The role of an accountant in supporting your start-up business extends far beyond tax returns. Many clients rely on their accountant for sound business advice and support. Helping a new business to survive and make money is a rewarding task that is critical in these more turbulent economic times.
What are you?
An accountant’s first important task is to help you decide on the best format for your business – sole trader, partnership or limited company. Each option impacts raising finance, taxation and personal liability in a different way.
Focus on what’s achievable
Every startup owner wants to make big money fast and can lose sight of what’s realistic for their business. Ensure that you don’t take huge risks with help from accountants Swindon based, who will assist you as you make decisions on purchasing, investment and growth by providing you with margin and cost-benefit analysis plus precise business modelling. If you base your business strategy on realistic finance and resource scenarios, expansion and profit will be achieved quicker and with less risk.
If outside investors played a part in establishing your startup, they will need tangible reassurance that their investment is safe and will pay off. Your accountant can help you build investor confidence with profit forecasts, which can be vital in keeping finance lines open.
If this phrase breaks you out in a cold sweat, keep in mind that this is why we have accountants Swindon has excellent options. They can advise you on different ways of approaching tax planning, tax efficiency, keeping to deadlines and the updates to tax law and regulations that occur every year.
There are useful metrics that can monitor progress for a new startup. These could range from ROI on marketing and salary/revenue ratios to cost per customer acquisition and retention value. You should continually update and monitor these metrics. Ask for them to be set up securely in the cloud so you and your accountants Swindon based can access them as needed.
Ready to grow
When the right time comes to grow the business, an accountant who has been with you from the start will know your business’s targets and potential as well as you do. A good accountant will be proactive in providing you with the information your business needs to flourish.