Accounting helps business people make well informed decisions about their business. The language of business is accounting and just like other languages it has its own rules and vocabulary. Learning this language will not only help you in your business, but in your personal finances and investment decisions.

Is it worth printing my own business checks? Should I use a book keeping program like Quickbooks, to print Quickbooks checks or should I use bank issued checks for my business?

Good bookkeeping is the first step in good accounting practices, and software packages can make this easier. But you first need a good grasp of accounting principles.

Having a good grasp of basic accounting can help you with making decisions about the stock market, which employer is offering the best package or which loan to choose. Banks use accounting to evaluate risk when granting loans. Governments use accounting information to set regulations and policies. Non business organisations, like community groups and charities can also find accountancy useful in seeing how businesses will affect their local area.

Businesses make decisions on borrowing and investing, budgeting and planning all with the use of accounting information. Accounting is an essential part of the business decision process.

Regardless of the size of your business the basic principles of accounting are the same. The more complex a business the more varied and complex the transactions and the process of reporting becomes. However with a solid foundation in accounting you will be much better equipped to deal with each situation.

A rental is usually considered long-term in the country if it lasts six months or more. Long-term rentals are more common in urban areas and inland suburbs, as resort communities attract more buyers than renters. In areas where they flourish, the choices range from simple studio apartments to luxury homes complete with exclusive pools and wine rooms. For a one- or two-bedroom apartment, ates range from €600 to €900 per month in the low season for a contract of at least two months. Shorter rentals are more expensive and cost about €350 to €400 per week (€1400 to €1600 per month).

One of the first things to ask when looking at rental property is whether or not the place is furnished. In Portuguese, rental homes are referred to as mobiliado or desmobiliado (or sem mobília) respectively. The trends vary from region to region. Generally, long-term rentals tend to be furnished in resort areas, where people stay only a few weeks or months. Residential and urban areas are more likely to have unfurnished homes, as people stay much longer and may find it more practical to buy their own gear. In most cases, tenants pay for gas, electricity, heating, and other utilities.

People looking to spend winter in Portugal can find some pretty good deals in resort areas, although you may have to start looking months ahead as demand from mainland European travelers can be high. Also worth noting is that resort rentals tend to be short—it’s hard to find leases of one year or more in areas like Algarve where the population is largely expatriates.

If you’re only looking for a holiday let, the short-term rental market may be more appropriate. Besides the duration—usually a few weeks to three months—one important difference between short-term and long-term rentals is that short-term contracts are more restrictive. You may only be allowed to use certain appliances for a number of hours, or activities like barbecues may be restricted. Nevertheless, they offer much more value for the dollar than most hotels, which cost at least twice as much per day for much less space.

The Portugal job market can be challenging, however, especially with many industries shrinking as a result of the recent bailout. The travel and service sectors account for more than half the jobs, making it especially ideal for sales, marketing, tourism, and engineering graduates. Indeed, even in this economic environment some areas continue to flourish—for instance, with tourism stepping up to boost the economy, the hospitality industry is a hotbed of jobs. Opportunities abound particularly in design, management, food service, finance, and customer relations.

The market isn’t without its challenges, of course. For one thing, the concentration of jobs in just a few industries has resulted in a high unemployment rate. That means expats will have to compete with locals for many of the jobs—and residents have the ready advantage of speaking the language. Since most of the thriving sectors involve considerable contact with the public, those who speak only English may not be prioritized.

Fortunately there are alternatives for English speakers, at least for temporary work while learning Portuguese. Property, agriculture, and forestry are some of the more stable sectors, and most people can get by in these settings speaking mostly English. Call centers (e.g. customer service representatives) are also beginning to grow, and native or near-native English can be a plus in most of them.

Another way to increase your chances of finding work is to move out of the capital. Many Portuguese are already flocking to Lisbon to get a slice of the already saturated job market, even as other areas are on the rise. Some good alternatives are Porto (the famous wine region), Amadora, Braga, Funchal, and Coimbra.

