Starting a business in Finland
Business plan section: Accounting and Bookkeeping
What should be included in a company's business plan accounting section?
Accounting plays a vital role in running a business. When you starting any business, you've inevitably had to deal with accounting. First of all, it should be decided whether you want to outsource accounting or keep it in-house. Thus, the accounting section of company's business plan may describe company´s accounting department, for example, specify the roles and responsibilities of the finance staff. If you are considering outsourcing, it is crucial to give the answers to the following questions:
- Why you are going to use outsourcing?
- Why it is better to use outsource rather than doing bookkeeping by yourself?
- Which process(es) do you intend to outsource? Are you going to outsource bookkeeping, payroll?
- What is their experience as an outsourcing bookkeeper in your particular niche?
- How much does it cost to outsource accounting?
You can outline as well an accounting system, software, concepts and practices will be used to manage the financials of the business. Thus, accounting section of company's business plan may include a detailed list of tools needed to start the business. These accounting tools can help to simplify the bookkeeping of the company, to manage the business finances, monitor the financial records and made financial forecast, to meet the target and reach the goals, as well as save time and money.
There are other questions to be answered beyond those that have already been provided. The next set of questions can help to prepare accounting part of business plan, define business strategy and achieve goals.
- How do you organize bookkeeping?
- Who will be handling your accounting?
- How much have you estimated to pay monthly for bookkeeping?
- How do you intend to arrange funding if necessary? For how long financing enough?
- Arranging payment transactions, how do you manage the banking issues? Bank accounts and payment, cash flow?
- Loans and guarantees. Insurances?
- Estimate how long does it take to get a sufficient sale.
- Do you need advice on planning, budgeting, or anything else? Where do you plan to receive an advice?
Use this set of simple questions to assess your needs, figure out the timing, and find the best decisions for your business.
Other sections of the business plan can be found on Business plan creation. Structure and scheme page.
READ ALSO:
Company's Financial Accounting
Ultimate Guide of Finnish Accounting
Accounting legislation in Finland