Your income has increased and yet you still have less income after taxes? What happens to your income? This is due to so-called “cold progression.” Every year, the state earns several billion dollars this way. How can this happen? We explain cold progression using an example and go through the calculation step by step.Cold progression
The laws governing employee time tracking are not always clearly defined. Things like overtime and meal breaks are managed differently state by state. However, every employer covered by the Fair Labor Standards Act is obliged to keep records for their employees, including the hours worked each day and the total hours worked per week. What kind of data must be collected and what role does data...Time tracking – what should you know?
Employees receive remuneration for their work, usually at the end of the month. It is up to the payroll accounting department to make sure that each employee gets their earned wages. However, calculating salaries is only one section in payroll accounting, which also covers other aspects like registering employees with the tax authorities and social security bodies.Payroll accounting: What are its uses?
Hidden reserves can occur within a company through many ways: Some arise more or less of their own accord, others are created either intentionally or unintentionally. Usually these are completely legal or even required by law. On the other hand, however, these hidden assets can be used for activities of questionable legality. Here, we explain what hidden reserves are, how they are created and what...Hidden reserves: Explained.
It is important for companies to have an objective picture of their current market position when making strategic decisions. Analyzing your own business activities in comparison with the competition involves comparing your internal strengths and weaknesses with the opportunities and risks posed by micro- and macroeconomic environmental influences. These factors can be determined using PESTEL...PESTEL analysis
“Agile working” is currently one of the biggest trends in the corporate world. It’s seen as the best way to master the challenges of digitalization. How does the agile approach work? What opportunities and risks does it involve? And what role will this hot topic play in the future? We provide an overview.Agile working: mastering the challenges of the digital world
If the price of a product is increased or decreased, this has an impact on demand. The price elasticity of demand indicates how strong this impact is. It shows whether the demand for a product or service is elastic (fluctuating) or inelastic (stable) when the price changes. We explain how this value is calculated and provide an example.Price Elasticity of Demand – An Important Indicator for Companies
Being self-employed initially sounds tempting to many workers: Free time management, no boss, and the prospect of potentially more money and a new challenge. However, many self-employed people and their clients fall into the trap of false self-employment. What risks does this kind of employment relationship entail for both sides? We answer this question and explain which criteria help to recognize...Misclassified as an independent contractor: When can you be considered to be self-employed?
The bigger an organization is, the more difficult it can be for its management to keep an eye on all procedures. An internal audit – a quality assurance and consulting activity that analyzes business procedures – is helpful in achieving this. The purpose is to ensure the optimal implementation of the organization’s objectives while avoiding unnecessary risks and by complying with applicable...The Internal Audit: Quality Assurance for Business Processes
Often in projects, the actual execution of something will differ greatly from the original plan. Using gap analysis, you can see just how much they will differ from the outset. It is the first step on the road to adapting a strategy to fit real-life situations within a company. With this method, you can avoid financial downturns and business setbacks from the start.Gap analysis: the starting point for successful strategic planning
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.