As is often the case with international employment, your qualifications may not be recognized at the same level in Portugal as your home country. Most British and American institutions are accredited in the country, but you may have to take additional courses to focus your skills on the Portugal market. Most graduates from mainland Europe and many surrounding islands can visit a National Academic Recognition Information Centre (NARIC) in the area to see how their credentials stack up.

The first hurdle is the web of technicalities involved in becoming a resident. If you’re from Europe, you have to take your passport to Portugal’s immigration office, the Serviço de Estrangeiros e Fronteiras (SEF), and sign a statement that you are working and studying in the country. You will also need to show bank statements, or some other proof that you can support yourself while living there. It sounds simple, but there are other intricacies—you may have to send in documents from your home country, have papers translated into Portuguese, and in extreme cases hire a private lawyer to speed things up.

Once you’re past this process, you are usually given a five-year residency permit, which you can later trade for permanent residency. You then have to tackle Portugal living: learning the language, the culture, the traffic, and the public transport. Most experts strongly recommend learning Portuguese, or at least enough of it to make basic transactions. While you can survive on just English, your social and professional opportunities will expand tenfold if you can communicate to locals. This is true even in tourist hotspots where most people are bilingual—and besides, you won’t be a tourist this time.

You also have to take the cost of living into account. While there are a few price differences, some things more than make up for it. Expats point to income tax, social security, fuel, and rent as the biggest expenses in Portugal living. These things have stayed high when economics dictates that they should have dropped, like incomes have. Shopping around is essential, as prices can vary by several euros within a block.

Finally, think of the lifestyle you will want to lead in Portugal. In the first few months, you may have to get used to a smaller space or fewer shopping trips; it’s not a Third World country where a British salary will buy you a mansion. Focus on learning the culture and making friends with locals, rather than material goods. Before you know it, you’ll be living like anyone else and feeling right at home!

The Portugal tax year ends on December 31 of every year. The filing deadline is April 30 for individuals and May 31 for companies. Taxpayers can make up to three advanced payments in July, September, and December, with a fourth payment of 1% allowed on the day of the filing.

Like most countries, Portugal computes tax rates according to brackets, where higher earners pay a higher rate than lower earners. This applies to both individuals and businesses, with exemptions and deductions where applicable, and regular adjustments for inflation. For individuals, the rate is progressive, meaning it adjusts every year. In 2010, the individual income tax rate ranged from 10.5% to 42%. The minimum rate applies to those earning €4,793 or less, while the maximum is for incomes of €64,624 and up.

For corporations, the rate was 12.5% for those earning €12,500 or less, and 25% for those earning more. A local tax of up to 1.5% is also added, bringing the total up to 26.5%. However, in Azores and Madeira, which are free-trade zones, certain companies can qualify for reduced tax rates. This depends on the type of company and the year it was established in these zones.

Companies in Portugal also pay capital gains tax on top of regular income tax. Capital gain is profit earned from the sale of assets such as stocks and real estate. If proceeds from these sales were held for more than a year, the company only pays tax on 50% of the total, provided they were reinvested in full. Dividends and capital gains earned by holding companies are usually exempted, as are some types of dividend income.

Individuals selling real estate and using the proceeds to buy a new residence are exempt from capital gains tax. However, they must have used the old home as a primary residence and live in the new one as well. The sale and purchase must take place within a given time frame to qualify for the exemption. Proceeds from selling shares are subject to a 10% tax rate if held for less than one year.

Portugal has been in dire economic straits for the last two years, and employment was just one of many sectors that felt the pinch. Its acceptance of the euro-zone and International Monetary Fund (IMF) bailout earlier this year was seen by many as the last straw. A similar crisis seems to be in the works in Spain, aggravated by a looming real estate bubble.

It seems to have sparked an emigration wave not unlike the ones that drove Spaniards and Portuguese workers to the Americas from the 1950s to the 1970s. This time, however, they are flocking to their European neighbors, encouraged by the recent euro-zone economic boom.

