deducted as a personal expense.)

If you limit personal use to 14 days or 10%, the vacation home is considered a business and up to $25,000 in losses might be deductible each year. That’s why lots of vacation homeowners hold down leisure use and spend lots of time “maintaining” the property. Fix-up days don’t count as personal use. The tax savings from the loss (up to $7,000 a year if you’re in the 28% tax bracket) help pay for the vacation home. Unfortunately, holding down personal use means forfeiting the write-off for the portion of mortgage interest that fails to qualify as either a rental or personal-residence expense.

We say such losses might be deductible because real estate losses are considered “passive losses” by the tax law. And, passive losses are generally not deductible. But, there’s an exception that might protect you. If your adjusted gross income (AGI) is less than $100,000, up to $25,000 of such losses can be deducted each year to offset income such as your salary. (AGI is basically income before subtracting your exemptions and deductions.) As income rises between $100,000 and $150,000, however, that $25,000 allowance disappears. Passive losses you can’t deduct can be stored up and used to offset taxable profit when you ultimately sell the vacation house.

Tax-Free Profit

Although the rule that allows home owners to take up to $500,000 of profit tax-free applies only to your principal residence, there is a way to extend the break to your second home: make it your principal residence before you sell. That’s not as wacky as it might sound. Nor is it as lucrative as it used to be.

Some retirees, for example, are selling the big family home and moving full time into what had been their vacation home. Before 2009, this had a very special tax appeal. Once you live in that home for two years, up to $500,000 of profit could be tax free — including appreciation in value during the years it was your second home. (Any profit attributable to depreciation while you rented the place, though, would be taxable. Depreciation reduces your tax basis in the property and therefore increases profit dollar for dollar.)

A few years ago, though, Congress cracked down on this break for taxpayers who covert a second home to a principal residence. A portion of the gain on a subsequent sale of the home is ineligible for the home-sale exclusion of up to $500,000, even if the seller meets the two-year ownership and use tests. The portion of the profit that’s subject to tax is based on the ratio of the time after 2008 when the house was a second home or a rental unit to the total time you owned it.

This can still be a great deal if you’ve owned your second home for many years before the law changed. Let’s say you have owned a vacation home for 18 years and make it your main residence in 2014. Two years later, you sell the place. Since the five years after 2008 the place was your second home (2009 through 2013) is 25% of the 20 years you owned the home, only 20% of the gain is taxed. The rest qualifies for the exclusion of up to $500,000.

Editor’s Picks From Kiplinger


Business Continuity Planning and Disaster Recovery Planning, business continuity and disaster recovery planning.#Business #continuity #and


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business continuity and disaster recovery planning

Business continuity and disaster recovery planning

Business continuity planning and disaster recovery planning are fundamental to the well being of an organization. Clearly, they are intended to ensure continuity in the face of unforseen or difficult circumstances.

Planning for these situations is not always straight forward of course, and neither is identifying suitable sources of information, services and products. The requisite planning tasks themselves can also be challenging. none more so than the building of the plan itself.

The Business Continuity Directory will offer guidance in many of these areas. Not only through the provision of information and guidelines, but via the identification of suitable tools and suppliers.

A disaster recovery or business continuity plan is ESSENTIAL to protect the well being of any organization. Although this cannot really be over emphasized, so many organizations still side step the issue, or have plans which are out of date or just unworkable.

There are a number of reasons for this, including complexity, and of course the fact that some vendors sell planning products which are themselves very difficult to manage. The recent trend though is to seek simplicty and good productivity in the planning process: to create the plan directly using a quality template and good supporting guides and forms.

Leading this change is the well known BCP Generator. This is very comprehensive yet straight forward. It uses a full template and an ‘interactive’ guide to explain each part of the plan. The macros in the guide will even jump you to the correct template section as and when required!

Business continuity and disaster recovery planning Read more about the BCP Generator Here.

Policies underpin an organizations whole approach to business continuity. They determine the fundamental practices and culture throughout the enterprise with respect to disaster recovery.

