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In-house accounting or tax consultant?

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  As a self-employed and small business owner, the question arises at an early stage: Do you make the decision to do the bookkeeping yourself and save money? Or do you hire a professional who you pay for this service? In this blog we want to give you some information to be aware of: Which tasks should I consider? Regardless of whether you or the tax accountant will keep the books, outgoing invoices must be created and sent to your clients, the bank’s movements reviewed, receipts and documents sorted and kept. With these documents and information then the bookkeeping obligations can be fulfilled. These may include the monthly management reports, payroll accounting, VAT reporting or the annual accounts. Why not book yourself? Bookkeeping can be a complex undertaking, with your own initiative combined with the necessary know-how it can be achieved. However, do you have the time …or would your time be better spent on other aspects of your business. You could save money, as the cost of a ta
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Reflections on digitization

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  Digit, according to the first meaning, is relative to the fingers. The second definition refers to the digit numbers. Interesting dichotomy. The fingers, the pure expression of touching and physical contact versus digit numbers, the minimum expression of programming languages. We are in the  digital revolution , the digital era, the digital signature, digital printing, digitalization of companies, digital media, the digital thermometer … Everything is digital and it’s here to stay and enhance our working and social life. Well, this dichotomy occurs in everything. Digital friends we text via our mobile phone, sending digital loved ones emoticons and digital clients are the ones we communicate with without the need for paper documents working towards the paperless office. All this, taking into account that, in this digital world, everything is becoming virtual and the need to embrace is becoming a prerequisite to moving your business forward. Digital advice? In this digital world where
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Project Management

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  Managing any project large or small can be a complex business, making sure you have the right team at the right place and at the right time is a feat in itself. Bringing everything together to complete one set of tasks before the next starts takes a lot of planning and this should go hand in hand with keeping control over the costings. This can become a bit of a juggling act and if you’re not careful costs can spiral, making sure you have good controls in place is paramount so a few things to consider are listed below…. Project Management Project management is not only about making sure each activity within the project is executed correctly and within a certain timescale but that the budget agreed with the client is adhered to. Sometimes there are mitigating or unforeseen circumstances whereby a project spend will overrun, the Project Manager will allow and build in a contingency to cover these and maybe make small cuts elsewhere should the circumstance be greater than the contingenc
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Open API for developers

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  In the World Wide Web, you hear more and more often that companies offer an open API for developers. But what is an API anyway? API stands for ”  A  pplications  P  rogramming  I  nterface” and as the name suggests, it is an “application programming interface”. An API interface is used for the exchange and further processing of content and data. This allows various software and hardware components to connect, such as applications, hard disks and (graphical) user interfaces of websites and programs. Through an  open interface , many programs can connect to a platform by dynamically integrating the provided data of the platform into other programs. This works through a clearly structured access to functions of the backend. External programs and websites can access exactly the data that is useful to them and process it as desired. Open API of Reviso The  cloud accounting software  Reviso  also  has an open API for developers. Apply for the  free API  at  Developer webpage . If you as a
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Managing the fixed assets of your company

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  From an economic or accounting point of view, when we refer to fixed assets we speak of those elements of the company’s assets that intervene in the productive cycle, but do not disappear with it, in contrast to the elements that are called circulating, which disappear with the manufacturing and sales cycle of our product (or our service). In short, they are elements whose usefulness usually extends for more than a year. They are both conceptually and accountably part of the company’s assets. We distinguish between tangible fixed assets (machinery, furniture, computer equipment), intangible (patents, transfer rights, intellectual property, administrative concessions …) and real estate. The particularity of its behaviour at the level of income and expenses is that we do not discount the purchase price at the time of acquisition, but each year we depreciate or amortise a percentage of it, which will depend on the type of asset that is. Depreciation is the accounting reflection of the d
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Identifying Deferred Income

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Deferred revenue or Income  which is sometimes also referred to as unearned income relates to payments received from a customer in advance for services or goods which they have yet to receive or be delivered. What is Deferred Income Keeping track of deposits paid by customers and knowing when these should hit your accounts can be a tricky business. Large corporations down to  SME’s and freelancers  will experience this issue and any business that deals in payments in advance or on account would normally be expected to know exactly how much has been received as deferred revenue so, let’s explain this is in a bit more detail and see how it should be handled within your accounting system. Prepayments/Accruals Any customer that pays in advance, creating a  prepayment , on account or stage payments should be treated as a liability within your balance sheet until the work has been completed or the stage that you’ve charged them for has been completed as prior to this, if it turns out you can
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How interest rates affect us

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  If you are a follower of the economic press, one of items of news that has had more impact these days is the decision by the monetary authorities of both the United States and Europe to reduce the interest rate of money or announce future reductions in their respective areas of action. The question is, do these movements of high economic spheres really affect ordinary citizens? Do they have an influence on our day-to-day economy? The answer, although we don’t believe it, is yes, especially if we are small entrepreneurs. How changes in interest rates affect us When a Central Bank lowers the interest rate of money, what it is doing is lowering the price of money. Because, indeed, money has a price, the interest that central banks charge to commercial banks for lending them money. And yes, commercial banks are the ones who lend money to us. We start to see the relationship, right? A reduction in interest rates of money what it does is to encourage banks to lend money more easily, less i
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