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Payroll accounting<\/h3>\n\n
The payroll accountant’s agenda is not only about the correct calculation of wages, but also about payroll and related legal advice.\nAlmost every client wonders when they can “employ” a sole trader instead of a salaried employee, calculating maternity pay or how to set up an employee share ownership scheme (called an ESOP).\nWe therefore provide our clients with: <\/strong><\/p>\n\n
\n
Comprehensive payroll management;<\/li>\n\n\n\n
Levy and pandemic advice;<\/li>\n\n\n\n
Advising on the setup of employee stock and option plans (ESOPs);<\/li>\n\n\n\n
Advice on the use of “freelancers” as a workforce instead of employees;<\/li>\n<\/ul>\n\n
Payroll accounting<\/summary>\n
We think that every client appreciates it when their employees do not approach them because of a miscalculated or late payment<\/strong>.\nWe strive to be a reliable and responsible partner.\nWe adapt our internal structure accordingly. We want and need to be fungible, which is why we have a double layer of fungibility. <\/strong>In addition, in our view, managing payroll for outsourced clients is currently subject to three main challenges: <\/p>\n\n\n\n
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emphasis on automation;<\/li>\n\n\n\n
conscription and pandemic counselling; and<\/li>\n\n\n\n
interdependence with labour and tax law.<\/li>\n<\/ul>\n\n\n\n
Emphasis on automation<\/h4>\n\n\n\n
We try to communicate with our clients and set up the process of submitting attendance and salary information so that it is automatically fed into the accounting software. We want the client to have access to this information and be able to view their current employment status online<\/strong> in the context of all relevant details (e.g.: unused vacation, reserves, floating hours, etc.). If <\/strong>data transfer is set up <\/strong> well <\/strong>with the client, human error on both sides is also minimized. <\/strong> <\/p>\n<\/details>\n\n
Tax advice<\/summary>\n
Clients nowadays are not only interested in correct payroll calculation.\nThis is largely handled by payroll software.\nIn our experience, clients are interested in this added value, for example:<\/strong> <\/p>\n\n\n\n
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calculating maternity pay for their employees\/contractors;<\/li>\n\n\n\n
simulating the impact of school closures;<\/li>\n\n\n\n
the R&R; or<\/li>\n\n\n\n
abolition of the maximum social security assessment base.<\/li>\n<\/ul>\n\n\n\n
Particularly during the first wave of the pandemic, it became clear how effective proactive payroll management can be.<\/strong> A number of clients were caught out in the first few weeks by income freezes, non-payment of invoices and less work.\nThe state tried to respond to the whole situation in some way, creating a patchwork of complex tax-tax-pandemic measures that had to be actively managed. And there is our space. <\/strong><\/p>\n<\/details>\n\n
Link to labour law<\/summary>\n
Payroll issues are not comprehensively covered unless legal advice<\/strong> is also part of the advice.\nThat is why we help our accounting clients as a standard <\/a><\/strong> in labour law matters.\nThe Labour Code, together with levy obligations, can make an employer’s factual as well as financial prospects significantly uncomfortable at key moments.\nThis was perhaps most evident to affected employers during the first full pandemic. We are convinced that the client will appreciate having not only payroll accounting but also practical legal advice under one roof. <\/strong><\/p>\n<\/details>\n\n
What can the advice cover?<\/summary>\nThe content of the levy and pandemic advice is not only <\/strong>tax or levy optimisation<\/strong><\/a>but also advice on social insurance <\/strong>and pandemic <\/strong> benefits <\/strong>. <\/strong>In our experience, clients are mainly interested in the setup: <\/p>\n\n\n\n
\n
Maternity;<\/li>\n\n\n\n
OHR;<\/li>\n\n\n\n
unemployment benefits;<\/li>\n\n\n\n
retirement;<\/li>\n\n\n\n
of sickness;<\/li>\n<\/ul>\n\n\n\n
as well as the relationships between different types of benefits and their combinations with pandemic or employment office benefits.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n<\/details>\n\n
How to set up your maternity leave?<\/summary>\n
Payroll consultancy does not only consist in the correct calculation of wages, sending transfer orders and reports to public authorities.\nPayroll consulting is also about providing our clients with comfort in their individual queries.\nFor example, the issue of maternity pay is a frequent query from smaller companies in particular, where answers are sought not only by the owners themselves, but also by their employees and “contractors”.<\/strong> The amount of maternity pay depends on a number of factors.\nOne of them is the legal form under which the individual carries out gainful activity.\nOf course, the amount of the assessment base and, last but not least, the period during which the gainful activity in question was\/is carried out are also important.<\/strong> The amount of the maternity allowance increases each year, with the maximum amount gradually approaching EUR 2 000\/month for a 31-day month. <\/strong>That is why the parent is a relevant source of income not only for employees and contractors, but also for the owners of our clients themselves. <\/p>\n<\/details>\n\n
Advice on other social insurance benefits<\/summary>\n
In addition to maternity, clients are often interested in other forms of state support in various life situations. This mainly concerns unemployment benefit, the so-called.\nThese include unemployment benefits, sick pay, or some form of pension. <\/strong>Individual doses have derivatives in pandemic periods, which greatly complicates clients’ routine navigation.\nIn the context of levy advice, we thus advise clients on the legal and effective use of these institutes. <\/p>\n\n\n\n
$\"\"$ <\/figure>\n<\/details>\n\n
Pandemic counselling<\/summary>\n
The pandemic in all its glory has exposed the potential complexity of the legal order.Indeed, various pandemic exceptions, derivatives and new institutes have become part of it.\nAnd, especially during the pandemic, the legal order was subject to constant change.\nThis is mainly due to the dynamic political and pandemic environment. This made it difficult for most clients to understand.And it is in such an environment that our role is to monitor current developments on behalf of our clients and to advise them on their individual queries to a relevant extent. <\/strong><\/p>\n<\/details>\n\n
Options for paying out owners from the company<\/h3>\n\n
