The Growth Opportunities Act - what entrepreneurs need to know now

As an entrepreneur, it is essential to keep up to date with new laws and regulations. The recently introduced Growth Opportunities Act (WCG) is no exception. But what does this law actually mean for you and your company? Let's take a look at the challenges and opportunities it brings and whether now is the right time to invest.

What is the Growth Opportunities Act anyway?

The Growth Opportunities Act passed by the Federal Council, officially the "Act to Strengthen Growth Opportunities, Investments and Innovation as well as Tax Simplification and Tax Fairness", has a clear aim: to improve the liquidity of companies and encourage entrepreneurial courage. In view of the many economic challenges in Germany, this law was developed to encourage companies to invest more and simplify the tax system. It is a response to the increasing demands on companies and is intended to help you to continue to be successful in a dynamic economic landscape.

Entry into force of the Growth Opportunities Act: What does this mean for you?

After long negotiations, the Growth Opportunities Act was passed on March 27, 2024 after approval by the Federal Council and the Bundestag. This new law brings exciting innovations, especially for small businesses. Look forward to higher thresholds and flat rates that not only reduce bureaucracy, but also promote the economic strength of your company. Now it's time to get started and take advantage of the new opportunities!

Central objectives of the Growth Opportunities Act: What is behind it?

The Growth Opportunities Act has been given the green light by the Federal Council and has a clear goal: to strengthen the competitiveness of the German economy, push innovations and stimulate and promote sustainable growth. This means that future generations should also be able to live in a prosperous Germany. But what exactly is behind this law? Here are the most important points that you should know as an entrepreneur:

• Tax relief for companies: Small and medium-sized businesses can rejoice! The law brings tax relief through depreciation relief and investment incentives that should help you to further strengthen your company.
• Promoting research and development: If you invest in innovative technologies and new products, you will receive financial support. The goal? To make the German economy future-proof and modern so that we remain globally competitive.
• Improvement of the framework conditions: Less bureaucracy, faster approval procedures - these are just some of the measures designed to make your life as an entrepreneur easier. The law ensures that you can concentrate more on your business and less on paperwork.
• Support for climate-friendly investments: Investments in environmentally friendly and sustainable technologies are encouraged. This way, you can not only contribute to climate protection, but also open up new growth opportunities for your company.

So seize the opportunity and use the possibilities offered by the Growth Opportunities Act, passed by the Federal Council and the Bundestag!

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Tax Code – exciting changes due to the Growth Opportunities Act

The Growth Opportunities Act brings with it some important changes to the tax code that are particularly interesting for small businesses. Find out about the most important changes now:

• Increase in accounting limits: As a commercial entrepreneur or farmer or forester, you only have to keep accounts if your total turnover is more than EUR 800,000 (previously it was EUR 600,000) or your profit is more than EUR 80,000 (previously it was EUR 60,000). This makes your administrative workload much easier.
• Extended retention obligation: The limit of the retention obligation for surplus income is increased to an amount of EUR 750,000. This also means that you have significantly less administrative work.

These adjustments are intended to make your life easier as an entrepreneur by reducing bureaucratic burdens and simplifying compliance. 

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The Growth Opportunities Act and e-invoicing – what you need to consider

The Growth Opportunities Act brings with it another exciting innovation: the obligation to use e-invoices . From 2025, you must ensure that your company can receive electronic invoices and archive them securely. What does that mean for you specifically? It means more efficiency and transparency , because with e-invoices everything runs more smoothly. Less paperwork means less stress and more clarity in your business processes. In addition, your administrative workload is significantly reduced. Imagine how much time you will save if you no longer have to scan your paper invoices and check the OCR recognition because you already receive them in an electronically easy-to-read format. This will enable you to reduce costs and simplify your accounting processes . Digitizing your invoicing processes optimizes your accounting and saves your resources. According to the Federal Council and Bundestag, the Growth Opportunities Act opens up new opportunities for you to make your company more efficient and modern.

Advantages of the Growth Opportunities Act and e-invoicing at a glance

• Increase efficiency and reduce costs: With e-invoices, your office will finally be paperless ! The Growth Opportunities Act promotes their use to process business transactions more quickly and reduce costs. This means less paperwork and faster payments, especially for small and medium-sized companies.
• Promoting digital transformation: The digitization of your business processes is strongly supported by the law. E-invoices reduce manual errors, improve data security and ensure transparency in financial transactions. This helps you to switch to new technologies and make your company future-proof.
• Tax and administrative simplifications: E-invoices make tax and administrative processes easier. This fits perfectly with the goals of the Growth Opportunities Act to reduce tax complexity and increase tax fairness. Automated recording of tax-relevant information makes your tax return and audit easier.
• Sustainability: Less paper consumption thanks to e-invoicing also supports the sustainability goals of the law. This not only saves costs, but also protects the environment.

