This article was originally posted at Axel Standard, a platform for cloud accountants and SaaS applications. Balance sheets receive less attention than financial reports such that show business performance but are nonetheless a fundamental financial report on which a business can be evaluated. Unless Generally Accepted Accounting Principles (GAAP) are followed properly, balance sheets can get…
This article was originally posted at Axel Standard, a platform for cloud accountants and SaaS applications. Business owners tend to focus their attention on financial statements that show their profitability and cash flow with pay less attention to the information contained on the balance sheet. On the contrary, tax authorities look to the balance sheet when…
This article was first published on Axel Standard, a partner of Acheva & Associates. Click here for the original article. Big data has been around since before it became a buzzword. However, the world now possesses the computing power to efficiently reach complex conclusions about subjects which were previously too large and interconnected to fully…
This article was provided by Axel Standard, a platform for cloud accountants and SaaS applications. In China, receiving a visit from the Tax Authorities is never a pleasant surprise. Even well-intentioned and honest businesses can get penalized for unqualified fapiaos, missing supporting documents, and simple mistakes made by employees. The best way to avoid these…
This year started with China’s State Council chaired by Premier Li Keqiang announcing on January 8th support for the country’s main job creators, micro- and small-sized enterprises (MSEs), in the form tax cuts for both Value Added Tax (VAT) and Corporate Income Tax (CIT). The aim of the reform is to lessen the tax burden of…
If your business requires maintaining an inventory, you might sometimes feel like you’re walking a tightrope. While too much inventory leads to an increased operational cost, not having enough goods in stock means you run the risk of losing sales. Inventory management is often the biggest headache for SMEs in China. Owners tend to make…
SME managers tend to focus on marketing and sales while neglecting inventory management. However, they might never realize that huge tax and financial risks could arise from inaccurate bookkeeping and incorrect inventory write-offs. Recently, one of our client, lets call them “DELIC Ltd.”, was baffled when they received a notice of mandatory tax adjustment. The…
Implementing an Enterprise Resource Planning (ERP) system and getting your staff to use it is a common challenge for many small businesses, which becomes even more critical when applying it to a country with a very different business culture and workplace habits, especially one as peculiar as China. As a matter of fact, the ERP…
