In recent years, artificial intelligence (AI) has had a significant impact on a number of industries, and accounting is no exception. The technology has the potential to revolutionise the way businesses handle their finances, creating a more efficient and accurate environment. In this article, we will discuss how AI will impact the accounting of the future.
AI has the ability to automate repetitive and mundane processes, which saves time and reduces the risk of human error. In accounting, AI can be used to automate tasks such as data entry, account reconciliation and classification of financial transactions. With the help of AI, companies can save valuable time and resources and direct them towards more important activities, such as data analysis and decision-making.
In addition, AI can help identify and prevent financial fraud. Using sophisticated algorithms, AI can detect unusual patterns in financial transactions and alert companies to potential fraud. This can help prevent significant financial losses and protect the integrity of company finances.
Another area where AI can have a significant impact on accounting is in data analysis. With the ever-increasing amount of financial data available, manual analysis can be time-consuming and error-prone. AI can analyse large sets of financial data in a matter of minutes, providing valuable insights for businesses. For example, AI can help identify sales trends, investment opportunities and possible areas for cost reduction.
However, implementing IA in accounting is not a magic solution. There are some challenges that companies need to overcome. One of them is data quality. AI can only be as good as the data it receives, and if the data is inaccurate or incomplete, AI can produce incorrect results. Businesses need to ensure that their data collection and storage systems are accurate and reliable so that AI can deliver accurate results.
Another challenge is integrating AI with existing systems. Many companies have existing accounting and finance systems that were designed to work without AI. Integrating AI into these systems can be complicated and may require significant investments in technology and training.
Finally, the implementation of AI in accounting raises ethical and legal issues. AI can make important decisions based on financial data, but who is responsible if AI makes a mistake? How is financial data protected and kept secure? Companies need to carefully consider these questions when implementing AI in their financial systems.
In conclusion, AI has the potential to revolutionise accounting and finance of the future. By automating mundane tasks, identifying financial fraud, analysing large data sets and providing valuable insights, AI can help businesses save valuable time and resources and make more informed financial decisions as long as it is monitored by someone who has in-depth knowledge of the area to ensure the reliability and consistency of the information.
This text is merely informative and does not exempt the reading and interpretation of the supporting legislation in force, as well as for taking any decision or action that may affect your assets or business you should consult Golden Executive – Consultores, Lda. NEW MEASURES TO EASE SEVERAL REPORTING OBLIGATIONS.
Investing in your future is one of the most important decisions you can make. Financial planning isn’t just about saving money, it’s about making smart decisions that will secure your financial future. With so many options available, it can be difficult to know where to start. However, with the right planning and guidance, you can make informed decisions that will help you achieve your financial goals. In this article, we will provide you with smart financial planning tips that will help you invest in your future. We’ll explore different investment options, discuss budgeting and saving strategies, and provide tips on how to avoid financial pitfalls. By the end of this article, you’ll have the knowledge and confidence you need to make informed decisions and take control of your financial future. So, let’s dive into the world of smart financial planning and start investing in your future today!
The importance of financial planning
Financial planning is an essential tool for achieving financial stability. The first step in financial planning is to define your financial goals. What are your short and long-term financial goals? Do you want to save for a trip, buy a house or retire comfortably?
The second step is to assess your current financial situation. This includes examining your current expenses and income, checking your bank account balance and identifying any outstanding debts. This includes examining your current expenses and income, checking your bank account balance and identifying any outstanding debts. This will help you understand your current financial situation and make informed decisions about how to achieve your financial goals.
Finally, it is important to create a budget plan to help you achieve your financial goals. This involves identifying your essential expenses, such as housing, food and transportation, and creating a limit on your discretionary spending. By creating a budget, you can identify areas where you can save money and work towards achieving your financial goals.
Definition of financial objectives
To achieve your financial goals, it is important to clearly define what you want to achieve. This can include both short-term and long-term financial goals. A short-term financial goal might be to save money for a trip or a new car. A long-term financial goal might be saving for retirement or your children’s college.
When setting your financial goals, it is important to be specific and realistic. Make sure your financial goals are achievable and that you have a plan to achieve them. It is also important to review your financial goals periodically and adjust them as needed.
