- When do I need an Accountant?
If you are a beginning self-employed, you should do a necessary minimum of administrative work according to the Czech law. You could handle it by yourself. You could take a short training from an accountant how to do this the right way.
An accountant will be necessary after you become a VAT payer. You will become it when your incomes in the Czech Republic will grow over 1.000.000 CZK within 12 months, or when you begin do business with another state. The status of VAT payer brings more administrative pressure on your business: one monthly tax declaration and two monthly reports.
If you have a company or a filial in the Czech Republic, you should have accounting according the Czech law, so it is better to find a certified accountant.
- When should I begin with accounting?
According to the Czech law accounting should begin with the date of company establishing.
If you established your company in October, November or December, you could enlarge the following accounting period with these 3 months, but you have to inform the Tax office about it.
- How the cooperation with an accountant looks like?
Small business cooperates mostly with an external accountant. The businessman gives to the accountant the documents for the period, typically once a month. The documents could be in paper or in digital form. In more demanding cases it could be agreed that the accountant works at client’s office for some afternoon monthly or weekly.
- Should I search for an accountant in the neighborhood?
It is not necessary. In the external mode you could cooperate with an accountant which has office in another city or region. All the documents could be sent over digitally.
- When should I employ an accountant?
Typically, when the business has 15-20 employees, there is work enough for an accountant to be full-time employed. However, you could proceed to outsource the accounting work by an external accounting office, which might be more profitable for you.
