Peter is a young physiotherapist. We have known each other for years. Listening to his business ideas, I have always envied his devotion to new projects and challenges. So when he asked me two years ago what he should do to enter the market and minimize costs at the same time, I started investigating the subject in question. And I will gladly share the conclusions of my investigation with you.
The main task of financial reporting is to provide information about an entity's financial position to any interested parties (stakeholders). In order to meet this requirement, financial statements should present a fair and true picture of the condition of the entity’s assets and liabilities, its financial position and financial result. How does one understand such a statement?
We have something to be happy about - the long awaited NetSuite Localization Package is available in Poland from the start of November! The happiness is doubled because this took place thanks to our company (yes, we have cause to boast) - we comprehensively adjusted the NetSuite software to the requirements of the Accounting Act as well as the tax law.
Much has been said recently about the need for security procedures that would guarantee the status of taxpayers in good faith towards their contractors. The problem is that with such a procedure it is like choosing a representative company car. Driving a battered Opel station wagon to the customer parking lot brings shame. A shiny Porsche immediately suggests expensiveness. Something in between? By all means – one cannot overdo it one or the other way.
The sale of a family business is always a far more difficult a process than its divestiture by means of a fund or a large corporation. Selling a family business means a great change for both the entrepreneur - the business owner, and the staff. It also exerts an inevitable impact on the relationships with customers and suppliers. However, such a change primarily affects the owner and staff.
The process of liquidation is, no doubt, a complicated one and many important aspects, such as valuations, provisions, appropriate reports and proposals for reporting changes cannot be omitted. Sometimes these procedures last for several months and sometimes even for several years. However, upon receipt of the entry with the deletion of the company from the National Court Register, we can assume that the company’s liquidation process has been successfully completed.
At present, there is probably no other such publically discussed tax as the VAT. And this is not because the rate is very high (23% is a “temporary” increase that has lasted only a little while, that is since 2011) but because a lot of this tax evaporates. From whom? From all of us.
It is worth considering whether the spread of outsourcing services by the so-called service organizations and the increase in the number of companies that provide such solutions is also followed by adequate attention to ensure that internal controls within an outsourcing company are appropriately designed and, more importantly, properly implemented so that a user organization is comfortable that the risk is limited to an acceptable level.
We were recently asked for assistance in carrying out a “mission impossible” project. On his deathbed, the owner of a single-member business asked himself what will happen to his business after his passing. His daughter, who has been involved in running the company, wanted the family business to continue. Unfortunately, single-member companies cease to exist upon the death of a proprietor as succession proceedings may take months or even years, by which time the entities have long since disappeared from the market.
The company's activity, including the acquisition and production of assets, is often financed from external sources (loans or credits). Such type of financing involves the payment of interest and other costs associated with the borrowing of the funds, i.e. the borrowing costs.
