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Financial advice for entrepreneurs - Collectia
Sebastian S.

Financial advice for entrepreneurs

According to Statistics Denmark, more than 33,000 new companies are founded every year - that's more than 90 new companies every day. 

Denmark is at the forefront when it comes to setting up new companies, and the vast majority are in the wholesale, retail, service and construction sectors.

Collectia is Denmark's leading debt collection company; and we love entrepreneurs! Because new businesses and new jobs are crucial to keep Denmark going - and we at Collectia want to support that pioneering spirit; with our best tips and tricks!

1. Choose an accounting program or ERP system

Many business owners initially choose to manage their company's finances in Excel, for example.

We strongly recommend that you choose an accounting program or ERP system even before you print your first invoice. This way you can keep track of your receipts, purchases, expenses, income and perhaps inventory management - right from day one. There are many good ERP and accounting programs to choose from.

We recommend that you, in collaboration with your accountant or bookkeeper, find the system that suits your business best - and an accounting program / ERP you can grow with, for example, take a look at

2. Keeping the books in order from day one

Many entrepreneurs and self-employed people love to run and grow their business, but experience shows that bookkeeping is often not the main interest and debiting and crediting vouchers is not the reason why most people choose to become self-employed. 

We can actually understand that! That's why we also recommend that you get in touch with a bookkeeper who can help you with all the daily documents.

Often, a freelance accountant can be hired from just a few thousand euros a month, ensuring that you get your VAT, tax and other fees paid on time.

For example, you can agree with your bookkeeper that you take care of invoicing customers yourself - while the bookkeeper takes care of following up on payments, debt collection, sending reminders, posting payments, etc.

3. Start small - and build up

One of our best pieces of advice, and perhaps the simplest, is to start small and, if possible, make your customers pay for your growth.

Most businesses often do not need external financing or bank loans to start up if there is no investment in machinery and equipment from day one.

Therefore, try (as far as possible!) to start small - and see how the revenue from customers can help finance the purchase of a bigger machine, more equipment, etc.

4. Liquidity is everything - get an overview of it

For all businesses, one thing is more important than anything else: liquidity. Without liquidity, the business dies.

Therefore, it is also very important that you have an overview of your liquidity - and the best way to do this is to have an updated financial statement - and an updated budget.

5. Create a start-up budget

In Denmark, starting your own business is very easy, fast and often cheap; applying for a CVR number can often be done with a few clicks - and you can be up and running with no financial guarantees if you start as a sole trader, for example.

But for most people starting their own business, there are some start-up costs associated with the purchase of software, hardware, furniture and equipment.

We recommend that you create a start-up budget; and get an overview of what it actually costs to get started. If you expect to borrow money to set up your business, the bank will also require a start-up budget.

Read more about the start-up budget here:

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