If you are planning to launch your own business, don’t make the mistake of thinking you won’t need an accountant until the end of your first year. By engaging an accountant from the very outset, you have numerous benefits, which are outlined below.
- Business Formation Advice– The experienced accountants in Ashford can help you choose the best way to form the company, which might be as a sole trader, a partnership, or a limited company. It is important to structure the business correctly, and that is something an accountant can help you with.
- Setting Up a Bookkeeping Routine– It is essential that you set up a bookkeeping routine, and your accountant is the perfect person to do this. Entering all transactions into spreadsheets ensures that you don’t get behind with your bookkeeping, and it only takes a few minutes a day, if you have a system in place from day one.
- VAT Registration– If your business involves VAT, then you must first register and then fill in your quarterly VAT returns, which can be very complex. Rather than devoting your time and energy into this, your accountant can handle every aspect of VAT on your behalf.
Other areas that an accountant can assist with includes taxation, business consultancy and future expansion planning. If you haven’t already engaged an accountant, this is something you need to look into before you get too far down the road. It makes sense to cover every angle, and with an experienced accountant in your team, you can move forward with some confidence.