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Things to look for from business consulting company

5 February 2018

With the advent of internet best thing of the 20th century, almost everyone knows who is termed to be a consultant. Consulting is a broad term in itself there is large numbers of business consulting defined. If you check out some sites that offer services there are a lot of business consultant you will find for different businesses like a consultant for accounting, SEO, start-up, networking, etc. Some people may have abused the term but one cannot deny the fact it is very useful and highly beneficial for emerging companies.

Business consulting can help re-direct your business and help you take your business to new heights. They simply find the blind spots your company lacking and draft your business strategies to improve the business direction. In case you’re losing most of your market, business consulting can redraw the areas of improvement and after complete examining, they will draft you the formula to follow in order to stay in action. Some of the services cost basic rate while extensive service rate goes higher.

The foremost thing about good business consulting I that they understand your business and based on several layers of auditing provides you the complete overview of the company and lay down the necessary actions required. Now how to realize if one is right consulting for your business? To summarize the business ethics of your company the top business consulting company takes sufficient time to analyze your business agenda and perform the critical operation to give you the best possible recommendation. They use parameters like profit-making, loss incurs, employee salary, individual employee performance, total revenue, net worth, etc.

Once they collect all essential resources, they perform SWOT analysis of the business. Based on calculations, this will measure out the strengths, weaknesses, opportunities, and threats to your business. After checking facts and figures the final conclusion comes. Many time business owners only reply upon the micro level of audit yet macro level is also an important factor and needs to be accomplished. Smaller emerging companies often get the challenge in getting financial service like accounting services, tax advisory services, financial planning, and reporting, etc. If you’re looking for a good financial planner who makes benefit from Tax reliefs. They simply reduce the tax burden and unnecessary cash outflow and Thereby, uplifting the company’s profit and overall revenue.

Choose the business consulting company who shows frequent interaction and listen to your needs. This is a very necessary step in picking the consultant you want. IF the problem of you sounds to be big, the consultant will interact with the important member and sort out your problem efficiently. Being a business owner you should know that proper risk measures should be accomplished before watching your business go into misery. Every type of business requires some sort of consultancy for their company’s welfare. You are the sole owner of your company, don’t steer it in the wrong direction unless you are not sure of the business things.

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Best Accounting Service for Your Business to Touch the Unbelievable Growth

15 January 2018

It is worth noting that successful company incorporation does not ensure smooth functioning of your business in Lublin, Poland. Law and order of the country are rigorously stringent. No one can escape from its severe penalties if the compliance issues have not been followed in a perfect manner. There are few mandatory compliance requirements which must be fulfilled within the stipulated deadlines. Keeping the financial statements updated, filing XBRL report and GST filing, etc. are few of the obligatory requirements of accounting services of the business. If you are not very well versed in these aspects, it is better to outsource the activities to the professional accounting services Lublin, Poland.

This article will provide few tips on how to outsource the accounting & bookkeeping services Lublin, Poland. A right accounting service can help you build a better business from the very initial days. So it makes sense to follow the tips and get the best vendor for your business.

Define Your Accounting Requirements

To begin with, you just need to figure out the accounting requirements of your business. Try to know about your exact accounting requirements so that you can make the service provider understand the needs in detail. Since you are liable to fulfil all the statutory obligations vis a vis accounting, you ensure to cover all the essential aspects of Lublin, Poland accounting.

Maintaining the financial statements, preparing and filing XBRL report, GST filing (if your business is GST-registered), bookkeeping, accounting activities are the few of the things, your accounting services provider will likely to handle and perform on your behalf.

Consider a Thorough Discussion

There are hundreds of accounting firms offering outsourcing services to their clients spanning across the industries. You are advised to conduct in-depth research on the firms providing cheap accounting services that are high in quality. You may ask for recommendations from your friends, colleagues, and relatives who have used the same services in the jurisdiction. You may create a list and then contact each of the firms to get a clear idea of their services and working protocols.

Before hiring the service, you may engage in a free consulting session with the most of the firms. During the sessions, you can openly discuss your exact accounting requirements and determine whether they can resolve your needs or not. You may also gauge their level of expertise, experience and level professionalism the firm has.

Experience & Certifications of Professionals

Also, do not forget to check the experience level and certifications of the professionals of the firm you are going to hire. Make sure to know the industry experience the firm has. It must match to your industry or else there will be the learning curve involved in the process due to which you may lose your valuable time and money.

Cost of the Accounting Services Lublin, Poland

The cost of the accounting services Lublin, Poland will vary from firm to firm. While some of them may charge on an hourly basis, others may charge by the volume of the accounting transactions. It is notable that big companies will charge higher amount and small will keep the charges cheap and affordable. You must make a choice smartly depending on a budget of your business.

