Can an accountant help your start-up grow?

Starting a business from scratch will take blood, sweat and tears, right?

Absolutely. As any business owner will tell you, launching a company isn’t exactly the easy option.

But it’ll take something else, too. The support of a good accountant.

If you’re a start-up founder (or still in the planning stages) and wondering if it’s time you got an accountant, look no further. This article will tell you what you need to know.

Is my business a start-up?

How recently did you begin it? A start-up company is in the early stages of its operations.

Start-ups are generally associated with innovative, unique ideas or industry-disrupting technology, but this doesn’t have to be the case to be considered a start-up.

Anything from a niche-filling app idea to a more traditional business such as a coffee company funded by its owners could be considered start-ups.

How can an accountant help my start-up?

Using the services of an accountant can help:

Free up your time

By taking on the dullest and most time-consuming side of running a start-up, an accountant will give you the time you need to focus on your core business.

Even the most ambitious start-up entrepreneur can soon find themselves drowning in a sea of admin. We’re talking about things like bookkeeping, checking legislations, preparing reports, and preparing your end-of-year accounts. Accounting for start-ups can gift you that time back.

Save you money

Although they cost money to hire, an accountant should be able to offer value for money in the long run.

This can be through everything from cash flow management to helping you identify and take advantage of certain low-interest loans and tax relief especially for start-ups.

These include Enterprise Management Incentives (EMIs) and Social Investment Tax Relief (SITR) for non-profits. Also worth mentioning are schemes which offer incentives to investors in your business, like the Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS).

Help you grow

A key part of the service provided by any good accountant is that they can help with business growth and expansion – vital for a new company.

Their knowledge and experience will help you with projections for the future and mean you avoid rookie errors like misreading market potential and even cash flow mismanagement (meaning you can’t pay suppliers on time).

Looking for Support?

Our accounting for startups allows our start-up clients to have freedom to make business decisions safe in the knowledge that their accounts and taxes are being efficiently looked after. There's lots to think about in the initial stages of starting a new company so join QAccounting today to take some of the pressure off!

Does my start-up need an accountant?

Technically not – although it’s definitely recommended if you want to get the most out of your innovative new business idea.

Not only will they take on most of the financial grunt work, but an accountant will also help with financial planning, business growth and tax-saving advice that you probably would never have known about.

woman giving a presentation

What are my options?

You have broadly three options when it comes to working with a start-up accountant.

In-house

The first is to employ an in-house accountant. This is unlikely to be the best solution as most start-ups are still such young companies, they don’t have funds nor the HR resources necessary to take on internal staff.

Ad-hoc

The second option is to outsource the accounts on an ad hoc basis. That is – to pay an accountant to check your accounts are in order before submission deadlines and to provide support and help ‘as and when’.

Fixed monthly fee

You could also employ an accountant on an ongoing basis to provide the support and advice you’ll need, as well as take on the lion’s share of time-consuming tasks like bookkeeping and account preparation all year round.

This third option is probably the best when it comes to helping a start-up to grow and not fall victim to the common pitfalls which cause many start-ups to fail. If you’re a start-up founder and are looking for an extra hand with your accounting needs, get in touch today and a member of our expert team will be on hand to answer your questions.

More Blogs

Why Doctors Need Specialised Accountants: Balancing the Books in Healthcare

We all know about the pressures that doctors face. Dealing with a challenging, sometimes emotionally-charged role that requires an incredible amount of dedication and concentration means it’s vital that you find the time to switch off and enjoy a good work-life balance. However, it’s also important to manage your finances the right way, whether you’re employed or own your own practice. In this blog, we take a look at the specific financial challenges of the healthcare sector and the role that specialised accountants have to play for doctors.

Accounting Team

Navigating Financial Management: Why Startups Need Specialised Accountants

Starting a business will see you wearing many different hats. You’ll be responsible for operations, marketing, sales, and customer service – and while you’ll excel at certain elements of business ownership, it’s perfectly natural to find some more challenging. One area that many small business owners struggle with is accounting, from the day-to-day bookkeeping to cash flow, forecasting and filing taxes. Specialist accountants for startups can save you time, money and hassle in this area: read on to learn more about the vital role they play.

Accounting Team

Why Accountants for Dentists Are Essential for Financial Success

A successful dental practice requires many things. You’ll need highly trained dentists, of course. You’ll need a team that gives even the most nervous of patients confidence and reassurance. Don’t leave financial management off this list. Strong financial management can be the difference between a successful dental practice and one that struggles. Read on to learn more about the unique financial needs of dental practices, and why hiring a specialist accountant for dentists could be the change you need for your practice to succeed.

Accounting Team