Canada and the U.S. remain popular destinations, but France, Germany, and the rest of Western Europe are luring a larger number of immigrants. Some 600,000 people have already left Spain to look for greener pastures in Germany, according to the German agency Deutsche-Presse Agentur.

Spain and Portugal suffered serious blows from the 2008 recession. Portugal’s weak economic structure crumbled early on, but its larger neighbour has so far remained on its feet. However, the Spanish economy has grown at a snail’s pace for several years running, and its 20% unemployment rate is the highest in the euro-zone.

Portugal’s new Prime Minister Pedro Passos Coelho, who replaced José Sócrates on June 21, has warned his people of difficult times ahead, with the economy expected to shrink by 2% in the next two years. Unemployment is currently at 12.6%.

The emigration wave is one of the biggest Portugal’s recent history, according to some experts, although no exact figures are available. Besides Europe and the Americas, the Portuguese are moving to former colonies such as Brazil, where at least there is no language barrier. Others have fled as far as China. The construction sector has been particularly hard-hit, making emigration particularly attractive to architects, engineers, and manual laborers.

In a similar vein, immigration to the two countries has gone down. Immigrants from Africa and Latin America are opting for the U.S., Canada, and even Australia, whereas their Iberian neighbors were once more attractive destinations.

Choosing a home in Portugal is a multi-faceted decision. The first decisions are fairly easy: do you want to live in the city or country, inland or on the coast, in a single-family home or a small condo? Will you be happier in a bustling town or a quiet seaside village? Each will have implications on the price, as well as your personal and professional opportunities during your stay.

Portugal houses range from uniform boxes in planned developments to charming farmhouses and beach homes. The coast is a popular place for foreigners; some towns, such as Algarve, even have English-language media catering to the large British population. Before settling, however, make sure you have a residency card (“residencia”)—it makes processing much easier and will save you a good deal on taxes.

Start by getting professional advice from a real estate agent. Make sure you’re dealing with a registered agent; don’t be afraid to ask for their license information. They’ll know the market better and help you figure out your needs and wants, having probably worked with similar clients before. They’ll also give you access to a wider range of Portugal houses, including those that haven’t made the listings yet.

You may also want to bring a lawyer into the picture. There’s a lot of legal paperwork and costs involved, and it helps to know what you’re paying for. A lawyer can explain all the legal jargon and explain what’s going on at every turn, from signing your purchase offer to working out tax issues. If your Portuguese isn’t up to par, look for someone with a good grasp of English.

Finally, be detailed when it comes to the costs. Your agent can explain all the side expenses such as annual property taxes, community fees, utilities, and property income if you’re planning to rent it out. Make sure to have identification and financial information on you at all times—you’ll need them to apply for a mortgage, sign contracts with your lawyer and agent, and seal the deal for your new home.

The election of Pedro Passos Coelho, a Social Democrat, as the country’s new prime minister marks a period of austerity for the country. Passos Coelho is widely expected to make good on his promise of meeting the terms of the EU-IMF bailout it accepted in mid-May, which would mean tough austerity measures over the next two years. This may well equate to a drop in property prices, according to the International Business Times.

The good news for potential property buyers is that Portugal real estate isn’t as tightly regulated as that of its eastern neighbors, such as Spain and France. This has made it a popular choice for foreign investors for the last several years. The catch? Miles of red tape—one may have to deal with a dozen different offices and fill out reams of paperwork (and pay various administrative fees along the way) before a deal can go through.

Knowledge of local terminology can go a long way. An even better way is to hire a Portuguese lawyer. He or she will have a better understanding of the rules, and may even offer market advice from price negotiation to choosing properties Portugal for sale. A real estate agent (Agente Imobiliario) will also come in handy, especially in the planning and negotiation stages.

