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Accountants in charge of financial management are key business executives. Accountants supervise customers’ yearly reports, collaborate with other company departments, and manage the organization’s economic situation, regardless of its size. As a result, to complete its mission, the latter must contain some essential traits.

Here are some of the essential characteristics of a good accountant.

Strict

Rigor is required to manage a company’s cash flow efficiently. Every month, CPA handles many documents and a large amount of data with extreme precision. As a result, to coordinate all processes and avoid mistakes, he must also be meticulous.

Curiosity

Many businesses are turning to digital technologies to handle their accounts. A qualified accountant must also be knowledgeable about and skilled in information technology or IT. A less interested accountant may find it challenging to keep up with constantly updated tools and software.

Accounting and tax accounting are the same. Accounting and taxes standards are changing. Certified Professional Accountants (CPAs) are urged to pursue a range of training courses to stay current and the accepted comprehensive training.

Another crucial aspect of an accountant is curiosity. It can spell the difference between having a successful and growing career and having a stagnant or even outdated one.

Leadership

A good accountant must have a feeling of leadership because they often work in a team or with other organization departments. His sense of leadership is strong because he understands that he must act autonomously. He is frequently called upon to regulate, encourage, and maintain positive relationships with coworkers and manage and predict threats.

A healthy partnership

Accounting, as a contact job, necessitates excellent interpersonal skills. The accountant deals with the company’s suppliers and clients in addition to his coworkers. Professional accountants should always retain an open mind and: Able to respond to questions.

• Make it a goal to increase your efficiency and effectiveness.
• Maintain a laser-like concentration on your customers.
• Collect data for objective evaluation.
• Suppliers and customers should have open lines of communication.
• A skilled accountant must be a solid communicator to master this relational profession.
• It is common sense.

A body! An accountant has a lot of responsibilities and judgments to make conflict resolution, individual accounting, competing goals, purchasing (or selling) processes, and corporate reorganization. A skilled accountant must display common sense and agility to deal with unexpected situations.

One of the attributes required of a successful accountant is honesty. The latter is compelled to assume significant legal responsibilities. This kind of honesty is in high demand at all levels, and it’s one of the keys to a successful career! It also enables you to grow as a person by embracing your flaws and learning from your mistakes.

Honest

Because he has more opportunities to loot the company than any other employee, a vital trait of a successful accountant, experience, knowledge, or any other significant characteristic is meaningless without honesty. On the other hand, the brighter and more experienced the accountant is, the more harm he will do to the company if he is dishonest. In this essay on how accountants are misled, we discuss the problems that employers of dishonest accountants confront and how to avoid them—scam of an accountant.

Curiosity and analytical thinking

When it comes to knurling, bad accountants don’t ask inquiries or develop their knowledge. He won’t bring anything new to the table, and he won’t save the company money (this is not his money).

Working knowledge of regulatory documents

Because not everyone can convert bureaucratic terminology into human English, this is a vital skill for an expert. Tax rules, accounting standards, the IRS, and the Treasury Department send letters full of jargon written in elaborate, convoluted language. There is an issue if a person understands what is written; the likelihood of errors in the work grows considerably.

An adventure

Because he has no expertise in other places, the accountant stepped on a rake and came to you with a “sparrow.” Inexperienced personnel, like the illiterate, can accomplish simple daily duties that do not require huge responsibilities. Don’t confuse seniority with experience. It will be feasible to preserve records for many years and carry out simple procedures without running into infractions or having to do responsible chores. It does not imply that he is a seasoned professional. Don’t settle for workbook dates; instead, seek real adventures. During the interview, ask the candidate about the responsibilities he performed, the challenges he faced, and the outcomes he accomplished.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

What is a management report?

The management report is included in the annual financial statement of the company. Management reports are required in France for SA, SARL, and SNC. Small businesses should draft this document as well, but they can breathe a sigh of relief (research activities of the company, mention of branches, etc.). In actuality, the Spain II Law (Order dated July 12, 2017) specifies that this remedy is only available to businesses that meet two of the following three criteria:

Who may require management reporting, and why wouldn’t accounting reporting suffice?

Business owners and decision-makers, because the quantity and quality of the information provided to the first person determine the success of corporate management. As a result, even in a small corporation, using financial statements generated primarily for tax authorities and utilized for strategic management by filing rules that you cannot alter.