As part of our operational accounting services, we strive to help our clients find tax-efficient and legally defensible forms of disbursement from the company.\nIs it better to pay yourself a salary or a director’s fee?\nWhat are the implications for social security benefits or minimum levies?\nIs invoicing to your own company defensible?\nThere are a number of these relevant options and we try to tailor them to the needs of the individual client in the context of their particular needs (for example, their life situation) and the particular capabilities of the firm. <\/strong><\/p>\n\n
The company’s assets are not the property of the shareholder<\/summary>\n
In the context of doing business through companies, it is first of all necessary to note that a company is a separate legal entity, which is strictly separated from its ultimate owner – a natural person<\/strong>. If this were not the case, the owner of a limited company (e.g.: a.s. or s.r.o.) would not be able to enjoy the benefits of relatively absolute limited liability for the obligations of the company it owns. In practice, it would be abusive on the one hand not to be liable for the obligations of your company as an owner and at the same time to use the company’s assets (including funds) for your private needs. <\/strong>Such strict corporate separation must also be seen from a tax and accounting perspective.\nThere are a number of cases in practice where the tax authorities have reclassified various withdrawals by the owner\/statutor of a company as employment income or other income<\/strong>. <\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
In both cases, these are very disadvantageous options from a tax-tax point of view.\nEven in certain circumstances , it may be a <\/strong>criminal offence <\/strong> to arbitrarily send funds <\/strong>from a business to the owner. <\/strong>Not only tax but also economic. For more information, see the article by Peter Varga Corporate money for private purposes: examples and most common mistakes<\/em><\/a><\/strong>.<\/p>\n<\/details>\n\n
High cash register and money not in the account<\/summary>\n
In practice, small businessmen in particular like to withdraw money from their company account for private consumption.\nThis increases the “cash box” in the accounts. Indeed, smaller companies have a common “habit” of not paying out company profits.\nThey are generally discouraged from doing so by the dividend tax. <\/strong>They are also motivated by the fact that, with small numbers, they may not attract the attention of the tax authorities. It is also not common for smaller companies to pay themselves a market salary\/statutory remuneration due to the high levy burden<\/strong>.\nIf the owner wants to satisfy himself, apart from using company assets for private purposes<\/strong>, in practice he often pays himself in various other, non-standard ways.<\/strong> As a result, the aforementioned<\/strong> high cash on<\/strong> the balance sheet or a high amount of receivables from the shareholders<\/strong> arises.\nIn the liabilities, this gives rise to the so-called ‘cash and cash equivalents’ for a change.\nDividend capacity.\nIf the company in question one day runs into financial difficulties, this could have the following effects on the owner\/statutor of the company: <\/p>\n\n\n\n
\n
liability of the statutory body with all its assets for the non-compliance of the treasury with the actual situation;<\/li>\n\n\n\n
the obligation of an owner to pay the company its entire claim, such owner being exposed to the full amount of its assets in connection with that obligation;<\/li>\n\n\n\n
the owner’s liability for the company’s insolvency (for example, including for the payment of dividends), where the owner is liable for the whole of its assets; or<\/li>\n\n\n\n
the illegality of the payment of profits from the company;<\/li>\n\n\n\n
tax assessment (other income\/employment income or dividend);<\/li>\n\n\n\n
the offence of tax and insurance fraud;<\/li>\n\n\n\n
one of the economic offences (e.g. defamation of a creditor, embezzlement, etc.).<\/li>\n<\/ul>\n<\/details>\n\n
What are the payout options?<\/summary>\n
We create tailored ways for clients to get out of the company. We consider this not only from an accounting <\/strong>and tax perspective, but also from a legal perspective.<\/strong> It is also important to note that Commercial Code<\/a><\/strong> relatively tightly restricts the company’s ability to disburse the company’s resources to its owners. And it is precisely the experience with the corona and the fact that today’s world does not provide complete predictability of economic impacts that actions in the company also need to be taken preemptively. In this context, we therefore provide the following services in particular: <\/p>\n\n\n\n
\n
Analysis of legally defensible options for buying out of the company;<\/li>\n\n\n\n
tax optimisation associated with the payout from the company (Tax optimisation – domestic and foreign options);<\/a><\/li>\n\n\n\n
representation in tax proceedings;<\/li>\n\n\n\n
Preparation of the relevant legal documentation and partiesparenting the existing state of “paying out” in the company.<\/li>\n<\/ul>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Each of these supplies has different tax implications.\nIn addition, it is important to distinguish whether the remuneration is paid to a legal entity or an individual and in which country the influencer in question is established.\nThis is a complex topic and we therefore provide essential support to clients in this regard. <\/p>\n<\/details>\n\n
Tax residency, changing it or working in Bali?<\/summary>\n
Even during the pandemic, we still register a relatively high interest in information about the possibility of moving temporarily or permanently outside Slovakia.\nAt cryptocurrencies<\/a><\/strong> the motive is mainly more favourable taxation, for digital nomads it is other than tax reasons.\nHowever, travelling brings different tax implications. <\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Payroll accounting<\/h2>\n\n\n\n
The payroll accountant’s agenda is not only about the correct calculation of wages, but also about payroll and related legal advice.\nAlmost every client wonders when they can “employ” a sole trader instead of a salaried employee, calculating maternity pay or how to set up an employee share ownership scheme (called an ESOP).\nWe therefore provide our clients with: <\/strong><\/p>\n\n\n\n
\n
Comprehensive payroll management;<\/li>\n\n\n\n
Levy and pandemic advice;<\/li>\n\n\n\n
Advising on the setup of employee stock and option plans (ESOPs);<\/li>\n\n\n\n
