How Accountants help to setup a Start-Up : Start-up
Starting a business can be challenging, you need strong foundations and the right advice to succeed. We have been assisting clients in the same situation as you, who have the courage and passion but in need of the right start-up moves. At A One Accountants, we are here to mentor you through the business start-up. The critical stage of a start-up business is the initial stage. Speaking to an Accountant who specialises in start-up advice will provide major assistance in structuring your business. It is essential that you get the structure correctly in the start-up phase as changing the business structure could lead to many complications if done at a later point in the future and could make you liable to pay Capital Gain Tax where such an event happens. The business structure is critical as it would affect your tax position and profitability. You can decide to operate as a sole trader, form a partnership, trust or a company. We need to go through few aspects for example, the industry risk, protection required on your assets, expected turnover and number of investors, compliance requirements, number of family members involved, the lending strategy, the investment strategy, tax gearing, employment strategy and so on. Based on your circumstances, we shall be able to develop the right strategy for you.
There are a number of tools that are also required for the start-up, for example the right cover of insurance, website and IT, Accounting Software, payroll costs just to name a few. By hiring us you would be able to form a budget which will help you identify various cost aspects of your business. This will save money, especially on a limited budget. However, if you are not an experienced accountant, things could go off track and cause you trouble.
How accountants help in the start-up process of a business:
At the start up stage, there are many steps, systems, plans and actions that need to take place. An accountant can help in the following ways:
- Determine the right business structure for your business based on your requirements.
- Help with a business plan.
- Provide business advice.
- Tax & Compliance
- Help apply for a business loan
- Assist with the financial analysis for your business
- help forecast your start-up organisation’s cash flows and budgeting
- Advice you on the right accounting software to use.
- Help you with opening a bank account for the business purpose
- Record keeping training.
- Ensure that the organisation’s accounting procedures are in line with government requirements and regulations.
- Providing advice on controlling your costs.
- Provide advice about marketing and IT presence.
- Ensuring and providing advice on how to separate business and personal expenses
- Help with business strategy and set up future goals.
How Accountants help when the business grows:
Further down the track, as your start-up grows, we shall advise on running of regular business operations, check to see if your business is performing in line with budgetary expectations. Help with the financial statements, maintaining payroll and payment processes and advice on business growth.
Getting accountants help doesn’t mean hiring a full-time or a part-time accountant. At the early stage, a few hours of our time will be enough. These few hours will save you lots of time to focus on more important parts of the business. Moreover, you have the peace of mind that the accounting side of business is in experienced hands. Delegating your organisation’s financial affairs doesn’t mean you have lost control of that part of business; it will be lot less stressful and not feel overworked.
How can we help you?
At A One Accountants, we will be able to help you in the start-up of your business and provide advice during every step of the way. We have the experience and the skills required to manage your financial affairs. An accountant is known to be the most trusted advisor for small business owners. Moreover, we will provide advice ongoing advice because you shall keep needing this. Our primary role is to guide you at every step and support you. Many people starting a business fail because they don’t seek the right professional advice. As an experienced accounting firm, we will provide you with the personal service required. You can get a free start-up setup guide e-book by filling out the below form.