Whether and when you need an accountant depends on a number of things. A few years ago, the bookkeeping service of self-employed people in particular became a lot less complicated. This is partly because it is no longer mandatory to prepare annual accounts. However, many entrepreneurs choose to outsource (part of) their bookkeeping because they can then be much more productive. After all, they spend less time keeping up with the administration, so they have more time for real business.
In addition, specialist knowledge is required for filing tax returns. Despite the slogan ‘We can’t make it more fun, but we can make it easier’ from the Tax Authorities, hiring a bookkeeper can yield a lot. There are many things on which you have to pay tax, but there are just as many tax schemes for which you may be eligible again that can give you tax benefits. Bookkeepers know these, and can complete your tax return in such a way that it works out as favorably as possible for you. The cost of an accountant often pays for itself.
Do you have a larger company? With more than fifty employees, more than 4.4 million euros on the balance sheet or a net turnover of more than 8.8 million euros? Then it is mandatory to engage an accountant. This has different responsibilities than an accountant, although they are often lumped together. For example, an accountant offers financial auditing and is authorized to issue statements of financial reliability, the so-called auditor’s report.
Also useful: In the article ‘ What does an accountant or bookkeeper do and do I need one? ‘ you can read more about working with a bookkeeper or accountant.
What does a bookkeeper do?
With your own company you have to deal with a lot of administrative and financial matters. Because these often take a lot of time, many (especially smaller) entrepreneurs choose to outsource their bookkeeping to a bookkeeper. What exactly does a bookkeeper do? That depends on how much you outsource. This can help you, among other things, with keeping your bookkeeping, such as entering invoices sent and received, preparing the quarterly turnover tax return, preparing and submitting your income tax return and performing bank transactions. An accountant can also prepare annual statements if necessary, and give you tax advice about your company.
Handy bookkeeping tips
Finally, here are some tips for well-arranged bookkeeping that takes as little time as possible to keep track of.
Update your accounting regularly.
It has already been mentioned above, but it is especially important not to put off your accounting work. The VAT return has to be done every time, so you avoid losing a lot of extra time at the end of the quarter.
Take an accounting course.
Do you want to do your bookkeeping yourself, and minimize the chance of errors in doing so? Then follow a course in bookkeeping for a good insight into the financial administrative and business economic processes within your company. Extra tip: you can often partially deduct these training costs from your profit.
Open a business account.
Keep work and private administration separate. Accounting is a lot easier if your personal and business expenses are separated. Business accounts can also often be linked to an accounting program so that you can have payments processed directly in your accounting. In addition, you prevent that in the event of a check there is insight into your private administration, and an accountant does not have this if you engage him.
How to set up and maintain bookkeeping?
Keeping your bookkeeping therefore consists of entering invoices and making an overview of all sent and received bills and invoices. You need these figures for periodic filing of the VAT return and possibly for making a profit and loss account.
Debtor and creditor management
Above, the subject of invoicing had already discussed a few things about sending invoices or bills. But you are not there yet. In the ideal world, every customer pays neatly within the set payment term. Customers (debtors) sometimes leave bills or invoices behind for a very long time, forget them or are unable to pay them.
Is an invoice or bill not paid on time? Then it is wise to first contact us personally and ask whether the invoice has been received properly. Or that there is a complaint or other reason why payment is not made. In most cases it is sufficient to remind the customer of the payment in this way. However, are you still not getting payment for the goods or services provided? This is followed by a fixed process for debtor management, which consists of sending an official payment reminder, then a reminder and finally calling in a collection agency.
In addition to debtor management, accounting also consists of creditor management. A creditor is another company that you owe money to. Creditor management therefore consists of paying invoices from, for example, suppliers. For a good business relationship, it is important to always pay close attention to the timely payment of invoices received. If this does not work, please contact the creditor to see if a separate payment arrangement can be made.
Financial insight needed for the income tax return
For people with a sole proprietorship or general partnership, an overview of income and costs is also required for the income tax return. After all, with them the company does not have its own legal personality, but the annual fiscal settlement is arranged through income tax. However, this requires the necessary knowledge of accounting, so this is often outsourced. The situation is slightly different for entrepreneurs with a BV or NV. These companies are required to have their figures audited annually by an accountant. Entrepreneurs often choose to outsource their income tax to this out of convenience.
How you can find a bookkeeper or an accountant
In this you describe in detail what you need. The more concrete, the more likely you are to be matched with an accountant with the skills you request.
After the description on the form has been sent, you will receive 3 non-binding quotes from various accountants or bookkeepers within 48 hours.
Since these are non-binding quotes, it is up to you whether you wish to accept a quote.
If you want to accept a quote, you can easily contact the accountant.
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