4 comments on “Finance Tips For Startups – Cash

  1. So the next video should be … “5 questions to ask a prospective accountant?” 😉

    I’ve let Martin know about your comments and he’s thinking of a diplomatic answer.

    • Andrew,

      That’s a tricky question indeed (how to find the good accountant). One way to start is to ask around you & in your network if somebody is really happy with his/her accountant.

      In addition, you might want to check the yellow pages for accountants in your neighbourhood – this greatly helps for ‘physical’ meetings.

      While evaluating your options, I believe you should ask the following (5!) questions:

      1) Will you also take care of all the tax aspects of me as an individual and as an independent ? In my view, you are better off with an accountant doing it all, instead of spreading this to different service providers.

      2) Can I call you or come to your office when I have a urgent question?

      3) Next to the obvious VAT statement (in most cases quarterly), will you also provide me a full set of figures on a quarterly basis (P&L + balance sheet) ?

      4) Is it OK if I send/provide you my purchase invoices, bank statements and petty cash documents etc.. as such? (meaning: you do not have to make a overview list, as that’s double work in my eyes)

      The answers to the questions here above should be YES.

      Next, 5) What’s your price? They usually work for a pre-defined fee based on the estimated workload. It might be nice to re-evaluate (e.g. yearly) this fee based on the actual workload. Do check that they will also prepare your yearly figures for deposit at the National Bank.

      Finally, some accounts allow on-line access to your own books. It might be a gimmick for some, but it could also be interesting if you want a close follow-up of your own company’s financial situation.

      I hope this helps…

      Martin

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