Starting a business is a daunting challenge, and with so much competition, you have to be on the ball to even get your foot in the door. The list of skills you need is very long, and the only way an entrepreneur can manage everything it to outsource certain aspects of the business, particularly bookkeeping and accounting (which aren’t the same thing). An accountant can update the books, but a bookkeeper cannot perform many of the accounting tasks that are required, and with that in mind, here are a few of the ways that experienced accountants in East London can help the growing enterprise.
- Company Formation – You might be a sole trader, or be working with a partner, and whether you go limited or not would depend on several factors. Making a mistake when forming the business could be costly, and the accountant will make you aware of all the options.
- Planning for the Future – An essential part of expansion is planning for the future, and your accountant would know of all the government grants and concessions that are offered to growing businesses in the UK. With the right tax strategies in place, you will have less of a burden, and when you need to raise some capital, your accountant can prove invaluable.
- Set Up a Cloud Based Accounting System – This allows you to access and update all of your data from any location, and what’s more, the accountant has the same access, so you are always on the same page.
The smart business person will actively seek out a good accountant at the very outset, as they know how valuable it is to have the right advice at the right time.