Cost of sales method

The cost of sales procedure in the context of profits and losses.

 

The profit and loss account (P&L) is also called an income statement. All general ledger accounts are summed up with expenses subtracted from the income to leave a profit or loss amount for the period, which is usually one financial year. Daily operating expenses are summarised...

 

Tax Tips for the Self Employed

Saving taxes – a guide for the self-employed

 

How can I save on tax? This is an eternal question for the self-employed. In order to be well-versed in questions of tax, and improve your own financial situation, you need the necessary information: What taxes have you incurred? And what can be deducted from them?

 

Payroll accounting

Payroll accounting: What are its uses?

Employees receive remuneration for their work, usually at the end of the month. It is up to the payroll accounting department to make sure that each employee gets their earned wages. However, calculating salaries is only one section in payroll accounting, which also covers other aspects like registering employees with the HMRC for income tax and National Insurance contributions.

Time tracking

Time tracking – what should you know?

The laws governing employee time tracking are set out under the UK Working Time Regulations. But things like overtime and meal breaks are managed differently from company to company. However, every employer in the UK is obliged to keep records for their employees, including the hours worked each day and the total hours worked per week. What kind of data must be collected and what role does data...

Hidden reserves

Hidden reserves: Explained.

Hidden reserves can occur within a company through many ways: Some arise more or less of their own accord, others are created either intentionally or unintentionally. Usually these are completely legal or even required by law. On the other hand, however, these hidden assets can be used for activities of questionable legality. Here, we explain what hidden reserves are, how they are created and what...

PESTEL analysis

PESTEL analysis

It is important for companies to have an objective picture of their current market position when making strategic decisions. Analysing your own business activities in comparison with the competition involves comparing your internal strengths and weaknesses with the opportunities and risks posed by micro- and macroeconomic environmental influences. These factors can be determined using PESTEL...

Agile Working

Agile working: mastering the challenges of the digital world

“Agile working” is currently one of the biggest trends in the corporate world. It’s seen as the best way to master the challenges of digitalisation. How does the agile approach work? What opportunities and risks does it involve? And what role will this hot topic play in the future? We provide an overview.

Price Elasticity of Demand

Price Elasticity of Demand – An Important Indicator for Companies

If the price of a product is increased or decreased, this has an impact on demand. The price elasticity of demand indicates how strong this impact is. It shows whether the demand for a product or service is elastic (fluctuating) or inelastic (stable) when the price changes. We explain how this value is calculated and provide an example.

False self employment

Misclassified as an independent contractor: When can you be considered to be self-employed?

Being self-employed initially sounds tempting to many workers: Free time management, no boss, and the prospect of potentially more money and a new challenge. However, many self-employed people and their clients fall into the trap of false self-employment. What risks does this kind of employment relationship entail for both sides? We answer this question and explain which criteria help to recognise...

Internal Audit

The Internal Audit: Quality Assurance for Business Processes

The bigger an organisation is, the more difficult it can be for its management to keep an eye on all procedures. An internal audit – a quality assurance and consulting activity that analyses business procedures – is helpful in achieving this. The purpose is to ensure the optimal implementation of the organization’s objectives while avoiding unnecessary risks and by complying with applicable...

Gap analysis

Gap analysis: the starting point for successful strategic planning

Often in projects, the actual execution of something will differ greatly from the original plan. Using gap analysis, you can see just how much they will differ from the outset. It is the first step on the road to adapting a strategy to fit real-life situations within a company. With this method, you can avoid financial downturns and business setbacks from the start.

Conjoint analysis

Conjoint analysis: can a product establish itself on the market?

Conjoint analysis is conducted before launching a product on the market to obtain information about whether it will be competitive and which of its attributes would contribute to this. A variety of potential product designs are presented in a customer survey, and the survey participants are asked to indicate which one they would choose. The results reveal consumers’ priorities.

Grow Your Business

A solid business growth strategy is paramount for any business owner. This category focuses on all the aspects that follow the establishment of a company; from business strategy and growth, to recruitment, bookkeeping, and taxes.


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