What is meant by surplus revenue statement?
The "surplus revenue statement" (income-expenditure statement) is a method of determining profit, mainly used by small businesses and self-employed individuals. In this form of accounting, revenues and expenses of a specific period are compared to calculate taxable profit.
Typical functions of software in the "surplus revenue statement" area include:
- Recording of income and expenses: Ability to systematically record all income and expenses of a business or self-employed individual.
- Automatic categorization: Automatic allocation of income and expenses to predefined categories to facilitate analysis.
- Tax considerations: Consideration of tax-relevant aspects such as depreciation, operating expenses, and tax exemptions.
- Generation of reports: Creation of summaries and reports that provide a quick overview of the company's financial situation.
- Integration with tax software: Seamless integration with tax software to simplify tax filing and compliance with tax regulations.