You might think that a start-up or small business isn't big enough to warrant an accountant. But unless you're an expert in tax and finance - in short an accountant yourself - this simply isn't the case. An accountant provides your business with a great deal of essential support.
If you are just starting a business, your accountant will take the form of another business adviser. They will be able to give advice on your business plan and the tax issues of registering a new business.
Some accountants offer book-keeping services but if they don't or if you wish to handle this yourself, you can get help with setting up manual or computerised book-keeping systems. And most importantly, you need an accountant to assist on things like whether it is necessary to register for VAT or PAYE and the procedures involved.
You can also seek help with budgeting and forecasting cashflow from an accountant as well as credit control and just general financial advice. They can offer you up-to-date information on any general or legal enquiries.
An accountant isn't just there to help you manage your money. Whether you are starting up or a growing business, they can advise you on the best way to arrange additional finance without putting your business at risk.
Once you have the finance in place there needs to be some control to ensure growth of your business is handled in the right way. Many of your concerns will be financial - adequate working capital, good stock control, invoicing and so on - an experienced accountant's advice will be invaluable in such matters.
And can you honestly say that you are on top of all the essential taxation issues? Well probably not - but that's an accountant’s job. Taxation is a large business expense and an accountant can effectively minimise these costs.
If you need some help and would like a free, no obligation consultation with an accountant, fill in our simple form and a TaxAssist accountant will be in touch