This group, which includes investors and large creditors, uses management reporting and accounting to assess the risks they may face. Financial statements are frequently insufficient to determine the expected evolution of a corporation because they only give information for prior periods. As a result, investors and creditors often require management reports for investment (credit) period projections.

Because they use different reporting aspects in their job, mid-level managers of firms can control the operations of their departments. It is usually not practicable to use financial statements because they are created for the entire organization. Based on consolidated accounting, evaluating the contribution of each division and determining its key indicators is almost difficult.

Aside from cost analysis, the owner’s vital information for controlling the company’s activities could include:

• A breakdown of revenue by important customers
• Assess the project’s profitability on a company-wide and project-by-project (or other CFS) basis.
• Earnings projection for the company
• Predicts adequate financing and warns of a funding shortfall
• You can find this analysis in a variety of management reports.

Management Report Types (forms)

The basic structure of management reports is identical to that of accounting reports:

• Management balance
• Statement of cash flows
• Income Statement (Profit and Loss Statement) (DDS)

Report on profits and losses

The profit and loss statement (PLO) allows you to assess the company’s profitability (profit). The GTC comprises income and spending components that you can break down into various categories. Simultaneously, the expenses in this financial report are often broken down by cost items.

P&L management will assist in determining which items (business units) create zero or negative profits. An income statement will assist you in focusing on the good aspects of your organization. The report is generated using the accrual technique, which means that any debt that has not been paid may be included.

Management balance sheet

A managed balance sheet is a report that integrates the findings of the income statement and the DDS into one document. This document aids in the control of accounting accuracy, profit allocation, and receivables and payables.

If practically every company uses DDS, and profit and loss analysis are typical for medium and big businesses, managing the balance sheet is pointless. On the other hand, this report allows you to merge the two prior pieces and verify that they were appropriately created. The owner can learn about the company’s assets, how profits are dispersed, and how losses are financed by looking at the balance sheet. The balance sheet is divided into two sections: assets and liabilities.

Cash flow statement in management accounting

The cash flow statement is the most basic and intuitive (DDS). Each transaction on a current account or at the cash desk is recorded into the DDS, which records where the money came from and filled in management statistics (articles and CFU). As a result, the owners see how much money the company has received spent and how much money it still has. This report is used by almost every firm since it provides easy access to payment control tools, compelled payments, and cash shortfalls.

The cash flow statement shows how much cash flow a firm is willing to generate to fund existing operations, grow the business, and repay loans. A weekly cash flow prediction – a payment calendar – is typically utilized for financial management.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

When a corporation keeps its books, the accounting papers are recorded. The accounting records can take a variety of formats (buy invoices, sales invoices, bank statements), but they must all be appropriately filed. Compta-Facile explains the best practices to follow in this area and answers the question of how to classify accounting records.

Accounting documents to be classified

Traditionally, all documents that are the subject of an accounting register must be classified; this includes, but is not limited to, the following:

• Payslips
• Payroll slips
• Yearly declarations
• Bank statements
• Bank transaction receipts
• Cash registers receipts
• Purchase invoices and sales invoices
• Tax declarations (VAT declarations, corporate tax declarations, etc.).

Accounting document filing has an indisputable benefit: it contributes to a company’s effective management and reduces the chance of becoming lost in its books. It allows a corporation to quickly retrieve a supplier or customer invoice, saving a lot of time.

The format of the accounting documents to be filed

Classification can be done:

In paper format

In this instance, it’s best to use workbooks that correspond to the company’s accounting journals. It’s vital to pay particular attention to the storage/archiving site so that the quality (moisture) of the documents is kept and only a few people have access to them. If a corporation keeps a “purchases” journal, a “sales” diary, and a “bank” journal, for example, it will utilize three binders with the same name and the same supporting documentation for each journal.

In dematerialized training

Accounting records are digitized and kept in secure locations. The organization must safeguard against data loss (by storing backups on external hard drives or CDROMs, for example) and restrict access to this sensitive information. Keeping the originals in paper format is still strongly recommended.

The method of filing accounting documents

A decent filing system should allow you to locate a receipt using the account number quickly.

Depending on the frequency of entry and the company’s specific characteristics, there are many ways to classify accounting documents. It is one of the most used techniques.

