{"id":141,"date":"2020-11-14T08:31:43","date_gmt":"2020-11-14T08:31:43","guid":{"rendered":"https:\/\/spark71.com\/erjourney\/?p=141"},"modified":"2020-11-14T12:50:51","modified_gmt":"2020-11-14T12:50:51","slug":"accounting","status":"publish","type":"post","link":"https:\/\/glops.ee\/wps\/erjourney\/?p=141","title":{"rendered":"Accounting"},"content":{"rendered":"\n

What is accounting?<\/h2>\n\n\n\n

As you can read in this Investopedia post<\/a><\/p>\n\n\n\n

Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company’s operations, financial position and cash flows.<\/em><\/p>\n\n\n\n

Who needs accounting?<\/h2>\n\n\n\n

All companies need accounting, but the period may be different, it can be monthly or yearly. A lot of Estonian service providers include accounting in the monthly fee. Unfortunately, his fees were to high for my company. At the end I found a service provider that said me that because the small number of invoices I didn’t need monthly accounting, the yearly accounting was enough. It is my service provider now.<\/p>\n\n\n\n

\"\"
https:\/\/nordicconsult.ee\/en\/<\/a><\/figcaption><\/figure>\n\n\n\n

Meanwhile, what can I do?<\/h2>\n\n\n\n

It was a good new, I could save some money monthly, but I wanted to know some financial information about my company. So I started to do my self a very simple accounting using Google Drive. I have learned accounting when I studied an IT degree first and later when I studied a company management degree, that I haven’t finished. <\/p>\n\n\n\n

At the same time I was looking for a simple tool to do accounting, I found a tool created for Estonian startups and SMEs, it is called e-Financials:<\/p>\n\n\n\n

\"\"
https:\/\/www.rik.ee\/en\/e-financials<\/a><\/figcaption><\/figure>\n\n\n\n

The first year is free but then you have to pay a monthly fee, firstly 5\u20ac, later 9\u20ac. But using it you don’t have to pay for the annual report it is created automatically using this tool.<\/p>\n\n\n\n

You can test it using the demo environment. So I tested and I realized that it is too complex for the first financial year of my company, may be I will use it next year.<\/p>\n\n\n\n

Then I found a website called Excel Skill, they have a lot of Excel templates, some of them designed for accounting.<\/p>\n\n\n\n

\"\"
https:\/\/www.excel-skills.com\/<\/a><\/figcaption><\/figure>\n\n\n\n

I purchased one of these templates and some months later I still think that it is the best tool for my small company. Once a month I enter my company data (invoices, bank statements, …) and I check if it matches the bank account balance.<\/p>\n\n\n\n

Top photo by Kelly Sikkema<\/a> on Unsplash<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Accounting is the process of recording financial transactions pertaining to a business.<\/p>\n","protected":false},"author":1,"featured_media":159,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10],"tags":[82,83,86,84,85],"class_list":["post-141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-e-residency","tag-accounting","tag-e-finalcials","tag-excel-skills","tag-excel-template","tag-nordic-consult"],"yoast_head":"\nAccounting - e-Residency Journey<\/title>\n<meta name=\"description\" content=\"Accounting is the process of recording financial transactions pertaining to a business. 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