28/05/2025
Just started as a self-employed individual in a side business? Then you probably already know that you are required to keep accounts. But did you also know that accounting doesn’t have to be as complicated as it sounds? As a self-employed individual in a side business with a turnover below €500,000, you can opt for a simpler approach…
As a self-employed individual in a side business, you are required to keep accounts. They form the basis for your VAT returns and your income tax return. But keeping accounts is not just an obligation. It is also useful, as it gives you insight into your figures and allows you to monitor how your business is performing and where you may need to adjust.
Companies are required to keep double-entry accounts. However, this system is complex and usually requires professional assistance. Moreover, most accounting software for double-entry bookkeeping is designed for large companies and is therefore often expensive and complicated. Not ideal for starters and sole proprietors.
Fortunately, as a self-employed individual in a side business with a turnover below €500,000, you can choose a simpler approach: simplified, single-entry accounting.
For most starters and sole proprietors, simplified accounting is ideal. The system is clear and you can often manage it yourself, without hiring an accountant. You simply track your income and expenses, along with an overview of your assets and liabilities. This way, you can easily maintain control over your finances.
The cheapest way to keep simplified accounts is in Excel. But that doesn’t mean it’s the best solution. Since you have to do everything yourself, it can sometimes be difficult to maintain an overview. Think of VAT calculations, splitting private and professional expenses, or processing online purchases from abroad.
Modern accounting tools take this work off your hands: they automatically calculate VAT, process scanned receipts and provide clear reporting. Perfect if you prefer to spend your time on what really matters.
Want to learn more about simplified accounting?
At PIA Go!, we understand that every entrepreneur has to start somewhere. Our digital accounting solution is specifically designed for starters and sole proprietors: user-friendly, affordable and with personal support whenever you need it. This way, we help you get started professionally and without worries from day one.
Ready to simplify your bookkeeping?
Schedule a free video call today.
Can you simply pass on costs to your customer?
Yes, you can—and it happens frequently. Think of restaurant, travel or material costs incurred for a client. By correctly including these costs on your invoice, you ensure you don’t lose money and your client understands where the amount comes from.
Do you always have to pass on exactly the same amounts you paid yourself?
No, not necessarily. You can charge costs in a way that is professionally justified. Sometimes you pass on the exact amount, sometimes you apply a fixed fee. What matters is that it is clear for your customer.
What about VAT on recharged costs?
In most cases, you must charge VAT on the total amount when passing on costs. The correct VAT rate depends on your main activity, not on the original purchase. If in doubt, PIA Go! helps you apply this correctly.
Why is it interesting to include certain costs on your invoice?
By including costs on your invoice, you can optimize fiscally: you may recover more VAT or increase your revenue in a professional way. Especially for common expenses such as restaurant or car costs, this can make a difference.
What does PIA Go! do to help you with this?
PIA Go! not only provides a tool to create your invoices, but also gives you access to advice from a real accountant. They help you determine the best approach for your costs and ensure your invoices are structured in a fiscally efficient way.