A comprehensive (and ISO 17799 compliant) set of pre-written disaster recovery and information security policies are now available. For further information click: here.

Business continuity and disaster recovery planning Alternatively, they can be obtained from here for unlimited use within your organization

The bottom line, however, is to ensure that unambiguous disciplines exist, essentially a framework, to ensure that sound continuity practices are adopted and maintained throughout the organization.

A number of resources and aids exist to assist in planning and preparing for disaster. The following sections may be of use:

DISASTER RECOVERY KIT

This is an interesting resource designed to help you audit your contingency arrangements and business continuity plan (if you have one in place).

It consists of questionniares, checklists and a range of other materials and items.

The online bookstore for disaster recovery & business continuity materials is now open


Retirement Planning Calculator – Pension Calculator by HDFC Life #retirement #planner, #retirement #planner #calculator, #pension


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Retirement Calculator

This interactive does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. HDFC Standard Life Insurance Company Limited ( HDFCSL ) or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the interactive.

The information being provided through this interactive is provided for your assistance/ information only and is not intended to be and must not alone be taken as the basis for an investment decision ( Information ). The recipient/ user assume the entire risk of any use made of this Information. Each recipient /user of this interactive should make such investigation as it deems necessary to arrive at an independent decision while making an investment and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors. HDFCSL and its affiliates, group companies, sales staff, financial consultants, officers, directors, and employees may have potential conflict of interest with respect to any recommendation, related information or opinions.

This Information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. This Information is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject HDFCSL and its affiliates/ group companies to any registration or licensing requirements within such jurisdiction. The distribution of this Information in certain jurisdictions may be restricted by law, and persons in whose possession this Information comes, should inform themselves about and observe, any such restrictions. The Information given in this interactive is as of the date of this report and there can be no assurance that future results or events will be consistent with this Information. This Information is subject to change without any prior notice. HDFCSL reserves the right to make modifications and alterations to this statement as may be required from time to time. However, HDFCSL is under no obligation to update or keep the Information current.

Neither HDFCSL nor any of its affiliates, group companies, directors, employees, sales staff, financial consultants or representatives shall be liable for any damages whether direct, indirect, special or consequential including health, physical well being, lost revenue or lost profits that may arise from or in connection with the use of the Information. Past performance is not necessarily a guide to future performance.

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HDFC LIFE ONLINE INSURANCE PLANS

HDFC Life Click 2 Protect 3D Plus

A term insurance plan that provides you protection at an affordable cost Know More

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An online unit linked plan with life insurance cover. Know More

HDFC Life Cancer Care

Get lumpsum benefits on diagnosis of cancer Know More

HDFC Life Easy Health Plan

A lumpsum benefits on hospitalization / undergo any Surgical Procedure / diagnosed. Know More

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HDFC Group Websites

Our vision is to provide innovative and customer-centric insurance plans that can help our customers secure their family s future as well as help them with other benefits such as tax savings. Keeping this in mind we offer a large range of life insurance plans such as term insurance plan , women s plan. health insurance plans. pension plans for retirement planning , child education plans. ULIPs. saving and investment plans. Most of these life insurance policies are available online, so buy one today and Sar Utha Ke Jiyo!

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Resource Management Software, Manage Resources Globally with NetSuite OpenAir #professional #services #automation, #psa, #service #resource


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Resource Management

Resource Management

With NetSuite OpenAir’s resource management software, you can make sure that the right resources are working on the right projects, based on a real-time project timeline, and as the project evolves. Increase resource utilization and manage and deploy resources to projects based on employee’s skills, interests, experience, and availability.

Track Skills and Availability

With resource management software from NetSuite OpenAir, you have centralized access to up-to-date, easily searchable profiles of resources skills, interests, experience, language expertise, work preferences, availability, and more, empowering you with the information you need in real-time. Update skills and schedules centrally, or allow users to directly manage and update their profiles.

