Most people who run their own business must keep accounts. Accounts form the basis for most statutory statements which you have to submit to the public authorities. It is therefore important to have good routines right from the start. Up-to-date accounts are also one of your most important management tools.
Do I need an auditor?
Any organisation which is obliged to audit its annual accounts must have an auditor. Whether or not you are subject to the audit obligation will partly depend on your organisational form and the size of your enterprise.
Do I need an accountant
There is no law which states that you must use an accountant to prepare your accounts. You are responsible for ensuring that your enterprise's account are kept correctly. If you have the necessary knowledge, time and interest, you are free to prepare your own accounts.
Invoices (sales documentation)
There are clear requirements regarding the information that you must include in invoices which you send to your customers. One important requirement is that you must not be able to determine the invoice number.
If you sell goods or services where the customer pays immediately using cash or a cash card, this is called a cash sale.
Reminders and debt collection
If your customers do not pay up, you will soon start losing money. The longer it is since the due date, the more difficult it can be to collect the money. Customers who have difficulty paying their bills will often wait before paying. It is therefore important to follow-up trade debtors continually.