Starting a new business may be something you have always dreamed of doing, now that you have got to this stage you should be extremely proud of yourself.
However, we know that starting a new business can be a financial risk that comes with a lot of responsibilities such as sorting and managing finances. It is very common for start-up and small business owners to want to cut costs, save money and try to do everything themselves. But in the long term, the cutting approach is not sustainable, and there comes a time when you need support from experts.
60% of small businesses fail in their first year due to cash flow problems.
It is normal as a start-up or new business to have extensive setup costs, and cash flow problems. The speed the money is coming in versus how quickly it is going out, can be exceptionally difficult to get right. Especially for those who are not financial professionals.
Although, your first reaction may be that you can’t possibly afford an Accountant or don’t need one. Accounting tells your start-up story and having an accountant as part of your team can offer a lot more value than just “ sorting the books” and keeping your documents up to date.
Accountants can help start-up businesses in a number of ways, when small businesses underestimate or don’t understand the role an accountant can have they end up losing out on huge business advantages. Accountants can help you along every step of your business growth journey, from just starting out to advising you when your business grows and develops.
There are a number of ways Accountants can add value to small businesses, which business owners may not be aware of. So, let’s take a look at a few..
By working with an accountant they can help you write a successful business plan. If you are planning to apply for a loan or rent an office building then you will need a high-quality business plan to give you the boost you need. A business plan written by an expert can help you set the direction of your future.
Every start-up business will need to provide information regarding its financial statements to banks, investors or lenders to obtain funds.
It can be easy to get carried away when setting goals and budgets as a new business and you can often lose direction. By having an accountant on your team, they can give you advice on your business plan, achieving realistic goals and your budget.
They can provide relevant and timely information on your financial forecasts, industry developments and legal matters. You can then work together to achieve goals that will take your business in the direction you want.
It’s important that business owners realise that no matter how much bookkeeping or accounting knowledge they possess, it’s always good to see through different glasses, especially that of an accountant, professional adviser or a business consultant. Accountants have trained for years to be able to have the knowledge to advise businesses financially, so they really are the best people to ask.
An accountant can help improve your chances of getting a loan or grant. Even the fact that you have an accountant can work in your favour, as it implies you’re serious about your business. Your accountant can present facts, figures and your story to backup your application process.They’ll also be able to answer any questions your bank might have about revenue projections and expenses.
Your accountant can also help you choose which loan to go for, and tell you whether your bank’s terms and conditions and interest rate are favourable
Growth isn’t always steady or planned, by winning a new client or a big project your company may grow quicker than you first anticipated. An accountant can help you handle this growth transition, such as hiring employees or more office space by looking after the important details such as payroll, employee tax management, property tax and utility payments. So you can concentrate on looking at the bigger picture.
Of course the dream is to generate limitless profit and expand your business globally. However, it is important to not get carried away, as a lack of planning or financial support behind these decisions can negatively impact your business. With the help of a professional accountant you can be assured that the decisions you make are justified, based on cost-benefit analysis and reliable for growth.
Growing your business requires taking risky and calculated decisions. With the help of an accountant, you will easily be able to calculate the risks involved. Not just that but you will be able to predict the future consequences of each business decision you take.
We deliver a proactive approach to accounting services. Getting to know your business inside out, to help set and meet your short, medium and long terms goals. It is more than just compliance that matters.
We take the time to understand the nature of your business, and get to know your professional and personal goals. This enables us to align our services and solutions to precisely reflect your needs.
Our accounts staff are professional, qualified and experienced. We take pride in ensuring we train all staff to the best standard keeping up to date with ever-changing legislation and with an emphasis on a value-added approach. We are proud to provide a prompt and efficient high-quality accounting service. Speak to our expert team today
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