Without a doubt, financial management for start-ups is the key to any start-up’s success. There will be a plethora of things to manage and keep track of, which can be quite overwhelming without a solid plan in place. IHPCA is one of the best Financial Service Companies in Qatar. Here we describe, Money management tips by IHPCA accountants.
Create a business bank account.
Stop conducting business transactions using your personal account. It may appear simple, but this can quickly become a serious problem.
If the personal and business ins and outs are not kept separate, it can lead to complications, especially when it comes to tax time. It would become clear very quickly that things could be overlooked.
Control your cash flow.
This is critical. Not just during the start-up phase, but for the rest of your career as a business owner and entrepreneur. Knowing where your money is coming from and when it will arrive is crucial for start-up financial management.
To begin, it is critical to negotiate favorable terms with your suppliers and to adhere to those terms. There’s no need to pay early; simply pay invoices when they’re due to maintaining cash flow.
Maintain accurate records.
There will be invoices, receipts, and other paperwork and finances to keep track of. Make certain that you have a system in place to ensure that nothing gets lost in the midst of the chaos.
Keeping good records is critical to the ongoing health and viability of start-up financial management. Keep everything in your possession.
Hire an accountant.
Keeping track of everything involved with start-up financial management will be difficult for any fledgling start-up, especially if number-crunching isn’t your strong suit.
While there are several tools available to help you track cash flow, send automated invoice reminders, and organize records, it is still a good idea to consult with an accountant and/or a bank manager. Hire the best accounting companies in Qatar.
Qatari financial requirements for starting a business
To operate in Qatar, foreign business owners and investors must frequently establish a private Limited Liability Company (LLC). The company must have at least QAR 200,000 in authorized share capital and two shareholders. In general, foreign investors may own up to 49 percent of the share capital, with one or more Qatari partners holding the remaining 51 percent.
The Minister of Economy and Commerce may grant permission for foreign investors’ shareholding to exceed 49 per cent up to 100 per cent in certain sectors (if the business is compatible with Qatar’s development plans).
All of Qatar’s major banks offer specialized business accounts to their customers. However, before you can open a corporate bank account, you must first have your Commercial Register (CR), which is a document that proves you have a legal business. Contact with best accounting services in Qatar.