Invoice numbers: What to pay attention to

Numbering your invoices isn’t required under U.S. law, but it’s a helpful tool for managing your business and tracking your transaction history. Utilizing a good invoice numbering system makes it easier to locate invoices for future referencing, and can come in handy when accessing sale records for customer service purposes. Following a structured invoice numbering system can also be helpful when...

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...

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...

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...

Required components and information for a proper invoice

Only proper invoices are approved by the IRS. If the invoice is incorrect or incomplete, you forfeit your right to tax deductions, among other consequences. To avoid this, make sure that you always meet the minimum invoice requirements. This quick guide explains what information and components are mandatory on your invoices, what can and can’t be omitted, and which special rules you should pay...

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.

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!

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...

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 impossible undertaking. This guide explains the step by step fundamentals of double-entry accounting, and will turn you...