If you want to set up a business, there are several things you need to think about. It is important to keep your financial records up-to-date and make sure they meet legal requirements. It is important to keep track of your income and expenses by recording your invoices and expenses, and to keep a close eye on your finances.

VAT Declaration

Are you just starting out as an entrepreneur? If so, you need to consider the VAT (sales tax) declaration. As an entrepreneur, you must send a VAT declaration to the Dutch Tax Authorities for every quarter. Even if you only made €0 as income, then you still have to report this. Do you not send your VAT return to the tax authorities? Then you are likely to expect a fine, so please be aware and submit on time.

Checklist Setting up your Company

Gekko can help you maintain your financial records, prepare invoices, track expenses, and keep financial reports. But what are the steps you need to take to set up your business? Below is a checklist of some important steps to start with:

1. Register with the Chamber of Commerce and apply for a VAT number.
2. Set up your business details and invoice template in Gekko and start sending invoices.
3. Keep track of your income and expenses by sending invoices and recording expenses.
   • For example, create your own cost types in Gekko to properly record all your expenses.
4. Optional: link your bank account (private or business) to Gekko.
5. Make sure you meet all legal requirements for your financial records, such as keeping receipts and invoices.
   • Read the Gekko wiki Financial administration requirements for more information.
6. Use the data stored in Gekko to file your VAT and income returns on time.
7. Make a budget and keep a close eye on your finances with the use of Gekko.
8. Make sure your invoices get paid on time (debtors) and your suppliers get paid on time (creditors) and keep good track of this in Gekko.
   • Use the Chamber of Commerce import function in Gekko to easily keep track of your contacts via the contacts page in Gekko.
9. Every so often, check your financial reports in Gekko to gain insight into your business performance.
10. Optional: work with an accountant or bookkeeper and give him or her access to your Gekko account to check the accounts and give advice.
    • Of course, you can also keep your financial records independently.

Costs of Setting up a Business

Have you already incurred costs, or have you worked some hours to set up your business, even if you were not yet an entrepreneur? Then be sure to keep track of this. If these are business expenses, then you can possibly already save on these costs. Read our wiki on Costs made before start for more information.

Financial Administration

By using Gekko as an online accounting programme, you can manage your company's financial records efficiently and easily, allowing you to devote more time and energy to growing your business. Read our Gekko page on keeping good financial tools for more information. Gekko is ultimately a handy tool to have when setting up and managing a business, especially as a self-employed person.