Advice on the use of “freelancers” as a workforce instead of employees;<\/li>\n<\/ul>\n<\/details>\n\n
Consultancy in the field of digitalization and automation of accounting<\/h3>\n\n
In the field of automation and digitalization of accounting, we strive to be the client’s advisor and tester in setting up its internal processes.\nIt is a mutual assistance that simplifies the administrative life for both parties.\nWe started by setting up the automation elements when taking on clients as a sideline service.\nToday, however, this has become a stand-alone consulting service.\nDigitisation and automation of accounting exists and is progressing.\nAnd our added value in relation to our clients is not to be manual accounting, but consultancy. <\/strong><\/p>\n\n
Digitisation of accounting<\/strong><\/h4>\n\nDigitization<\/strong><\/a> – a subset of which is archiving and automation. The aim of digitisation is to replace paper documents with electronic structured reports (data) that can be archived digitally by accounting units and circulated via email, online document sharing or ElectronicData<\/a> Interchange (EDI<\/a>).<\/p>\n\n
Accounting automation<\/strong><\/h4>\n\n
Automation<\/strong> – is a process that streamlines internal or external processes within accounting and data transfer. It replaces routine manual activities such as transcribing data from invoices into accounting software or physically handing over documents to the accountant (document cycle, including archiving).<\/p>\n\n
$\"\"$ <\/figure>\n\n
The 5 main benefits of digitalisation<\/strong>:<\/strong><\/h4>\n\n\n
Saves costs on administration, archiving, printing, paper and last but not least on electricity (more environmentally friendly)<\/li>\n\n\n\n
Physical presence of an accountant in the office is no longer necessary <\/li>\n\n\n\n
Faster transfer of data\/accounting documents from client to accountant and vice versa<\/li>\n\n\n\n
24\/7 access to your document archive in an online interface – no more basements and closets full of folders<\/li>\n\n\n\n
Easy search for booked documents in the electronic archive<\/li>\n<\/ol>\n\n
5 main benefits of automation:<\/strong><\/h4>\n\n\n
Automatic extraction of data from documents without time-consuming transcription (reduction of errors on the accountant’s side)<\/li>\n\n\n\n
Automated tool can process a larger number of data in a short time, without the need for rest<\/li>\n\n\n\n
Reducing costs for printing, delivery of documents, archiving of documents and also for staff salaries<\/li>\n\n\n\n
The time saved translates into added value in terms of advice and complexity of accounting cases that AI cannot provide.<\/li>\n\n\n\n
Setting up automated cash flow processes can save a company the human labor costs associated with sending reminders and prompts to pay invoices at a fraction of the cost.<\/li>\n<\/ol>\n\n
Accounting laws: digitising accounting<\/summary>\n
Before digitisation, we should study the individual laws and the associated legislative requirements. We draw your attention to the individual laws that should not be forgotten:<\/p>\n\n\n\n
\n
Act No. 18\/2018 Coll. on the protection of personal data and on amending certain laws (GDPR)<\/a><\/li>\n<\/ol>\n\n\n\n
Especially when digitising payroll accounting and HR, employment contracts<\/em><\/p>\n\n\n\n
\n
Act No. 431\/2002 Coll. on accounting<\/a><\/li>\n<\/ol>\n\n\n\n
Preservation and archiving of accounting records, transformation of an accounting record, the verifiability of an accounting record as well as the definition of the accounting record itself<\/em><\/p>\n\n\n\n
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Act No. 222\/2004 Coll. on VAT<\/a><\/li>\n<\/ol>\n\n\n\n
Invoice storage, invoice and its content<\/em><\/p>\n\n\n\n
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Act No. 395\/2002 Coll. on archives and registers<\/a><\/li>\n\n\n\n
Act 305\/2013 Coll. o<\/a> electronic form of exercising the competences of public authorities and on amendment and supplementation of certain acts ( e-Government<\/a> Act)<\/li>\n<\/ol>\n\n\n\n
In particular, conversion and guaranteed conversion, the procedure for guaranteed conversion, the certification clause, the limitation on conversion.<\/em><\/p>\n<\/details>\n\n
How to digitise accounting?<\/summary>\nAn entity may decide within its internal guidelines whether to keep its accounts <\/a>electronically (digitally), on paper (as most entities do now), or in a combination of electronic and paper formats. The amendment introduces the equivalence of the paper and electronic form of the accounting record, subject to the following criteria:<\/p>\n\n\n\n
The paper form of the accounting record:<\/strong><\/h4>\n\n\n\n
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The credit note must be made on paper or printed using software, sent or received as a paper document<\/li>\n<\/ul>\n\n\n\n
Electronic form of the accounting record:<\/strong><\/h4>\n\n\n\n
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The accounting entry must be made and received in an electronic format (determined by the accounting entry originator or by agreement with the accounting entry recipient) and sent by electronic means (directly from the software) or by electronic mail (e-mail)<\/li>\n<\/ul>\n\n\n\n
The following three requirements apply to both paper and electronic forms of the accounting record:<\/strong><\/h4>\n\n\n\n
\n
The authenticity of<\/strong> the origin of the accounting record must be ensured (the maker must be able to prove that he has actually made the record, e.g. on the basis of a written order, the beneficiary accepts the accounting record by the act of paying it)<\/li>\n\n\n\n
Integrity of the content<\/strong> of the accounting record (the record must be processed or scanned so that no alteration occurs when the record is transformed or sent and made available)<\/li>\n\n\n\n
Legibility of<\/strong> the accounting record (human readability must be ensured)<\/li>\n<\/ol>\n\n\n\n
The accounting entity has the obligation to ensure requirements from the moment of making an accounting record, during its transformation, receipt and transmission, disclosure, until the end of its retention period. <\/p>\n\n\n\n
The authenticity and integrity of the accounting record (verifiability of the accounting record) may be ensured pursuant to \u00a732:<\/strong><\/p>\n\n\n\n
\n
Signature record of the responsible person (handwritten signature, qualified electronic signature, similar demonstrable signature record – code, code, or character)<\/li>\n\n\n\n
Electronic data exchange<\/li>\n\n\n\n
An internal control system for accounting records<\/li>\n<\/ul>\n\n\n\n
