Are you trying to lower your taxable income? Let’s face it: no one likes to pay taxes. As a business owner, you are able to take qualifying deductions for business-related expenses.
Ensuring you are taking all available deductions helps you lower your taxable income and put more of your hard-earned money back into your pocket. In this article, we’ll cover everything you need to know about tax-deductible expenses.
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Do you frequently travel to client locations? If so, are you currently taking advantage of mileage allowances? Mileage allowances are a qualifying business expense, providing you with tax-free reimbursements and lowering your business’s taxable income.
This tax advantage benefits all business owners, including self-employed individuals. In this article, we’ll cover the basics of mileage allowances, including the allowable limits set by the UK Government and how you can maximize compliance with reporting requirements.
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Are you aware of the new invoicing requirements under The Growth Opportunities Act? The German Bundesrat endorsed new electronic invoicing requirements on March 22, 2024, looking to streamline processes for companies operating in Germany.
Under European Directive #EN16931, businesses must be prepared to receive e-invoices beginning in January 2025; however, issuance of e-invoices isn’t mandated until January 2027 for companies with over €800,000 in annual turnover. Companies under this threshold can wait until January 2028 to begin utilizing e-invoicing.
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Making the transition into entrepreneurship is new and exciting. After all, you probably dreamed about becoming your own boss and pursuing your business ideas. However, running a business is much different than being an employee of an organization.
One of the fundamentals of becoming a successful entrepreneur is understanding business expenses and accounting basics. In this article, we’ll explore both of these concepts in more detail, helping you solidify your accounting foundation.
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VAT rates increased in Switzerland on January 1, 2024. Companies need to take stock of the situation straight away in order to prepare and to make the right changes to their ERP and accounting systems.
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In the UK, about a third (32%) of workers deal with work expenses. Among those who do, many are professionals and administrative staff.
Interestingly, even though expense management software exists, only 40% are using software to manage business expenses. Many are relying on old-school methods: 35% use basic spreadsheets and 10% still use pen and paper for expense management. [source]
In this digital age, using old-school methods for managing business expenses only means putting an additional burden on your head. Without any smart software handling your routine financial paperwork, you would only have mountains of receipts of coffee runs, travel through vouchers, invoices, bills, and purchase orders left at your desk.
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Do you frequently reimburse employees for business expenses paid on personal cards? It’s not uncommon for employees to grab lunch with a client, travel to meetings, and purchase company supplies using personal funds.
Reimbursing these expense claims isn’t always as clear-cut and streamlined as business owners would like. In fact, the threat of fraudulent expense claims poses a serious concern, as a recent study uncovered that nearly 1 in 4 employees have committed expense fraud.
Bolstering your expense claim function relies on understanding the basics, like how expense reports work, the associated challenges, and how to implement an efficient claim process. This is exactly what we’re going to cover in this article. Let’s dive in!
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The UK saw a significant number of business visitors in 2023, with over 37.1 million visits recorded. [source]
From securing new clients to fostering stronger partnerships, business travels bring a number of business opportunities along. With opportunities, it carries challenges though.
For companies, managing these business travel expense reports after each trip is often complex and challenging. Per diems bring a simpler, more efficient solution to manage business travel expenses.
Under the regulations of per diems, you no longer need to review receipts for every meal and travel cost that your employee makes during the business trip. Per diems provide you with a standard daily allowance to reimburse travel expenses to your employees.
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To remain competitive, a company needs to have a clear vision of its expenses and control them rigorously. But to be effective, you also need the right tools! You need to choose tools that will give you a global view of your flows and that will enable you to make strategic decisions for your company.
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Financial risk management requires rigor and anticipation. As CFOs know, every grain of sand in the machinery has a cost, with varying degrees of impact on operations. Risk management is therefore a strategic challenge, particularly in a tense economic and geopolitical climate.
How can you limit the impact of internal or external factors and preserve your company’s financial equilibrium? Sound risk management involves identifying the main threats and defining an effective prevention policy.
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