Why you should keep business and personal purchases separate?
The New Entrepreneur's Guide Series - Why You Shouldn't Mix Business and Personal Purchases? Keeping company and personal finances separate is one of the most fundamental aspects of accounting. However, everyday situations can arise where a business purchase is paid for with a personal bank card or a personal purchase with a business card. In a rush, using the wrong card is a human error, and a single transaction usually doesn't cause problems. If company and [...]
What does an income statement tell you about your business?
A New Entrepreneur's Guide series What does an income statement tell you about your business? You won't get a complete picture of your company's finances just by looking at your bank account balance. The bank account balance tells you how much money the business has available right now, but it doesn't tell you whether the business has been profitable. An income statement, on the other hand, shows what makes up your company's income, what kind of costs are incurred by operations, and whether the company has a profit or loss at the end of the financial year. […]
What does starting a business really require? Tips for the budding entrepreneur
A New Entrepreneur's Guide Series - What does starting a business really require? Tips for the aspiring entrepreneur Starting a business often feels like a bigger step than it actually is. You might have a clear business idea and be highly motivated, but at the same time, many new questions arise: Which business structure should you choose? What notifications need to be made? And how should bookkeeping be organised? You don't need to know everything straight away. The most important thing is [...]
As summer approaches, it's worth checking the company's financial situation.
A New Entrepreneur's Guide Series: It's Worth Checking Your Company's Financial Situation as Summer Approaches Summer brings changes to everyday life for many entrepreneurs. For some, summer means the busiest season of the year, while for others, it offers an opportunity to slow down and take a breather. Even though your own work rhythm changes, your company's financial matters don't stop for the summer. Therefore, before summer, it's a good time to pause and examine where the company actually stands. […]
What does an accountant need for bookkeeping?
New Entrepreneur's Guide series What does an accountant need for bookkeeping? For smooth bookkeeping, it is important that the accountant has access to the necessary information and receipts for the company's transactions. When the required information is provided on time, the bookkeeping stays up to date and a clear overall picture of the company's finances is formed. The items to be submitted to the accountant depend on the company's operations, but certain basic information applies to almost all companies. Bank statements and [...]