Financial accounting


The aim of financial accounting is to document the financial situation of your company and to present it in the form of a profit calculation. To do this, we first record your financial flows and receipts.  

  • The data of your funds that flow through your accounts (Bank, PayPal, Credit Card) can be connected directly to the accounting software via an interface or can be included as a .csv file (a format that is supported by every financial institution).


  • You can send us your receipts by e-mail or easily upload them directly to the accounting software via app. If you have a large amount of paper receipts, you can also send them to us by mail or bring them to our office - we will then ensure that the receipts are digitized and archived in a legally compliant manner.  


Subsequently, we take care of the following:

  • the complete accounting of all business transactions


  • the calculation of the VAT, which will be paid to the tax office, 


  • digital transmission of all data to your tax advisor (in DATEV format)


In addition, we create a frequently updated overview of all closed and open invoices sent to and from your company and assign them to your customers and suppliers (accounts payable and accounts receivable). Upon request, we will inform you about invoices to be paid and create a timed liquidity plan. We also take care of the accounting of your business assets (including your work laptop, high-quality camera, etc.).

In the course of our cooperation we identify routines in your accounting and ensure a simple/uncomplicated control of your finances with the help of automated systems.


Billing management


A coordinated invoice management ensures smooth operations in your business.

This includes the following:

  • Offers
  • Invoices
  • Reminders


 
In most service sectors, a quotation is first prepared before any order is placed. This offer can be sent electronically directly via the accounting program to the responsible contact person. Any desired changes to the quotation can be made at any time with little effort.

After acceptance of the offer, it is converted into an invoice and sent to the customer. Thereafter, the invoice is recorded and processed for accounting purposes.                      Within the software, incoming payments can be checked and if a payment is made, assigned directly to the corresponding invoice. 

If an invoice has not been settled by the agreed payment deadline, the first step is a friendly payment reminder. If no money is received after five to ten working days, a last reminder is sent for the outstanding amount.

If required, Lyxid will take care of the entire process for you: from creation and
sending up to the dunning process. You forward the customer information to us
and note your rendered services as well as the desired invoice amount - thats it.                    We take care of the rest.


Payroll accounting


Within the scope of payroll accounting, all operational processes are recorded.                      For correct payroll accounting the personnel master data must be maintained and updated on a regular basis. 
This includes:

  • Full name  
  • Address
  • Nationality
  • Personnel number
  • Income tax class
  • Tax ID
  • Possible allowances
  • Social security number 
  • Health insurance details
  • Entry date (within the company)
  • Occupation within the company
  • Monthly salary / Hourly rate
  • Bank account details


Template - Recording personnel master data

On the other hand, an individual timesheet is kept for all employees, in which absence due to illness and vacation are recorded in addition to attendance.

Based on this information, the annual payroll accounts are then maintained, the monthly payrolls prepared, and the legally required reports transmitted to the social insurance funds.


Communication with the tax consultant


In addition to the actual bookkeeping, arrangements with the tax advisor must be made constantly. The reasons for this can be manifold:

  • Discrepancies in the taxation of your income,
  • Questions about your travel expense report 

       or

  • Agreements on special tax cases


Such arrangements are time-consuming and sometimes nerve-wracking, as required information is often not communicated in a generally understandable way.

To keep the communication effort as low as possible, we act as an intermediary between you and your tax advisor.
UST pre-declaration → tax advisor → tax office


Digitalization


Digitizing receipts and invoices offers many advantages compared to analogue
document management. Creating and editing takes less time because documents can be filed, forwarded, or otherwise managed with the click of a mouse.

In addition, you get a better overview and at the same time the costs for storage and shipping are reduced. You can access your documents from any device and around the clock.

Our digital interfaces also simplify communication with the tax office and tax advisors.

In our opinion, high paper volumes are a thing of the past. We explain how you can capture receipts in just a few steps and what you need to consider for a successful implementation.


Travel expenses


If you travel on business, e.g. to visit a customer, another company location or a trade fair, costs are usually incurred - for travel, accommodation and meals. These costs can be claimed as business expenses in accounting and are tax deductible.

Travel expenses include:


Transport costs

In principle, these are expenses incurred for journeys made using private
vehicles or rental cars, as well as for the use of public transport. In addition to flight costs, this also includes expenses for bus and train tickets.

As a self-employed person, you have three options for determining the costs of your business travel:

  • Keeping a logbook
  • Use of the mileage allowance
  • Determine actual cost of public transportation based on receipts.


- LStR R 9.5


Additional expenses for meals

During business trips, you usually incur higher costs for meals.
This additional expense can be recognized as a business expense and is usually accounted for at a flat rate.

- LStR R 9.6


Accommodation costs

Accommodation costs, such as hotel expenses, may also be fully deducted as a business expense at their actual amount and on the basis of receipts.

- LStR R 9.7


Incidental travel expenses

These include expenses that are incidental to a business trip and not directly related to personal progress. Examples of incidental travel expenses are:

  • Parking fees
  • Costs for Wifi in the hotel
  • Luggage storage
  • Tips
  • Tickets for fairs or exhibitions
  • Telephone costs
  • Tolls


In order to be able to deduct incidental travel expenses from tax, they must be supported by invoices, receipts or similar. There are no lump sums here.

- LStR R 9.8



We show you how you can correctly record these costs as a self-employed person or entrepreneur and deduct them for tax purposes.