It is better to choose the cheap accounting services if your business is running on a tight budget. Nevertheless, make sure to strike a balance between the cost and quality of the service. The firm like SBS Consulting is known for its cost-effectiveness and high quality of service.

Along with these factors, also ensure to consider the reputation and reliability of the firm you are going to hire for your accounting services Lublin, Poland. If you take all these points into account, you are likely to have a smooth experience of outsourcing accounting & bookkeeping services Lublin, Poland.

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Is the bookkeeping service is necessary for you?

8 January 2018

Bookkeeping is one of the biggest problems for all businesses regardless the business size, In Poland bookkeeping is highly practiced among the businesses. When an individual starts a business, he is determined to save hefty amount on other sorts of expenditure but bookkeeping consumes a whole lot of money. In case the company is new, it would certainly difficult to manage huge records. To cope up with such intricate scenario, companies are now hiring bookkeeping service to avoid any shortcoming in the business.

The business world is full of challenges and you are new to the market. Imagine what you will actually do to fight with the demanding market. Since it is no cakewalk to prevails such difficult competition and survive. To make most of it, every businessman takes dig to cost cut unessential things and relatively perform better.

Benefits of hiring a bookkeeper:

  1. The first objective of any business is to make the most profit from the work they are doing. But the problem arises who will manage all the bookkeeping activities like profit sharing, etc. To minimize such problems, companies hire bookkeeping services to reveal the profit earned. Professional bookkeepers have expertise in bookkeeping and manage the work very effectively. One should not perform wrong entry; it can land the company in jeopardy. Not even a minor mistake is acceptable in bookkeeping since it may cause serious problems.
  2. In some companies, people think it is better to train one of their employees in bookkeeping rather than hiring a professional; this move can cost even more and put your business at risk. A professional bookkeeper has the better understanding of record management; it’s advisable to choose one for your business.
  3. A bookkeeper can reduce a lot of stress from you; activities like data backup, updating bookkeeping software, insurance, due dates, etc are delegated to bookkeeper.
  4. Budgeting helps your business move in right and upward direction. If you have well formulated, it can help you save expenditure and make more profit. Once the bookkeeper familiar with your business objectives he will even provide the valuable recommendation.
  5. All reputed bookkeeper provides keeps and maintain data record. They also provide the complete overview of financing, marketing, IT and risk mitigation advice. Such collective result signifies the quality of the bookkeeper.
  6. A professional bookkeeper can get you out of the rid of the wrong invoice, GST, and incorrect coding, etc.

It is quite clear that hiring a bookkeeper can help in wide prospect. It not only reduces the chances of business loss but also provide convenience to give the boost to your company. It is not a good business where men dread numbers and put you at risk. Make use of the specialized bookkeeper to make most of your business. Drop the risk factors which causing your business collapse.  But don’t forget to hire the best bookkeeper professional. In Poland the frequency of bookkeeper is high so choose the right one, after all, it is about your business future.

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How to choose right Business Consultant

2 January 2018

With a large number of companies, gearing up, the clash. It is also a significant effect on business relations. Almost, everyone has an idea who and what consultants to? If you will search for the internet, there are many business consulting companies. in fact, there is a consultant for SEO, a consultant for start-ups, a consultant for networking companies, etc. Więcej…

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Issues related to HR 2017

30 September 2017

From 1st January 2017, new provisions are in force which guarantee the contractors and self employed a minimum rate of remuneration at an amount of  PLN 13 for each hour of work. Therefore, there will exist a necessity to record the number of hours devoted to carrying out a contract or providing services. Such a record can be run in paper, electronic or document form.

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Joint and several liability of the attorney

22 September 2017

As of 1st January 2017, Art. 96 subparagraph. 4b of the VAT Act shall be added, to introduce joint and several liability of attorneys who file registration applications on behalf of their taxpayers for arrears of these taxpayers. This liability:

1) shall refer exclusively to tax arrears (it shall be assumed that this refers exclusively to VAT tax arrears) which occurred because of deeds carried out within 6 months from the day of taxpayer registration as active VAT taxpayer

2) it shall exist up to the amount of PLN 500.000,

The joint and several liability will not come into being if tax arrears occurred without the participation of the taxpayer in unreliable settlement of tax to gain material benefits (Art. 96 subparagraph 4c of the VAT Act).

