When you first think of an accountant you think of them being very different to you and your business. Well that is not entirely true. Many accountants have either been a start-up themselves or have a wealth of experience helping business start-up. Accountants no longer just sit behind a desk all day; they are genuinely interested in what you do and are just as passionate about helping you succeed.
Getting you off on the right foot from the start is crucial. Hiring an accountant to make sure you are tax compliant and have a healthy cash flow will allow you to be able to put more energy into what you do best.
Financial forecast and control
As a business starting up you are about to embark on an incredible journey of doing something you love. However, to keep the business alive you need to ensure you have a healthy cash flow. A financial forecast produced by your accountant will help safeguard your finances and plan a prosperous future.
It is vital to be as realistic as possible and this is where your accountant comes in. You do not want to underestimate or overestimate the revenue your business will generate. Your accountant will work with you to create an accurate financial forecast to set your business up the right way. As a start-up it is useful to use cloud based accounting software like Xero, who can be as adaptive as you are. Having everything online so you keep all your invoices and expense claims up to date is crucial from the start. Xero also allows you to see your bank account in real time.
Make sure you are tax compliant
Accountants are always one step ahead of changing tax legislation’s and start-up businesses can often benefit from these. Thinking about tax is not what you want to be doing when starting up. Let your accountant take care of all your tax needs to ensure you are tax complaint. An accountant will minimise any penalties that could arise. You will never need to be concerned about submitting a tax return before the deadline!
Construct a business plan together
If you do not already have a business plan or need further guidance your accountant can help you. For investment, a strategic though out business plan is crucial.
Your favourite agony aunt
Starting up can be lonely, but it does not have to be. Alongside networking events an accountant is a great person to talk to. It is fantastic when a client can ring up and to just simply get things off their chest. Consider your accountant as your agony aunt!
Need more information?
We love nothing more than learning about new start-ups and helping you get off on the right foot! We offer a wide range of services which are unique to businesses who are just getting going! As start-up accountants we have a wealth of experience in all sectors between our team. From restaurants, fashion brands, fitness centres and many creatives start their business correctly and ensure they are staying tax compliant. The team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.
Our fantastic team at A&C Chartered Accountants are here to help.