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5 tips for keeping your business bookkeeping

16.02.2021

Simple Bookkeeping: 5 Tips for Entrepreneurs on Accounting.

July is another hot time for entrepreneurs: filing reports for the second quarter. Therefore, we decided to remind you of some simple bookkeeping rules that will help you simplify your life and save time and nerves.

Besides the fact that you are legally required to keep your accounting records, it is also very useful for understanding how your firm is doing. With proper accounting, you will be able to notice in time that something went wrong, and therefore influence the situation until it becomes critical.

For example, it will help you notice in a timely manner that debtors are not paying their bills, or that you need to adjust the value of your product due to changed costs.

Experience shows that entrepreneurs who are responsible for their bookkeeping are less likely to go bankrupt.

Tip one: keep all the documentation for your business

It is better to store all data related to your business in electronic or paper form (or better, both). This includes all cash receipts, records of purchases and sales, bank statements, contracts and agreements, electronic databases, work diaries (including online), and so on.

Tip two: Remember the storage times

By law, every entrepreneur must keep his administration for seven years. This applies to all financial documents of the company:
- accounting of income and expense (de debiteuren- en crediteurenadministratie)
- ledger
- accounting for purchases and sales
- warehouse accounting (inventory accounting)
- payroll accounting

Exceptions to this rule are documents and information about real estate. You must keep them for ten years.

Tip three: keep accurate VAT (BTW) records

Highlight a separate line in your accounting for how much VAT you must pay. To do this, you need to store the following information: invoices issued by you and you, expense and receipt of funds, and personal use of goods and services. If you have overseas sales, you need to keep track of the export and import of goods. Automation (or assignment to a specialist) of accounting will significantly save your time.

Tip four: don't be afraid to ask for help

Setting up accounting software requires specialized knowledge. Therefore, we do not recommend doing it yourself, it is better to contact a specialist. The fact is that some elements are fixed when setting up accounting programs and it can be difficult to reconfigure them.

Fifth tip: Learn to do your own bookkeeping or entrust it to professionals.

In fact, accounting is a chore and can be learned relatively quickly (if you have such a desire). However, you can just find someone who will do all the boring work for you, especially if your situation is not entirely simple and straightforward. Nalog.nl will gladly take care of putting in order and further maintaining your bookkeeping.

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