Accounting and budgeting are extremely important in your entrepreneurship. If the accounts and budget are not under control, the company quickly falls apart and you turn the key.
You can't be good at everything, and you don't need to either, as long as you have a good network that can help you or you're willing to read a lot about it, maybe even hire someone who can keep track of it for you.
Startup Central has tools you can use to keep a financial overview and we have coaches who can help you in this area.
There are many aspects of accounting and budgeting that you need to know. We have collected some blogs here that will give you an insight into the whole thing and help you on your way with your accounting and budgeting.
In the blog 'What is a budget and why is it important', you will get 5 important reasons why you should make budgets and what you should use them for. You don't need to be an expert in budgeting, you just need to have an understanding of it, with that you will get very far on your own.
There are several tax advantages that you can make use of in your startup. In the blog 'Tax benefits in startup budget' you get an overview of these benefits. This includes, among other things, tax-free allowances for development, R&D expenses and depreciation. The budget is tight in the startup phase, therefore these advantages will be able to loosen the budget a bit.
You will not avoid VAT, unless you have a PVM and turn over less than DKK 50,000 per year. If you are not, then you are VAT registered and must report and pay VAT. In the blog 'What is VAT and how do I report it?', you will learn about what VAT actually is, how you report it, and how often you have to report it.
If your company is VAT registered and therefore has to pay VAT, then you must be aware of the VAT deduction. Your VAT can be deducted. In the blog 'VAT deduction - how does my company get it?', you can read about how to get this deduction. In addition, there is also an overview of the requirements for an invoice, receipt or other documentation, as well as their accounting.
In the blog 'Get a handle on the annual report - deadlines, requirements and audit duty' you get a handle on all the important deadlines and terms. Among other things, you will gain knowledge about the content of the annual report, deadlines for reporting, revision of the annual report, as well as the information form and controlled transactions.
If you have such a well-established company that you have employees, then of course they must also be paid. If it is the first time that you have to pay a salary, doubts may well arise as to how exactly to do it. The blog 'How to run payroll for the first time' gives you 5 simple steps to pay out wages.
Your marketing can be a big item in your business, so it is also important that you book it correctly. In the blog 'How do I book marketing expenses?', you will learn about what is actually considered marketing and how you book these expenses. These include SoMe, product samples and sponsorships.
If you are a craftsman and have started independently in this industry, there is a lot of money to be saved, as it can quickly become an expensive affair. If you need van leasing, order management, fuel card or business insurance, you can read in the blog 'Save money as a craftsman' how to get this cheaply.