Business impact analysis

The business impact analysis

 

A BIA or business impact analysis emphasizes the most important processes of your company that could threaten your normal business operations in case of a deficit or outage. These processes allow you to evaluate the consequences of a crisis more effectively and devise strategies...

 

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....

 

Agile Working

Agile working: mastering the challenges of the digital world

 

“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...

 

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...

 

Body language

Body language: The most important form of nonverbal communication

 

Even when we don’t say anything, we communicate: Our body language is more or less consciously sending out signals to those around us. Gestures, expressions, and posture often share more than we’d like, including how we feel in a given situation. If you’re able to understand body...

 

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....

 

Supply and demand

Supply and demand – how they control the market

 

Supply and demand determine pricing in a free market. Demand has an influence on supply and vice versa. With no demand, any supply is redundant, and with no supply, demand is ineffective. When they are in equilibrium, prices remain stable and goods are affordable. But how exactly...

 

What is a balance sheet, and how do you create one?

All accountable companies have to prepare an annual statement at the end of the financial year, to determine their tax obligations, among other things. A balance sheet is created according to an established pattern and on a fixed date in the year. The profit and loss report is the basis for a balance sheet, which is important for companies because it provides information on its status and...

Entertainment expenses for accounting and taxes

Business meals are a significant part of many businesses day-to-day activities. There are many companies out there that spend a lot of money in order to be able to have a nice setting and atmosphere to conduct meetings with clients. This can be to discuss both current and future projects. However, once the bill comes, there is also the important matter of the entertainment expense receipt. Anyone...

Single entry accounting – an introduction

Given its range of functions and complexities, it is perhaps of no surprise that there are multiple approaches to it. One such approach is single entry accounting. But exactly what is single entry accounting? What are the advantages and disadvantages of it? Who should use it? How does it differ from the double entry approach? This article answers these questions and aims to tell you everything you...

Cash flow accounting: Cash flow statements easily explained

Cash flow statements provide the recipients of quarterly or annual financial reports with an overview of the company’s use of funds. They help investors assess their financial and economic situation. Depending on the company’s focus, preparation of the cash flow statement must comply with the requirements laid out by the FASB and in the IAS 7. In this article, we give you a short introduction into...

Booking company entertainment expenses

Most firms organize regular company events - business meals aren’t a rarity either. While selecting the menu plays an important role in the organization of such events, it’s just as important, if not more, to properly record all of your meal and entertainment expenses so that you can file for tax deductions.

How to correctly calculate, report, and reverse accruals on the balance sheet

Accruals play an important role when it comes to accounting. They are expenses or revenues incurred over a period in which no invoice was sent or no money changed hands. By learning more about accruals and how they work, you will be able to keep track of your company’s finances more easily. This article explains how to calculate, report, and reverse accruals in an easy-to-understand way.

Generally accepted accounting principles (GAAP) – an overview

When it comes to running a business, there are few thigs more daunting and complex than bookkeeping and accounting. This is even more so the case when dealing with multi-national companies that have interests and investors around the globe. For that reason there are generally accepted accounting principles (GAAPs) which act as guidelines for writing and maintaining financial statements. But what...

Writing sales receipts with correct templates

Writing sales receipts is becoming easier thanks to the numerous templates on offer. Above all, professional software is designed to make accounting as easy as possible. Your sales receipts will be automatically filled out with the necessary information and can be printed straight away. But why do you actually have to issue sales receipts? And which information is mandatory? This article provides...

Why are receipts important for good bookkeeping?

Receipts are among the most important documents in bookkeeping. Bureaucratic processes surrounding holding onto different kinds of receipts, invoices, and documents can seem tedious or even unnecessary. But doing so can pay off – literally. In this guide, we explain why and how to order your documents, the different types of receipts, and the basics of bookkeeping.

Impairment test: what is it and when is it needed?

With impairment tests, IFRS has created an accounting standard that allows companies to create more accurate balance sheets. They can represent impairments correctly in annual financial statements and minimize falsifications. But when are these impairments tests used and what purpose do they serve? There is also some confusion surrounding the topic of goodwill!


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