VAT is an indirect tax on consumption that is levied on the turnover of goods and services. In Estonia, a company is required to register for VAT if its sales turnover exceeds € 40,000 per calendar year. In addition to our legislation, Estonian companies selling goods to other EU countries must also comply with local limits and laws. In this article, we talk about how VAT works, who needs to register for VAT, and when VAT can be claimed back from the state.
Accounting has undergone tremendous changes in the last 30 years. Accounting on paper has practically disappeared. Going to bank office with payment orders on paper is also history. Thanks to software that can read purchase invoices and is compatible with the bank, accounting has become significantly more automated, with a significant reduction in accounting time. Let us take a closer look at how to automate your accounting, more specifically your sales.
In the second part of Accounting Automation, we talk about how to automate the movement of purchase invoices and receipts. We will have a look at if cheques can be waived and how to simplify the process of entering purchase invoices and cheques into your accounting program.