The finance department is indispensable in any company. It makes a significant contribution to business success and ensures financial stability ⚖️💵 In our latest blog article, you can find out all about the department's tasks and the most important influencing factors that will shape the finance function in the future. Read the article now (German only) 👇 https://lnkd.in/ehBjyKxR #finanzabteilung #financefunction #automatisierung #digitalisierung
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Thank you for mentioning our recent State of Finance Digitisation report torq.partners! 🙏 Automation is transforming finance — find out how: https://lnkd.in/dKAhkgDc
The finance department is indispensable in any company. It makes a significant contribution to business success and ensures financial stability ⚖️💵 In our latest blog article, you can find out all about the department's tasks and the most important influencing factors that will shape the finance function in the future. Read the article now (German only) 👇 https://lnkd.in/ehBjyKxR #finanzabteilung #financefunction #automatisierung #digitalisierung
Die Finanzabteilung im Unternehmen
torq.partners
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Keeping careful track of your business expenses will make your life much easier during tax time. https://ow.ly/221n50PBaix
How To Keep Track Of Business Expenses (2023 Guide)
forbes.com
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Are you receiving the best value from your accountant? Assess these key points: Expertise: Is your accountant knowledgeable in your industry and up-to-date on tax laws? Proactive Guidance: Are they offering financial advice and planning for your business's future? Efficiency: Are financial tasks completed accurately and on time? Cost-Effectiveness: Are you paying a reasonable fee for their services? Communication: Do you have easy access to them for questions and clear explanations? Tax Optimisation: Are they optimising your tax strategy? Technology: Are they using modern tools for efficiency? Compliance: Are they ensuring compliance with financial regulations? Forecasting: Are they helping with financial planning? Value-Added Services: Do they offer additional services like analysis or advisory? If you find that your current accountant is falling short in one or more areas, it may be worth considering a discussion with them about your expectations or exploring other options to ensure your financial needs are met effectively and efficiently.
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Ever wondered about the secret to paying less tax and running a business more efficiently? The little-known nugget of wisdom lies in dual expertise: The subtle art of understanding taxation and mastering digital accounting. In my extensive experience, I've come across numerous businesses that suffer from inefficient financial management, often leading to a higher tax burden. Many times, the root cause is a lack of awareness of the available tax saving schemes or simply not using digital methods for better financial planning. Harnessing technology can bring about significant changes. Using digital tools for accounting not only increases efficiency by speeding up processes but also ensures accuracy, thereby reducing human errors - a common occurrence in traditional accounting practices. Meanwhile, understanding and leveraging tax-saving schemes effectively reduce one's tax liabilities. There are more ways than one would imagine to legally pay less tax - it's all about knowing how! To conclude, it’s safe to say that combining digital accounting prowess with astute knowledge of taxation can indeed be a game-changer for businesses. Are you ready to embrace this change? Running a business isn't just about making sales - it's about doing it in the smartest way possible.
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Marketing Director at CPA firm. Our CPAs specialize in a wide range of areas and I help pair you with the right fit.
Keeping careful track of your business expenses will make your life much easier during tax time. https://ow.ly/vlYG50PBaiu
How To Keep Track Of Business Expenses (2023 Guide)
forbes.com
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Earlier this week we shed light on 4 complexities surrounding the distribution of costs when a business changes hands. Check out our next 3 considerations below: 1️⃣ Employee-Related Costs: If the business sale involves a transfer of employees, the responsibility for employee-related costs needs to be addressed. Severance packages, employee benefits, and other related expenses may be the responsibility of the seller, particularly if they are outlined in employment contracts or if the buyer negotiates for the seller to cover these costs. 2️⃣ Liabilities & Indemnities: Sellers may be required to indemnify the buyer against certain risks or liabilities, and the agreement may specify the financial responsibility for addressing any undisclosed issues discovered post-sale. Indemnities and liabilities can significantly impact the overall financial arrangement and should be carefully negotiated and documented in the sale agreement. 3️⃣ Professional Fees: Apart from legal and financial advisor fees, other professional fees may arise during the sale process. These can include fees for accountants, business appraisers, or industry-specific experts. The responsibility for these fees may vary and should be clearly outlined in the negotiation process and documented in the final agreement. #Accounting #Finance #Accountants #scalingup #businessgrowth #growthstrategy
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Earlier this week we shed light on 4 complexities surrounding the distribution of costs when a business changes hands. Check out our next 3 considerations below: 1️⃣ Employee-Related Costs: If the business sale involves a transfer of employees, the responsibility for employee-related costs needs to be addressed. Severance packages, employee benefits, and other related expenses may be the responsibility of the seller, particularly if they are outlined in employment contracts or if the buyer negotiates for the seller to cover these costs. 2️⃣ Liabilities & Indemnities: Sellers may be required to indemnify the buyer against certain risks or liabilities, and the agreement may specify the financial responsibility for addressing any undisclosed issues discovered post-sale. Indemnities and liabilities can significantly impact the overall financial arrangement and should be carefully negotiated and documented in the sale agreement. 3️⃣ Professional Fees: Apart from legal and financial advisor fees, other professional fees may arise during the sale process. These can include fees for accountants, business appraisers, or industry-specific experts. The responsibility for these fees may vary and should be clearly outlined in the negotiation process and documented in the final agreement. #Accounting #Finance #Accountants #scalingup #businessgrowth #growthstrategy
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Ever wondered why your business is spending more than it should? Unnecessary expenses can sneak up on you, slowly creeping into your operations without you even noticing. These small incremental costs can, over time, become a significant drain on your revenue - and that's before we even talk about tax! Let's dive deeper to uncover these hidden expenses. A clear perspective of where your business is spending its resources will give an idea if you're overspending. One area often overlooked is inefficient processes that lead to wasted time and money. Another important aspect is understanding tax laws and utilising tax-saving schemes - a surprisingly large number of businesses are not taking full advantage of this. Moreover, not staying on top of trends and market developments may result in missed opportunities for growth or cost savings. Are you leveraging technology optimally? Digital transformation isn't just a buzzword, but a key strategy for businesses to increase efficiency and reduce costs. It may seem daunting to address these issues alone, so seeking advice from experts in the field can point you in the right direction. In conclusion, it’s crucial to regularly audit your business operations to identify areas of potential cost savings. The money saved here could be redirected towards growth initiatives, ultimately contributing to your bottom line. Remember - every penny saved is a penny earned! So have you reviewed your expenses lately?
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What happens in an S corporation if you DO NOT have an accountable plan? ⁉ If NO accountable plan is in place, the business still is able to deduct the expenses, BUT the same amount is includable in taxable wages to the employee and/or shareholder. 🚫 If there is an accountable plan in place, then the business is able to deduct the expenses AND the reimbursements are not taxable to the employee and/or shareholder. 🎉 Please be smart and make sure you have an accountable plan in place if you have an S corporation! 🧠 Did I miss anything here? Let me know in the comments 👇
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When you’re in control of your profit and loss (P&L), you have a tighter hold on the reins of your profitability. Read our Plain English guide to P&L and learn how to boost your profits. #tax #accounting #businesstips #ProfitAndLoss #P&L
Plain English guide to profit and loss - Think Accountants
https://www.thinkaccountants.net.au
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