Automate Resource Management Requests and Bookings

Looking to assemble the best qualified project teams? OpenAir’s powerful resource booking/request workflows allow you to automate the process to map to your business and resource needs.

Manage Resources Globally

In today’s global economy, it only makes sense that the right resources should make up a project team, regardless of their physical location. With OpenAir, you can manage a dynamic, global pool of resources, from one, central system. Deploy resources around the globe, bill their rates in the right currency and attribute their work back to the correct project teams internally.

Forecast and Report on Resources

View resource reports to determine staffing needs and improve employee utilization rates. Use robust utilization reporting, including capacity planning (FTE) forecasts and utilization by hierarchy (offices, line of business, etc) to drive financial forecasts (billings, revenue, margin) off of staffing plans.

Resource Management Library

Looking for more information on resource management best practices? Leverage our library of white papers and learn how you can evolve your resource management best practices to increase utilization and more. Self Assessment Guide for Resource Management—A tool for companies that want to better understand how their execution of resource management processes are contributing to inhibiting the bottom line. Calculating Utilization in a Services Company—Wondering what the best method is for your organization to calculate resource utilization? This white paper provides direction and tools to determine the best approach for your company and explains how to apply it across your organization.

Case Studies


Commercial Vehicle Fleet Management Software #fleet #training #management #and #planning #system


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Omnitracs Products

The Omnitracs product portfolio includes a broad set of vehicle fleet management software and tools within our six Solution Pillars. From truck dispatch software to EOBR systems and everything in between, Omnitracs offers easy-to-use, effective products to meet your needs.

Develop efficient routes, ensure compliance with the latest industry regulations, protect your drivers, and more with vehicle fleet management software from Omnitracs.

Use the filter below to explore our portfolio. Simply select the Solution and/or the Product Platform to see related products and use the reset button to clear your selections. You may also utilize the search box to look for a specific product.

Not sure which product is best for your fleet? Contact us online or call (800) 348-7227 to have one of our sales specialists help you choose the best logistics management solution.

Omnitracs Roadnet Telematics

Combine onboard monitoring and engine diagnostics technology into your route planning solution.

Planning + Delivery, Productivity

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Omnitracs Hours of Service

Track driver hours and automatically record driver logs in near real time.

XRS, Enterprise Services/IVG

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Omnitracs Critical Events Reporting

Prevent accidents before they occur by monitoring vehicles for critical events, such as hard braking, key onboard sensor data, and driver-initiated alerts.


FamilyWealthReport – Exclusive Intelligence for the family office community #family #office,family #office #news,family #risk,family #risk


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Josh O’Neill, 23 June 2017

The results of the first phase of the US Federal Reserve’s stress test are music to congressional Republicans’ ears.

Robbie Lawther, 22 June 2017

UBS Wealth Management has published a white paper on Millennial wealth to explore how their desire for technology how this will impact the financial services sector.

Diane Harrison, 21 June 2017

Best-selling novelists may hold a clue on the smart way for investment firms to pitch their ideas to wealth managers, so the author of this article argues.

Tom Burroughes, 20 June 2017

Wealthy families need to observe certain disciplines in using social media so that reputations are protected and nurtured. The family office firm talks to FWR about some of the issues.

Latest News

Market Research – June 23, 2017

New data on the cannabis industry outlines a growth pattern that will likely blow your mind.

Strategy – June 23, 2017

Several large international banks have voted to replace a key inter-bank lending rate.

New Office – June 23, 2017

The new center is located in Union Square, Manhattan.

New Office – June 23, 2017

The bank has revamped one of its branches in the Golden State.

People Moves – June 23, 2017

Financial services giant Raymond James serves more than 3 million client accounts through 7,200 financial advisors in the United States, Canada and overseas.

Comment and Analysis

Philanthropy – June 7, 2017

A regular columnist for FWR does not pull any punches in analyzing the current direction of US tax policy as it affects philanthropic giving, and gives advice to wealthy donors on how to act.