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New VAT sanctions

15 September 2017

As on 1st January 2017  Art. 112b and 112c will be added to the VAT Act, which contain new provisions on additional tax obligation. This obligation will be determined by tax authorities in five cases (unless the circumstances excluding the application of the provisions of additional tax liability occur, for instance, if before the day the tax inspection is initiated by the Head of the Revenue Office or inspection by Revenue Control Office is started, the taxpayer made a relevant change in the Tax Return and paid to the Tax Office the amount, arising from the change of Tax Return together with interest for delay), i.e. in the case it is found out that:

1) in the tax return filed, the taxpayer indicated:

  1. a) the amount of tax liability lower than the output tax
  2. b) the amount of tax difference return or the return of the input tax higher than the output tax
  3. c) the amount of tax difference to reduce the output tax for the subsequent period higher than the output tax,
  4. d) the amount of tax difference return or the amount of input tax return or the amount or tax difference to reduce output tax for subsequent periods when the taxpayer should show the amount of tax obligation needed to be paid to the Revenue Office.

2) has not filed the Tax Return or has not paid the amount of tax liability.

 

The amount of additional liability shall be, on principle, 30% of the amount of under-rated tax liability or 30% of the amount of over-rated tax difference to be returned, the return of the input tax or the difference of tax to reduce output tax for the subsequent periods.  However,  in some cases  the additional tax liability shall be set out at 20% (if after the end of the tax inspection, the taxpayer filed a return correction, taking into account all irregularities found out and paid the amount of the tax liability or returned undue amount of return  or filed Tax Return and paid the amount of tax liability) and 100% ( for instance if the irregularities arise from the invoices issued by inexistent entity being taken into account).

 

In consequence of the above sanction, Art 89b subparagraph 6 of the VAT Act was repealed – the additional tax liability imposed on taxpayers who did not fulfil their duty of tax correction deducted from unpaid invoice, was done away with.

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The duty to file returns and summary information in electronic version

8 September 2017

In 2017, the following taxpayers will have the duty to file returns in electronic form:

1) obliged to be registered as VAT EU taxpayer;

2) suppliers of goods or services to whom the taxpayer is the buyer pursuant to Art. 17 subparagraph 1 point 7 and 8 of the VAT Act, or the buyer of these goods or services;

3) obliged, pursuant to Art. 45ba of the 26th July 1991 Personal Income Tax or  Art. 27 subparagraph 1c of the 15th  February 1992 Corporate Income Tax to  file returns, information and annual calculation of tax with the use of electronic  means of communication.

Others than the abovementioned taxpayers shall become obliged to file most VAT returns with the help of electronic means only from 1st January 2018.

 

From 1st January 2017, the summary information on intercommunity transactions carried out and the summary information on domestic turnover will have to be filed with the use of electronic means of communication. Exclusively, in electronic form shall be submitted also corrections of this information.  The right to file summary information on intracommunity transactions carried out for quarterly periods has been done away with. 

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9. Limits to the right to file quarter returns

1 September 2017

Only small taxpayers will have the right to file quarterly returns. But, this right shall not apply to newly established entities for a period of 12 months, starting from the month in which they registered as active VAT  taxpayers. Additionally, for 12 subsequent months (counting from the day of VAT registration) small taxpayers registered for VAT after 30th September 2016 shall not have the right to file quarterly returns. These entities, starting from the returns for January 2017 shall file VAT-7 returns. In this scope, there is no duty to file VAT-R updating.

 

Additionally, from 1st January  2017, the taxpayers which/who in a given quarter or in the preceding four quarters delivered goods, set out in Attachment No 13 to the VAT Act shall not have the right to file quarterly returns unless the total value of these supplies without tax amount has not exceeded in any month or any period an amount of  PLN 50,000. Thus, it will have no importance whether the value of the supplies exceeded the amount corresponding to 1% of taxpayers’ sale value without the amount of tax.

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The deadline to repay the surplus of input VAT over output tax

25 August 2017

The possibility to prolong  the deadline to return the tax difference (for a period not longer than 3 months) is provided for in the case a justified request is filed by the Chief of the Police, the Head of the Central Anticorruption Bureau, the Chief of the Internal Security Agency or the Attorney General in consequence of legal proceedings being run.

 

The return of the tax difference will be possible within 25 days only when:

1) the receivables, arising from invoices, documenting the purchased goods and services were paid through the taxpayer’s account in a bank or in a cooperative savings and credit bank, and the taxpayer presented documents to confirm this payment,

2) the total amount of receivables, resulting from the remaining invoices (not settled through  a bank or  a cooperative savings and credit bank) does not exceed PLN 15,000,

3) the amount of input tax or tax difference unsettled in earlier settlement periods and recognized in the return does not exceed PLN 3,000.

4) the taxpayer filed in the Tax Office, the documents, which confirm the payment of tax through the taxpayer’s account in a bank or in a cooperative savings and credit bank,

5) for another 12 months, preceding the period, for whose settlement the taxpayer demands  refund in an accelerated time, the taxpayer was registered as a VAT active payer and filed timely VAT declarations.

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