Expenses

Robo-advisor

Robo-advisors: what’s behind the virtual financial management?

Investing money in stocks, bonds, or commodities and doing nothing else but collecting the profits years later – this has been possible for some years now with automated asset management advisors called robo-advisors. The digital financial advisors offered by financial institutes and FinTech use algorithms to create a customized strategy for private investors, taking over the entire asset...

How to write a past due letter

Writing a past due letter: samples for professional letters requesting payment

Would you like to avoid defaulting customers, but you don’t know how? With 1&1 past due letter templates you can easily write your reminders. With prewritten texts for the first, second, and third letters, you can strengthen the management of your receivables. The aim of an effective dunning procedure is to reduce the number of customers and reduce the risk of loss of receivables. We will show you...

How to create a balance sheet

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

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...

Cash flow statement: Cash flow according to ASC 230

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...

Best bill splitting apps

Splitting the bill: the best apps for sharing the cost

Whether it’s splitting the bill at the restaurant, keeping track of a household budget, or keeping a tab on vacation with friends: bill splitting apps help you share costs, calculate expenses, manage invoices, and pay off debts. They can also help facilitate financial cooperation. In the meantime, there are a number of tools that you can install for free. Here is a guide to the best apps for...

Single entry accounting – a guide

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...

Collective invoicing: an overview

Collective invoice: settling multiple collected orders

Facilitate the settlement of transactions with regular customers by combining regular deliveries or other services in a collective invoice. Periodic billing of this kind facilitates bookkeeping and saves time and money. Please refer to our article for the tax requirements that apply to the preparation of collective invoices.