First and foremost, a classification of accounting records according to their purpose (purchase, sale, bank). To ease the accounting entry process, you can categorize them before being recorded in the accounts, for example, in ascending chronological order. They can be filed straight in different workbooks when they’ve been accounted for:

• Purchase invoices are filed in a “Purchases” binder,
• Sales invoices are filed in a “Sales” workbook,
• Bank statements are filed in a “Bank” binder,
• Crate fogs are filed in a “Crate” binder,
• Payroll journals and payroll slips are filed in a “Payroll” binder,
• VAT returns are filed in a “VAT” workbook,
• etc.

Companies permitted to use cash accounting may use a different manner of filing accounting papers. The latter can staple the supporting documents for all the transactions indicated in the bank statement, in chronological order, behind each one.

The accounting records should then be numbered according to a coding system that is unique to the organization. As a result, the accounting department assigns a number to the supporting document (generally supplier/customer invoices), enters it (indicating the number it has given to the supporting document in the “document number” column), stamps it with a “accounted for” stamp, and places it in his binder.

In actuality, the numbering might be based on a series of numerals (for example, 001, 002, 003, etc.) or other factors, depending on the company’s entry frequency (example: for an invoice of purchase dated May 2018, if the company uses month-by-month dividers with a number reset to zero every month: “2018-05-001”). The company will be able to use the same numbering system for sales invoices as it does for invoicing (by entering the number carried by its invoice in the “document number” column of its accounting software). For banking transactions, you may keep the number of the check remittance and the number of the check issued.

Conclusion

Proper classification of accounting papers is required to ensure an appropriate firm administration and operation monitoring. Accounting papers are numbered to make it easier to reconcile an accounting entry with its supporting documentation.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

The logic is straightforward. If you’re skilled at saving money, the next logical step is to put your money to work for you and expand it. Otherwise, this money’s value will depreciate due to a phenomenon known as “inflation.”

Where to begin?

The reasoning behind this is straightforward. If you’re a good saver, the next logical step is to put your money to work for you and expand it. Otherwise, due to a phenomenon known as “inflation,” this money’s value will decrease.

As you gain experience as an investor, you will most likely open many accounts with various brokers. The most important thing to do at first is to find a reputable company with a user-friendly application. All commissions are plus or minus the same amount.

Avoid leaving your phone number on broker websites until you’ve found the proper one; brokers will bombard you with worse calls than aggressive spammers.

What account to open?

If you are a beginner, open both a brokerage account and IIS at once.

Individual Investment Account (IIS) is a type of personal investment account. It’s not like a brokerage account in that you can’t take money out for the first three years. On the other side, you can put money into it every year and get a 13 percent tax break from them (maximum – from 400 thousand rubles). It is an excellent technique to protect against drawdowns. You will, without a doubt, have them.

Another tax deduction available on IIS is when the owner is exempt from paying income taxes. However, it is usually not profitable for newcomers since few people manage to make profits of more than 13% each year due to a lack of knowledge.

The Ministry of Finance invented IIS to attract more Americans to the casino exchange.

The Ministry of Finance invented IIS solely to entice more Americans to the casino exchange.

What to buy?

So, investing in putting money into assets to make a profit. In this context, assets refer to stock market securities. Stocks, bonds, and mutual funds are usually the first investments made.

Other instruments, including futures and options, are more complicated, and they are almost always traded with leverage (a broker’s loan), which is risky.

Shares

Initial public offerings (IPOs) are securities corporations sell on a stock exchange. Shareholders can profit from the increase in the value of their stock or from dividends (if the company decides to share profits, this is not necessary).

Bonds

are securities issued by a government or corporation to borrow money from investors at an interest rate? If we’re talking about America, the denomination is commonly 1$,000. Every year, a specific profit percentage is usually set – just above the bank deposit – as a norm.

Funds

are businesses that raise funds from investors to invest in assets that follow a predetermined plan. We usually refer to ETFs (exchange-traded funds), which are securities that are traded on a stock exchange. It is like stock, except that the fund’s shares contain supply from other companies. The Fenix provider, which has the most options, represents the most well-known ETFs in Russia. Large banks, including Sberbank and Tinkoff, have funds as well. VTB, for example, provides funds to its broker’s clients on more favorable terms, such as commission-free purchases.

How to choose assets?

It is an excellent question. There is no precise recipe here – or at least, no explicit advice from me. I can tell you from personal experience that if you’re looking for the second GameStop, you shouldn’t limit yourself to Reddit thematic branches. In Telegram channels, you shouldn’t rely on “signals” either.

Numerous approaches to identifying an asset include technical analysis, fundamental analysis, news analysis, etc. It is best to combine them.

