How can I organize my bookkeeping most efficiently as a founder?
June 24, 2023 | 50,00 EUR | answered by Isabel Müller
Dear Mr. Tax Advisor,
I am about to start my own business and would like to gather information in advance on the most efficient way to organize my accounting. I have some experience in accounting, but I am unsure about the best approach as a new business owner.
Currently, I am planning to start a small IT services company. I will likely have few employees at the beginning and my revenues may be limited. Nevertheless, I want to ensure careful and efficient accounting from the start to avoid errors and keep track of my finances.
My biggest concern is that as a founder, I may lose track of my finances and important documents or receipts may get lost. Additionally, I want to ensure that I fulfill all tax obligations correctly and fully utilize any tax benefits available. Therefore, I am looking for a professional and efficient solution for my accounting.
Can you provide me with specific tips on how to structure and organize my accounting? Are there any software solutions you can recommend? How can I ensure that I properly store all relevant receipts and documents? And what tax aspects should I as a founder definitely consider?
I look forward to your support and thank you in advance for your help.
Sincerely,
Wilhelm Herrmann
Dear Mr. Herrmann,
Thank you for your inquiry regarding the efficient management of your accounting for your planned IT service company. As a tax advisor for startups, I am happy to provide you with specific tips on how to structure and organize your accounting in the best way.
First of all, it is important that you familiarize yourself with the different types of accounting. For small businesses like yours, the cash basis accounting (EÜR) is usually suitable, as it is a simpler and less time-consuming form of accounting. With the EÜR, the income is compared to the expenses to determine the profit.
To make your accounting more efficient, I recommend using accounting software. There are many programs on the market that have been specifically developed for small business owners and founders. These programs not only make it easier for you to track your income and expenses, but also offer features for invoicing, managing customers and suppliers, and creating reports and analyses.
When choosing software, make sure that it meets your individual requirements and is easy to use. Good accounting programs usually also offer the option to electronically capture and archive receipts and documents. This way, you can ensure that all relevant documents are properly stored.
As a founder, you should also keep an eye on the tax aspects. Make sure that you fulfill all tax obligations, such as timely submission of VAT returns or compliance with retention periods for your documents. Additionally, you should inform yourself about possible tax advantages available to you as a founder, such as the small business regulation or investment allowances.
Overall, careful and efficient accounting is crucial for the success of your company. With a good structure, the right software, and consideration of tax aspects, you can ensure that you keep track of your finances and avoid potential errors.
I hope these tips help you in managing your accounting. If you have any further questions or need assistance, please do not hesitate to contact me.
Best regards,
Isabel Müller, Tax Advisor
