Accounting for a new company

The accounting of a new company should be organized from the first day of operation

It is best to set up the accounting process immediately after starting the activity. Then it is clear how invoices will be issued and transferred, where documents are stored, who provides bank information and when the accountant needs to be informed about non-standard transactions.

An orderly start helps to avoid a situation where after a few months you have to look for missing documents, clarify payments or restore transactions that have already taken place.

What needs to be done when starting company accounting?

• Procedure for transferring documents to accounting.
• Purchase and sales invoices process.
• Data transfer of bank accounts and payment platforms.
• VAT status and possible registration obligations.
• Employee accounting, if hiring is planned.
• Accounting for fixed assets or inventories, if applicable.
• Calendar of declarations and other periodic obligations.

When does a new company need an accountant?

In practice, it is worth choosing an accountant even before the active flow of documents and payments begins. Then it is possible to agree in advance what documents will be needed and how they will be transmitted.

It is especially important not to wait if the company is planning employees, VAT registration, inventory, foreign transactions or a large amount of documents.

The beginning of accounting for MB and UAB is not exactly the same

Although in both cases it is necessary to manage accounting documents and obligations, the legal form affects individual accounting processes.

If you’ve already chosen a legal form, more information can be found on the MB accounting and UAB accounting pages.

If you’re still deciding, it’s helpful to read the article UAB or MB: which form is better?.

VAT and staff issues need to be assessed in advance

It is important for a new company to monitor whether the obligation to register for VAT does not arise, especially when conducting transactions with foreign countries or growing turnover.

If the company plans to hire employees, it is also worth setting up the payroll process before the first salary calculation.

Related services: VAT accounting and payroll accounting.

How do we start accounting for a new company?

1. We evaluate the legal form and the nature of the activity.
2. We coordinate the transfer of documents and bank data.
3. We evaluate VAT, employees and other relevant processes.
4. We set periodic deadlines and responsibilities.
5. We are starting permanent accounting.

After the initial preparation, accounting is continued as monthly accounting.