And you’ll have to investigate it if you want to start routinely producing profits that outnumber losses (which you can’t do without).

On Instagram, read specialized publications, verified Telegram channels, and blogs.

It is unnecessary to take courses to learn more about the subject; you may start with free ones offered by brokers. Furthermore, many bloggers participate in free marathons.

I want to highlight that trading at random is a lousy technique that will result in losses. If you’re going to make money, you must first learn about the subject.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Preparing tax returns is a difficult task that demands specific accounting knowledge and skills. Every firm must submit a federal income tax return during tax season, and those who fail to do so face significant penalties and fines. The cost of tax preparation varies greatly, from DIY tax software to professional tax preparers. With so many alternatives, you’ll need to prioritize them based on your tax circumstances if you want to keep your tax filing record clean. When you come across and develop an excellent company idea that you are confident will work for you, it may be quite a feat. Your commercial acumen and foresight have resulted in a venture that will undoubtedly return large profits at some point in the future. In the mid of all this excitement, you will be required to file a federal income tax return during tax season, and you may have no idea how to go. True misery begins, and businesses start to lose consciousness and disintegrate. Companies should either engage a tax professional to complete their tax returns or use DIY tax preparation software to determine how much they owe the government.

Interpreting The Law

The general practice of interpreting the law is not applied as a mandatory assessment of the Tax and Customs Board regarding the taxation of a particular transaction related to a specific taxpayer. Tax liabilities also arise when an imaginary situation is created in which services are allegedly provided between business associations to evade labor taxes or reduce the amount of taxes paid. Compliance of the contract with the actual content of the work or service ensures equal taxation of all persons and fair competition. In the cases reflected in the decisions, labor tax evasion consisted of the fact that the wages of an individual employee were transferred to the bank account of a commercial partnership in which this individual was the sole owner or member of the board. At the same time, the employer did not have to withhold taxes from wages when transferring funds. Instead of an employment contract concluded between the employer and the employee, you drew up a contract to provide services between two commercial partnerships. Thus, at the disposal of his business partnership, the employee received for the service rendered an amount greater than he would have received wages, the difference being taxes on wages.

Law on Employment Contracts

The Law regulates employment relations on Employment Contracts, which also defines the employment contract concept: based on an employment contract, an individual (employee) performs work for another person (employer), subject to his leadership and control. The employer pays the employee remuneration for work. In other words, an employment contract is an agreement between an individual employee and an employer, according to which:

1. The employee is required to perform the work under the direction and control of the employer, and
2. The employer is obliged to pay the employee remuneration for work and guarantee him the working conditions provided by the employment contract, collective agreement, or law.

The criteria that the courts relied on when monitoring the compliance of legal relations with labor relations are as follows:

1. Who, according to the contract, manages the work process and organizes it
2. Who determines the time, place, and method of doing the work
3. Who pays for the tools
4. Who faces the risks associated with the performance of work
5. Who receives income or profit
6. Does the person organizing the work consider the composition of the employees of the organization
7. Whether the employee obeys the internal regulations of the organization

You should consider all these criteria together. When finding out whether there is an employment relationship, one should, first, weigh the relationship between the employee and the employer: to what extent is the employee subordinate to the employer, or, in other words, what is the degree of independence?

Conclusion

You can use tax preparation software for relatively easy tax calculations. Hiring tax pros to create your tax returns, on the other hand, is a good choice for complex financial activities. Before deciding whether to use tax preparation software or hire a tax professional, it’s critical to assess your software’s efficacy and measure its tax preparation worth against the cost. Without question, a well-organized and error-free tax return may save you money and time.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

To hire a bookkeeper or not

The next step is an online accounting program. These are now built to work with even a self-employed person without accounting knowledge. Many entrepreneurs use this to invoice themselves and only engage the accountant for checking and tax returns.

Are you looking for an accountant? Compare costs of accountants from your region? Request a free and non-binding quote online and compare yourself.

It is also not mandatory. So, you can do the entire bookkeeping yourself. You indeed save the costs of an accountant, but if you miss out on tax benefits because you are insufficiently aware of the rules, you will, of course, cut yourself. In addition, an accountant can automate things. Think of salary administration or other time-consuming matters for an entrepreneur to set up entirely independently.

With complex accounting, an accountant quickly pays for himself

Many entrepreneurs quickly outsource the income tax return and any salary administration, and in this area, a good accountant usually earns back his costs rapidly. As soon as the company is profitable and the accounting becomes too time-consuming, many entrepreneurs outsource VAT returns. Invoicing or matters such as journey or time registration are, of course, less easy to outsource. For that reason, accounting is often an interaction between an accountant and the entrepreneur himself.

