Setting up a new business presents many challenges. Friends and relatives might tell you that your idea is great and it’s going to be a success, but from an accountant’s point of view there is a list of necessary steps to make sure that your project is well grounded and can be turned into reality. For us accountants, in London or any other big city, it is common to see many new businesses fail because of a lack of planning, and it is therefore vital to outline a specific roadmap for startups.
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Trust the accountant: business plan first
Imagine you want to start a London based marketing company. The service you want to provide is not sufficient to adequately define your business. You may want to find information to start the company and make it a success, but if you find an accountant in London the first thing he/she will tell you is to write a business plan first. Competition is fierce, many businesses fail, and to understand that you don’t need the word of a chartered accountant. London has probably hundreds of companies providing the same service, how are you going to stand out? When and how do you plan to be profitable?
A business plan is needed to define a viable strategy to survive and get to the next phase of business development. A good business plan simply states the goals of your business and a plan to achieve them. Your accountant will help you define a strong long-term financial plan.
Each country has specific guidelines for the setting up of new companies. If you are based in London, accountants will consider that in order to shape a good accounting strategy.
Tax Accountant Advice: the Accounting System
In order to record the transactions of your business it is essential to set up an accounting system. No matter what the size of your company is, the same accounting principles apply when it comes to this kind of systems.
The storage of this financial and accounting data is crucial for the owners and for interested parties like tax authorities and investors.
The need of a Business Accountant
Especially in the early days of your business, seeking professional advice might turn into the best investment for the sustainability and the future of your company.
If you want to set up a business, the plethora of numbers you will have to deal with might scare you. The jargon of “profit-loss statements”, “accrual basis” and so on might discourage you. Since every business needs some kind of accounting, the most viable option for people who want to focus on the service side of the start-up is hiring a professional business accountant. In London we help many business owners taking care of the accounting of their companies from the startup to later stages.
Accounting for Startups
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This post is also available in: Polish