Company mission, vision, values

Mission statement vs. vision statement

 

Even if prices are raised and there are more affordable alternatives on the market, we will often continue to buy products from the same brand. The reason for this is the same as explaining why we always choose to fly with the same airline or get our coffee from the same place:...

 

What is a small business?

Small businesses, explained

 

According to the US Small Business Association (SBA), a small business is a privately-owned and operated business with a small scale of trade and a small number of employees, depending on the industry. A small business can be an LLC, partnership, or sole proprietorship. There are...

 

Work-life balance

Work-life balance

 

A work-life balance involves a lot more than simply dividing working time and personal time equally. The concept is often viewed as a philosophy that determines many aspects of a person’s life. In order for it to succeed, both employers and employees must make an effort to create...

 

Job Interview Tips

Interview tips for making a great impression

 

You’ve made it past the application process and the initial screening and you’ve been invited to an interview. It’s normal to be nervous, especially if you have limited experience in selling yourself. There are a few unwritten rules that apply for all interviews. As soon as you...

 

Types of taxes in the US: an overview

Types of taxes in the United States

 

Keeping track of taxes in the US isn’t exactly a piece of cake. There are so many types of taxes that it’s difficult to know which ones apply to you and your business. If you don’t file your taxes correctly with the IRS, it could result in penalties, which could cost your...

 

CRM tools: customer care made easy

CRM tools: software for customer care

 

Customer care is one of the corner stones of a successful company – whether you are running an online store or offering bank accounts. Even smaller companies can benefit from the use of CRM tools, which help to organize customer- or buyer data. These software systems automate and...

 

What is inventory?

For many businesses, inventory management is their lifeblood; regular stocktaking is essential in order to ensure that you’re working with the correct figures for your accounts. We explain the subtleties of inventory counts, which inventory types and inventory procedures there are, and how to carry out the complex process as quickly as possible without encountering any problems.

Successful project management: proven methods

A colorful bar chart or a wide network that correlates different project tasks: there are several diagrams that show different methods of project management. Many processes are similar because certain problems occur in almost all projects. But you don’t have to reinvent the wheel: methodologies provide you with formalized approaches that have already proven successful many times over. With the...

Writing a quote: what you should consider when creating a quote

The profitability of many companies and freelancers depends primarily on the order situation. If you attract a customer’s attention with your products or services, and they send you a request, you should try to create a quote as quickly as possible and send it back to them. We explain what you need to include when writing a quote and the correct way to structure it.

Overhead costs

Would you like to judge the price of a product or service appropriately, but you don’t know its corresponding overhead costs? In contrast to direct costs, overheads such as factory rental costs cannot be directly assigned to a product or service. Instead, you must calculate the overhead rate to determine the appropriate percentage of overhead costs and, subsequently, the total expenses which...

What is a cash discount and how is it calculated?

The option to make use of a cash discount is an incentive for both customers as well as sellers to promptly pay an invoice. Offering a cash discount is not a requirement, but rather an act of goodwill on the part of the supplier or seller. The size of the cash discount and its deadline varies. In order to make use of a cash discount, it’s sometimes even advisable to take on credit with a bank...

How do you pay tax correctly as a freelancer?

April is usually the deadline for filing tax returns on the previous financial year in the USA. This process often leads to questions: How do I determine my earnings? What can be deducted? Which forms need to be filled out? What are the deadlines and extensions? Something that often escapes many freelancers is that sticking to some small organization and recordkeeping habits throughout the year...

Trial Balance: everything you need to know about stock

A properly prepared trial balance is the key to accurate company valuations and is also the basis of your annual balance sheet. For this reason, it is very important that there are no errors. Your trial balance should consist of a list of all assets and liabilities. But what exactly is a trial balance? We will explain what you need to look out for and show you an example of what your trial balance...

Annual financial statements – an overview of the financial year

For publicly traded companies, annual financial statements are due at the end of the year. This report allows you to present your company’s financial situation to the public, answering questions like: How high is your balance sheet profit? What is the composition of income and expenses? What risks will investors be taking if they want to work with you? Drawing up an annual financial statement will...

Due diligence: definition and history of precautionary risk assessment

By definition, due diligence is pretty much risk assessment undertaken with great care. Anyone who buys a company, or has shares in a company or in real estate, should carry out due diligence procedures to protect themselves from unpleasant legal or financial consequences. Although this examination can sometimes be complex and expensive, failing to do so and paying the price later is usually more...

Business plan software – the top picks for your business

Setting up a business involves a number of tasks and obligations. The development of a business plan, for example, is a must if you want to come across as professional to sponsors and other businesses. Business plan software, which is available both in free and paid versions, can help get you up and running.