You may be familiar with the feeling. That period of enthusiasm and momentum that accompanies the launch of a new business. The future of the business is already in your head, but it's easy to get lost in the maze of official paperwork, tax and legislation.
No need to worry. We know exactly what questions a new entrepreneur has. That's why we've put together a crutch, a practical guide. These are the 5 basic steps to put you on a solid financial footing so you can get on with what you do best: building your business.
Are you ready to start consciously?
1. Laying the foundations: choosing the business and tax form
Before you do anything, you need to know what you are building on. Your business and tax structure is the cornerstone of your business. It determines your room for manoeuvre, your financial commitments and your growth potential.
On an individual basis (Sole trader): flat-rate taxation? Possibly KATA if you meet the conditions? This decision determines the flexibility of entrepreneurship and the tax burden.
In partnership form (Ltd., Bt.): Corporation Tax (TAO) or Small Business Tax (SBCT)? This is not just an acronym, but a framework for the financial operation of your company.
Expert advice: this decision should not be left to chance. It is your first and most important strategic step. A wrong choice can make the journey unnecessarily difficult and risky.
2. The essential tools: client gateway, company gateway, bank account
These three things are the basic tools of official administration. They are what make things run smoothly and properly.
Client gateway: your personal digital key. This is your key to access the public electronic systems where you do your official business. It is essential to have it.
Company gateway: your company's official electronic mailbox. What goes here is a priority. Failure to do so can result in serious failures.
Entrepreneur Bank Account: the basis for clean finances. Separating business and personal funds is not just a suggestion, it is a first rule of professionalism. It creates transparency, makes planning easier and saves you a lot of hassle later on.
3. The expert partner: finding an accountant
Would you enter into a complex lawsuit without a lawyer? Probably not. Your accountant is your expert partner in financial and tax matters.
He is not someone who tries to put things right afterwards. He's the one who helps prevent problems.
Why is it necessary from the start?
It provides a guide to the best tax form to choose.
Timely warnings of approaching deadlines and potential pitfalls.
It frees up your most valuable resource: your time.
A good accountant is not an expense, but one of the best investments you can make in your company's future.
4. The first milestone: issuing the invoice, professionally
Your first income! The first invoice issued is not just an administrative document, it is an important milestone. It says: „My plan is working, I am creating value.”
It is important that this document reflects your professionalism. Using a reliable online billing program serves two purposes:
It gives a professional impression: your client sees that you take your business seriously.
Compliant with NAV requirements: the program automatically completes the mandatory reporting. The system automatically completes the tax returns automatically.
5. Monitoring costs
Every company coffee, every software subscription, every travel expense is an item that was incurred for the benefit of the business. Collecting and accounting for expense accounts is not a hassle, it is a means of legally reducing the tax base.
A simple practical tip:
Take a photo of all receipts (receipts, invoices) with your phone immediately.
Designate a recurring weekly 15-minute time in your calendar to organise these images into a separate folder (e.g. Google Drive) or a tracking app.
Consistency is key here. When you prepare your annual return, you'll be grateful for the precision you've shown now.