Assessing your current financial situation
To achieve your financial goals, it is important to understand your current financial situation. This includes examining your current income and expenses, checking your bank account balance and identifying any outstanding debts.
When assessing your current financial situation, it is important to identify your essential expenses and separate them from your discretionary expenses. This will help you understand where your money is going and identify areas where you can save money.
It is also important to identify any outstanding debts and create a plan to pay them off. This could include creating a monthly payment plan or consolidating your debts into a loan with a lower interest rate.
Budgeting for success
Creating a budget is one of the most important steps in financial planning. A budget helps you identify your essential and discretionary expenses and create a limit on your discretionary spending.
When creating a budget, it is important to identify your essential expenses, such as housing, food and transport, and create a limit for your discretionary spending. It is also important to identify areas where you can save money, such as cutting unnecessary expenses or negotiating lower utility bills.
When creating a budget, it is important to be realistic and flexible. Make sure your budget is achievable and adjust it as necessary.
Understanding investment options
To invest in your financial future, it is important to understand your investment options. There are several types of investments available, including stocks, bonds and mutual funds.
Stocks are one of the most popular investment options. Shares represent a stake in a company and can offer potentially high returns, but also present potentially high risks.
Bonds and savings certificates are another popular investment option. These are loans you make to the government or a company and offer a fixed interest return.
Mutual funds are a more diversified investment option. Mutual funds are a pool of money from various investors that is used to invest in various companies and sectors.
Types of investment to consider
When investing in your financial future, it is important to consider various types of investments. This helps to diversify your portfolio and reduce risk.
Individual shares can be a risky investment option but can offer potentially high returns. It is important to research companies carefully before investing in their shares.
Bonds are a more conservative investment option. Bonds offer a fixed interest return and are less risky than equities.
Mutual funds are a more diversified investment option. Mutual funds invest in various companies and sectors, reducing the investment risk.
Diversify your portfolio
When investing in your financial future, it is important to diversify your investment portfolio. This helps to reduce risk and increase potential returns.
Diversification involves investing in a variety of assets, including stocks, bonds and mutual funds. It is also important to diversify your investments into different sectors, such as technology, healthcare and energy.
When diversifying your portfolio, it is important to balance your investments according to your financial goals and risk tolerance.
Retirement planning
Planning for your retirement is an important part of financial planning. It is essential to start planning for retirement as early as possible and consider various investment options.
A popular investment option for retirement is an individual retirement savings plan (PPR). PPRs allow you to save money for retirement and still have tax benefits.
Tax planning strategies
Tax planning can help reduce your tax burden and maximise your investments. There are a number of tax planning strategies available, including setting up RPPs, charitable giving and estate planning.
When creating a tax planning plan, it is essential to work with a qualified tax professional and understand local tax laws.
Working with a financial adviser
Working with a financial advisor can help you make informed decisions about your investments and achieve your financial goals. A financial advisor can help you assess your current financial situation, create a budget plan and identify investment options.
When working with a financial adviser, it is important to research carefully and choose someone with the right experience and credentials.
Conclusion
Investing in your financial future is one of the most important decisions you can make. With the right planning and guidance, you can make informed decisions and achieve your financial goals. By defining your financial goals, assessing your current financial situation, creating a budget plan and identifying investment options, you can invest in your financial future and ensure long-term financial stability.
This text is merely informative and does not exempt the reading and interpretation of the supporting legislation in force, as well as for taking any decision or action that may affect your assets or business you should consult Golden Executive – Consultores, Lda. NEW MEASURES TO EASE SEVERAL REPORTING OBLIGATIONS.
Portuguese Government has approved new measures to ease several declarative, payment and invoicing obligations.
It was also published the postponement of the delivery of the SAF-T (PT) file, related to accounting.
Postponement of SAFT/IES
Submission of SAF-T (PT) file on accounting, as well as the information to be provided through the IES, is extended for another year.
Thus, the rules defined in 2019 will only apply to the IES/DA of the 2024 and subsequent periods, to be delivered in 2025 or subsequent periods.