An important fact to remember about reliability and integrity is that it is the responsibility of the entity to ensure the integrity of the accounting record so that it cannot be modified and potentially misused. An internal directive (or internal directive) should be used to define how accounting records are to be secured.The most important section in the digitization of accounting is \u00a733 of the Accounting Act<\/a>, which speaks about the transformation of the accounting record. The question remains how the majority of accountants will cope with the digitalization of documents (I dare say that most accounting software is partially ready for digitalization) and whether they will be able to “shed” their habits (iron shirts) and adapt to the online trend, which to some extent is also offered by the amendment we are discussing.<\/p>\n\n\n\n
Transformation of an accounting entry and its elements<\/strong><\/h4>\n\n\n\n
\n
By transformation we mean – a change of the form of an accounting record (whether from paper to electronic or vice versa) while the integrity of the accounting record is preserved<\/li>\n\n\n\n
The transformation can only be carried out if the accounting entry is provable.<\/li>\n\n\n\n
Transformation from paper to electronic form can be done:<\/li>\n<\/ol>\n\n\n\n
\n
By guaranteed conversion<\/strong> in accordance with specific regulations<\/li>\n\n\n\n
By scanning<\/strong> into a file format in raster graphic form (e.g. an image saved in .pdf, .png, .jpg, .tiff format), preserving the completeness of the accounting record, the content and visual consistency, the legibility of the entire area of the accounting record and the integrity of the content.<\/li>\n\n\n\n
The transformation from electronic to paper form can be carried out:<\/li>\n<\/ol>\n\n\n\n
\n
Guaranteed conversion<\/strong> in accordance with special regulations<\/li>\n\n\n\n
Using a computer output device that allows printing on paper<\/strong>, while maintaining the completeness of the accounting record, the content and visual consistency, the legibility of the entire area of the accounting record and the integrity of the content.<\/li>\n<\/ol>\n<\/details>\n\n
Bingo in the digitalisation of accounting ?!<\/summary>\n
And now BINGO!!! You ask if it is necessary to keep the original cash receipt from the purchase of small assets up to 1700,- EUR? The amendment says the following: ‘An accounting record whose form is the result of a transformation of an accounting record and is deemed to be evidential shall not be required<\/strong> to be presented in its original form, unless special regulations provide otherwise.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n<\/details>\n\n
7 tips for digitising your accounting<\/summary>\n
7 tips<\/strong> on what an entity that decides to keep and archive its accounts digitally should keep in mind.<\/p>\n\n\n\n
\n
The entity should determine how to store accounting records<\/strong> (appropriate accounting software), for example electronically, so that it can make<\/strong> the electronic records available<\/strong> (to the auditor, tax authority, or disclose them to the public)<\/li>\n\n\n\n
Accounting records must be archived by the entity for 10 years following the year in which they were last used (it is therefore advisable to choose secure storage<\/strong> that is also backed up at sufficient intervals)<\/li>\n\n\n\n
When exchanging and sending electronic invoices, the parties should sign a written agreement<\/strong> on sending electronic invoices<\/li>\n\n\n\n
When circulating electronic documents, a safeguard mechanism<\/strong> must be provided<\/strong> to ensure that the content of the accounting record is not misused or modified. At the same time, the electronic documents must contain a signature record of the responsible person<\/strong><\/li>\n\n\n\n
When transforming from electronic to paper form, the transformation may only be carried out for electronic documents that do not contain a qualified electronic signature or a qualified electronic seal<\/li>\n\n\n\n
A change of an accounting record from paper to electronic form by scanning may be made only once<\/strong> (provided that it is legible and complete). The provision implies that transformation cannot be carried out if the documentary record has already been subject to transformation<\/li>\n\n\n\n
Pri digitaliz\u00e1cii je d\u00f4le\u017eit\u00fdm parametrom , ktor\u00fd zabezpe\u010d\u00ed \u0161tyri najd\u00f4le\u017eitej\u0161ie faktory a to:\n
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approval process for electronic documents<\/li>\n\n\n\n
archiving of electronic documents<\/li>\n\n\n\n
transmission and protection of electronic documents <\/li>\n\n\n\n
and Object Character Recognition (OCR) extraction of electronic documents.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n\n\n\n
Have you kept your accounts in paper form so far and are you wondering whether it is possible to transform the accounts into electronic form for previous years?The amendment to the Accounting Act also had this in mind and states that the relevant provision on the protection of accounting records as amended from 2022 may also be applied to the retention and protection of accounting records created before 2022, provided that the other relevant provisions of the Accounting Act are complied with. <\/p>\n\n\n\n
In other words, an entity may transform all accounting records from previous years if the requirements are met: <\/p>\n\n\n\n
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the reliability of the origin of accounting records<\/strong><\/li>\n\n\n\n
the integrity of their contents<\/strong><\/li>\n\n\n\n
Readability<\/strong><\/li>\n\n\n\n
and demonstrability.<\/strong><\/li>\n<\/ul>\n\n\n\n
At Highgate Group<\/a>, we are ready for the pace of digitisation, where we are trying to make our clients’ work easier with the handover of documents and their archiving. The right cocktail of automation, archiving and digitisation saves time and money on the client’s side, which they can invest in the development of their business. The automation of processes gives time to deal with individual consultations in the field of accounting<\/a> or economic consulting or tax optimization<\/a>.<\/p>\n<\/details>\n\n
Accounting for e-commerce and technology companies<\/h3>\n\n
