Doing a project together: finance

As an entrepreneur you regularly work together with other entrepreneurs. You may hire someone specifically to perform certain work because you do not have the time, knowledge or resources. It may also be the case that you organize an event or project with one or more self-employed people. This also involves joint income and expenses. Since this is important for your accounting, we will discuss it first. In addition, it also affects the responsibilities and liability of your own company. We will then give a few tips about this.

Hire expertise

Another self-employed person can send you an invoice. If you hire this self-employed person for an assignment or your company, you include this invoice with your Expenses and the work falls under the Work by Third Parties section in The Bookie Webapp.

If it's not part of an assignment but is services provided so you can run your business, it's different. In this case you hire someone else to help you for a specific (often temporary) job support. If you hire an accountant, there are administration costs. If you hire a marketer, it falls under promotional costs.

Jointly organize or implement

You can simply carry out an assignment or lead a project together.

• Person 1 receives all income by invoicing the main client or registering the income from ticket sales as sales.
• Person 1 also makes all payments including paying Person 2. This means you always need an invoice from the freelancer or company you're working with.
• In the form of Third Party Work as described above, Person sends an invoice for his/her work or the agreed percentage of the profit from this project (= income-expenses) to Person 1.

Tips

1. Consider in advance who you are working with and make clear agreements with each other: what do you expect from each other, how do you guarantee quality, who does what, what is the payment term and when payment is not made, who bears the risks and liability,

2. Make clear agreements with the client, determine who is the point of contact and ultimately responsible.