Recording Cash Discounts

Recording a cash discount: how does it work?

What does a cash discount accounting record look like? Many entrepreneurs ask themselves this very question. If you know how to record a cash discount, it's easy. At first, however, the subject can cause confusion: What about sales tax? Do I book the discount as a discount? Should I choose the gross or the net method? We get to the bottom of the most important questions and show an example of an...

Filing entertainment expenses: Here’s how it works

Entertainment expenses – make the most of the tax incentives

When it comes to the entertaining of both clients and employees, it is possible to save a lot of money by following the tax authorities’ guidelines closely. By doing this you can spend a fraction of what you would on entertainment expenses and even get 100 percent of some expenses back. Find out here which events can be counted under this scheme as well as what the requirements are for doing it...

Points of Sale – a guide to cash registers.

Legal requirements for cash registers

Whether you are operating an open cash register, an electronic cash register with a print drive, or a modern PC cash register, your records are subject to the same legal requirements. Our article provides an overview of the different types of cash registers available, and outlines the legal requirements their records must adhere to.

Loss carryforward and loss carryback: tips for doing taxes

Loss carryforward and loss carryback: how you can save on taxes

Just because your business has been running smoothly for years, it doesn’t mean that things will always be this way. There could be times where the expenditures of your business are greater than its revenues. It wouldn’t be fair to expect the company to pay tax when it isn’t as financially stable as in previous years. This is where the provisions, loss carryforward, and loss carryback come into...

Profit calculation by cash inflow and outflow accounting

Cash inflow and outflow, simply explained

As April 15 approaches, businesses are faced with a major challenge: They not only need to communicate their tax returns to the IRS, but also their previous year’s profits. Small businesses, self-employed individuals, and freelancers need to take the cash inflow and outflow principle into account when calculating their profit. But what exactly does this mean? This guide will help you through this...

Corporate income tax

Corporate income tax: the basics at a glance

Corporate income tax is not as well-known as regular income tax although the two are very similar. While income tax is payable by private individuals and others, corporate income tax just relates to the taxable income of corporations and other entities. In this guide, we will answer the following questions about corporation tax: How is it calculated? How high is it? Who has to pay it, and who...

Sales tax

What is sales tax? The basics explained

Everyone has to deal with sales tax in some form or other. Sales tax is one of the most important sources of income for the government. But what is sales tax exactly? And who actually has to pay it? Which tax rate applies to which products? How do you calculate sales tax? The most important information on sales tax at a glance.

Delivery note templates: basics and instructions

Creating goods receipts with delivery note templates

A goods receipt is a useful document for both the supplying company as well as the recipient and should therefore be sent out with all deliveries, especially large ones. Even though it isn’t required by law, it’s standard practice in sales. Once you’ve found the right template, you can create a delivery note in minutes.

Writing an order confirmation | What’s important?

Writing an order confirmation: what is it and how do I draw one up?

When an order is placed with you or your business, you ought to write up an order confirmation. This confirms to the person who has made the order that their purchase is being processed and also summarizes all the relevant information, e.g., price, product details, delivery date, etc. But what exactly is an order confirmation and what should you be aware of when preparing such a document?

Grow Your Business

A solid business growth strategy is paramount for any business owner. This category focuses on all the aspects that follow the establishment of a company; from business strategy and growth, to recruitment, bookkeeping, and taxes.


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