Starting a business for the first time can be a challenge. Whether you are a first-time business owner, a sole trader looking to expand, or an established business branching out into new areas, you are bound to feel overwhelmed by all the formalities.
Small companies frequently arise as the result of a hobby or side project. Commonly entrepreneurs who start these are new to business themselves and must embark on steep learning curves to establish their firm. As well as aiding new companies, small business accountants can offer training and advice to educate new entrepreneurs on how to become more independent.
Accounting is the backbone of all businesses, allowing them to determine productivity and profitability. It governs all business practices and provides guidelines to adhere. So, when setting up a new company, it can be extremely worthwhile to seek professional accounting support to facilitate the project.
By creating the foundations of your business with guidance from an expert you can be confident that your business will be well supported as it develops. It is common to hear about companies, who wish they had brought in an accountant earlier and some who even shut down their businesses due to poor account management. It is rare, however, to hear about firms that regret acquiring accountants in their early stages. By starting a business correctly, you will be in a better position to excel in your market and will also reduce the risk of going bust.
The benefits of hiring an accountant for a business set up:
Accountants can reduce your workload, which will make the start-up less stressful and provides you with more time to concentrate on your business image.
They can manage complex accounting tasks and take care of your finance. Structured financial management is imperative in these early business stages.
They can set you up with a robust business structure and plan:
Business plans help new businesses get funding and provide guidelines for a successful start-up. This should be an overview of your initial business plan, and for the future.
There are numerous company structures a business can be based upon. It is difficult to determine which structure may be most beneficial for your business, especially if you have a complicated ownership structure.
New businesses can get caught up in establishing their service/product and client base. This leaves insufficient time to correctly set up payrolls, invoices, VAT, creditors, debtors, regulating systems and proper software. An accountant can help establish these systems, so you can focus on creating sales.
Accountants can advise you on how to keep costs down and divert capital to the areas of your business that will benefit most.
They provide useful taxation services and can often use their expertise to reduce your tax bill through specific methods that they can apply to tax returns.
To educate business owners and staff about the ins and outs of accounting.
They can act as a professional median to connects managers, owners and investors.
With an accountant, you are more likely to attract stockholders due to increased reliability.
It will be easier to obtain other sources of finances such as loans. Having assistance with loan applications is also likely to speed up the process, giving you faster access to new capital.
It may seem like a challenging task to find the best accounting firm to suit your needs, but find one that customises their service to ensure they meet your specific requirements.
It is best to be assigned a dedicated relationship manager to take care of all your business requests and understands your business inside out. By having one point of contact, you can form a rapport with your contact, who will quickly develop a comprehensive understanding of your business goals. Through working together, you and your professional partner can tailor the service to accomplish your business objectives most effectively.
You should receive a professional service from your appointed accountant who is reliable, efficient and cost-effective. Although it might seem like an investment that can be put on hold until your business is more established, hiring professional help will save you money in the medium to long-term. Plus, the relief you will feel from entrusting the frustratingly complex tasks to one of our professionals is priceless.
Note: The information should not be construed as legal or other advice as it designed as an information source only © More Group 2018. All rights reserved.