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4 Practical Accounting Tips for SMEs
- Attention to indirect charges and payrolls
In addition to the charges that are levied, on a monthly basis, on the payroll, there are indirect ones.These are charges with a future incidence, such as holiday pay, 13th month, severance pay, etc.
All these expenses will have an impact on your employees' salaries and on your company's economy, and it is necessary to plan them sothere are no unpleasant surprises.
Your company's accounting musttake into account the amounts to be paid to employees, in a completely legal manner and as stipulated in the Labor Code.If in doubt,review the legislation with your accountant.
- Careful formulation of the sales price
Thefinal price of your product or service must be calculated accurately and accurately.This implies knowing the cost of the raw material, in the case of a product, materials and equipment involved in production and charges levied on the final cost of the product.In addition, you must also knowpersonnel costs, financial costs, and storage time and costs.
If your company provides services and these involve the displacement of personnel, the payroll will have a greater weight in the final sale price.This practical accounting tip is about budgeting: you need to make a budget so that your profit margin is not compromised.
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- Evaluation and income statement
The amounts left in cash at the end of the month are not necessarily profits.The accounting tip for SMEs here involves an income statement so that you can assess what the direct and indirect costs are, and the final results.
Knowing your profit margin allows you, in addition to evaluating the profitability of your business, to know your company's liquidity and investment capacity.Blind investments can compromise the survival of your business.
- Updated tax analysis
The tax regime in which your business fits is crucial to the survival of any company.With Portugal's complex tax frameworks, it is necessary to pay close attention, avoiding unduly paying taxes, or failing to pay some, so as not to compromise your cash flow and the profitability of your business.
Whether you, or the accountant, are up to date on the most favorable tax option for your company, obviously complying with all tax and legal requirements, you can benefit from tax benefits, for example.
A software that helps with management
And as the life of any manager and entrepreneur is full of challenges,Jasmin, management expert invoicing software, helps you manage and administer the various areas of your company, from accounting tofinancial management.
Offering you features such as budgeting, income statement, checking accounts and being certified by AT, Jasmin leads your business to success.The best?You can (also) invite your accountant, as there is no access limit.
