9 Ways That We as Accountants in Farnborough Can Help New Businesses
1. Identify Whether Your New Business is Feasible
An accountant can help you analyse your market research data to see if there’s enough demand for your product or service to sustain your business. They can also assist with outlining your business goals too.
2. Decide on a Business Structure
Choosing your business structure can impact your tax, personal liabilities, and asset protection etc. Penney’s accountant can help you choose the right one, saving you time and money in the process.
3. Create a Business Plan
A big chunk of your business plan will be your financial forecast which outlines your business costs, revenue projections and the funding you will need. Naturally, an accountant is the best professional to help you with this cost analysis.
4. Secure Funding
Accountants can advise you on which lenders to approach as well as helping you create your loan pitch. They can help you create an accurate and reliable economic forecast for your business.
5. Register Your Business
You will need to register your business, either as self-employed or with Companies House and HMRC if you decide to set up a Limited Company. An accountant can assist with this as well as registering you for tax, applying for licenses and permits you may need, and setting up your business bank account.
6. Choose the Best Business Insurance
An accountant can advise you on the best insurance options to ensure you have complete protection at the most cost-effective price. They can help with property and vehicle insurance to professional liability and business interruption insurance.
7. Make the Right Recruitment Decisions
From advising you on recruitment decisions (e.g. whether a part-time employee or outsourcing makes more financial sense) to helping you with payroll and auto-enrolment, accountants can help significantly when hiring employees.
8. Set-Up Cloud Accounting Software
Accountants can help you run your business more efficiently by looking at your processes and advising on the most appropriate cloud accounting software. Some even offer migration, set up, and training services when it comes to software too.
9. Plan For the Future
Great accountants become a trusted member of your team. They help you set your business goals and they provide you with ongoing advice and support throughout the years to help you achieve them.
