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Project YERRF - Young Entrepreneurs Rejuvenate Rural France

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 Entrepreneurs have to account

Some Accounting Tips for Young Entrepreneurs and project start-up's


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:

balancing the books

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 sources.

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.

balancing the books

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 business.

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.

Check out Links to Entrepreneurship Forums

Hire only 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.

balancing the books

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.

YERRF's 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

We are 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 website.

Accountants in South Charente

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Young Entrepreneurs Rejuvenate Rural France - an Entrepreneurs Learning Project managed by the association  Les Amis De La Giraudière and jointly funded by The European Commission