Initial accounting: tools in Torgsoft

How does an entrepreneur understand accounting and management on his own?

At the initial stage, an entrepreneur usually needs only an Excel spreadsheet for bookkeeping. But as the business, staff, suppliers, clients, and transactions grow, the need for accounting services becomes acute.

The situation gradually becomes more complicated with the submission of quarterly reports, documents to the pension fund, payment documents through the bank, and other support for financial activities.

If you decide to figure it out for yourself, this article will break down the basic issues that a beginning entrepreneur needs to understand.

Bookkeeping is not about accounting, but important recurring activities such as:

• Collecting paperwork.
• Inventory.
• Payroll and related paperwork.
• Maintaining banking transactions.
• Drawing up and submitting reports to the tax, pension fund and insurance authorities.
• Accounting for tangible and intangible assets, depreciation and much more.

The greatest fear in accounting raises the question: "Am I calculating and drawing up everything correctly? Won't my actions lead to penalties?"

Accounting - accounting or management?

Accounting is only a small part of entrepreneurial activity.

The most important thing is management accounting, which will allow you to pull out information about the state of affairs in the trade and make important management decisions.

Control over changes in the law

The second important thing to consider is controlling changes in the law. Useful sources of news for the entrepreneur will be websites Бухгалтер911, Debit-Credit and Torgsoft and Torgsoft Digest.

Tracking the news will help prevent unexpected expenses, fines, and find legislative concessions in the form of benefits.

Preparation steps before you start accounting

• Pre-calculate the estimated revenues and expenses of your business.
• Based on this information, choose the best system of taxation, consider the tax reporting of the chosen regime. At the current moment (April 2022) it is less complicated to pass the accounts for a sole proprietorship of 1-3 groups or LLC on the simplified system without VAT.
• Decide who will provide accounting support? It can be you, a remote employee, or a full-time accountant.
• Automate your processes: often the time saved is more important than the money saved. Automation programs like Torgsoft help with accounting for finances, goods and services, and noticeably save the business owner time.

Accountant tools in Torgsoft

• Printing a tax invoice and an adjustment calculation for a tax invoice. Export to M.E.Doc and ArtZvit.
• Working with software ECR: the mode sends data on the sale of fiscal goods, checks the correctness and availability of all details of the fiscal check, generates Z-reports and saves the analytics of sales of fiscal goods.
• Automatic check of PrivatBank and Monobank statements of accounts and cards, so you don't have to go to Internet banking every time you need to check the payment.
• Recording of gross income for the convenience of filling in the tax return and income statement for the month; control over the limit on the accounts of the company
• Financial accounting, reconciliation of account balances, making payments using the Financial Document mode
• Correctness and control of mutual settlements with vendors via Delivery Bills Register, Delivery Bills Register, Warehouse, and Inventory
• Trade with invoice" mode allows issuing invoices to customers, invoices and certificates of completion.
• Salary Calculation mode closes many questions on the staff: working time accounting, filling in statements, payroll accounting and payment of salaries, etc.
• Exchange rate and multi-currency accounting for FEA.
• Client cards in the "Marketing" mode to automatically fill in the details of the necessary documents.
• If your company works with intermediaries, dealers, representatives, in the "Intermediary" mode you can see the entire history of mutual settlements and who owes what to whom.