Manage the accounting of your company: the 5 rules to follow

(Last Updated On: 30/10/2018)

Accounting and Tax Services


Accounting and Tax matters are vital to a company’s process flow. If you are still unsure on how to go about managing that, please engage in a profession that offers Accounting and Tax Services. Here are some tips for you to manage the accounting processes internally.

Manage the accounting of your company: the 5 rules to follow

  1. Choosing an Accounting Software

This is one of the central elements of the organization of a business. Provided that the company is obliged to keep accounts, it must have accounting software that best meets its needs. The functionality of accounting software is more or less extent depending on the range chosen by the user. The most complete of them allows managing all the processes of a company:

  • Cashier software (used in retail stores), billing software (for small businesses) or business management software (usually for small and medium-sized businesses),
  • Accounting software (to enter accounting operations),
  • Payroll software (when the company is doing its payroll internally).

It is generally preferable to opt for simple, flexible and ergonomically refined accounting software. Installed locally on a machine (or network), it can also rely on cloud technology.

  1. Keep Your Accounting Up to Date

The accounting is the pillar of a business. It is essential and must, as such, be updated in real time. In fact, it does not merely satisfy tax obligations but also analyzes the performance of the activity. It is also the base of the budget forecasts and allows, as such, anticipating any cash flow problem. The general accounting should not be relayed to the background; it is an important and decisive role in the activity, as the objectives of accounting at large are numerous.

  1. Establish a Schedule of Accounting, Tax, Social and Legal Transactions

All companies, regardless of their tax system and size, have accounting, legal, and tax and social obligations:

  • Filing VAT returns (monthly, quarterly or annually),
  • Filing of income statements (tax package),
  • Filing various declarations (CVAE, apprenticeship tax, vocational training, construction effort …)
  • Preparation of the annual accounts (balance sheet, profit and loss account, and appendix),

It is necessary to establish a back-planning of the work to be done by fiscal year and, why not, to integrate automatic reminders at dates determined in advance so as not to miss a significant deadline and expose oneself to a particular risk.

  1. Do not mix business account and private account

When the activity is carried out within a company, it is essential for the manager and the partners to separate the professional accounts and the private accounts. Professional expenses must be paid on a “pro” account and personal expenses from a “personal” account. Otherwise, the person concerned is exposed to heavy penalties (abnormal management, abuse of social good) and tax. It will endanger the balance of activity and its sustainability.

  1. Finding a Chartered Accountant

Although it is not mandatory, the accountant is a privileged partner of companies. Even if the company does its own bookkeeping, it can choose to have an accountant assist it to audit its accounts. It may also entrust it with the task of preparing the annual accounts.

Conclusion: to keep its accounting, any company has an interest in choosing the most appropriate accounting software for its needs, regularly update its accounts, establish a calendar of operations of the exercise, distinguish the professional account from the personal account of its managers and eventually surround himself with a chartered accountant.

Accounting and Tax matters are vital to a company’s process flow. If you are still unsure on how to go about managing that, please engage in a profession that offers Accounting and Tax Services. Here are some tips for you to manage the accounting processes internally.

Thank you.

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