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Digitization in the finance department – these were the top 5 topics in accounting in 2018
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Smart solutions, innovative business ideas and above all the possibilities of artificial intelligence have occupied finance departments and accounting managers in 2018. 

According to our DSP selfcampaign, "artificial intelligence" was the most sought-after term among accounting experts in 2018: 45 percent of all articles read dealt with this topic. The potential of artificial intelligence is obvious: With big data analyses and self-learning algorithms it is possible to analyse and assess the initial situation, the prospects of success and the medium-term development of...

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The Benefits of Financing 4.0
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Creditshelf, a Fintech in Germany, conducted the research titled 'Industrial SMEs ad Financing 4.0.' The research was done on 244 financial decision makers including board members and managing directors. The study was accompanied scientifically by Prof Dr Dirk Schiereck, Head of the Department of Corporate Finance at TU Darmstadt. The research established that small and medium enterprises (SMEs) are more willing to provide real-time data to access credit.


The Findings

As SMEs become more and more open, almost all businesses can now lend an investment in this way. Companies...

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Practical Advise
The Best Tips for Selecting the Perfect Business Accounting Software
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Before technological advancement maintaining a business’s books required you to record figures in a paper ledger. But today, entrepreneurs use accounting software to predict sales, manage inventory and most importantly, to track the business’s revenue. There are so many types of accounting software available and choosing the right one for your business can be difficult.


Accounting Software Options 

There are different software options available for both small and mid-sized companies such as: 

  • QuickBooks 
  • MYOB
  • Cashflow Manager 
  • Saasu 
  • ...

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Practical Advice
Saving smart on tax bills 
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In any business, one thing is common – taxes. Whether you are running a big firm or a small company, you must pay taxes to the government. Being aware of the taxes to pay is essential as any mistakes can turn out to be costly. 
Taxes are unavoidable. Therefore, as a business minded person, you need to plan and figure out ways in which you can reduce the income that is redirected to paying your tax 


Ways to minimise tax bills 

Let us look at some fundamental legal ways you can use to reduce the tax paid. 

  1. The increment of Employees' benefit: ...

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The significance of Net Cash Flow and How It Operates 
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Net cash flow is the difference between an organisation’s cash outflows and inflows within a given time. In other words, net cash flow means the adjustment in the firm’s money balance as documented on its monetary statement. 


Why It Is Important 

Net cash flow assists organisations to reduce debts, pay dividends, purchase back stock, expand or create new products. It is the driving force that enables organisations to carry out their everyday business. For this reason, a significant amount of individuals treasure net cash flow instead of other measures of...

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Why You Should Use Cloud Accounting Software
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Both small and large businesses have increasingly been shifting to the cloud accounting software to help in the management of their accounts, bookkeeping, payroll and VAT. Cloud computing is becoming popular since it streamlines processes for both customers and vendors. Using this technology in your business has both advantages and disadvantages. Before looking at its pros and cons, it is essential to know what it is and how it works. Cloud computing allows individuals to access data and software through the internet instead of accessing them on their remote machines. 

In the past few...

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3 Major Factors in Managing Business Costs
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Cost cutting is a feature of business regardless of what is happening in the economy. To maximise profits, business owners need to not just control costs but reduce them. Even in thriving times, cutting costs should result in a more efficient, therefore more profitable business. Here are 3 major factors in managing business costs:


1. Assign Budgetary Accountability

Every department, division, and team should have a budget. Budgets should be set for whichever hierarchical structures there are within your business. This does mean there will be budgets within budgets, within budgets....

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Digitisation Strategies to Help Banks Catch Up
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Digital transformation is happening across different industries, and banking is one that is steadily capitalising on the phenomenon. Incorporating digital systems in banking operations has allowed institutions to interact on a different level with their customers. As they immerse themselves further into the digital world, banks are forced to come up with products that cater to those demands. It is how mobile and online banking came to exist. Optimising digital processes allows banks to be more reliable, cost-effective and available to customers when needed. However, digitisation is not easy...

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Practical Advice
What Instigates a Tax Audit and How to Protect Yourself
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Tax audits are dreaded everywhere. When tax season arrives, with it comes the risk of a tax audit, which is a comprehensive analysis of a filer's tax returns to verify the information submitted. A review of personal or company taxes is not common, and most taxpayers may never have to go through one. Less than 1% of taxpayers are subject to tax audits and a good number of them sort out the issues without even having to meet with IRS agents. However, certain triggers can increase the chances of the IRS requesting a tax audit. Individuals and businesses must know these factors. 


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Benefits of Paperless Expense Reports
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More and more expense reporting processes in companies are going paperless. This could be to protect the environment from the effects of using papers, or because of the efficiency of the paperless expense reporting software. Either way, there are dozens of benefits in the long run. Employees may travel regularly to take care of companies businesses; therefore, a good expense management system will track and record all the employees’ expenses to ensure immediate reimbursement of the incurred expenses. 

The old fashioned expense reporting that involved attaching receipts and...

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