What Does an Accounting Expert Do for Startups and When Do You Need One?

Starting a business is an exciting adventure, and it involves a lot of moving parts. You need a good idea, a healthy dose of motivation, and knowledge of taxes, regulations, and administration. These are areas where an accounting expert can play a crucial role. Whether you’re seeking advice on legal structures, need help with tax returns, or simply want to keep your administration in order, an accounting expert can guide you. But when should you hire an accounting expert, and what benefits will this bring?

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Starting a business presents various challenges. An accounting expert can support you with the following important tasks:

  1. Advice on legal structures
    • Which legal structure suits your business? A sole proprietorship, a general partnership, or a limited liability company (LLC)?
    • Impact on taxes and personal liability.
  2. Financial planning and business plan
    • Creating a business plan for financing or subsidies.
    • Gaining insight into the financial feasibility of your idea.
  3. Help with administration and tax matters
    • Setting up clear and organized administration, both digitally and on paper.
    • Advice on tax deductions such as the startup tax deduction and investment deduction.
  4. Utilizing tax benefits
    • Ensuring correct tax filings (VAT and income tax).
    • Preventing mistakes that could lead to fines or missed benefits.

When should you hire an accounting expert?

Many entrepreneurs wait too long before hiring an accounting expert. However, it’s wise to do so early on, even before registering with the Chamber of Commerce. An accounting expert can help you with preparation, such as refining your idea, determining the right legal structure, and setting up your administration.

During the startup phase, an accounting expert mainly helps with practical matters, such as efficiently setting up your administration. This includes tasks like establishing a bank connection, using apps like Klippa to digitize receipts, and sending invoices. This ensures that your administration runs smoothly, leaving you more time for other important tasks within your business.

After the business is established, an accounting expert remains a valuable partner. Managing your administration, preparing annual accounts, and filing tax returns are time-consuming tasks that are best left to an expert. Additionally, an accounting expert can help you monitor deadlines and provide strategic and tax advice on investments and growth.

Benefits of an Accounting expert for startups

An accounting expert can elevate your business. Here are the main benefits:

  • Time savings: More time to focus on your core activities.
  • Financial insight: Always have an up-to-date picture of your financial situation.
  • No surprises: Avoid fines and unexpected tax assessments.
  • Maximum tax benefits: Take full advantage of all available tax deductions.
  • Personalized tax advice: An accounting expert helps you think through growth opportunities and the optimal tax setup.

Tips for choosing a good Accounting expert

An accounting expert is an important partner for your business. Keep the following points in mind:

  • Choose an accounting expert with experience in your industry.
  • Ask for transparent fees and clear agreements.
  • Consider online tools that support collaboration with an accounting expert.

An accounting expert is a valuable investment for any startup. They help you avoid mistakes, get your financial administration in order, and build your business successfully. By hiring an accounting expert early in the process, you save time, reduce stress, and take full advantage of tax benefits.

Do you have the ambition to turn your entrepreneurial dream into a reality? Hire an accounting expert and start with a strong foundation. With the expertise of Brand Boekhouders, we’ll help your business grow and achieve your goals. Contact our specialists to find out how we can support your business.

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