WHY ACCOUNTING & BOOKKEEPING IS IMPORTANT FOR START-UPS (1)

1
FASTCOLLAB

• WHY ACCOUNTING BOOKKEEPING IS IMPORTANT FOR
  START-UPS

2

• Accounting Bookkeeping is all about registering
  revenues expenditures happening in a business.
  And mainly included booking all your receipts,
  invoices payments without making any errors.
  Accurate bookkeeping can support your business
  finances to be on track.
• 1. Tax Return
• Due to the tax return, business owners want to
  compile their annual financial reports at the end
  of each year. Depending on the business
  transactions happened throughout the year. A
  thorough faultless tax declaration ensure that
  start-ups have a track of their finances. It
  helps in filing exact tax returns and saves them
  from any penalties. Therefore impeccable
  accounting can save start-ups from spending on
  unwanted penalties.

3

• 2. Better Control on money flow
• Thanks to accounting, entrepreneurs can analyze
  all their expenditures revenues. Control on
  money flow can pinpoint and eliminate high
  spendings. Entrepreneurs can also analyze which
  product or service and which business activities
  are the most profitable where the start-up is
  draining out unnecessary money. This crucial
  information is vital when making long-term
  decisions.
• 3. VAT Returns
• All business that are liable to VAT requires
  drawing up their VAT every quarter of the
  financial year paying it to the government.
  There is no room for mistakes or delays, for
  which reason start-ups need to maintain proper
  bookkeeping of all the accounts.

4

• Log on to fastcollab
• More details Compliance Under Service
  Tax