Investment Strategies – May 22, 2017

Whatever one thinks of the claims and counter-claims surrounding Donald Trump following his recent firing of the FBI’s head, markets have been rattled. But arguably, equities are due for a correction and there i.

Technology – May 19, 2017

The wealth management industry has had another ear-piercing wake-up call about cybercrime, and the author of this article lays out ideas on how to defeat the hackers.

Technology – May 8, 2017

Your correspondent recently attended financial technology giant Temenos’ annual conference and it threw out a range of insights of value for the global wealth industry.

Philanthropy – April 26, 2017

Negotiating a successful gift considers both parties� interests and finds the commonalities of intent and opportunity, argues philanthropy advisor and expert Susan Winer.

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Latest Poll


Tips: Ten Tips for Measuring – Improving Performance #strategic #planning, #strategic #marketing, #internet #solutions, #solutions,


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Healthy revenue and profit margins are crucial to any company. However, monitoring your bottom line is only one part of the formula. It�s essential that you determine the factors critical to your company�s success, measure those metrics and put into place a system for continually improving performance. Here are ten guidelines for helping you develop your company�s process.

Define Your Goals: Determine your measures for success. Make your goals challenging, but achievable. Do you want to increase customer retention, improve market share, penetrate a new market segment, change a perception, generate more store traffic, reduce customer complaints? Be specific and make your objectives measurable. For example, by what percentage do you want to increase sales?

Determine the Metrics to Measure Your Company�s Performance: Compile a list of factors that are important in your industry. Criteria may include:

Marketing: sales growth; market share; distribution methods; sales force size, effectiveness and training; advertising budget and effectiveness; inventory levels, delivery time; product quality; customer retention rates

  • Production: plant capacity, locations and age; age of equipment; ability to expand capacity; skill and turnover of labor force; union relations; quality control; supplier retention; raw material sources
  • Administrative: employee turnover, age of facilities
  • Management: experience, depth and turnover of top, middle and supervisory managers; effectiveness of communication systems; access to information; cohesiveness of top management ranks; compensation plans; decision-making speed; strategic planning ability
  • Technology/Research Development: age of R D facilities; age of production technology; production patterns; basic innovation; engineering abilities; experience of R D team; R D budget; R D project timelines
  • Develop Methods to Collect and Organize Data: Determine a process for tracking and reporting all relevant data. Report on trends that emerge from your findings on a regular basis.

    Compare Yourself to the Competition: You can glean a lot by doing your homework, including shopping your competitors. Also check:

    • Annual and 10 K reports on public companies
    • Internet search engines by competitors’ names or key words
    • Trade associations and publications
    • Business and general press as well as press releases
    • Government agencies
    • Private research firms, including online computer databases

    Conduct Research: When you need specific information about your customers and prospects that doesn�t exist, conduct your own primary research.

    There are two types of research: qualitative and quantitative. Qualitative research is used to understand why customers behave as they do or to develop hypotheses about that behavior. Personal interviews and focus groups (a meeting of 8-12 carefully selected people) are two examples of this semi-structured type of survey. Quantitative research is a highly structured form that attempts to answer how much. Numbers can be projected to the universe that the sample represents. Telephone, online and mail surveys are examples.

    Understand Your Strengths and Weaknesses: Rate your company on your developed list of metrics in comparison to your competitors. Look for clusters of strength that may give you a competitive advantage.

    Focus on Customer Retention: Customer retention is a matter of business survival, as getting a new customer is five times more expensive than retaining a current one.

    Work on core product and service attributes to build customer loyalty (such as treating each customer as a valued individual). Businesses must focus on such issues as instilling a helpful staff attitude, delivering on advertising promises, developing a favorable return policy and providing accurate product information. Use your success with current customers to attract new referral business, but also remember that not every customer is worth keeping. You cannot be all things to all people. Sometimes, you have to let customers go and train energies on those clients who are the best fit.