Costs accountant

Is desired. The costs of an accountant for a sole proprietorship are on average between $500 and $1,500 per year, depending on the contact, how the figures are provided, and to what extent advice is given. These are averages, though. Rates of a bookkeeper can sometimes differ per region, office, or bookkeeper. Therefore, it can pay off to request a few quotes online and compare them.

But on the other part, you should consider whether a low-cost bookkeeper is the best. Hiring a good bookkeeper may cost a lot of money, but it can also pay off if he finds the right tax benefits for you. Many bookkeepers have different hourly rates per service.

Duties of a bookkeeper

He helps with bookkeeping, but what exactly does a bookkeeper do? It can differ per company. Many entrepreneurs do the invoicing themselves, but apart from that, many administrations are outsourced to an accountant. It then keeps the books of all financial transactions, verifies the accuracy of all financial-related documents, and prepares financial reports for specific periods, such as the annual accounts or the annual report.

Traditionally, a bookkeeper also collects the incoming and outgoing invoices and keeps track of which of them have been paid. Nowadays, these activities are often taken over by a digital accounting program mainly aimed at entrepreneurs themselves. As a result, the duties of the bookkeeper change to a controlling function. In addition, many entrepreneurs hire him for the turnover and income tax returns.

Differences between bookkeeper, accountant, and tax specialist?

In the past, accountants did all the tasks that came with the administration. Nowadays, accounting programs ensure that entrepreneurs can enter invoices themselves, which automatically updates overviews. The rise of internet banking also has simplified administration tasks, enabling entrepreneurs to do this themselves. As a result, accountants increasingly present themselves as specialists.

Previously, the accountant was often the specialist, but nowadays, more and more accountants call themselves acquisition advisers, tax advisers, or tax specialists. These positions existed before the advent of automation but mainly consisted of consultants for large companies. Nowadays, more and more medium-sized and even small companies use tax specialists. Therefore, a tax specialist is an accountant who has specialized in a particular part of his work. A specialism can not only convince customers; it also sometimes justifies a higher hourly rate.

Bookkeeper engaged? You remain responsible yourself!

Are you hiring an accountant because you don’t feel like delving into the administration yourself? You are certainly not alone! Few entrepreneurs enjoy getting to know all the tax regulations well. Of course, you can expect an accountant to be knowledgeable, but it doesn’t hurt to keep an eye on yourself.

It has a lot of influence on how you provide the figures yourself, but you also remain legally responsible for the accounting. Are you unsure about a specific choice? Do you regularly doubt? Then it is probably wise to look for another accountant! Then it never hurts to ask for a second opinion from the tax authorities themselves.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Work in progress for own account and risk

Work in progress is part of the stocks (Article 2: 369 of the Dutch Civil Code), whereby the economic risk lies with the entrepreneur. These works in progress are the legal entity’s property because they have not yet been sold. This work in progress is valued at manufacturing cost or a lower net realizable value.

The manufacturing price includes:

• Direct material consumption
• Direct labor and machine costs
• Other costs are directly allocated to manufacturing

Sometimes also with storage for indirect manufacturing costs. The net realizable value is based on an expected sale price, fewer costs to be incurred for completion and sale.

Projects in progress commissioned by third parties

When we talk about contracted projects with a third party to construct an asset (or a combination of assets) – where execution usually extends over more than one reporting period – we talk about work in progress. Because the start date of the project and the date on which the project is completed often do not fall in the same reporting year, the allocation of the result per calendar year is an essential factor in determining the projects in progress. It is necessary to correctly allocate project costs and revenues to both the duration of the project and the degree to which the project has been realized.

Projects in progress are subdivided into (DAS B5.303):

• Contracting contracts: execution takes place at a fixed price, often supplemented with additional or less work.
• Cost-effectiveness contracts: the execution is based on reimbursement of all costs related to the project, increased by a surcharge or a profit percentage.

Processing project costs and revenues

With a contract (RJK B5.309), the following conditions must be met:

• You can reliably determine the total project revenues.
• The project’s economic benefits in progress will probably flow to the legal entity.
• You can determine the project costs required to complete the project in progress and the extent to which the project has been completed on the balance sheet date reliably.
• The costs to be allocated to the project are distinguishable and can be determined reliably. It can compare the actual expenses incurred with the preliminary calculation or earlier estimates.

