On video: accountant Shimon Hosea/editor: Ziv Steiner
How do you properly manage expenses in your business and are there any important tips that can help?
Whether it is an individual or a small or large business, an accountant plays a crucial role in managing financial affairs effectively.
They can also offer guidance on budgeting, investment strategies and retirement planning, tailoring their advice to individual goals and circumstances.
We met the accountant Shimon Hosea, who explained the subject in detail and gave us quite a few tips on how to deal with the annual report.
"I think the best tip I can give is to make sure that the expenses you put into the basket of the business are income-generating expenses.
This means that if I have an expense that I can prove a direct connection between the expense and the income, then it is an expense that helped generate the income.
For example, if I went with my wife on vacation in Italy, this is not a recognized expense, but if I have time for an exhibition in Italy and I show that it is in the field I am involved in, then surely the expense will be recognized."
Shimon also said: "I have to make sure that every type of income and expense that I want to submit , will be backed up by an external document.
If, for example, I have a fixed monthly expense for telephone, property tax, electricity, fuel, laborers, etc., I have to make sure that this material is transferred in full to an accountant so that there is overall integrity of the annual report.
The most correct rule I can give you is to take care of collecting all the material in a systematic way".
The full article in the player above.
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