Hello fastlaners.
I run a small online business in my home country of Italy. Over here, when it comes to accounting, it's a huge mess. You have to report every single cent that enters the company's bank account and every single cent that exits with a statement like an invoice, even when other types of financial documents would normally suffice. For example, if your company shops at a supermarket (let's say you are a cleaning company and are buying cleaning products), and you pay with the company's bank account, it's not enough to receive a receipt from the supermarket, you'll actually have to request an invoice from them in order to properly report the purchase, which sucks, especially if your business processes a large amount of small transactions every day (which I do, since I operate online).
What's worse, you're also required to produce PAPER copies of each of them and apply a little sticker that you have to buy (it's basically a small tax), then fricking SHIP the paper copy to the customer (it sounds insane, I know, we are still at the stone age here and I hate it) and store ANOTHER paper copy for tax returns. The sticker thing only applies for invoices over €77 but it's still a huge pain.
I've been dating an American girl for almost 2 years now so there's a chance for me to travel to the US and set up my company there.
Does anyone know if accounting is this much of a mess in the US too? I've heard they give more freedom to companies but I've yet to look into it a lot and I assume it's going to vary for each state. Can someone from the US help? Even a little generic info would do.
Thank you!
I run a small online business in my home country of Italy. Over here, when it comes to accounting, it's a huge mess. You have to report every single cent that enters the company's bank account and every single cent that exits with a statement like an invoice, even when other types of financial documents would normally suffice. For example, if your company shops at a supermarket (let's say you are a cleaning company and are buying cleaning products), and you pay with the company's bank account, it's not enough to receive a receipt from the supermarket, you'll actually have to request an invoice from them in order to properly report the purchase, which sucks, especially if your business processes a large amount of small transactions every day (which I do, since I operate online).
What's worse, you're also required to produce PAPER copies of each of them and apply a little sticker that you have to buy (it's basically a small tax), then fricking SHIP the paper copy to the customer (it sounds insane, I know, we are still at the stone age here and I hate it) and store ANOTHER paper copy for tax returns. The sticker thing only applies for invoices over €77 but it's still a huge pain.
I've been dating an American girl for almost 2 years now so there's a chance for me to travel to the US and set up my company there.
Does anyone know if accounting is this much of a mess in the US too? I've heard they give more freedom to companies but I've yet to look into it a lot and I assume it's going to vary for each state. Can someone from the US help? Even a little generic info would do.
Thank you!
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