My first accounting, use professionally from the beginning - part 4

Thu, 26.05.2022, 08:00

Accounting is not the most popular topic among young entrepreneurs. There are certainly more important topics for you, but nevertheless, a properly managed accounting is essential for the long-term success of your business. In this short article we want to show you which things you should pay attention to at the beginning and where you can get help if you get stuck.

How does accounting work?

Basically, there are two different types of accounting. A distinction is made between open item accounting and accounts receivable/accounts payable accounting. The accounts receivable/accounts payable accounting is the classic double-entry accounting. If you receive an invoice, a corresponding liability (vendor) is created. On the other hand, when you issue an invoice, a receivable (customer) is created. As soon as you pay the invoice or your invoice is paid, you make another entry to record the expense or the revenue. In contrast to open-item accounting, you can always see how much money you will have to spend or will receive in the future. As you can easily see, we recommend accounts receivable/accounts payable accounting because it always gives you an overview of your liquidity and you are always aware of your financial situation.

Has it been a few years since your last accounting course? Then attend the free course on the basics of accounting offered by the IFJ.
 

Who can help me if I don't know what to do?

We generally recommend that every entrepreneur who does not have a background in accounting hire a fiduciary. He will make sure that you keep your accounts correctly and will take care of more complex procedures such as the annual accounts for you.

If you are interested, use the fiduciary service on our website and find the right partner for your financial issues.
 

And where can I do my accounting?

With our partner company Atlanto you are well positioned. Through the cloud solution, you have access to your accounting anytime and anywhere and are not tied to a specific device. The use of the tool is very intuitive and offers a variety of options. For example, you can use the automatic synchronization between your e-banking and Atlanto to keep your accounting up to date.

According to the principle: "No entry without a receipt" you should always keep your receipts so that your entries can be traced. But who wants this paper chaos? With the Atlanto app, you can easily scan your receipts on the go and they can even be read out immediately using OCR if necessary.

And the best part? The trustees you'll find in our trustee service are very familiar with Atlanto and will be happy to help you set it up.

If your interest is piqued, book a free and non-binding live demo now and get advice from an Atlanto employee.

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