How to gain more control over your company’s finances? One way to do this is to look at your monthly costs and look for ways to reduce them. It is good to look at costs in terms of variable costs and fixed costs. It shows where the money is going and whether something could be given up. However, controlling costs does not only mean cutting costs. The main goal is to learn how to make more profit without compromising on quality.
Regardless of the area in which your company operates, you generally need to know what the state is charging you for. You might also want to know what the benefits are provided by the state so that you do not pay more for ignorance than you really should. We are talking about the taxation of expenses, i.e. the logic of corporate income tax in Estonia and elsewhere, tax-exempt and non-taxable expenses, fringe benefits and non-business expenses.
The share of e-commerce is growing steadily – it is estimated that 95% of purchases will be made online by 2040. According to Statistics Estonia, 75% of Internet users have bought or ordered products and services from the Internet in the last 12 months (compared to 68% last year). Thus, it can be said that selling products and services through some e-commerce model is becoming increasingly important for business success.
Nowadays, when data entry can be increasingly automated, the accountant’s choice of how well he or she can interpret numbers, is becoming more and more decisive. While starting a business, first-hand personal advice and assurance that the accounting will be in order, is required. As your business grows you will gradually add management reporting and forecasting, which in turn may require you to step away from your long-term accounting partner and find a new and better option.
Issue of sales invoices concerns all businesses – we all issue invoices and receive invoices. But what should one sales invoice look like? We go through the most important legal requirements and practical recommendations, which are good practices to keep in mind when preparing sales invoices.
When planning to start selling Amazon, find out about e-commerce pricing, Amazon’s accounting and taxes for selling at Amazon. Amazon business can be very successful, but it has its risks. In order to cope with this world, learn more about the responsibilities it brings to you.
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.
Given how much accounting has changed over the last 30 years, we probably cannot even imagine the excitement that the next 30 years might bring to us in accounting. Some trends are predictable, such as accounting becoming more automated in the future, or programs being able to figure out in the future where to invoice. However, there are already quite affordable solutions which can be implemented – one of them being a software robot or RPA.