Doing Business in Hungary: Rules of Accounting

Legal requirements Rules relating to the reporting and bookkeeping obligations of business organizations In Hungary, the accountancy requirements and the auditing activities are regulated by the Accountancy Act based on the accounting principles of the EU. The Accountancy Act defines the reporting and bookkeeping obligations that come under its scope, the principles to be followed when compiling reports and keeping accounting records, the related regulations, as well as the requirements connected to publishing and disclosing reports, and auditing. Provisions relating to sole traders and others who are subject to the…

Time Recording

In any business, it's essential to understand your employment costs. Employment costs have increased such that they form a significant proportion of any company's cost base. This is true of both direct and indirect costs. It becomes even more important where employees spend their time on some direct work, and at other times they are an overhead. Realizing that you need to analyze the time spent on direct work isn't a new idea. Everyone can see the value of understanding how long and how much it costs to make the…

Three Keys for Running A Successful Online Business

A successful online business is one that is run completely from your computer. Have you ever thought about running your own business but didn't know where to start? Every successful business needs a solid foundation. In this article we'll review which Basics you will need to increase your chances of success. When you talk about your idea for a business, you're off and hear someone say “You need a business plan,” but is that true? Do You Need a Business Plan? A business plan is a formal statement of business…

3 Ways You Can Immediately Impact Your Practice Revenues

In my experience of working with medical practices, I have noticed that there is a trend of some common mistakes and bad habits that doctors and their staff develop. By making sure to keep an eye on avoiding these bad habits, doctors and practice managers can have a significant impact on their revenues and cash flows. It can also have some residual benefits like increasing the percentage of claims approved upon first submission, reducing the average time to pay on your claims, and making your overall appeals process simpler. I…

Payroll Administration – Various Types of Services and How They Help Your Business

Are you having a hard time managing payroll? Is payroll preparation taking away valuable employee time from tasks that are more productive? Is your staff unable to keep pace with ever-changing deadlines and tax requirements leading to costly fines and penalties? Do you want to improve the efficiency of your payroll system and cut costs? If yes, then outsourcing is what you need. Opting for an outsourced solution can be one of the smartest business decisions you make. Types of payroll services Provided by bookkeepers and certified public accountants: They…

5 Tips To Manage A Fast Growing Business

Dramatic growth can happen for a number of reasons. Your new business is one of the 10% and is being rapidly adopted by your customers, or perhaps you've merged with another company and the combined skills or products of your new company are skyrocketing your sales. Regardless of how your growth spurt started, you'll be facing new challenges trying to keep things under control so here's 5 Tips To Manage A Fast Growing Business. Create Policies and Procedures One of the best things you can do for a fast growing…

An Accounting Conundrum: Fair Value Vs. Historical Cost

Financial statements are prepared by business professionals to provide investors and creditors with the most useful and relevant information to aid in their decision-making. Our history has shown us that many of our financial crises and scandals were a direct result of bad accounting and overstatement of companies net worth. Over the years, accounting organizations such as the American Institute of Certified Public Accountants (AICPA) and others have worked to establish a set of accounting standards to be followed. The Generally Accepted Accounting Principles are a set of accounting guidelines…

Selecting Time Clock Software – Hints and Tips

Evaluating a software purchase can be challenging, even stressful. Here a few hints and tips that apply to choosing a software system to track employee time and attendance. These ideas may save you some time and money. These tips can be used for all types of software purchases not just Time Clock Software. Start Small – Try Before You Buy For a small business a free trial is essential to determine if the selected system will meet your needs. Larger business should organize with the vendor to conduct a pilot…

What Is the Price You Pay

When you don't do what you know to do, you pay a price. I was talking to a couple of my clients this week about this. When you say something, say you will do something and then don't do it or do it but know you cut corners, just did it so you can check off a box, there is always a price. Sometimes we get complacent, just coasting along, and don't pay attention to aspects of our businesses or even our relationships, and then … WHAM … Something happens…

The Many Hats Of A CFO

I was at the FEI (Financial Executives International) conference in Niagara Falls a few weeks ago. There was some great content over a couple of days, but one of the best sessions was the opening keynote from Maureen Sabia who is Chairman of the Board at Canadian Tire. She has enjoyed many years serving on public company boards, and is very clear in what she expects from a CFO. With her experience, knowledge and confidence I was not about to argue, and she was very compelling with her views. To…