We strive to provide our clients with “paperless” accounting, <\/strong>automate it<\/strong> and place an emphasis on counselling.\nTherefore, we are very happy if our client has a sense of technological development <\/strong>and streamlining administrative processes<\/strong>.\nVieme tak spolu nastavi\u0165 procesy v jeho firme <\/strong>Together <\/strong>more efficient.\nLast but not least, it can help to show the client the true meaning of accounting (i.e. company overview, transparency on investor\/partner entry, cash-flow analysis, etc.). We also focus quite intensively on e-commerce companies and platforms.\nWe work with a relatively large number of Slovak e-shops where we try to set up their accounting in a way that supports the elimination of human inputs, thus reducing costs and improving the overall feeling of accounting. <\/strong>Are your accounts currently being kept efficiently?\nThe answer to this question can be given by the answers to these 5 basic questions, which give an indication of whether your e-commerce store’s accounting is set up efficiently: <\/p>\n\n
\n
Do you issue invoices manually in the e-shop?<\/li>\n\n\n\n
Does your accountant manually post invoices received?<\/li>\n\n\n\n
Does your accountant post invoices manually to the accounting software?<\/li>\n\n\n\n
Does your accountant manually post payment gateway movements to the accounting software?<\/li>\n\n\n\n
Does your accountant manually enter the COD letters into the accounting software?<\/li>\n<\/ul>\n\n
If your answer is yes to at least two of the questions, the accounting for your e-shop is not set up completely efficiently. <\/p>\n\n
Issuing invoices in the e-shop<\/summary>\n
Issuing paper invoices<\/strong> is now a thing of the past.\nApart from general ecological and economic reasons (toner, printer and paper costs), paper invoicing makes e-commerce accounting<\/strong> significantly more expensive<\/strong>.\nThis is because such accounting requires manual inputs from the accountant, while the cost of labour continues to rise dynamically. An invoice in electronic form<\/strong> (e.g. in .pdf format) is fully sufficient for proper posting and control of a given transaction.\nAlthough the tax authorities<\/a><\/strong> from time to time require a paper form, there is always room to print documents only to the extent required by the tax authorities.\nIn addition, especially for larger e-shops, the storage of so many issued invoices would be a significant logistical hurdle. <\/p>\n<\/details>\n\n
Linking the e-shop with the invoicing system<\/summary>\n
As the number of documents increases, so does the necessity of the need to efficiently link the e-shop with the billing or accounting system.\nConnecting an e-shop (WooCommerce<\/a>, Opencart<\/a>, PrestaShop<\/a>, Shoptet <\/a>and others) via API with the right invoicing or accounting system (e.g. SuperInvoice) or accounting software (Pohoda<\/a>, Omega <\/a>and others) or connector is a necessity not only for the needs of reducing the cost of accounting, but especially for business transparency. <\/p>\n\n\n\n
The system can handle this without manual input and the entrepreneur can only do occasional checking.\nInvoices are generated automatically, either in the accounting software, invoicing software or directly in your e-shop, where they are fed into the accounting software with the help of a connector or API connection. <\/p>\n<\/details>\n\n
Importing data into the e-shop accounting system<\/summary>\n
If invoices, credit notes or advance invoices are already issued automatically in the system, there is often a<\/strong> problem with importing these documents into <\/strong>the accounting<\/strong>system. <\/strong>If they are imported manually, this is inefficient.\nIn fact, there are now a large number of tools available to eliminate these manual inputs.\nIt is therefore essential to set up the correct data structure for the accounting software so that the content of invoices and other documents is automatically fed into the accounting software. <\/p>\n\n\n\n
So the client does not pay for man power, but a small fee for automation and pairing <\/strong>and the subsequent check by the accountant. <\/strong> <\/p>\n<\/details>\n\n
Payment gateways and bank accounts in the e-shop<\/summary>\nThe agenda of payment gateways \/ bank accounts is very wide for e-shops<\/strong>. Choosing the right payment gateway and bank account can save you a lot of money.\nIn fact, when accounting for payment gateways, it is necessary to record every payment received \/ sent in the bank account \/ in the accounting journal.\nIf an e-shop, for example, has 500 invoices issued per month, which equates to 500 payments received, this is an extremely high number for manual recording of movements on individual payment gateways by an accountant.\nIn Slovakia the most used payment gateways are GoPay<\/a>, Stripe<\/a>, PayPal<\/a>, ComGate<\/a>, Revolut<\/a>. Often the standard payment by bank transfer is used.\nWith payment gateways, the initial setup is important, then the correct structure for import into the accounting software with automatic matching to issued invoices and credit notes.\nFor a start-up e-shop, this agenda can be handled manually as well.\nHowever, if the entrepreneur has higher ambitions, proper setup of import from payment gateways is another necessity. <\/p>\n<\/details>\n\n
Consignment sales abroad<\/summary>\n
The amendment to the VAT Act from 01.07.2021 unified the rules of all EU member states regarding the supply of goods at a distance (e-shop) and the supply of electronic services (services related to the original MOSS).\nIf a Slovak trading company or a natural taxable person exceeds a turnover in the supply of goods at a distance and the supply of electronic services to persons without a VAT ID number in the aggregate of \u20ac 10 000,00, it must register: <\/p>\n\n\n\n
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for special tax treatment through the so-called OSS,<\/a> or;<\/li>\n\n\n\n
by registration in the respective States of the place of supply of such sales.<\/li>\n<\/ul>\n\n\n\n
We provide both forms of registration for clients according to preference.<\/p>\n<\/details>\n\n
E-shop and payments for advertising to influencers<\/summary>\n
Contemporary e-commerce is closely linked to the use of so-called.\nInfluencers, who advertise\/sell products and services in e-shops.\nHowever, when paying rewards to influencers, it is necessary to pay great attention to tax risks.\nIf the e-shop incorrectly withholds tax or fails to prove to the tax authority that it did not have to withhold tax, the tax authority may charge tax of up to 35% of the amount paid to the influencer + penalties, which may amount to up to 100% of the tax levied. Influencers generally provide these types of deliveries for the e-shop:<\/strong><\/p>\n\n\n\n
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“placement” of products in their posts;<\/li>\n\n\n\n