In the case of a coordinated contract, you must meet the requirement:

The project’s economic benefits in progress will probably flow to the legal entity.

Whether based on a contract, the costs attributable to the project are distinguishable and can be reliably determined.

Small legal entities can choose from these two valuation methods for the processing of project costs and revenues (DAS B5.308):

• Profit-taking in proportion to the performance performed
• Profit-taking upon delivery/completion of the project

With pro-rata profit-taking, it is essential that project progress can be reliably determined. If that is the case, the profit can be allocated to the financial year to the extent that the performances performed during the financial year accounted for their share of the total performances performed for the project. This concept of profit is in line with the concept of profit for tax purposes, which means that no passive or active deferred income must be determined and presented in the annual accounts.

There are situations where profit cannot be measured responsibly. In those cases, you must fully recognize the profit in the financial year the project is delivered or completed (DAS B5.308).

Presentation in the annual accounts

The project in progress item consists of the balance of the realized project costs, increased by the allocated profit and less the installments already declared and any recognized losses. This balance (kept per project) can be a debit or a credit balance on the balance sheet date. This item is included separately under current assets (between inventories and receivables/deferred income) if it concerns a debit balance. In the case of a credit balance, the item is included under current liabilities. It is also permitted to process the balance of the projects in progress as one total and present it on the balance sheet. The realized project revenues are shown as net sales in the income statement.

Change in work in progress if the project is not yet completed

If the latter method is used, the total project revenues should be presented as net sales in the year of completion of the project in progress. In addition, the cumulative project revenues up to and including the previous periods must be presented as changes in work in progress.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

As an entrepreneur, you probably know all about it: accounting. It is often not the most excellent entrepreneurship job, but it must be done. The tax and Customs Administration is your best friend, and of course, you don’t want to get into trouble with this. Are you good with numbers? Or do you have a small business? Then you can take up the administration yourself. Do you not know much about accounting? Then choose to outsource the entire task.

Do your accounting

When you start a business, you can choose to do the entire bookkeeping yourself. You must understand numbers, but you can do it yourself. You get a good insight into your company’s finances, and it also costs you no money at all. In addition to the advantages, there are also several disadvantages:

• It costs you a lot of time, and you would prefer to spend this time on the company itself.
• It would help if you had a lot of knowledge to do the bookkeeping yourself. There are various laws and regulations that you should be aware of.
• Always a chance of a mistake. Everyone makes mistakes from time to time, but this can cost you dearly.

Outsource to a pro

The second option is to outsource the bookkeeping to a professional. It can be a good choice if you don’t know much about the administration or don’t have time. Many entrepreneurs choose to outsource their accounting partially. For example, the entrepreneur himself does the accounting and sales tax return, but the bookkeeper, in turn, checks everything and does the income tax. This way, you know for yourself how your company is doing financially.

You can also choose to outsource the entire accounting. It is often done when the entrepreneur is very busy and does not have time. We recommend that you occasionally make an appointment with your accountant and be informed about the situation. This way, you stay informed of your current finances.

Backlogs in accounting

Have you fallen behind in accounting? Accounting backlogs are annoying, but this can happen and isn’t the world’s end. You can try to clear the backlog yourself, but hiring a professional can sometimes be more sensible. A professional can help you communicate between you and the tax authorities, and you will also be satisfied with the tax returns. Of course, you do not want to receive a hefty fine from the tax authorities, and it is better for everyone if the backlog is quickly cleared.

As an entrepreneur in the initial phase of your business, it is logical that you want to do a lot yourself to save money. Accounting or administration is a classic example of this. You can easily do it yourself with an online program. It does take time. As an entrepreneur, you must consider whether the time is worth it or whether it is better to leave it to a professional, so looking for an accountant is not bad.

Maintaining an overview of the financial field is essential for your company. You know precisely how much turnover has been made, which costs have been incurred and from whom you still have money in credit. If you do not want to worry about this, you can also outsource the administrative tasks. A good accountant can earn himself back easily. Although the online software often also gives tips about taxes, an accountant can often give tips specifically for your situation and possibly save tax due to the experience. That doesn’t sound wrong.

