7 useful tips to follow after you set up the company

Opinion – Mihai Maierean

You have managed the first step in your path on the path of entrepreneurship, namely – you obtained the company’s documents from the trade register. From this moment on you’re an entrepreneur with proper papers. But what steps do you have to take next to not be taken by surprise? Here are 7 steps to keep in mind now at the beginning because along the way you’ll be quite busy growing your business:

  1. Single Control Registrar

You purchase it from ANAF based on the registration certificate. Each firm is required to keep such a register, because any control from any body (ANAF, ITM, etc.) with this authority shall be recorded in the single control register

2.  Soft billing and/or management

In order to collect the money from your customers, you will need to invoice them for what you sell them.

We recommend that you choose with the accounting partner a billing software according to the activity you are going to perform. A billing software is much more advantageous than editing hand invoices.

Also, if you own stocks, we recommend that you choose a software that also incorporates their billing and management.

The series and numbers used on the documents (invoices, receipts, etc.) are included annually in a decision of the company manager in which the serial books and numbers are established.

3.  Business plan and revenue and expenditure budget

If you haven’t already done this before you start your business, we recommend that you write down in a business plan the essentials on which you will grow your business. A revenue and expenditure budget is also essential to have a vision of the current and future figures that your company will be heading towards.

4.  Separating the management of personal money from company money

By the time you became an entrepreneur, managing your personal money was pretty simple especially since on this money the control is all yours. From the moment you set up the company comes the management of the company’s money. More complicated than that, it is necessary to be careful not to mess up the two “pockets”. Also, make sure that you collect all the accounting documents related to the company to pass them on to the accounting. I’ll come back in another article with more detailed information about this step.

5.  Get the special intra-Community VAT code

If the company is not registered for VAT purposes and you intend to purchase services from the EU, you need a special code for such purchases. Ask the accounting about more details.

6.  Electronic signature

It is necessary for filing tax returns with ANAF. You can empower the accounting partner to sign tax returns. As a rule, accountants have an electronic signature.

7.  Cash register

If you plan to sell services or products to individuals in cash, you can only do so by issuing a tax receipt from the cash register. Exceptions may also arise at this point but which need to be dealt with specifically.

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