Renovation

Whatever type of premises that the entrepreneur intends to use for the business, chances are that renovations are required. These renovations can be rather basic like for industrial premises to elaborate themes such as a retail or F&B outlet.

Due to the high outlay needed, renovation costs are therefore depreciated over a period, usually over the length of the lease for the premises. Renovation costs tend to be restricted to immovable items. Movable items are usually classified as furniture and depreciated accordingly under machinery/equipment and furniture.

The basic version of the app sets the period of depreciation for renovation at 3 years or 36 months. (Note that the advanced version of StartBizUp app will allow you to change the depreciation period.)

Work Out Costs

Amortization and Depreciation

Cost of Goods Sold

Machinery/Equipment and Furniture

Premises

Renovation

Licenses/Patents

Employees

Expenses