lending your face for advertising purposes;<\/li>\n\n\n\n
“merchandise”;<\/a><\/li>\n\n\n\n
appearances at events or ‘posing’ with products; or<\/li>\n\n\n\n
so called. sponsorship agreements.<\/li>\n<\/ul>\n\n\n\n
Each of these supplies has different tax implications.\nIn addition, it is important to distinguish whether the remuneration is paid to a legal entity or an individual and in which country the influencer in question is established.\nThis is a complex topic and we therefore provide essential support to clients in this regard. <\/p>\n<\/details>\n\n
Tax optimization for e-shops<\/summary>\n
E-shops, like any other company, have the opportunity to take advantage of legal opportunities for tax and levy optimisation (Domestic and foreign tax optimisation options<\/a><\/strong>).\nIn addition to the standard tools, due to their nature, other options for more efficient taxation can be linked to e-shops. <\/p>\n\n\n\n
We can also provide such additional advisory services for accounting clients.\nWe provide these services either on a professional consultations with Peter Varga<\/a><\/strong> or on a comprehensive basis, where we analyse the client’s business in more detail and propose tailor-made solutions. <\/p>\n<\/details>\n\n
Legal compliance for e-shops<\/summary>\n
We can provide our accounting clients with comprehensive compliance documents for e-commerce management (e.g. : GDPR, terms and conditions, privacy policy, etc.).<\/p>\n<\/details>\n\n
Representation in tax proceedings<\/summary>\n
Our law firm Highgate Group <\/strong><\/a>specialises in tax litigation (Tax audits and representation in tax proceedings<\/em><\/strong><\/a>).\nWe represent clients not only in tax audits but also in potential court proceedings.\nIf such a situation arises, our clients have someone to turn to and, thanks to the Highgate Group<\/a> companies, save on the cost of representation. <\/p>\n<\/details>\n\n
Access to information<\/summary>\n
Our accounting clients, in addition to professional consultations<\/a><\/strong> they can use samples of basic legal documents (e.g.: loan agreement, employment contract, cooperation agreement, termination of employment, resolution of the general meeting, etc.), which are prepared by our law firm Highgate Group<\/a><\/strong>.\nClients also have access to relevant business information: <\/p>\n\n\n\n
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Is it better to buy an apartment on a company or as a private person?<\/a><\/li>\n\n\n\n
What are the options for more effective taxation of cryptocurrencies?<\/a><\/li>\n\n\n\n
E-shop – watch out for VAT changes thanks to our training.<\/li>\n<\/ul>\n<\/details>\n\n
Accounting for funds<\/h3>\n\n
We have been involved in funds, their establishment and the regulation of business in this segment for a long time.\nWe have established several small funds in Slovakia, the first Slovak venture capital fund EuVECA <\/a>or several offshore funds abroad.\nWe organized the first <\/strong>Slovak conference on setting up small investment funds<\/strong><\/a> in Slovakia, which was attended by 125 people (business people, regulators as well as consultants).\nAlso thanks to our legislative initiatives, today a SICAV can have two types of shares or a sub-fund and qualified investors.\nFund legal, tax as well as accounting advice is an environment in which we feel we are uniquely positioned. <\/strong><\/p>\n\n
What are funds and who are they for?<\/summary>\n
By default, we think of a fund as a large institutionalised entity managed by a multinational fund management company. However, funds are now also set up by small entrepreneurs who want to raise money <\/strong>from the public or by private offerings in order to invest and capitalise on it.<\/strong> These are the so-called ‘funds of funds’.\nCollective investment. <\/p>\n\n\n\n
$\"\"$ <\/figure>\n<\/details>\n\n
Tax and accounting for small funds<\/summary>\n
In the process of its legislative development, Slovakia has not emphasised more sophisticated regulation of small investment funds. This deficiency can be seen not only in ossified regulation, but also in the area of taxes and levies.<\/strong> Taxes can be an important element in deciding whether to establish a fund in Slovakia or abroad.\nThis puts Slovakia at a significant disadvantage compared to other EU jurisdictions. The Czech Republic alone has a favourable tax regime for several types of funds, in addition to a number of regulatory options. <\/strong>Not only does the Slovak Income Tax Act not contain significant tax advantages for funds, to a large extent the tax liability of funds is also affected by the way they are accounted for.\nIn fact, the current accounting procedures still in force for funds require a fund to revalue its assets on an income basis in certain circumstances. This means that, for some funds, taxation may cause an increase in the fair value of the underlying assets <\/strong>(taxation of funds<\/a><\/strong>). <\/strong>Moreover, these accounting practices are relatively unclear and non-transparent. The statistics on the number of small investment funds not accounting according to the administrative rules alone give a clear indication of the regulatory quagmire in which the fund industry finds itself in Slovakia today.<\/strong><\/p>\n\n\n\n
$\"\"$ <\/figure>\n<\/details>\n\nCollective investment law<\/summary>\n
The law on collective investment<\/strong> is largely harmonised by the EU UCITS and AIFM Directives.\nTherefore, the definition of collective investment, which separates regulated from unregulated structures, is also largely standardised across Member States.\nTherefore, the guidance and practice of foreign regulators is often a source of information in interpreting this law. <\/p>\n\n\n\n
In connection with the Collective Investment Schemes Act<\/strong>, we are addressing regulatory and legal settings in addition to tax and accounting issues.\nWe represent clients before the NBS not only in registration or authorisation proceedings.\nFor more information on collective investment regulation, please refer to these articles and our other outputs: <\/p>\n\n\n\n
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Will small Slovak investment funds (AIFs) finally become more flexible?<\/a><\/li>\n\n\n\n
Legal, tax and accounting pitfalls of small investment funds;<\/a><\/li>\n\n\n\n
The boundary between collective investment and equity investment;<\/a><\/li>\n<\/ul>\n<\/details>\n\n
Accounting for small funds<\/summary>\n
