Profit and loss account

Accounting methods: A guide

Accounting is a key element of financial reporting and plays a decisive role in the financial reporting of companies. It makes it possible to present the assets, financial position and earnings of a company at a specific point in time. The choice of accounting method has far-reaching effects on the presentation of a company's financial situation and can therefore also influence the decisions of investors, creditors and other stakeholders. In practice, there are various [...]

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Lease accounting: new rules and effects

Lease accounting is a key aspect of accounting that is of great importance to companies. It refers to the way in which leases are recognised and reported in a company's financial statements. Leasing is a widely used form of financing that allows companies to utilise assets without acquiring them directly. This can be particularly beneficial for companies that want to preserve their liquidity while gaining access to modern technologies.

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What does a tax audit mean?

A tax audit is a systematic examination of a company's tax situation by the tax authorities (and as long as you're not Al Capone, everything should be fine, just to clarify...). It serves to verify the accuracy and completeness of tax information and compliance with applicable tax laws. The audit can cover one or more tax periods and involves analysing accounting records, receipts and other relevant documents. Tax audits can be announced

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Corporation tax: Tax burden for companies

Corporation tax is a direct tax levied on the profits of corporations and other legal entities. It represents a significant source of income for the state and contributes substantially to the financing of public tasks. The assessment basis for corporation tax is the taxable income of the company, which is calculated in accordance with specific tax regulations. In Germany, the corporation tax rate has been a uniform 15 per cent since 2008. In addition, a solidarity surcharge of 5.5

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Accounting guidelines: A guide

Accounting policies are an important part of any organisation, regardless of its size or industry. These policies serve to ensure the financial integrity of the organisation and ensure that all business transactions are properly recorded and documented. They also help to ensure compliance with legal and tax regulations. In this article, we will take an in-depth look at basic accounting policies and explain their importance for small businesses. The compliance

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Annual financial statements: How to present your balance sheet professionally

The annual financial statement is an important part of business life and plays a crucial role for companies. It provides a comprehensive overview of a company's financial position at the end of the financial year and enables stakeholders to make informed decisions. In this article, we will take a closer look at the importance of the year-end statement for your company and discuss the various aspects that need to be considered when preparing and interpreting it. Key Takeaways The

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Depreciation: How to save taxes

Depreciation is an important aspect for businesses and individuals to understand their financial situation and save tax. It is important to understand how assets depreciate over time and how this can affect the tax burden. In this article, we will explore the different types of depreciation, how it is calculated and how it affects the balance sheet and income statement. Key Takeaways

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Income statement: the most important key figures

The profit and loss account (P&L) is an important tool for assessing the financial performance of a company. It provides information about a company's income, expenses and profit or loss for a given period. Knowing and understanding the P&L is critical for business owners to evaluate the financial health of their company and make informed business decisions. Key Takeaways A profit and loss statement shows financial performance

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Bookkeeping: The most important aspects of legally compliant bookkeeping [Update!]

Accounting is an essential part of every company. It enables the company's financial situation to be monitored, transactions to be tracked and reports to be prepared. Proper bookkeeping is crucial to ensure the success of a business and to fulfil legal requirements. In this article, we will take a closer look at the importance of bookkeeping for businesses and highlight the different aspects of bookkeeping. Key Takeaways Bookkeeping is the systematic

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Bookkeeping for beginners: the most important basics explained

Accounting is an essential part of every company, regardless of its size or sector. It involves the systematic recording, organising and recording of all financial transactions that a company undertakes. In this blog post, we will take a closer look at the different aspects of bookkeeping to gain a better understanding of its importance and requirements. Key Takeaways Bookkeeping is the systematic recording and analysing of business transactions. Companies need to keep accounts when

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What is the difference between operating leasing and finance leasing?

Leasing is an important financing method for companies, especially those that need to make large investments but do not have sufficient capital. It allows them to use assets such as machinery, vehicles or property without having to buy them. There are different types of leases, including operating leases and finance leases. In this article, we will explore the differences between these two types of leases and analyse their impact on businesses. Key Takeaways

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IFRS 16 Leasing: What companies need to know about the new regulations

The International Financial Reporting Standards (IFRS) are a series of accounting standards developed by the International Accounting Standards Board (IASB). One of the latest standards is IFRS 16, which came into force in January 2019. This standard has a significant impact on lease accounting and is therefore of great importance to companies. What is IFRS 16 and why was it introduced? IFRS 16 is an accounting standard,

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IFRS 16 example: How the new lease accounting changes financial reporting

The International Financial Reporting Standards (IFRS) are internationally recognised accounting standards that are applied by companies all over the world. One of the latest standards is IFRS 16, which relates to lease accounting. This standard was developed to improve the transparency and comparability of financial information and to give investors a better basis for their decisions. In this article, we will take a closer look at IFRS 16 and

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