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The Growth Opportunities Act not only offers you an obligation, but also a real opportunity: these measures strengthen your operational efficiency, compliance with legal regulations and the environmental friendliness of your company. Use e-invoicing to simplify your operational processes and use your resources more efficiently. This is how you can make your company fit for the future!

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We have compiled all important information on the topic of e-invoicing in our knowledge area: E-invoicing .

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What do the new tax regulations mean for you?

Taxes are often a vexed topic, but the new regulations of the Growth Opportunities Act could change that. These changes to the law are designed to make the tax system more modern, simpler and fairer. But what does that mean specifically for you and your company?

With the new regulations, you benefit from higher lump sums and allowances, which means you keep more money in your pocket. The introduction of declining balance depreciation allows you to write off your investments more quickly, which improves your liquidity and makes investments more attractive. Small business owners can look forward to higher turnover limits, which means more companies can benefit from simplified tax regulations.

In addition, the digitalization of your tax processes is promoted. Electronic invoices and digital accounting are not only becoming mandatory, but also making everyday life much easier.

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How you benefit from fileee DMS after the introduction of the Growth Opportunities Act

The fileee document management system can play a key role in adapting to the new tax framework. By automatically capturing, classifying and storing documents, fileee makes it easier for you to comply with accounting and retention obligations. Are you looking for a practical and reliable DMS that manages your documents in a clear and practical way? fileee offers you an efficient solution for organizing your tax-relevant documents. 

With functions for secure archiving and easy retrieval of documents, fileee supports your company in meeting legal requirements, optimizing processes and saving time and resources. Despite tax changes, fileee is always a clever digital document management system that offers you many advantages and helps you keep track of your documents: 

Reliable solution despite tax changes:

• Even with the new tax regulations, fileee offers a consistent and reliable platform for managing your documents. You can be sure that all tax-relevant documents are always well organized and easily accessible.

Easy management of all tax-relevant documents:

• fileee allows you to effortlessly manage contracts, invoices, receipts and other important documents. Everything is stored in one place, making it easier to organize your documents. With fileee you always have the perfect overview!

Easy retrieval of documents:

• Thanks to the use of full-text search and tags, your documents can be found quickly and easily at any time - on all devices. With fileee there are no annoying folder structures - this saves you and your team a lot of time when searching for specific documents.

Support through the Growth Opportunities Act:

• The Growth Opportunities Act promotes the use of e-invoicing and aims to make business processes more efficient and reduce costs. fileee pursues the same goal by optimizing the digital management of documents, improving workflow, saving costs and simplifying teamwork.

Smart and intuitive solution:

• fileee offers you and your colleagues a user-friendly interface that is easy to understand. You can easily do your preparatory accounting with fileee and seamlessly export the documents to accounting software such as DATEV.

Audit-proof archiving:

• With fileee Business you can ensure the audit-proof archiving of all documents. This ensures that your documents meet legal requirements and are available for audits at any time.

Time and cost efficiency:

• By automating many administrative tasks, fileee saves valuable time and reduces the costs associated with manual document management.

Optimized collaboration:

• fileee's cloud-based platform makes team collaboration easier. Documents can be easily shared and edited together. In addition, tasks such as digital invoice approval can be completed regardless of location, which increases efficiency and productivity.

Grow as a company with the Growth Opportunities Act and the fileee DMS

The Growth Opportunities Act, passed by the Federal Council and the Bundestag, not only offers your company tax incentives, but also specifically supports digital transformation and increased efficiency. With fileee, you can make optimal use of the digitization promoted by the Growth Opportunities Act and sustainably increase your operational efficiency. The automated capture, classification and archiving of documents makes it easier to comply with the new tax framework and ensures that all important documents are always at hand for all employees. Thanks to audit-proof archiving, fileee offers a future-proof solution that optimally prepares your company for the requirements of the Growth Opportunities Act. Take advantage of the opportunities that the law offers you and take your document management to the next level with fileee - for more efficiency, less bureaucracy and increased competitiveness.

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