Starting your business and how we can help

If you are thinking of running your own business, you should start by discussing your plans with an experienced accountancy firm that can give you the help you need.

The more forethought you can give to the job of running your business, the more likely you are to succeed.

We can help you plan your business and answer some of the questions you should consider before you start:

• What are my prospects in the recession?
• Are you the sort of person who can succeed in business?
• Have you any funds you can put into the business?
• Are you familiar with the legal requirements that will be placed on you as a business proprietor?
• Have you considered how much you will earn during your first year?
• Do you need help raising finance for your business?
• After business expenses, including taxation and national insurance, have you estimated what your salary and profit could be?
• Have you considered how you can minimise your tax liability so that you keep more of what you earn?
• Have you considered how technology can benefit your business?
• Have you decided how the internet can be used to your advantage?

There are many other matters you need to consider both before you go into business and during your all-important first year.

What will your business cost to start?

Our startup calculator will assist you in assessing the initial cost of your new business venture.

With careful planning and the right advice you could earn more and pay less in tax.

Viewing your accountant as a business adviser, not just as a professional trained in traditional accountancy and tax compliance services, could boost your company´s bottom line.

In addition to performing routine accountancy duties, a large part of an accountant’s day is spent advising clients on their budgets, profitability improvement, and operational procedures - and performing other tasks not often associated with accountants.

Determine your needs

To find out how we can help develop your business, ask yourself the following questions:

• What advice do I need to hear about the effect of the recession?
• How can my accountant help improve my business’s growth, efficiency and profitability?
• What procedures may need fine-tuning to help me achieve quality output?
• In what ways can my accountant help me operate on a more cost-effective basis?
• How can my accountant help me minimise my tax liabilities?
• How will I fund my business?

Always keep your long-term goals in mind. Running your business more cost-effectively can be achieved only if you have the vision to project your goals into the future.

Cash shortages, lack of a solid business plan to guide the business, and steady decreases in profitability are all warning signs that a business is heading towards a potential financial crisis. It is crucial to evaluate your business’s structure and performance before it manifests these danger signals.

We can help you to focus on how to improve your profitability by analysing all the elements of your business. Reporting on profitability is a standard procedure, but helping create it by providing intelligent, entrepreneurial advice is what as your accountants we strive for. Let us work alongside you to achieve your goals.

Beyond the basics

Services we can provide include:

• Developing a comprehensive business plan
• Compiling the data you need to secure finance for your business
• Preparing budgets and making projections
• Acting as a referral source to help you find a solicitor, banker, insurance agent, etc.
• Determining which of your products and services are viable and which should be modified or terminated
• Devising the best structure for your business, and advising you on when to incorporate
• Tightening internal accounting controls
• Advising you on the acquisition and implementation of a computer system
• Helping you develop reporting systems

. . . and often, if there’s a service we are unable to provide ourselves, we will be able to refer you to someone who can advise you.

Consulting services

We offer a wide range of business consulting services. As members of our firm become more specialised, so do the services they offer. From technical resources to industry expertise, our firm is set up to accommodate your business needs.

Dealing with the needs of specialised industries has become a necessity in today’s business climate. Industries such as construction, healthcare, family-owned businesses, graphic design studios, retail outlets, professional firms, and charities are just some of the businesses we can assist with hands-on, industry-specific experience.

Other areas of our firm are devoted to managing personal short-term and long-term financial concerns. By analysing your current financial position and developing estate and retirement objectives, we can advise on how to create more economic security for you.

We are here to help you now

Understanding what an accountant can do for you is a start. By treating us as a wealth of entrepreneurial know-how, you can obtain quality consulting on a variety of topics that extend far beyond traditional compliance work:

• Call us. Never hesitate to ask us a simple bottom-line question. If you are debating whether to buy or lease equipment or are concerned about the costs of your insurance coverage, the answer could be just a call away
• Use us for both business and personal financial issues. Sole traders or partners often find their tax paperwork overlaps with business and family finances. Using us to handle both will help you establish an integrated approach
• Meet with us for a midyear planning session. Schedule time to discuss your finances in the summer. If you start planning early, you might find that we have more time to help you improve your bottom line
• Plan for major financial events before they occur. If you contact us when you are anticipating a major event, such as an inheritance, you could reduce your tax liability
• Use our contacts. We are an excellent resource for helping you network with other professionals.

Make our business skills work for you and your business. Contact us with any questions you may have on strengthening your business or personal finances.