However, the requirement relating to the single document code (ATCUD), and its affixing on all invoices and other fiscally relevant documents will be mandatory from 1 January 2023.
Thus, as of that date, and in relation to transport documents, it is established that the documents communicated to the AT are considered to have been shown as long as the identification code is presented, and the unique document code and the two-dimensional bar code (QR code) are presented, when this is compulsory.
We recall that extraordinary support is in force for the implementation of the SAF-T (PT) file submission regarding accounting and single document code, which only applies to micro, small and medium-sized companies, and which is in force until the end of 2023.
Payment of taxes by instalments
Regarding the regime for payment in instalments of taxes in the pre-executive and executive phases, which approved exceptional regimes for payment in instalments in the year 2022, a new rule is added.
Therefore, and with effect from 15 November 2022, an exceptional regime of relaxation of tax obligations for 2022 is established.
Thus, taxable persons qualified as cooperatives or as micro, small and medium-sized enterprises or as small mid-caps, may be exempt from half of the 3rd payment on account of IRC for the tax period beginning on or after 1 January 2022, without prejudice to the application of the rule on limitations to payments on account of IRC for the part not covered by the exemption.
This rule only applies to supplies made by the controlling company as a result of the application of the special regime for the taxation of groups of companies under the IRC Code when all the companies in the group are classified as micro, small, medium or small-medium capitalisation companies.
In November and December 2022, the taxable persons referred to – cooperatives or as micro, small and medium-sized enterprises or as small-medium capitalisation enterprises – may pay the monthly or quarterly VAT in three or six monthly instalments, of a value equal to or greater than €25, without interest.
As of 1 January 2023, a complementary regime of deferred tax obligations comes into force.
Thus, VAT payment obligations can be met:
by the end of the period for voluntary payment;
up to three monthly instalments, of a value equal to or greater than EUR 25, without interest or penalties, in respect of the obligations to be fulfilled in the first half of 2023; or
up to three monthly instalments, of a value equal to or greater than 25 euros, without interest or penalties, not exceeding the number of months remaining until the end of the year in question, for obligations to be fulfilled in the second half of 2023.
Monthly instalments for instalment plans are due as follows:
first instalment, on the date of fulfilment of the relevant payment obligation; and
remaining monthly instalments, on the same date of the following months;
requests for payment in monthly instalments are submitted electronically until the deadline for voluntary payment;
payments by instalments covered by this scheme do not depend on the provision of any guarantees;
taxpayer must have his tax and social security situation in order.
This text is merely informative and does not exempt the reading and interpretation of the supporting legislation in force, as well as for taking any decision or action that may affect your assets or business you should consult Golden Executive – Consultores, Lda. NEW MEASURES TO EASE SEVERAL REPORTING OBLIGATIONS.
The Secretary of State for Tax Affairs has ordered a relaxation of the tax calendar.
Despacho n.º 8/2022-XXIII, de 13/12, do SEAF
Communication of inventories to the AT
The communication of the elements of invoices and other fiscally relevant documents to the E-Fatura Portal (art. 3 of Decree-Law 198/2012, of 24 August) can be made until the 8th day of the month following their issue, without any penalty;
In relation to the communication obligations in August, this is transferred to the last day of that month, working day or not (article 57-A of the LGT).
The tax administration will implement an alert system, sending out communications to support compliance to taxpayers who do not make this report on time (until the 5th day of the month following the issue of the invoice.
Electronic invoices for tax purposes
Inventory reporting for 2022 tax period can be done until the end of February 2023, or until the end of the 2nd month following the end of the tax period for taxpayers with a tax period different from the calendar year;
Inventory reporting continues to be made without the respective valuation, using the reporting file format initially set out in Order-in-Council no. 2/2015, of 6 January. The valuation of inventories provided for in Ministerial Order no. 126/2019, of 2 May continues not to be reported.
Electronic invoices for tax purposes
It continues to be possible to use mere “PDFs” when issuing invoices during 2023, being considered as electronically processed invoices for tax purposes under article 12 of Decree-Law no. 28/2019 and article 10 of article 36 of CIVA.
