So, you’ve just registered your company and you are desperate to get your new business venture off the ground. You are excited; brimming with ideas of how and where you will find customers; know what products you are going to sell and where you can source them; you just know you can do this…but take a step back and read on to find out why it is essential to invest in a professional and experienced accountant before you go any further.
The cliché suggests that accountants are boring and when compared to a beautiful, tangible product that inspires you to sell it, yes – an accountant can seem the opposite end of the ‘excitable’ scale! For many of our clients, it is not a case of wanting to appoint an accountant, more a case of having to.
You may have one of two thoughts about your and accountancy requirements:
STOP! Don’t fall into the same trap as so many of our clients.
Yes, we have super organised clients who fully intend to keep up together with their finances but as the business grows it’s nigh on impossible to remember what you spent, on what and why! What happens when suppliers send invoices to you? You need to pay these according to their terms and conditions – time does not stand still and allow you extra hours each day to sort your finances. You really do not want to lose a supplier because you forgot to pay them on time. Equally, how do you know you have been paid for goods you have sent if you have no time to check?
Not all accountants are the same. Not all accountants have the same sense of urgency as you might have regarding your business. When do you want your accountant to be available to talk about your business? Do you want someone who works Monday to Friday, only answers emails and calls in office hours? Or do you feel that you need someone on an ad-hoc basis for advice too? Do you want business advice that can help your business grow or do you need someone who just manages your finances? Do you have employees? Do you know, as an employer, what your responsibilities are to your employees? Do you envisage turning over enough to register to pay VAT? Do you want to know more about the figures – cashflow or profit and loss? Find an accountant who can give you the help and support you need and you will not look back.
It is far better for you and your business to have an accountant who has been there from the very start. You can sleep at night knowing that all paperwork is being taken care of, that your tax return is being sorted and that your suppliers and customers are happy with you. When it’s time to file your tax return, how will you remember what you spent 6 months ago? Where is that important receipt for a large order - you know it is in a safe place, it’s just a question of locating it…meanwhile, the tax return deadline is fast approaching. If you have passed the receipts to your accountant and they are managing finance software for you – it is easy. No hassle. The work is completed as you go along – no time wasting looking for receipts or invoices! Of course if you are still employed at the same time as working on your new business, your tax return will be more complicated – can you afford the time to complete it? Can you afford not to have an accountant?
The sensible option is to find an accountant who can support you from day one. Don’t waste precious time sorting out your finances when you could be spending it on generating business. The aim is to grow your business and with the help of an accountant, your business can flourish.