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Wrong economy, an expensive joke

Updated: Jan 3

Recognizing wrong thriftiness

It is good to examine your operating costs every now and then, some things can best be eliminated. But do you draw a line through the correct costs? Avoid surprises afterwards.

Recognize the risks

At the top of the list of savings you will often find the item: administration costs. Many small entrepreneurs can usually do well without a professional accountant. But that requires good accounting software and some knowledge of the rules. You may organize and maintain your administration in a way that suits your company, but keep in mind that your administration is the basis for your tax returns. If your administration is incomplete and cannot be checked within a reasonable period, there is a risk that the tax authorities will determine your turnover and profit and calculate tax on this.

Return on investment

They are still there, the entrepreneurs who grab the shoebox just before the final declaration date. First enter the VAT of all expenses into the calculator. Then you take the VAT from the income pile, add the pluses and minuses, and the VAT return is ready. Then everything can be put back in the box for the storage period of 7 years. Done! But what are the risks?

Below is a selection of common cases:

  1. Not entering purchase invoices = risk of double payment;

  2. Not processing bank statements = risk of not processing expenses due to lost receipts, you pay too much tax;

  3. Not keeping track of cash payments = risk of not processing expenses and paying too much tax;

  4. Not keeping track of your sales invoices = risk of unpaid invoices, you forget to invoice and you have a lot of work on accounts receivable management;

  5. Incorrect tax returns = assessments/fines afterwards and costs for reconstruction by a professional.

Don't take any risks and keep your administration affordable with Yoursminc's online accounting program. And do you need help? The professionals are ready to help you!

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