We provide our clients with proper accounting for small funds<\/strong>.\nThis service is mainly for small entrepreneurs in the fund industry (funds for investing in real estate, financial instruments or cryptocurrencies<\/strong>), but also for “startup” hubs through which investors invest in venture capital.\nAs we are the only ones in Slovakia with experience in the legal, tax and accounting aspects of venture capital funds (EuVECA), we are confident that we can provide relevant services in this area. <\/p>\n\n\n\n
$\"\"$ <\/figure>\n<\/details>\n\nMutual fund<\/summary>\n
A mutual fund is just one type of legal form within the range of legal forms of investment funds in Slovakia.\nIt represents a pool of assets and therefore has neither legal nor tax personality.\nIndividual unit-holders hold so-called\nUnit certificates, which represent a kind of confirmation of a share in the entire assets covered by the mutual fund.\nIt is also separately accounted for.\nAlthough historically unit trusts have been and are used primarily for conservative funds (especially UCITS), unit trusts can be very nicely structured as part of tax optimization for investments in, for example, cryptocurrencies, securities or real estate (i.e., for AIFs).<\/strong> <\/p>\n<\/details>\n\n
Accounting for small and medium-sized companies<\/h3>\n\n
Especially for smaller companies, accounting is often perceived by entrepreneurs as an unavoidable administrative burden.\nOur aim is to reverse this view with a “paperless” approach, automation, imports, overall communication and tax consulting and, especially for larger companies, to add to the accounting its unquestionable practical-economic sense (i.e. overview of the company, transparency when an investor\/partner enters the company, cash-flow analyses, etc.).\nThus, we offer our accounting clients, among other things: <\/p>\n\n
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the possibility to use templates of basic legal documents (e.g.: loan agreement, employment contract, cooperation agreement, notice of termination, resolution of the general meeting, etc.), which are prepared by our law firm Highgate Law & Tax;<\/li>\n\n\n\n
access to relevant legal and tax information for businesses through our free or 75% discounted training and conferences<\/a>;<\/li>\n\n\n\n
personal consultations with JUDr.\nIng. Peter Varga <\/g> <\/a>with 50% discount;<\/li>\n\n\n\n
the possibility of using an invoicing system and a storage for your documents that can be linked to the accounting software;<\/li>\n\n\n\n
technical consultations with clients in the field of online access to accounting, automatic import of documents into the accounting system via connector, linking accounting software to CRM, advice on accounting applications or setting up stock management;<\/li>\n\n\n\n
tax optimization<\/a> – effective setup of your business in terms of taxes and levies as well as advice on setting up the payout from the company<\/a><\/li>\n\n\n\n
the possibility of representation in potential tax disputes.<\/a><\/li>\n<\/ul>\n\n
We provide accounting services for smaller companies.\nOur clients include a number of “one-person LLCs.” to medium-sized companies with up to 100 employees.\nAs our goal is two-way process efficiency, erasing manual inputs and going digital, we are very happy for the client to be more flexible in setting up their accounting processes. <\/p>\n\n
By cooperating with us<\/summary>\n
What do small companies gain by working with us? <\/strong><\/p>\n\n\n\n
For small and “one-person LLCs” we can be attractive mainly because of tax and legal advice. Every entrepreneur is interested in, for example<\/strong>: <\/p>\n\n\n\n
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what are the legal options for reducing your tax and levy liability;<\/li>\n\n\n\n
what are the risks associated with, for example, using company property for private use;<\/li>\n\n\n\n
how to get the maximum maternity allowance;<\/li>\n\n\n\n
whether (and to what extent) it is really necessary to address transfer pricing in every related party transaction;<\/li>\n\n\n\n
whether it is better to buy real estate\/cryptocurrency\/securities in the name of an individual or a legal entity;<\/li>\n\n\n\n
whether it is possible\/necessary to have a minimum full-time job in your own company; or<\/li>\n\n\n\n
what are the options for getting out of the company from a legal as well as tax point of view<\/li>\n<\/ul>\n<\/details>\n\n
Online accounting<\/summary>\n
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the client wants to have an overview of their financial flows, they want to manage a certain agenda in the accounting (e.g. received invoices, or stock management for e-shop);<\/li>\n\n\n\n
the client is not interested in participating in the accounting, he just wants to hand over the documents (by uploading them to the storage in the account provided by Highgate Group);<\/li>\n\n\n\n
The client wants to manage all of its accounting in the accounting software and only requires the Highgate Group to check and correct the posting of accounting cases;<\/li>\n\n\n\n
In the era of digitalization, fast data transfer and automation of individual processes, whether accounting, tax or legal, we strive to keep up with the pace.\nThat is why we strive to provide our clients with a superior service in the area of keeping and accessing their accounts. Therefore, we try to adapt to the needs of the client and set up the functioning of accounting in various forms of cooperation, namely:<\/li>\n<\/ul>\n<\/details>\n\n
Online accounting content<\/summary>\n
Each client receives their own unique online account in which they have access to:<\/p>\n\n\n\n
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easy creation of sent invoices based on current legislation with automatic retrieval of partners from the commercial register;<\/li>\n\n\n\n
to track individual payments for sent invoices, linked to automatic matching;<\/li>\n\n\n\n
uploading documents to a personal data repository;<\/li>\n\n\n\n
automatic reminders for unpaid invoices;<\/li>\n\n\n\n
regular invoices with automatic sending to customers;<\/li>\n\n\n\n
bulk payment of cost invoices in batch payment and export of xml file;<\/li>\n\n\n\n
pricing of services and goods;<\/li>\n\n\n\n
logbook records;<\/li>\n\n\n\n
a basic overview of the company’s economic indicators;<\/li>\n\n\n\n
managing the online cash register;<\/li>\n\n\n\n
other interesting functionalities.<\/li>\n<\/ul>\n<\/details>\n\n
Online accounting for eshops<\/summary>\n
Online accounting and its automation also touches on e-shops<\/strong> and the automation setup itself when posting invoices, payment gateways<\/strong>(GoPay<\/a>, PayPal<\/a>, Adyen<\/a>, Stripe<\/a><\/strong> and others), bank account<\/strong> movements or theuse of <\/strong>CRM systems<\/strong> and applications<\/strong>.\nEspecially for e-shops (Accounting for e-shop<\/em><\/strong><\/a>), it is extremely crucial to effectively link the various inputs and outputs. <\/p>\n\n\n\n