There are three main ways to buy Portugal property: buying directly with cash, refinancing existing property in one’s home country to raise the money, and taking out a mortgage. The latter is the most complex but most affordable option. It may involve a local bank or building society that specializes in international investments, or a Portugal mortgage provider.

All three methods will involve a number of fees, such as the government property tax (Imposto Municipal sobre Transmissões) totaling 5% to 8% of the value, notary and registration fees, stamp duties (Imposto de Selo , generally 0.8% of the purchase price), and a deposit if the property will be mortgage locally. Mortgage applications will require a residency card (Cartão de Residencia), a tax code (Numero Fiscal de Contribuinte), a local bank account, and other standard documents such as proof of income and credit rating.

Passos Coelho, who succeeds José Sócrates, signed a political accord on June 16th with CDS leader Paulo Portas. In a press conference that followed, he said the step marked “a new cycle” in Portugal’s recovery, with a new majority government that he expects to remain on its feet over the next four years.

He also promised to regain trust in Portugal and its financial markets, and encourage investments in the country as soon as possible. This is important, he said, because these markets will play a crucial role in covering the country’s financing needs over the next two years.

Yields on Portugal’s sovereign debt bonds rose sharply after it accepted a €78 billion bailout from the International Monetary Fund and the European Union, following years of stalled economic growth and a deep budget deficit.

The bailout terms will require the country to shrink its government budget deficit, which stood at 9.1% in 2010, to just 5.9% in 2011, 4.5% in 2012, and 3% in 2013. Passos Coelho has acknowledged that the task was “gigantic,” and admitted that the next two years are going to be tough. However, he added that the government will be ready to face the problems, saying that further details of the program would be announced after the majority government has been created.

Passos Coelho’s party, Partido Social Democrata (PSD), failed to win the majority of parliament seats in the June 5 elections, despite Passos Coelho getting the lion’s share of votes. This prompted the party’s decision to join forces with the CDS.

Members of Passos Coelho’s cabinet are expected to be announced and submitted to President     Aníbal Cavaco Silva within the next few days. The new prime minister is expected to take office by June 23rd, after which he plans to immediately work on putting the new government in effect.

Few details have been released on the joint government’s recovery plans, but both have promised sweeping changes in Portuguese financial and labor policies. The agreement included plans to speed up growth by helping to create more jobs, increasing productivity, and improving social mobility. They also plan on stepping up competition in the private sector and concentrating efforts on strategic industries such as agriculture, fisheries, forestry, and tourism.

1) Book your seats in advance. Most airlines now allow you to pre-book your flight online, or through your travel agent. Have a hard copy of your confirmation on hand in case the booking system fails (it happens more often than you think).

2) Check rules on equipment. Your laptop may not be an issue, but a VPN handset or a satellite phone may pose problems at borders where import rules are different. Also check which devices you can use during the flight—some airlines won’t let you use your computer or smartphone on short flights.

3) Keep your laptop with you. If you’ve seen how airport personnel handles checked luggage, you’ll know better than to leave your laptop in their hands. On the craft, leave it under your seat, or if the airline won’t let you, place it in the overhead cabin yourself.

4) Use a weekender. Look for a large tote or duffel bag that can hold all the essentials: your laptop, phone, chargers, address book, some pen and paper, and a change of clothes. That way you won’t have to run back and forth from your hotel room. Choose one with padded handles or straps—it’ll make it easier to carry around all day.

5) Bring your own cables. Most business travelers use the hotel’s internet connection to check messages from their laptops, but not all hotels have broadband ports. Even those that do can sometimes run out of cables, or have faulty ones that have been overused by previous guests. Consider bringing a portable internet device—the connection may be choppy at best, but it’s better than nothing when you’re out of options.

6) Carry some cash. Don’t rely too much on your credit card, whether it’s your own or company-issued. Some places may not accept them, and you never know when you’ll lose it, break it, or the issuer decides to cancel it. Have a decent amount in both the local currency and a widely accepted one, such as pounds, euros, or US dollars.