Startup businesses need an accountant. “I don’t need an accountant just yet” is a familiar cry. So why is that some of our best startup business clients do so well and yet spend so little? Of course it is because they have the good advice of an accountant from the beginning.
So here are 7 reasons why your startup business needs an accountant.
1. Advice On Business Structure
One of the most critical decisions you make at the start of your business is about the legal structure. So you don’t want to get it wrong. Your accountant can give you tailored advice depending your individual circumstances so that you make the best decision possible.
2. Cash flow
The most important thing you need to control at the beginning of your business is your cash flow. Your accountant can advise you on how you can plan your cash flow so that you don’t go bust before you’ve even started.
The most important thing you need to control at the beginning of your business is your cash flow. Your accountant can advise you on how you can plan your cash flow so that you don’t go bust before you’ve even started.
3. Taxes, Taxes, Taxes
It is important to tell HMRC if you become self-employed or the Director of a Limited Company, even if you already fill out a Self Assessment Return. Your accountant can advise you how to minimise your tax bill based on your individual circumstances.
It is important to tell HMRC if you become self-employed or the Director of a Limited Company, even if you already fill out a Self Assessment Return. Your accountant can advise you how to minimise your tax bill based on your individual circumstances.
4. Legal Requirements
From the moment you register a new business, register for a new tax such as PAYE or VAT, or register a new company you will begin to receive reminders about your legal requirements. Surely your accountant is a good person to deal with all of that so you can get on with running your new business.
From the moment you register a new business, register for a new tax such as PAYE or VAT, or register a new company you will begin to receive reminders about your legal requirements. Surely your accountant is a good person to deal with all of that so you can get on with running your new business.
5. Ideas
When you start up you will discover that there is a whole industry out there trying to convince you that they can help you maximise your sales. It is always good to have a second opinion. Luckily your accountant has seen it all before with his/her other clients, and can advise you from experience on what is the best solution for your startup business.
When you start up you will discover that there is a whole industry out there trying to convince you that they can help you maximise your sales. It is always good to have a second opinion. Luckily your accountant has seen it all before with his/her other clients, and can advise you from experience on what is the best solution for your startup business.
6. Accounting Systems
If you get your accounting systems right from day one, you will save valuable time and money in the future. Your accountant can advise you about how to set up your finances on a spreadsheet, or whether you would benefit from using online accounting software to keep you up to date.
If you get your accounting systems right from day one, you will save valuable time and money in the future. Your accountant can advise you about how to set up your finances on a spreadsheet, or whether you would benefit from using online accounting software to keep you up to date.
7. Save You Money
It’s a catch-22 situation, accountants cost money, but their help and advice can save you money. For example, did you know that some startup businesses with a very small turnover can benefit financially from voluntarily registering for VAT? There are so many other tips your accountant can give you, so that you use the money that you put into your startup business as wisely as possible. Luckily, if you see an accountant who, like Accounts Resource, is part of the ICAEW Business Advice Service, then you can get a free consultation to make sure you get your business right first time.
Many startup business owners think that an accountant will cost them money, quite the opposite, in most cases a good accountant will save your startup business a lot of money and free up your time to concentrate on marketing and expanding your business.
By Claire Georghiades FCA, Co-Founder of Accounts Resource.
It’s a catch-22 situation, accountants cost money, but their help and advice can save you money. For example, did you know that some startup businesses with a very small turnover can benefit financially from voluntarily registering for VAT? There are so many other tips your accountant can give you, so that you use the money that you put into your startup business as wisely as possible. Luckily, if you see an accountant who, like Accounts Resource, is part of the ICAEW Business Advice Service, then you can get a free consultation to make sure you get your business right first time.
Many startup business owners think that an accountant will cost them money, quite the opposite, in most cases a good accountant will save your startup business a lot of money and free up your time to concentrate on marketing and expanding your business.
By Claire Georghiades FCA, Co-Founder of Accounts Resource.
Culled from http://www.accountsresource.co.uk
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