    Measure Marketing Effectiveness: Effective measurement lays the groundwork for future plans, so keeping track of results is the only way to improve your marketing efforts. The key is determining which data should be collected. Your marketing results may be measured in sales (dollars or units), market share, store traffic, number of inquiries or reduced complaint rates, or other metrics. Tracking can also be based on surveys that assess customer perceptions.

    Track Employees: Having top employees who are motivated is critical to your company�s success. Track the effectiveness of your recruitment methods and retention levels as well as employee satisfaction and performance.

    Apply the Information: Analyze the intelligence you�ve collected, draw conclusions and make recommendations based on it. Develop a plan for seeking out opportunities to demonstrate your company�s strengths. If weaknesses are critical drawbacks to your company�s success, develop a plan for overcoming them.

    Geri Stengel, president of Stengel Solutions, a business strategist. She can be reached at 212-362-3088 or E-mail

    Copyright � 2003 Stengel Solutions. All Rights Reserved.


    Project management online certification #project #and #program #management, #resources, #articles, #templates, #best #practices, #tools, #methodologies,


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    by Elizabeth Harrin August 1, 2017

    Have you ever looked at a document, presentation or dashboard and felt it was lacking something? Icons can take your project communications to the next level.

    by Michael Wood August 1, 2017

    There is very little in the way of case studies or examples of how visual project management methods help project managers actually manage a project. Here are three projects where VPM techniques were used successfully.

    by Kevin Coleman August 1, 2017

    The driving force behind visualization should be extracting the value for the data and information it presents. That is a top challenge facing all of us as program and project managers.

    by Lawrence C. Obi July 31, 2017

    Certification is but one step of what being a project manager is about. Project management has gone beyond just skills to manage projects to become an essential life and business kit for success. Don’t just get certified, but be involved. This practitioner shares what he did before and after his certification.

    by Naomi Caietti July 31, 2017

    Is there really a career path to becoming a virtual PM? It may be the role you are looking for. It sounds exciting, challenging and could offer you the flexibility for a better work/life balance. How do you take the leap? What are the benefits? What skill sets are required?

    by Mike Griffiths July 31, 2017

    Learning and the need to learn are hallmarks of the professional knowledge worker. To be effective leaders and help promote learning in our teams and organizations, we must embrace and model desired behaviors.

    by M. Aslam Mirza July 28, 2017

    Generally, communication is taken for granted; we assume that everyone understands it. But this is not enough when implementing a project. When communicating on a project, you need information to be in a required format, to the right person, at the right time—which is, essentially, an efficient communication.

    by Eric S. Norman July 26, 2017

    How do the business functions of project, program and portfolio management bring about change within organizations? In Part 2, we focus on our roles in an ever-changing organizational landscape.

    by Luis Alberto Caceres Villota

    July 11, 2017 | 60:18 | Views: 1,739 | PDUs: 1.00 | Rating: 4.60 / 7

    In this culturally rich webinar, the author proposes a new approach to analyze failure in projects: exploring common behavioral issues that leads to failure in management. At the end of this webinar, the attendee will have a clear picture of how behaviors affects the project results, and will visualize the necessary skills to address them.

    July 06, 2017 | 65:17 | Views: 1,608 | PDUs: 1.00 | Rating: 4.83 / 7

    Project implementation is required to reach the desired outcomes in business. You develop a WBS, apply project management systems, particularly EVM and then settle down with project monitoring and control processes to reach the end result – but is that enough?


    Vehicle Maintenance System – Software for Coach, Bus – Truck Workshop Management #distinctive #systems, #vehicle


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    Overview

    Our Vehicle Maintenance System is a workshop management system specially designed for coach, bus and truck operators. The software provides defect reporting, inspection planning, scheduled and unscheduled maintenance activity management, job cards, history recording and workshop control. VMS streamlines the whole process and will help ensure records always meet the required standard.

