Author: Jennifer Brazer

Suppose you want to save on restaurant costs. When you go to a restaurant, you do not only pay for the food served to you. But also, for many other charges, such as preparing the dishes, service, and washing the crockery and cutlery that you use.

It is how you save a lot of money on a restaurant!

According to experts, as a rule, an average restaurant should use a factor of three, or even four, when determining their prices. The prices are three or four times as high as the actual ingredients used. Even if you buy all the ingredients for a meal as cheaply as a restaurant, you will still be considerably cheaper by preparing the meal in question. A restaurant also charges many other costs, even if you only ordered a straightforward dish.

Save money when you go to a restaurant

From a practical point of view, the advice to extend a meal yourself, thus saving restaurant costs, seems perfectly logical. But never escaping the daily stress and hectic pace can be frustrating. Almost everyone now and then doesn’t have the time to deal with pots and pans after a long day. In such situations, it is therefore nice to know how you can save money when you go to a restaurant.

Eating out with family and friends is a significant way to socialize for many people. Therefore, it is not pleasant to reject every invitation to go to a nice restaurant because of a shortage in your budget. Moreover, by constantly refusing invitations, you risk losing contact with people in your immediate environment and, in the worst case, even ending up in social isolation. Fortunately, there are many ways to enjoy an occasional meal in a cozy restaurant without completely disrupting your finances.

The place where you eat out

Before you go out for dinner, it is essential to know which restaurant you will visit. Not every restaurant is the same, and for that reason, the choice of a particular eatery can also determine the costs associated with such a visit. Your wallet will certainly appreciate that.

The day you go out to eat

If you visit a restaurant on a Friday evening or at the weekend, the price for, for example, a three-course menu can be a lot higher than if you would order the same menu on another day of the week. On those days, the restaurant is likely to have less customer traffic. Specific discounts are often given to the case as complete as possible. Towards the end of the week, on weekends and public holidays, more people will visit a restaurant, so prices may be higher. By not eating out on one of the busy days, you can quickly save a few euros per person at these restaurants, while the food you will be served will be of the same quality.

Take on the role of waiter or waitress yourself

When you go out for dinner in a vast luxury restaurant, you must consider that your bill will be considerably higher than settling for a much cheaper family restaurant. The difference can sometimes be tens of dollars per person. Therefore, it is essential to choose a restaurant where you can save money, for example, by going to a self-service restaurant. After all, in these types of eateries, you don’t have to pay extra for service, and therefore you don’t have to wait until a waiter or waitress has time to take your order. The price of the dishes can often be significantly reduced, while the quality does not have to be compromised. You can usually eat delicious food at a very attractive price in a self-service restaurant.

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.

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, financial statements are 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 a corporation’s expected evolution 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 controlling 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 (DDS) is the most basic and intuitive. Each transaction on a current account or at the cash desk is recorded into the DDS, which records where the money came from and fills in management statistics (articles and CFU). As a result, the owners see how much money the company has received and 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.

There are many ways to classify accounting documents, depending on the frequency of entry and the company’s specific characteristics. Classification 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 an “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 (for 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 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.

The Power of Self-Care: How to Make It a Habit and Transform Your Life

Self-care is essential for both our emotional and physical well-being. By making conscious choices in our daily routines, we can develop self-care habits that enhance our quality of life. While the idea of incorporating self-care may seem overwhelming, it doesn’t have to be. With small, intentional changes, you can create a lifestyle that prioritizes your well-being without disrupting your daily responsibilities.

The first step: Identifying what you need

The journey to self-care begins with recognizing what behaviors need to change for you to feel better mentally and physically. Start by making a list of habits you’d like to adopt and prioritize. Then, work on implementing these habits one at a time until they become second nature.

A little tip: Take care of yourself before taking care of others. When you prioritize your well-being, you improve your self-perception, your overall happiness, and your relationships with those around you.

