For businesses, cash flow is the lifeline. A healthy cash flow not only helps finance day-to-day business operations, but also provides opportunities for growth and development. In this blog post, we will show you how to effectively optimise cash flow to help your business grow.
3 minute read
In the current challenging macroeconomic environment with high inflation, how businesses can remain competitive and successful in the market has become a key issue. In this article, we aim to provide guidance to the domestic SME sector on how they can increase their profitability by establishing and maintaining appropriate cost accounting.
3-minute read
There is a time in the life of a business when it is likely to be forced to change its accounting service provider. The reasons for this can vary, such as a lack of quality, a lack of proactivity, or the fact that the business has outgrown its current accountant and needs a more complex service provider. In all cases, the question arises as to when would be the best time to change. We would like to help you with this question and dispel some stereotypes.
You should consider changing accountants depending on a number of circumstances. Here are some typical situations when you might want to consider changing accountants:
According to the Accounting Act and the Act on Company Disclosure, all double-entry bookkeeping companies are obliged to publish their financial statements and the resolution on the appropriation of taxable profit prepared in accordance with the Accounting Act - including the auditor's opinion if they are subject to an audit - by the last day of the 5th month following the balance sheet date of the financial year. It is important to be aware of the consequences of a company failing to comply with this obligation. The consequences should also apply if the accounts are submitted by a person who is not entitled to do so," says Csaba Szabó, professional director of the accounting department of ICT Europa Finance Zrt.
The final stretch of the 2022 accounts has arrived. Businesses with a normal financial year (1 January to 31 December) must prepare their accounts and declare their corporation tax on their 2022 profits by 31 May 2023. Experience shows that almost every second company fails to take advantage of the tax base reduction and tax relief opportunities available to them, which in today's economic environment can be a serious waste of money," says Csaba Szabó, Professional Director of ICT Europa Finance Zrt.
2-min read
The Baross Gábor Restart Loan Programme is a Hungarian government support programme set up to mitigate the economic impact of the COVID-19 epidemic.
2-min read
There have been significant changes in transfer pricing in the past year. Previously, it was still mandatory to keep records above certain thresholds, but from 2022, companies subject to the obligation will be required to include the most important information from the documentation prepared in the corporate tax return (ATP-01 and ATP-KV). If a company fails to do so and is found to be non-compliant during an official audit, it could face fines of up to several million euros per transaction. It is also important to know who is exempt and which transactions are partially exempt from transfer pricing documentation," says Csaba Szabó, Professional Director of ICT Europa Finance Zrt.
3-min read
Section 7(1) of Act V of 2006 on Companies Registration, Court Proceedings and Winding-up (Companies Act) requires a company to indicate its registered office by means of a signboard, but the Act does not provide any further details. The details of this have been worked out in court practice. If the company fails to pay attention to these, it could result in compulsory liquidation or cancellation of the tax account," points out Dr. Roland Zsidi, chief lawyer at ICT LEGAL, Termel & Zsidi Law Office.
4-min read
Controlling is not just about drawing conclusions from numbers, but can provide management with a much more complex picture on which to base optimal decisions.
3-min read
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ICT Europa Finance Inc. is not just an enterprise, it is a Hungarian-owned administration service group where we have set up an excellent quality service portfolio in related fields: tax consulting, accounting, auditing, legal services and IT system operation. Our human resources, our expert background is formed by specialists who are at the top of their fields and who fully identify with our principles.
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