    Microsoft SQL Server Platform
    VMS has been developed using Microsoft Visual Studio and the Microsoft SQL Server database engine. SQL Server is part of the Microsoft .NET Platform and is an industrial strength database engine designed to handle hundreds of simultaneous users. It delivers stunning performance with unparalleled reliability and security. It is designed for systems that are in constant use under the most demanding circumstances. VMS is designed to be used with Microsoft SQL Server Standard Edition. Alternatively, all but the largest operators can use it with the royalty free Microsoft SQL Server Express Edition .

    Scheduled Maintenance Activities
    In addition to ensuring proper control of all safety issues, VMS also provides a complete solution for operators looking to manage the maintenance of their vehicles for maximum efficiency and longevity in accordance with manufacturer s recommendations. It allows operators to create their own scheduled maintenance activities each consisting of an unlimited number of user definable planned maintenance items. The activity cycle for each vehicle can be controlled by distance, days, hours or fixed date. Activities can either be scheduled individually or automatically up to any future date.

    Defect Reporting
    VMS isn t limited to handling just scheduled activities. It has a parallel system for managing unexpected breakdowns and repairs. The built-in defect reporting system incorporates user definable defect types, stored common defect descriptions and full implementation of a reasons for failure structure.

    Unscheduled Activities
    Unscheduled activities can be created at anytime and can either be assigned to their own date and time, or, depending on urgency, can be attached to an existing scheduled activity.

    Graphical Planner
    VMS also includes a graphical bay planner for allocating scheduled and unscheduled activities into workshop, paint shop or cleaning bays. Activities can be moved to a different bay or time using drag and drop. The highly visual graphical presentation makes the optimization of resources especially easy. The system also provides a six month view of scheduled activities which eliminates need to maintain a traditional wall planner.

    Job Cards
    The system can automatically print job cards for both scheduled and unscheduled activities. Details of all faults, comments and work carried out can be fed back into VMS to maintain a detailed history for each vehicle.

    Inventory and Warranty Management
    Our optional inventory module is seamlessly integrated into both scheduled and unscheduled activities in VMS. The default parts manifest for each maintenance activity can be created in advance and is then applied automatically as each activity is assigned to a date. As each date approaches the system automatically generates inventory movements for the required parts raising supplier orders as required. Additional parts can be added to both scheduled and unscheduled activities as required. The module also includes a comprehensive system for the efficient management of warranty claims.

    Tire Management
    The optional tire management module has been designed to manage the maintenance and history recording of individual tires fitted to vehicles in the fleet. The position of a tire can be recorded including the axle and wheel position so that a tire can be tracked and easily located. The module is fully integrated with both scheduled and unscheduled activities to allow tread depths and pressure readings for each tire to be recorded quickly and efficiently. The system will predict when a tire will require replacement and an overview of the last tread depth and pressure readings is provided for each tire.

    Comprehensive reporting facilities provide a history for each tire including distances travelled, last tread depth readings, abnormal pressure readings and low tread depths.

    Invoicing
    The optional invoicing module has been designed for clients operating a commercial workshop and is also fully integrated with both scheduled and unscheduled activities. The system can accommodate menu pricing of maintenance activities and can invoice parts, ad hoc items and labor. The module also includes a free entry invoicing system that can be used to invoice items not directly associated with maintenance activities.

    Accounts Receivable
    Invoices are posted automatically to the optional VMS accounts receivable. The system handles all forms of payment and makes it easy to allocate payments to invoices. Accounts receivable has extensive reporting facilities including a sales daybook, client statements and an aged debt analysis.

    Fully Integrated
    VMS can also be integrated with our Coach Manager charter and contract booking system. As vehicles are allocated into the workshop the system automatically checks with Coach Manager to make sure there are no conflicting booking commitments.

    VMS Express
    VMS Express is a simplified version of VMS aimed at operators with smaller fleet sizes. By excluding a range of features that have been designed specifically for managing very large fleets, we have not only made the system much easier to use, we ve also made it more attractively priced. Although VMS Express has fewer features, we haven t taken away anything that could affect the smooth operation of your workshop. VMS Express is available for fleet sizes of up to either 50 or 100 vehicles and, because we recognize that some larger operators might also prefer a simpler system, there is also an unlimited version.

