European Fastlane Business Thread

[Deleted78083]

With the EU population being almost 1.5 times larger than the US pop., consumer spendings in the EU, before Covid hit, were six times smaller ($2,141 bln vs $13,353 bln; source – tradingeconomics.com). As of now, the discrepancy is probably even bigger, as most of the EU countries still in lockdown.

Yeah but we are not making nearly as much as in the US either. @VicFountain pointed out to me that software engineers easily make 6 figures in the US. It's not something that happens in the EU.

My point is, in the EU, there's no culture of spending more than you earn. And I don't argue whether it's good or bad. I just pointed out this very noticeable difference, which is IMO is the major reason businesses have fewer opportunities to make money and grow

Exactly...generally, we take much less risks than in the US.

But even though it all sounds like a rant, I'm actually trying to say that there is so much opportunities in Europe for unscripted entrepreneurs that sometimes it feels like you only need to make the first step, and there will be money rainfall

Totally agree, the fact that so few people are business-oriented make Europe much less competitive than the US, but with almost as many opportunities/problems to solve.

 

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[DMNinja]

So, I have a question: Are you using accounting software? I'm searching for software that's compatible to the EU legislation but I can't find something as ubiquitous as Quickbooks or anything comprehensive. Can you give me a few pointers to look around?

 

[d0min0]

So, I have a question: Are you using accounting software? I'm searching for software that's compatible to the EU legislation but I can't find something as ubiquitous as Quickbooks or anything comprehensive. Can you give me a few pointers to look around?

I was researching this question half a year ago and didn't find any software solution for my small business (FreeAgent had the best offering, though). But I managed to compile a list of questions that one needs to consider when looking for accounting software:

• What's the size of your company? In most EU countries and the UK, there's a definition of a small/micro business entity. When the company doesn't exceed a certain yearly revenue threshold, it can be considered a small/micro business. Small/micro businesses have more relaxed requirements for their financial records. Sometimes, you even don't have to follow the double-entry bookkeeping system.
• Check with your local tax office's requirements for your industry and comply with these first. Then you can start worrying about the EU legislation.
• Do you need to handle VAT? If yes, US-made software most likely won't work for you, even though it sometimes looks nicer and cheaper.

I hope that helps.

 

[MTF]

So, I have a question: Are you using accounting software? I'm searching for software that's compatible to the EU legislation but I can't find something as ubiquitous as Quickbooks or anything comprehensive. Can you give me a few pointers to look around?

Hire an accountant. It's not worth it to do it yourself.

 

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[DMNinja]

Hire an accountant. It's not worth it to do it yourself.

The problem is that my niche involves accounting work to be done. I can understand not needing software and hiring an accountant to manage the financials of the company, but using software would magnify the volume of services offered, since I can take up more work, but also decrease the processing time of each client.

And even then, that work will be done by my subcontracted accountant. I just want to be able to pick up more projects.

 

[The Racing Driver]

Today on Youtube I came across an ad from Erasmus for Young Entrepreneurs

It seems to be funded by the EU Commission and is targeted towards supporting young entrepreneurs who are starting up.

On their website, you can find out who are the local contacts in your country, resources on doing business in the EU and also learn about their support schemes. Thought I'd share it here because it might be useful to some of us.

European business exchange programme - Erasmus for Young Entrepreneurs

 

[Deleted78083]

Today on Youtube I came across an ad from Erasmus for Young Entrepreneurs

It seems to be funded by the EU Commission and is targeted towards supporting young entrepreneurs who are starting up.

On their website, you can find out who are the local contacts in your country, resources on doing business in the EU and also learn about their support schemes. Thought I'd share it here because it might be useful to some of us.

European business exchange programme - Erasmus for Young Entrepreneurs

Thank you, i will go to sleep now, but it looks like something i'd apply to.

 

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