Accounting can cause unpleasant headaches to every entrepreneur, start-ups being no exception. Living by following short advice can give you more chance to avoid accounting trouble:
a) pick-up an accountant, who has at least slightest clue about your business. If your accountant is not familiar with terms such as “Google Play”, “App Store” or “Skype”, make a step back. Due to lack of knowledge your assets can be shown as too low, your costs too high, your sales tax calculated wrong…
b) avoid creative accountants. Future tax burden can become serious problem for your business.
c) avoid accounting hair-dressing by any cost! Be sure your investors will know your financial health to every detail, but taxmen will severely punish you for your “hair dressing skills”.
d) take your time for managing accounting files. Share them with your accountant on a regular basis. A few minutes every day or an hour a week should be enough.
e) let your accountant teach you about basics, so that you understand accounting info and know what taxes are you paying. You don’t have to visit seminars and go into details.
f) use the same software as your accountant. Do not produce separate tables for financial accounting or tax purposes.
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