Tips for managing your company's accounting
Being an entrepreneur does not mean having accountant donations. But when you have your own business, it's important to manage your finances well. What to do to effectively maintain your accounting? Editus.lu gives you some tips for keeping a close eye on your income and expenses.
Have a simple accounting software to use
An accounting software will save you time because it offers the advantage of reducing the risk of errors that can be made on paper. Moreover, the speed at which accounting information can be achieved is also faster.
If a software makes it possible to increase its productivity, it is however necessary to know some notions of accounting, and to dispose of it as soon as the setting up of its company, not to start falling behind from the beginning.
For the choice of accounting software, choose three criteria: its user-friendliness , its maintenance and a good quality-price ratio .
Do not mix your private and professional accounts
It is important to dissociate, for the leaders of a company, the professional accounts of the private accounts. All of the company's expenses must be tied to a "pro" account, as opposed to all of the expenses related to privacy.
For you or your accountant , it will be easier not to waste time looking for a professional justification for each transaction. What's more, if you mix the professional and the private, you expose yourself to severe tax and criminal penalties .
Keep your day-to-day accounting
The ideal is to manage the accounting of your company in real time, in order to be able to evaluate it at any time , and to move forward in a serene way.
Staying with this program is not always easy. Yet, daily recording of all accounting operations is valuable. This involves classifying the accounting documents daily.
To achieve this, you can hire an accounting firm. Generally, it has a solution for updating your accounting online.
Classify documents
To run a business effectively, it is essential to classify your documents. This saves time, like an accounting software, and reduces the risk of missing important papers.
So, which documents to file? Those relating to customers, suppliers, employees, tax administration and the bank . These documents should be stored in binders and sorted alphabetically (for suppliers, for example) or chronologically (for customers, for example). Be sure to put all of these documents in an unobtrusive place, to prevent any theft of confidential information.
Surround yourself
Eventually, and even if it is not mandatory, you can get in touch with a chartered accountant. Even if your company does its own accounting , you can be assisted by a professional who can verify your financial transactions and advise you if necessary.