    Find out more


    Enterprise Resource Planning (ERP) #enterprise #resource #planning #erp #systems


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    Enterprise Resource Planning (ERP)

    Introduction

    In any industry, some of the demands managers face is to be cost effective. In addition to that, they are also faced with challenges such as to analyze costs and profits on a product or consumer basis, to be flexible to face ever altering business requirements, and to be informed of management decision making processes and changes in ways of doing business.

    However, some of the challenges holding managers back include the difficulty in attaining accurate information, lack of applications that mimic existing business practices and bad interfaces. When some challengers are holding a manager back, that is where Enterprise Resource Planning (ERP) comes into play.

    Over the years business applications have evolved from Management Information Systems with no decision support to Corporate Information Systems, which offer some decision support to Enterprise Resource Planning. Enterprise Resource Planning is a software solution that tackles the needs of an organization, taking into account the process view to meet an organization’s goals while incorporating all the functions of an organization.

    Its purpose is to make easy the information flow between all business functions within the boundaries of the organization and manage the organization’s connections with its outside stakeholders.

    In a nutshell, the Enterprise Resource Planning software tries to integrate all the different departments and functions of an organization into a single computer system to serve the various needs of these departments.

    The task at hand, of implementing one software program that looks after the needs of the Finance Department together with the needs of the Human Resource Department and the Warehouse, seems impossible. These different departments usually have an individual software program that is optimized in the way each department works.

    However, if installed correctly this integrated approach can be very cost effective for an organization. With an integrated solution, different departments can easily share information and communicate with one another.

    The following diagram illustrates the differences between non-integrated systems versus an integrated system for enterprise resource planning.

    The Driving Force behind ERP

    There are two main driving forces behind Enterprise Resource Planning for a business organization.

    In a business sense, Enterprise Resource Planning ensures customer satisfaction, as it leads to business development that is development of new areas, new products and new services.

    Also, it allows businesses to face competition for implementing Enterprise Resource Planning, and it ensures efficient processes that push the company into top gear.

    In an IT sense: Most softwares does not meet business needs wholly and the legacy systems today are hard to maintain. In addition, outdated hardware and software is hard to maintain.

    Hence, for the above reasons, Enterprise Resource Planning is necessary for management in today’s business world. ERP is single software, which tackles problems such as material shortages, customer service, finances management, quality issues and inventory problems. An ERP system can be the dashboard of the modern era managers.

    Implementing ERP System

    Producing Enterprise Resource Planning (ERP) software is complex and also has many significant implications for staff work practice. Implementing the software is a difficult task too and one that ‘in-house’ IT specialists cannot handle. Hence to implement ERP software, organizations hire third party consulting companies or an ERP vendor.

    This is the most cost effective way. The time taken to implement an ERP system depends on the size of the business, the number of departments involved, the degree of customization involved, the magnitude of the change and the cooperation of customers to the project.

    Advantages of ERP System

    With Enterprise Resource Planning (ERP) software, accurate forecasting can be done. When accurate forecasting inventory levels are kept at maximum efficiency, this allows for the organization to be profitable.

    Integration of the various departments ensures communication, productivity and efficiency.

    Adopting ERP software eradicates the problem of coordinating changes between many systems.

    ERP software provides a top-down view of an organization, so information is available to make decisions at anytime, anywhere.

    Disadvantages of ERP System

    Adopting ERP systems can be expensive.

    The lack of boundaries created by ERP software in a company can cause problems of who takes the blame, lines of responsibility and employee morale.

    Conclusion

    While employing an ERP system may be expensive, it offers organizations a cost efficient system in the long run.

    ERP software works by integrating all the different departments in on organization into one computer system allowing for efficient communication between these departments and hence enhances productivity.

    The organizations should take extra precautions when it comes to choosing the correct ERP system for them. There have been many cases that organizations have lost a lot of money due to selecting the ‘wrong’ ERP solution and a service provider for them.