In addition to taxes, you can, of course, also save a lot of time with this. Your time as an entrepreneur is perhaps the most important because you can always make more money, but time cannot. Therefore, consider whether it is not much better to outsource the entire administration to professionals. The prices charged are, of course, important. But it is even better to have a good click with the accountant Redmond. You will probably have regular contact with these people, and then it would be better to click between the two parties.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Self-care is crucial to our emotional and physical well-being. We can make self-care a habit by making conscious decisions about what we do every day. It may seem like a daunting task, but it doesn’t have to be.

The first step is to identify the behavior you want to change to feel better mentally or physically.

Make a diary of all the things you wish to start and prioritize them. Then start working on these habits one at a time until they become routine.

A little tip: take care of yourself first before taking care of others. It will help you feel better about yourself and your life and improve your relationships with others.

Why Self-Care is Important to Your Success

Why it’s beneficial to take care of yourself?

No matter how hard we work, if we don’t take care of ourselves, it will be hard to reap the rewards of this hard work. Taking care of ourselves is not selfish; it is necessary to feel good about ourselves and enjoy life. It’s also a way to show our family and friends that we love them. When we are happy, we radiate that, and it is more likely that the people around us are also happy.

Taking good care of yourself is important because you deserve it. You deserve the happiness that comes with a healthy body and mind so that you can live your life to the fullest.

It is more than taking time for yourself

When we think of self-care, many people think of pampering and wellness. We imagine taking a long bath, drinking a nice cup of tea, and just doing what we feel like doing. That should undoubtedly be part of it if you feel good about that. That is also self-care, but it is more than that.

Self-care is all about getting to know yourself and taking your needs into account. It’s about doing things that make you feel good, physically, mentally, and spiritually.

A carefree life starts with self-care. And self-care begins with yourself. What do you need to feel good about yourself? What can you do to make your daily life more pleasant?

7 Easy Ways to Make Self-Care a Habit

A habit doesn’t have to be a complicated process when making self-care. It can be as simple as setting up a routine for yourself or changing your routine. Here are seven ways to make self-care a habit: these activities can help you reduce stress and anxiety while improving your mood and self-esteem.

1. Know what you need (eat, drink, do)

Eat, drink, and take care of yourself first.

It seems obvious, and yet we sometimes dare to forget this. You won’t be the first to put off going to the toilet or getting a drink because you’re just so focused and want to finish that one task.

Still, a healthy lifestyle is essential. Eating and drinking on time ensure that we have enough energy to get through the day. Making time to eat also gives us the necessary breaks from work.

2. Create an intention for the day and set boundaries for yourself

it’s essential to set boundaries and create choices for the day to be more productive.

There are many ways to set boundaries for yourself. You can decide how much time you spend on social media or how many hours you want to work per day. Alternatively, you can determine your priorities before the day starts and how you want to spend your time.

One way to create an intention is to write down three things you want to accomplish today and review and evaluate them at the end of the day.

3. Look after your physical health by getting enough exercise and rest

Research has shown that a healthy lifestyle is directly related to your mental well-being. With better physical health, you feel more energized and focused.

It may seem more straightforward to put off your need for exercise and sleep until later because you don’t find the time to schedule it. Yet we should not underestimate the power of these two things. Sufficient rest and exercise will help you recover from mental fatigue. Your head gets to rest, giving it time to recuperate. So put on that sports outfit. Another important tip: do not overdo it with sports, but regularly take a rest day. That is also necessary for your mental and physical recovery.

4. Set self-care goals that are specific to you and your needs

You don’t have to meditate right away or become a yogi master. Examine yourself and discover what helps you to feel good. Do you calm down by meditating? Nice! Do you need a running session sooner? Also, fine! Maybe you want to play for an hour or something completely different? All fine! Let your first goal be to discover what works for you. And then set your own goals. Want to start jogging but haven’t done it before? Then don’t start preparing for a marathon but start with that first kilometer. Step by step, you can work towards bigger goals. Allow yourself to start small.

5. Make time for yourself every day; you are worth it

It is essential to allow yourself time for and with yourself. You can choose to do something you want to do, but you can also do nothing. Time for yourself is crucial because only then will you discover what you need to feel good. You don’t get to know someone until you spend time with that person. That also applies to yourself.

Do you often put yourself last? Are you putting off making time for yourself? Then schedule an appointment in your plan, yes: with yourself!

6. Practice self-compassion

Self-compassion is a form of self-care that focuses on understanding and acceptance. This way of thinking can be an effective coping mechanism for the stress and anxiety we experience. Note that there is a difference between self-compassion and self-pity. Self-compassion means being understanding of yourself. Self-pity tends to see yourself as a victim, which we do not mean here.

