Appointing an accountant is often overlooked when you are in the early stages of starting up a business. Other things are prioritised in order to minimise set up costs when you’re trying to get things off the ground. People always try and juggle every area of their business themselves, or flat out tend to ignore the accounting aspects.

Business owners don’t usually talk to an accountant until they reach the end of their first trading year or worse, when the tax return reminders start to arrive. Some wait until there’s too much paperwork work to physically keep on top of themselves. Hiring an accountant at the outset for your new business can really make the difference, as to whether it’s make or break before its even started.

A lot of new businesses fail as a result of inexperience in the accounting sector which is why hiring a professional and skilled accountant is more than a worthwhile investment.

There are many ways in which an accountant can help your small business and here at Lima Accountancy in Leeds we have listed the top ones

1.      You are going to be extremely busy.

When you first start out you could be a sole trader or working with a business partner. It is incredibly rare that you are going to start off with a team of employees, this usually comes when things are stable enough to afford their wages. There are a lot of aspects that you may be able to juggle but one sector you can’t afford to drop is accounting. Balancing the books and keeping on top of the finances is one of the most important areas, not just so you can effectively manage your cash flow but also to ensure your business is meeting its legal obligations too.

2.      Taxes.

This is the side of a business that if corners are cut not only can the business suffer from the lack of tax planning but as an owner you can also be liable. The National Federation of Independent Business releases a monthly survey of small business owner concerns and of these monthly concerns taxes always rank high up the list. This doesn’t need to be the case and can be one less worry having a clear understanding by seeking the advice at the outset.

3.      Third parties like accountants.

Many credit facilities that will enable you to grow your business by providing you with working capital, for example, bank overdrafts, loans, or simply trade credit accounts, will want reassurance from your trading figures, both past and future projections. An accountant can work alongside you to prepare these ensuring they are presented professionally.

Having an accountant speaks as much about you as an owner as it does the business.

It demonstrates that you are prepared, sensible and professional, these are all traits that can encourage lenders.

At Lima Accountancy, we have tremendous experience in supporting early business ventures. We understand the importance and can assist in fulfilling requirements that a new business has in order to help make it a success.

To find out how we can help your business call us now on 0113 844 0402.