Why Self-Care is Crucial for Success

The benefits of prioritizing yourself

No matter how hard we work, if we neglect our well-being, we won’t be able to enjoy the rewards of our efforts. Self-care isn’t selfish; it’s necessary for maintaining our physical and mental health. Moreover, it serves as a powerful way to show our loved ones that we value ourselves and, in turn, them. When we feel our best, we exude positivity, influencing those around us to do the same.

Beyond pampering: A holistic approach to self-care

Many people associate self-care with indulgent activities like spa days, long baths, or enjoying a cup of tea. While these are excellent ways to relax, self-care encompasses much more. It’s about understanding your personal needs and making choices that nurture your mind, body, and spirit. The foundation of a stress-free life starts with self-care, and self-care starts with you.

So, what do you need to feel your best? How can you make your daily routine more fulfilling and enjoyable?

7 Easy Ways to Make Self-Care a Habit

Forming a habit doesn’t have to be complicated. Self-care can be seamlessly integrated into your daily routine with a few simple adjustments. Here are seven strategies to help you get started:

Listen to your body: Eat, drink, and nourish yourself

It sounds simple, yet many of us neglect basic needs like eating and staying hydrated due to our busy schedules. Have you ever found yourself skipping meals or delaying bathroom breaks just to finish a task? These small compromises take a toll on your well-being.

Prioritizing a balanced diet and staying hydrated gives your body the energy it needs to function at its best. Plus, taking time for meals creates natural breaks in your day, allowing you to reset and refocus.

Set daily intentions and boundaries

Creating clear intentions and boundaries sets the tone for a productive and balanced day. This can mean limiting time spent on social media, defining your working hours, or setting small goals to accomplish.

A helpful practice is writing down three priorities for the day. At the end of the day, review them to see what you achieved and how you can improve moving forward.

Move your body and prioritize rest

Physical activity and rest are directly linked to mental well-being. Exercise releases endorphins, boosting your mood and energy levels, while sufficient rest allows your mind and body to recover. Even if your schedule is packed, small movements like stretching, walking, or dancing can make a difference.

Balance is key—don’t overexert yourself. Allowing rest days is just as crucial for recovery as exercise itself.

Set personal self-care goals

Self-care is personal, so tailor it to what makes you feel good. Not everyone finds relaxation in meditation or yoga—maybe a run, painting, or playing music brings you joy. Identify what works for you and start small. If jogging is your goal, begin with short runs and gradually increase your distance. Progress, not perfection, is the goal.

Make time for yourself daily

Taking time for yourself should be a non-negotiable part of your routine. It doesn’t have to be extravagant—even 15 minutes of uninterrupted time can make a difference. Use this time to do something enjoyable, whether it’s reading, listening to music, or simply doing nothing.

If you struggle to make time for yourself, schedule it like an appointment. You wouldn’t skip a meeting, so why skip time for self-care?

Practice self-compassion

Self-compassion involves treating yourself with kindness and understanding, even when you make mistakes. It’s different from self-pity, which focuses on feeling like a victim. Instead of beating yourself up over setbacks, recognize them as learning experiences.

Next time you catch yourself being overly critical, reframe your thoughts. Acknowledge what went wrong, but also highlight what you did well and what you can improve.

Notice the positive impact

The more you prioritize self-care, the more you’ll notice its benefits. Your mood will improve, stress levels will decrease, and tasks that once felt overwhelming will become more manageable. Taking care of yourself allows you to show up as your best self for others without feeling drained.

Final Thought: Start Small and Stay Consistent

Developing a self-care routine isn’t about making drastic changes overnight. Like climbing a mountain, it takes small, steady steps. Some days will be easier than others, and that’s okay. The important thing is to start—even if it’s just dedicating five minutes a day to something that brings you joy.

Step by step, self-care will become a natural part of your life, improving not just your well-being but also your overall happiness and success. So, what’s one small self-care habit you can start today?

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.