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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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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Corporate cards are a means of payment for employees’ (strictly) professional expenses. Linked to the company’s bank account, there are several types and names: prepaid card, business payment card, or pro card.
Unlike traditional expense reimbursement systems, corporate cards offer a number of advantages to help optimize business expense management. For example, employees no longer need to advance personal funds, which could have posed financial problems for them in the past. The cards also streamline the accounting reporting process.
However, companies that use these cards will need to pay attention to security and control issues.
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Although companies have been digitalizing on a large scale for years, it is clear that one department has been neglected: the Administrative and Financial Department.
What’s more, the current health crisis and the resulting upheaval in the way that work is organized have highlighted the difficulties encountered by these support functions. When working remotely, many people have been held back by an outdated or poorly thought-out system, or have been unable to access the tools they need to perform their tasks.
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From local customer meetings to international business trips, all companies need to manage their employees’ business trips. When employees go on a business trip, they are sometimes required to make a travel request, or agree a travel request with their employer. But what is the point of this mission order? How can you optimize the resulting reimbursement process? Find out everything you need to know about mission orders.
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Did you know that you can use your accounting data to facilitate your strategic planning process? This information will be invaluable in determining the areas of development or growth for the coming year, as well as areas that you will need to keep an eye on. Let’s first take a look at information governance.
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