The words “accounting” and “taxes”
"Cotisations" "Charges" may put hairs on your
back or can make you a little worried so for
young people starting their own
entrepreneurship project or start-up, the
feeling is probably even further magnified.
Even if you have superb idea, poor bookkeeping,
tax compliance or general disregard for core
accounting functions can be disastrous for
even the most promising young entrepreneurial
startup. To enable you to steer clear of the
wrath of the Tax Man and administation, here
are some accounting tips for young
entrepreneurs to always keep in mind as you
embark on your startup journey:
Make it a Habit of checking your books/accounts
as part of your daily routine. Set reminders
on your phone or computer telling you to
review your books. By making this a habit, you
can save yourself ample time and stress that
you would be subject to by waiting until the
last second. If you are not good with
bookeeping then take a on-line course as to
pay a proffessional could be expensisive.
There are affordable options for nearly every
budget and there are some very good free
Learn the Accounting Language.
One of the most difficult obstacles is
understanding the wide array of terminology
used. Ballance sheet? Trial balance? Creditors?
D not ignore what we don’t know by taking the
time to learn the basics, you’d be surprised
by how much you can pick up in such a short
period of time. There are plenty of resources
on the internet to assist you, avoid
soliciting advice from places like Facebook,
Quora, Reddit or various other online
platforms. While this advice is sometimes
correct, you cannot rely on the “internet
expert” for such important decisions.
Find the right Software. There are different
accounting software platforms available for
use, so take the time to find one that fits
your needs. Most accounting platforms are
migrating to the cloud, which enables ease of
use and accessibility. Wave offers a truly
free, cloud based platform that is both
intuitive and easy to use. Above all,what
matters most is that you pick a software that
is accommodating to the way you run your
Seek Out Free Advice. When
accounting issues arise, you may be able to
figure it out yourself if you have a sound
understanding of the basics. But the reality
is that you have a very important business to
run and your time is best spent elsewhere.
Some resources you have available to you are
local entrepreneur-focused groups, which are
full of experienced entrepreneurs like
yourself who are more than happy to help.
For example,The local community has plenty
of co-working groups that often have talks and
classes geared specifically for entrepreneurs.
You may also want to look to old coworkers or
bosses, or even fellow entrepreneurs to see
who they use when they’re in a jam. Should you
happen to receive an alarming piece of mail
from the Tax office, URSSAF or your Mutuelle
they can at least be a voice of comfort and
reason. At the very least, give them a call
and seek out free advice.
when necessary. There are certain situations
that every startup and small business faces
where bootstrapping and trying to do
everything yourself simply isn’t sustainable.
Furthermore, trying to handle complex tax
filings and compliance matters that you may
not be qualified for could ultimately lead to
more headaches and fees down the road if they
were done incorrectly. If you’re questioning
whether or not you need a professional to
handle it, then you probably do.
Take some time and ask around to those in your
networks for a good referral, and shop online
for an accountant that fits in your budget.
Beware of outsourcing to those with the lowest
rates, as that’s often (but not always)
indicative of the quality of service you’ll
receive. In the end, accounting really is not
too daunting if it is managed properly. Take
some time to actually learn the basics, and
you will see that it is not as frightening as
you may have once thought.
Advice: Remember that at the end of the day
you are responsible for the accounts, not your
accountant. Learn how to balance your books
and prepare a balance sheet with this in place
then find an accountant to do your final
declarations but only if you feel there are
some benefits or refunds to be gained from him
completing the declaration
presently contacting the accounting companies
in our area to ask if they would help by
providing a reduced fee for start-ups or maybe
the first year free.
We will be publishing
the results of this research here upon the
Accountants in South Charente