Hero Icon
🔥Recommended article

Master list: Accountancy

Want accounting and taxation in Germany explained to you in plain English? You’ve come to the right place! From tax optimisation strategies for your company to a primer in EOFY accounting, get your German business education here. All the articles have been categorised (see the contents below) and linked for ease of navigation. We hope …

Read more

The input tax deduction (Vorsteuerabzug) simply explained

Every business subject to VAT (Mehrwertsteuer or Umsatzsteuer) can deduct input tax (Vorsteuer) to reduce its VAT liability. This involves offsetting the input tax a business pays against the VAT that it charges its customer. This makes the input tax deduction (Vorsteuerabzug) a crucial item for the advance VAT return (Umsatzsteuervoranmeldung). Contents: What is the …

Read more

Double entry bookkeeping for entrepreneurs: An introduction

This guide provides you with a complete overview of the basics of double entry bookkeeping (doppelte Buchführung), including explanations of essential processes, account systems, account classes, stock and profit and loss accounts, and much more. What exactly is double entry bookkeeping, or doppelte Buchführung? As the name suggests, the double entry method of bookkeeping involves …

Read more

Single-entry bookkeeping: What every entrepreneur should know

The general purpose of bookkeeping is to ensure complete and consistent records of all business transactions that occur within a given financial year. There are two types of bookkeeping methods: the single-entry method (einfache Buchführung) and the double-entry method (doppelte Buchführung). Read on to find out what single-entry bookkeeping is, who can legally use it …

Read more