Steps to a successful online business: advice from an accounting expert

At a time when the online space plays a key role for entrepreneurs, every decision and detail can be crucial to success. Therefore, in this issue of "Bulgarian Entrepreneur" magazine, we meet Nedka from "Activi Audit Consult", who shares her professional experience and valuable advice on accounting in the Internet business. Our goal is to provide practical guidelines that can be immediately applied by our entrepreneurial readers.

Nedka is your mentor in the labyrinth of finance and accountability, supporting the path from the development of the idea to the first online sales, with an emphasis on Bulgarian legislation. First, she recommends thorough market and competitor research. “Research your product and analyze the competition. Once you've established that your concept is viable, it's time to collect orders,” she advises.

Company registration is the next important step. Nedka suggests to prefer the EOOD form for sole proprietors. It is associated with certain tax benefits and, although the corporate tax of 10% is the same for EOOD and OOD, it highlights the possibilities for optimization of tax and insurance costs in accordance with legal requirements.

One of the key points is VAT registration, especially for online traders who work with European markets and platforms such as Facebook and Google. "Don't be surprised," warns Nedka, "but this registration is mandatory and must be done before you start using the paid services."

VAT registration is required for every online store, for merchants who use paid advertisements on sites, as well as for freelancers. For example, the limit for mandatory registration in Bulgaria is an annual turnover of BGN 100,000, but different markets impose their own requirements and knowledge of the various rules in the European Union is necessary. It is important that you are informed and prepared to comply with these requirements.

As we conclude the first part of our conversation, it is clear that Nedka is a source of invaluable knowledge that enriches the strategic vision of Bulgarian entrepreneurs for running an online business.

When starting an online platform, accounting should not be neglected. Nedka recommends strict reporting of invoices and submission of declarations to the National Revenue Agency (NRA) online by the 14th of the month following the reporting period.

Accountants like Nedka from Asset Audit Consult play a valuable role in navigating the process from registration to maintaining proper documentation and communication with the National Revenue Agency (NRA).

When it comes to profit tax, Bulgaria offers an advantage with its low tax rate of 10%. This rate is positive for the growth of small and medium-sized businesses, providing attractive conditions for entrepreneurs who are preparing for the next step in their business. The importance of separating personal and company finances cannot be understated and is critical to avoiding audit problems.

In addition, Nedka emphasizes the importance of knowledge about online platforms and audit files, which reflects the need to constantly update with the latest regulations and regulatory documents. Effective communication with the accountant is critical to successfully addressing these challenges.

In conclusion, it is important for active and future Bulgarian entrepreneurs to realize that this accounting expertise is an important bridge to online business success. The accumulated knowledge and experience of professionals like Nedka are valuable for the sustainability of your finances.

For more information, do not hesitate to contact Nedka Yaneva from Asset Audit Consult. Follow our magazine for more useful information and new opportunities to expand your business. Collaboration and shared experience are the foundation for development and innovation in any industry.