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...

 

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...

Bring your own device (BYOD) – the digital trend with pitfalls

In the party scene, you’ve probably heard of “BYOB“ or “Bring Your Own Beer” where guests are expected to bring whatever they want to drink. The term “BYOD” therefore also sounds quite positive. “Bring Your Own Device” means you have the comfort of working on your own laptop instead of having to get to grips with the devices provided by the company. Mobile workplaces have now become the norm....

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...

Input tax: claiming tax rebates through tax deduction

Complicated tax regulations can be a minefield, causing confusion for entrepreneurs year after year. But it’s worth being fully aware of the specific tax legislation in your state; you could be entitled to a rebate for the sales tax spent on business operations. But how does this essential part of the tax law work? In this handy guide, we explain the concept of input tax and sales tax, as well as...

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...

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.

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...

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.

Reverse charge – the shift in tax liability easily explained + example

Many US-based entrepreneurs are still puzzled by the reverse charge. The procedure is all about transferring tax liability from the service providers to respective beneficiaries. In other words, the latter must settle the payment of taxes with the tax office. This is said to have saved time and prevented frauds in the past. What must be considered, and who is directly involved? Read on for an...