The importance of accounting for startups
Accounting is the backbone of any business. It provides important information about the current financial status and enables targeted budget planning. Without proper accounting, financial problems can arise that jeopardize the success of the startup. Working with a fiduciary to guide the business through the accounting process can minimize these risks and help set the right course from the start.
Factors in the opening of a company
- Choice of legal form: The choice of the appropriate legal form is one of the most important factors in the establishment of a company. In Switzerland, the most common legal forms are the sole proprietorship, the GmbH and the AG. Each legal form has its own advantages and disadvantages. A trustee can help find the optimal legal form for the particular business model and individual needs.
- Budget planning: Another challenge when starting a business is budget planning. A solid financial concept is crucial for the success of a startup. This is where a fiduciary can provide valuable assistance by helping to create a realistic budget and pointing out potential risks.
- Business partners and investors: Selecting the right business partners and investors is another important factor when founding a startup. A trustee can help not only in selecting suitable partners, but also in drafting contracts and agreements in a legally secure manner.
- Tax aspects: Taxes are a complex issue, especially for startups, which are often confronted with international business relationships and different tax systems. An experienced fiduciary can provide valuable tax advice and ensure that the company complies with all legal requirements.
The role of the trustee
A fiduciary is not only responsible for proper accounting, but can also advise on other business matters. This includes payroll, preparation of financial statements, tax advice and assistance with regulatory compliance. A good fiduciary is a reliable partner who helps keep the company on track and identifies potential problems early.
Common mistakes made by new entrepreneurs
Some of the most common mistakes new entrepreneurs make are:
- The neglect of accounting: lack of accounting can lead to serious financial problems that endanger the company.
- Lack of or poor budget planning: Solid financial planning is critical to the success of a startup.
- The wrong choice of legal form: The choice of the appropriate legal form is crucial for liability issues and tax aspects.
- Insufficient knowledge of legal regulations and taxes: Failure to comply with laws and tax regulations can result in penalties and financial difficulties.
Professional accounting and working with a trustee should be a priority for startups and aspiring self-employed people from the beginning. The trustee can provide valuable support in many ways and help put the business on a solid financial footing. Investing in professional advice pays off in the long run and minimizes the risks associated with starting a business. By avoiding the most common mistakes and seeking advice from an experienced fiduciary, you increase the chances of your startup’s success.