This text is merely informative and does not exempt the reading and interpretation of the supporting legislation in force, as well as for taking any decision or action that may affect your assets or business you should consult Golden Executive – Consultores, Lda. Flexibilization of the tax calendar
Elevate your digital e-commerce strategy through non-refundable financial incentives of up to 50%.
4.0: Internationalization via E-Commerce
Through this e-commerce incentive, large and small companies get support for their individual projects of direct presence in online channels, namely the creation of their own stores and/or joining marketplaces, as well as the development of online promotion campaigns.
This notice intends to contribute to promoting e-commerce in new exporters and in companies that are already in international trade.
FINANCING
Incentive rate of up to 50% (non-refundable) on eligible expenses, according to the following typologies:
10,000 to 25,000 euros, for projects under the “New Exporters” typology
25.000 euros to 85.000 euros, for projects under the “More Markets” typology
DEADLINE
The applications are open until the receiving of the limit number of applications determined according to the budget allocation.
ELIGIBLE EXPENDITURE
In the SI Internationalization via E-Commerce, eligible expenses are considered:
1. The acquisition of equipment and software directly related to the implementation of the project.
2. Expenses related to the acquisition of services from third parties related to:
2a) Design and implementation of strategies applied to digital channels for managing markets, channels, products or customer segments;
2b) User-Centered Design (UX): design, implementation and optimization of customer experience-centered digital strategies that maximize customer attraction, interaction and conversion;
2c) Design, implementation, optimization of Web Content Management (WCM), Campaign Management, Customer Relationship Management and E-commerce platforms;
2d) Creation of own online stores, registration and optimization of the presence in electronic marketplaces, including subscription and membership fees during the project execution period;
2e) Search Engine Optimization (SEO) and Search Engine Advertising (SEA);
2f) Social Media Marketing: Design, implementation and optimization of presence and interaction with customers via social networks;
2g) Content Marketing: creation and distribution of digital content (short text, long text, images, animations, or videos) aimed at capturing the attention and attracting the target customers to the offers marketed by the company;
2h) Display Advertising: placement of advertisements to the company’s offer on third-party sites, including search engine results pages;
2i) Mobile Marketing: translation of the strategies in the previous points for viewing and interacting with customers on mobile devices, namely smartphones and tablets;
2j) Business Intelligence and Web Analytics: collection, processing, analysis and visualization of large volumes of data generated from browsing and interaction of customers in a digital environment in order to identify patterns, correlations and relevant knowledge to strengthen the management and decision-making processes.
3. Costs of technical staff directly allocated to the implementation of the project, with evidence of skills/values in e-commerce and digital marketing and corresponding to a minimum qualification level VI (NQF).
ELIGIBILITY CRITERIA AND ACCESS CONDITIONS
In addition to the eligibility criteria for final beneficiaries and projects set forth respectively in articles 7 and 8 of Ministerial Order 135-A/2022, of April 1st, the final beneficiary must have a positive net worth in the complete fiscal year preceding the application year, and it is mandatory to submit the Simplified Corporate Information (IES) for that year. Alternatively, a subsequent interim balance sheet, certified by a chartered accountant, may be submitted, as long as it is reported up to the application date.
Companies that have been in business for less than a year at the time of application do not qualify to apply.
PREVIOUS PROCEDURES
Perform the e-commerce diagnosis that allows you to evaluate your company’s readiness on the Portugal Exporta website. The result of the evaluation defines the typology of the application to be submitted: New Exporters or More Markets. The recommendations made available in this Diagnostic also aim to provide guidelines for the elaboration of a
Detailed International E-Commerce plan supporting the application submission.
Develop an international e-commerce plan to support its application, the company must submit a detailed International ECommerce Plan (see details in Annex I of Notice of Tender No. 08/C16-i02/2022).
Make the application at the Balcão dos Fundos (Funds Counter) using the electronic form. Attached, submit the E-Commerce Diagnosis made available by AICEP and its International E-Commerce Plan
Don’t waste time. Contact us and find out how we can help you obtain these incentives.
In partnership with Exxa Studio, we offer a turnkey service with even more advantageous conditions.
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