Creating a web store: the cornerstone of seed money

Seed money for your web store

 

When planning the finer details of your web store, rushing through your financial plan can lead to chaos. It’s important to be aware of how much money you need to spend, and only an extensive finance plan can provide the necessary security for the development of your web store....

 

Neuro-linguistic programming (NLP)?

Neuro-linguistic programming (NLP) explained

 

Neuro-linguistic programming, NLP for short, is a collection of tools and models designed to facilitate and strengthen communication in various areas of life and work. The goal is to better understand oneself and others, and to make positive changes. We will tell you exactly what...

 

Cost of sales method

The cost of sales procedure in the context of profits and losses

 

The profit and loss account (P&L) is also called an income statement. All general ledger accounts are summed up with expenses subtracted from the income to leave a profit or loss amount for the period, which is usually one financial year. Daily operating expenses are summarized...

 

SMART goals

How to achieve more by setting SMART goals

 

Have you heard of SMART goals, but you’ve never used an organized and effective method for setting objectives? We’ll explain the advantages of SMART goals, how to use the technique for your personal and business goals and what to watch out for with this method. Because, like all...

 

Start a sole proprietorship

How to start a sole proprietorship

 

A sole proprietorship is one of the easiest types of businesses to set up. All you need to get started is a business idea and a bit of courage. The one-person business does not require registration with the state, but there are plenty of other requirements you will need to...

 

Home office tax deduction

How to deduct working from home from your taxes

 

Whether you’re self-employed or employed – a growing number of professionals are working from home and many even set up a dedicated space to perform their job duties. To reduce any resulting financial burden, the costs for working from home can be deducted from your taxes....

 

Double-entry accounting, explained simply and briefly

Double-entry accounting simply explained

 

Double-entry accounting or double-entry bookkeeping is an essential part of the accounting system. Lots of entrepreneurs have a hard time with bookkeeping, when in fact it should be an aid to you and provide a detailed overview of your finances. Double-entry accounting isn’t an...

 

Minimum Viable Product: maximizing potential while minimizing risk

You would think that deploying a product with minimal functions would be a no-go for start-ups, since the product should reflect the founders’ passion. However, if you take a closer look at the purpose of an MVP, you will see that MVPs and start-ups go hand in hand. This concept plays an important role for many companies as the foundation for agile development. Here you will learn how to use the...

Setting up a general partnership: The path to a partnership-based business

If two or more partners want to start a business together, one of the simplest options is starting a general partnership. This business structure grants equal rights to all participants, but also imposes some serious obligations – namely, since a general partnership is a partnership, this means that the partners have to stand up for the company’s liabilities with all their assets. You should...

Bookkeeping software: how does an online accountancy program work?

An accounting program helps you to organize and analyze your invoices and cost centers, VAT, and other areas of accounting. Cloud-based accounting software is particularly popular for small business owners, since it can offer more, due to the internet connection. Many entrepreneurs and self-employed people have time restraints, so that working with the support of an accountancy program can be an...

General partnerships: freedom and risks for merchants

Trying to start a business with limited capital? The general partnership can make it happen. The general partnership structure is a good opportunity for company founders to bring their business dreams to life by finally starting their company. According to the definition, general partners share everything: the management, profits, and losses. What exactly is a general partnership, and when is it...

The patent: protecting valuable ideas

Humans are always producing inventions in the hope of making life easier. If you invent something new, you can apply for a patent. Patent laws are there to protect the inventor’s work since the patent is by definition a property right. But what exactly is a patent, what is its history, and how do you file one?

The perfect business letter – structure, content, and design

A central component of running a business is writing business letters. These letters can serve the purpose of external communication: Entrepreneurs write business letters in order to initiate or develop business relationships. If they make first contact, the business letter must enable the recipient to obtain information about the sender’s business. We provide a standard template for business...

Comparing Google Workspace to Microsoft 365

Which is better, Google Workspace or Microsoft 365? Both providers offer users a cloud platform with business-ready office and collaboration tools. The pricing is also in a similar ballpark. Entrepreneurs who want to centralize operational work processes with cloud-based applications are spoiled for choice. We compare the functional spectrum of both business solutions.

Google Workspace for a better workflow and remote collaboration

Google Workspace is a cloud-based collaboration software that unites multiple Google applications. Every registered user can access project plans, e-mails, and other documents via the cloud, regardless of where they are located. Numerous tools such as word processors, online calendars, or video conferencing facilitate collaboration and synchronize changes in real-time. In this article, we have...

The contribution margin

Which products should your company focus on and which are unprofitable? The contribution margin helps you answer this decisive question. Calculating the contribution margin correctly is crucial to the success of your company, by allowing you to draw conclusions about its profit or loss. We explain how to do this properly.

What is accounts receivable accounting?

If you run a business or work independently, it’s always important for you to keep an eye on your financial situation. This also applies to payments that you are expecting but have not yet received. The accounts receivable department is responsible for registering and tracking your monetary receivables. We explain what accounts receivable accounting is and how it works.


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