Accounting Support for Startups: Everything You Need to Know

A startup business, during its first steps, can be a challenge to balance the costs and the return on all its expenses. This concern, combined with all the functions of a new company, can bring the founder to a dead end.

The way out of this dead end, can be opened by an accountant, who will help the startup business to gain financial stability.

What does an accountant practically undertake in a startup business?

So even in the first steps of a startup business, the role of the accountant can be decisive. But what tasks does an accountant undertake in a newly established business?

• The complete monitoring of income and expenses, with systematic recording of all transactions and updating the books based on the legislation.
• The submission of all tax returns and the fulfillment of VAT and contribution obligations, preventing any errors or fines.
• The management of payroll (if there is staff), with accuracy and consistency in payments and insurance obligations.
• The provision of monthly or quarterly reports, which help the founder to have a clear picture of the financial situation and make strategic decisions.

How to choose the right accountant for your startup business?

Choosing the right accountant for your startup business is crucial and can even affect its course. This is a partner who will guide you financially from the first steps to growth. For this reason, it is important to base your decision on the following characteristics:

• Be familiar with technology as well as modern accounting software and automation in order to avoid mistakes.
• Be available and easy to communicate with. Especially in the early stages of a startup when you need frequent support and guidance, a partner with whom you communicate correctly and directly is invaluable.
• Be understanding of tax and legal realities, as from the correct start-up of the business, to contracts and subsidies, the right guidance can save you from many mistakes.
• Have the prospect of long-term cooperation, be a partner with whom you can grow together. Someone who sees the future and can support the business even in future stages of financing.

So hiring an accountant for a startup is not even an “obligation”. In fact, he is a valuable partner who will play a decisive role in the future and development of your startup company. He will be by your side in the first steps and will help you grow as quickly as possible! Choose the right partner and give your business the accounting foundations it needs to build its future.