If you want to minimize the risks associated with organizational errors, damaging actions by senior employees or even just economic crime in your company, you do not want to leave anything to chance. An ICS - short for Internal Control System - establishes guidelines that enable the monitoring of operational processes. What does an ICS look like?
Constructive criticism is important, and in the majority of companies, the concept is well-known on paper. Yet too few companies manage to use their errors to drive success. We provide an overview of what constructive criticism means and how it can be achieved in the workplace.
Corporate Governance is a core topic of business management and has long since stopped being only relevant for market-listed corporations. What principles and objectives are behind the catchword? What legal requirements apply? And what relationship does governance have to compliance? We answer the most important questions regarding this topic.
When a US government authority or department procures services or goods, it is required to allow private contractors to bid on projects. This allows any interested company to submit an application to secure a project contract. The legislation ensures that there are no unfair competitive advantages and that state taxes for government projects are used economically. But what types of tenders exist...
When a company is interested in bidding for a public contract, it creates an invitation to tender based on a statement of work. This includes detailed information on the project’s goal and expected services. To make sure that the awarding entity receives suitable offers, a few points should be taken into account when creating a statement of work.
Is it possible to improve economic success without raising product prices or lowering quality? Companies that optimize their value chain can do just that. Just-in-time production streamlines procurement and production, enabling significant savings. But careful: the strategy is not suitable for every company and every industry.
If you want to use your company assets to strengthen company funds from your personal account, that isn’t a problem initially. However, you have to book these contributions and withdrawals correctly. It is important that these transactions do not affect the company’s profit or loss situation. Here’s what is important to make the right bookings.
Withdrawing from company assets for personal use is a matter of course for many business owners. After all, they have to live off something. This process is known as a withdrawal and is not always straightforward when it comes to accounting and tax law. What do you need to consider, what kind of withdrawals are there and is it possible to do this in a limited company? We provide the answers.
Is your company currently unable to meet its payment obligations or attend to its private contracts? In that case, a deferral is an option to delay payments whether you’re conducting business as an entrepreneur or a private individual. We’ll show you what conditions must be met for a deferred payment and what you need to look out for.
As a business owner, it’s sometimes necessary to invest personal assets into your company. Whether it’s smaller purchases in everyday life – paying for gas at the gas station, for example – or larger sums if you’re trying to keep your company liquid. These are all known as capital contributions. We will provide a definition and explain what you need to keep in mind.
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.