The idea of starting a business can be very daunting. With so many variants to factor in, it is tough to know where to start. A good support system to guide you and work within your best interests can not only relieve the stress but set you on the right path for your fledgling business to flourish. One of the best ways to gain such support, that doesn’t cost the earth, is to work with an accountant.
Speaking to an accountant is an important first step for any new business owner. Having your business finances in order is a vital aspect to consider and a good financial foundation is essential for a new business to succeed and grow. However, this is not the only reason why having a reliable and experienced accountant on your side from the beginning of your new business is important…
There are many advantageous reasons to consult with an accountant before starting a business.
Here are five key reasons:
1. An accountant can help you determine the best legal structure for your business. There are several options for business structure, and the best option for your business will depend on a number of factors. An accountant can help you assess your business goals and objectives and choose the business structure that will best help you achieve those goals.
2. An accountant can help you establish sound financial practices from the outset. Financial planning and management are critical to the success of any business. An experienced accountant can help you develop a sound financial plan and establish good, long term financial management practice.
3. An accountant can help you minimise your tax liability. Tax planning is a complex area, and there are many strategies that can be used to minimise the tax liability for your business. An accountant can help you identify the strategies that will work best for your business and help you avoid the common pitfalls.
4. An accountant can help you access financing. Many businesses need financing to get off the ground or to expand. An accountant can help you prepare a business plan and financial projections that will be essential to obtaining financing.
5. An accountant can look at your business finances impartially and help you set and adjust your spending budgets and overheads to maximise your profits. This sounds easy but, in fact, looking at your finances and business with an impartial or unbiased lens is one of the hardest things to do as a business owner.
For these reasons and more, it is important that if you are thinking of taking that step into the business world, you must seek advice and talk to an accountant.
Here at GW & Co, we have a team of experienced accountants who can offer jargon free advice and guidance in plain English. We specialise in helping business grow and achieve their goals no matter the size. If you would like to get in touch to find out more or to book a no obligation, free consultation, you can do so by clicking here.