Try being less strict with yourself when you make a mistake to practice self-compassion. We are all human and make mistakes, so don’t dwell on it too long and let go of any negative thoughts. Alternatively, concentrate on what you did well and what you can take away from that one blunder or setback.

7. Notice how much better you feel when you take care of yourself too

If you allow yourself to be as caring for yourself as anyone else, you will notice how better you feel. You won’t feel the difference overnight, but you will realize that something you used to struggle with constantly has stopped for a while. You don’t have to stop taking care of others, but you can start taking care of yourself.

Finally: start small

I want to share one last tip with you, and that is: to start with small steps. You don’t start at the top if you ever train to climb a mountain. You move forward step by step, climbing up slowly until you reach that top. It is the same with self-care. Don’t expect the impossible from yourself but give yourself time to grow in self-care. Some days will be better than others. The important thing is that you start with it—step by step, step by step. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

The investor’s goal is to recoup their initial investment and make a profit. Alternatively, you can generate an infusion of passive income to cover your regular expenses.

Do not assume that this information is solely relevant to “cool men” in suits from financial television networks. Investing can and should be a big part of our life. If you give the article a half-hour, you will convince yourself.

If you’re interested in personal finance and want to save money, you’ve come to the perfect place. After all, this is how financially successful individuals live:

• Try to spend less money than they make
• Pay off your obligations and loans
• Set some money away

To begin, all of these are critical. However, saving is not a goal in and of itself. Saving won’t get you very far for the following reasons:

According to the Trading Economics database, inflation is associated with the economic progress of 75% of the world’s countries. Money eventually depreciates under its influence.

“Everything has gone up in price, including furnishings and construction supplies!” It was required to make a buying decision right away! ” – you consider.

And you are entirely correct! It’s not going to get any better. Time is on your side when it comes to inflation. The longer money lies dormant, the fewer goods and services you will be able to purchase in the future. There’s also the issue of inflation. Other economic forces have the potential to devalue money further.

But don’t be concerned. The recipe for financially successful people includes a fourth ingredient: they invest.

Let money work for you

 

Return on investment might come to you in a variety of ways. The first and most obvious:

The gain in asset value: purchased shares for $25 apiece, sold for $60, and earned a profit of $35 per share—regular payments, such as interest on a deposit.

Stocks will be discussed later, but let’s concentrate on bank deposits for now.

According to the National Bank, the United States has more than 9.6 trillion tenges on deposits. Another ten trillion dollars are kept in the company’s banks. It’s safe to mention that most people are aware of this instrument.

On the other hand, a deposit is the most basic investing option. It is even considered a necessary investment condition known as ” compound interest.”

It is when you only get interested in your assets for the first month. The bank’s interest is then applied to the entire amount, resulting in a new reward that is higher. As a result, the longer the funds are in operation, the more income they generate – automatically.

Do you have a down payment? You’ve made it to the stage of being an investor!

That’s simply a deposit; it’s not the only or most profitable tool available. Foreign currency deposit rates are often too low to be considered profitable. Yes, at 2% per year, you won’t make much money. Furthermore, tenge deposits do not always cover the same inflation, and there is a possibility of the national currency depreciating. In recent years, we’ve seen devaluations on multiple occasions.

Where to invest

We can recall real investments to cover the complete range of our issues. These are some of them:

• Land plots are being purchased
• Addition of residential and commercial real estate for rent or selling
• Precious metals and gemstones as investments
• Looking for antiques and treasures
• Creating and growing a business, as well as purchasing ready-made franchises
• Copyrights, patents, and licenses may be purchased or registered

All these options have advantages and disadvantages. Many of the items on this list necessitate specialized knowledge, talents, and commercial savvy. It may also necessitate a significant amount of effort and time. No one warned about the dangers: a collector may be “cheated” or robbed, and business could “go bad.”

Financial investment is another and more beneficial sort of investment in many ways. It is when you purchase massive company securities on international stock exchanges.

The main types of securities and how they work:

Shares: You invest in a firm by purchasing a percentage of its stock. You profit from the increase in the value of your securities as the company grows and develops. In addition, about 4,100 corporations in the US stock market pay dividends to shareholders regularly.

Bonds: Bonds are financial instruments that enable you to lend money to a business. The corporation regularly compensates you with a percentage fee and is obligated to refund your investment after a set period. Bonds can also appreciate and sold profitably.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.