Successful implementation of these technical and process elements can significantly reduce the cost of bookkeeping. <\/strong><\/p>\n<\/details>\n\n
Who does not have to keep double-entry books?<\/summary>\n
Double-entry bookkeeping<\/strong><\/p>\n\n\n\n
Double-entry bookkeeping is a legal obligation for every company or cooperative<\/strong> (s.r.o., a.s., …).\nAlmost every country in the world, except for some tax havens (Tax optimization and offshore companies<\/em><\/strong><\/a>), has developed its own, specific system of financial accounting regulation, which regulates in detail the way in which entrepreneurs have to record their economic activity.\nDouble-entry bookkeeping is the core group within the accounting system. <\/p>\n\n\n\n
Due also to different historical developments, there are no uniform rules for double-entry bookkeeping today<\/strong>.\nThis creates a natural space for the creation and dissemination of international accounting standards such as IFRS.\nHowever, these are not yet used by small and medium-sized enterprises, which in Europe still need a local accountant to do their accounting. Like other areas of social or economic life, double-entry bookkeeping is materialized and formalized, which forms the basic skeleton of bookkeeping.\nIt is therefore obvious that double-entry bookkeeping must be based on legislation which aims to harmonise the manner and form of bookkeeping between accounting units. The aim is, above all, to obtain a reliable and transparent picture of the company so that, for example, the State can check that taxes are being collected correctly or an investor can assess the company’s economic strength.<\/strong> <\/strong>Proper and transparent double-entry bookkeeping, for example, increases the value of a company when an investor enters or sells it.<\/strong> It also increases credibility, for example in bank financing. <\/strong>Naturally, these advantages will not be appreciated by a small entrepreneur who uses a trading company only for tax or limited liability reasons. And it is precisely for the sake of uniformity and accuracy in accounting that we have enacted several economic laws and statutory measures that have significantly guided accounting.\nThe most important of these regulations in Slovakia today is the Accounting Act and the always updated accounting procedures.\nThis is followed by other legislation, such as the Commercial Code<\/strong> or the Income Tax Act<\/strong>, which transform the content of accounting into a more publicly familiar area, such as the payment of taxes. In general, every Slovak business entity that is also a legal entity is subject to the obligation to keep double-entry accounts<\/strong>.\nThis naturally complicates life especially for small business companies, whose owners do not appreciate this more complex type of accounting by default.\nUnfortunately, due to different historical developments in accounting, there are no uniform rules for accounting in the world today, and therefore Slovak double-entry bookkeeping cannot be used outside Slovakia. This also means that a cheaper Slovak accountant cannot account according to German rules. <\/strong>However, natural persons who are entrepreneurs do not have to keep double-entry accounts. <\/strong>They can opt for simple accounting, tax registration or apply flat-rate expenses. Double-entry bookkeeping is not required even for companies established in the so-called.\ntax havens. <\/strong>On the other hand, however, with the increasing demand for transparency, there is a growing requirement for these companies to keep at least some accounting records as well (Tax optimisation and offshore companies<\/em><\/a><\/strong>). <\/p>\n<\/details>\n\n
When do the accounts have to be audited?<\/summary>\n
So-called.\nThe Salika kilek introduced significantly lower quality criteria for the audit obligation.\nAs of the 2022 financial year, only those companies that meet at least 2 of the following 3 criteria<\/strong> are subject to audit: <\/p>\n\n\n\n
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the total amount of assets exceeded EUR 4 000 000;<\/strong><\/li>\n\n\n\n
the net turnover exceeds EUR 8 000 000;<\/strong> and<\/li>\n\n\n\n
the average number of employees in one accounting period exceeded 50;<\/strong><\/li>\n<\/ul>\n\n\n\n
Even if the audit obligation is not appreciated especially by smaller entrepreneurs, it should be noted that the audit of double-entry bookkeeping <\/strong>naturally contributes to the institutionalisation and standardisation of economic reporting.\nAt the end of the day, this improves the overall predictability of financial indicators and adds more confidence to business relationships.<\/strong> Thus, auditing the double-entry books of companies is generally beneficial for economic growth. In Slovakia, unfortunately, a certain degree of aversion to it has developed, mainly due to the impractical, formalistic and often insensitive and detached from reality approach of some auditors. <\/strong><\/p>\n<\/details>\n","protected":false},"excerpt":{"rendered":"
Payroll accounting The payroll accountant’s agenda is not only about the correct calculation of wages, but also about payroll and related legal advice. Almost every client wonders when they can “employ” a sole trader instead of a salaried employee, calculating maternity pay or how to set up an employee share ownership scheme (called an ESOP). […]<\/p>\n","protected":false},"template":"","tags":[],"categories_s":[33],"class_list":["post-241726","sluzby","type-sluzby","status-publish","hentry","categories_s-accounting"],"_links":{"self":[{"href":"https:\/\/hg.amcef.com\/en\/wp-json\/wp\/v2\/sluzby\/241726","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hg.amcef.com\/en\/wp-json\/wp\/v2\/sluzby"}],"about":[{"href":"https:\/\/hg.amcef.com\/en\/wp-json\/wp\/v2\/types\/sluzby"}],"version-history":[{"count":2,"href":"https:\/\/hg.amcef.com\/en\/wp-json\/wp\/v2\/sluzby\/241726\/revisions"}],"predecessor-version":[{"id":242234,"href":"https:\/\/hg.amcef.com\/en\/wp-json\/wp\/v2\/sluzby\/241726\/revisions\/242234"}],"wp:attachment":[{"href":"https:\/\/hg.amcef.com\/en\/wp-json\/wp\/v2\/media?parent=241726"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hg.amcef.com\/en\/wp-json\/wp\/v2\/tags?post=241726"},{"taxonomy":"categories_s","embeddable":true,"href":"https:\/\/hg.amcef.com\/en\/wp-json\/wp\/v2\/categories_s?post=241726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}