SAP B1 blog

Invoice correctly

Landed an order. Very good! The point of the whole thing is to be paid for your work at the end of the day. This requires an invoice. This is the basis for all bookkeeping. That the invoice also fulfils the legal requirements, here a contribution to this topic.

A good variant: the invoice by e-mail. In this and also each post gives you all the information you need.

Fiscally recorded

If you are starting a new company, it must be registered with the tax office for tax purposes. You will be sent a questionnaire after registration. This must be completed.

Financial accounting: EÜR or double-entry bookkeeping

Financial accounting - known as "Fibu" for short - records all business transactions that are recorded by means of an invoice. The requirements for financial accounting vary depending on the size of the company. The following are common EÜR (revenue surplus account) and double-entry bookkeeping (recording to account and contra account) are the common methods.

Always a good "alternative": an accounting system. In addition to the administrative effort, your company benefits from the evaluations and analyses that the software can create based on the bookkeeping. This is the basis for  "Controlling" and can thus become an important basis for decisions.

All about the cash book

The cash book is also not an unknown term in the context of accounting. And a relevant one at that. Because cash book is not the same Cash book. There are some differences depending on the industry.

For the little ones

If a company only has a very low turnover, it falls under a certain regulation. This simplifies bookkeeping, especially when it comes to declaring turnover and input tax.

payroll accounting

Payroll accounting is at least as relevant for a company as invoicing. After all, the employee also wants their salary, which the accounting department in turn wants to see documented. There are some important administrative things to consider here: Registration, payroll, payment of duties or deregistration.

accounts receivable

In addition to correct invoicing, the accounting department must also keep an eye on the invoices sent out. This process is known as accounts receivable accounting. A suitable accounting software is also suitable here, as it immediately displays elapsed invoice deadlines and can send automatic reminders. Another significant advantage: the standard formulations for payment reminders or dunning letters are already recorded in templates in the systems. Templates are usually also available online for accountants without software.

Accounts Payable

Because you can't always just be a supplier, but also a customer, there is also accounts payable. This is where your liabilities as a company are recorded. As a fixed component of your financial accounting, the amount of debt can always be compared with your own Liquidity be harmonised. You guessed it: a system is also a great advantage here.

Every year again: the tax return

The tax office regularly reports its requirements. Depending on the size of the company and its legal form, you will have to pay income tax, corporation tax, etc. based on your bookkeeping, value added tax or trade tax. These should always be correct, otherwise the tax audit can be expensive. A good system can also largely ensure that all data is recorded correctly and is available at the appropriate time.
Caution: even after the tax return, the documents must remain in the accounting system - depending on the retention periods.

VAT and input tax in accounting

value added tax is usually known from receipts. Input tax is then completely unknown to most accounting newcomers. However, the tax office regularly requires an advance return and payment of these taxes. Input tax is, so to speak, the VAT paid on products and services purchased by the company. Input tax and VAT are then offset in the accounts and reported to the tax office.

Advance turnover tax return

Another important point for your calendar: the Advance turnover tax return. The deadlines are taken very seriously by the tax office.

Company car: logbook or 1% regulation

Company cars are a great thing. However, they also entail additional accounting work. The costs reduce the taxable profit as operating expenses. However, the tax office also pays close attention here. This is because private use must also be declared. In accounting, you have the choice - either way - between a logbook or the 1% rule. Here, 1% of the list price of the company car is added to the employee's salary by the employer.

The crucial question: Who does the bookkeeping?

Of course, managers are obliged to understand the basics of accounting (and in other positions it doesn't hurt either). However, accounting for a company is a task in itself. In addition to tax advisors, there are also accounting firms that can help you with this task.

Software solutions are also recommended, as the accounting remains in-house and important decisions can be made quickly based on the company's key figures. Analyses and evaluations created by the system are a great help here.