Why it’s ideal to seek sound advice Before You Set Up Your Business
When setting up in business you may assume that you don’t need to involve a bookkeeper/accountant until it’s time to prepare a set of accounts and file a tax return. This underestimates the added value of having a knowledgeable professional on your side from the start.
Numerical Bookkeeping Limited will ensure that you register with HMRC in time and that you tick all the right boxes when it comes to compliance including Auto Enrolment if you are going to become an employer.
Here are three key reasons why it makes good business sense to engage our services before you set up your business.
When you start a business, it’s tempting to focus on promoting and selling your product or services right away.
This is understandable, but don’t rush in without a clear business plan. Go over every aspect of your proposed activities as carefully as possible before you start trading. You may already have put an outline plan together, but have you accurately factored in all the costs associated with your business?
We can provide you with more than just a second opinion and will have an excellent understanding not only of what costs you’re likely to incur but of how to improve cash flow going forward as providing tips and advice on what you may need to offset to pay for those unexpected items.
An accurate business plan backed up with an efficient budget will provide a firm platform on which to launch a business and ensure that there are no unforeseen costs lurking around the corner.
Systems, software and accounting
Not everyone’s idea of dynamic business practice, but putting the appropriate management information, accounting and bookkeeping systems in place before you start trading will help you run your business as efficiently as possible.
Using a cloud-based accounting system like Xero gives you remote access, so ensuring you have all the information you need to make your business profitable at your fingertips. Installing good systems from the outset will save you time and money sooner than you think.
Almost all young businesses need to plan for the future growth at some point, either at launch or when they’re looking to expand. With the present economic climate, it’s important to understand your figures, so you can give confidence to others who may want to invest in you and your business.
Numerical will work with you to produce management reports that meet your business needs and offer a number of alternative options, from simply budgeting sheets to a range of presentation tools. All reporting options have their positives and negatives, and being able to draw on our expertise will help you decide on the most appropriate tools for you.
Using an expert and certified consultant to support you while you plan and set up your business isn’t an excessive luxury, it’s a sensible investment that will reap dividends for years to come.
If you are looking for your financial services to be understanding, supportive and empowering then use Numerical, click here to search or submit an enquiry.