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In order to start your own business perfectly, we show you 5 helpful tips on how you can keep your bookkeeping effort relatively low and at the same time do proper online accounting:
- The small business regulation
As a small business owner, you can keep your bureaucratic effort within limits. Small business owners are not subject to VAT and therefore do not have to pre-register for VAT. Another advantage for small business owners is that they do not have to show sales tax on the invoice. Therefore, they can charge lower prices than the competition, which can bring a noticeable competitive advantage.
- Simple instead of double-entry bookkeeping
With double-entry bookkeeping, all business transactions must be properly recorded. At the end of the year, a balance sheet and a profit and loss account must be drawn up to determine the profit, in the case of simple bookkeeping, on the other hand, an income surplus calculation is created. The operating income and operating expenses of a financial year are compared and the profit or loss is determined. This simpler procedure is particularly suitable for the self-employed because it is less complex and can largely be used without the help of a tax advisor.
There are also some online accounting courses available for Double entry bookkeeping and more.
- Avoid slip management
You can decide for yourself how you want to keep your receipts. In the case of the self-employed, there are many documents that must be filed, sorted and kept. A paper archive requires regular filing, shelf space, and timely disposal. Digital software, on the other hand, supports the proper filing, sorting and archiving of all documents. You can collect all receipts centrally and immediately submit the requested invoice when the tax office checks it.
- Formal invoice using online software
All your invoices must meet the formal requirements. You can save time with an invoicing program since all mandatory information on an invoice is automatically included. You can scan incoming invoices via the app, while the software automatically posts them. In addition, all documents are archived in accordance with good, so you never have to worry about a tax audit again.
- Separate private and business expenses
For the self-employed, it can quickly happen that a business invoice is paid out of private pocket out of business interest. It can cost you more in the end. To avoid this, you should create and maintain the private account separately from the company account. This is the best way to separate private expenses from operating expenses and the tax consultant has less to do.
As a self-employed person, you are obliged to keep proper bookkeeping. Let the competent tax consultant help you make important decisions right from the start. So that the accounting is not an annoying topic for you, there is accounting software that fits your needs. Thanks to software automatisms, integrated online banking, and access for your tax advisor, the accounting will no longer be a problem in the future. This allows you to concentrate on your core business as a self-employed person.
