You can find plenty of information about the benefits of professional accountants for business owners, but they generally focus on established firms. However, there are several good reasons to hire one when you are still at the start-up stage too.

Helping formulate your business plan

Before you can make your dream business a reality, you will need a plan and that will have to include realistic breakdowns of costs and profits if you want to get financial backing. A good business accountant in Goole, or wherever your firm will be based, will make sure that the financial side of your plan adds up.

Ensuring you comply with regulations

Even if you feel that you can go it alone when it comes to the financial side of your business, you will need to make sure that the accounting processes you use are in compliance with HMRC rules. Unless you have experience, you are unlikely to be familiar with these, and failure to abide by them can lead to heavy fines. A qualified accountant will have expert knowledge on these regulations.

Business structure and tax

The way you choose to structure your business, whether it is as a limited company or a sole trader, can have a big impact on how much tax you end up having to pay on your profits. An accountant will advise you on the best structure to maximise your tax efficiency and here at Adaptive Accountancy, we have been doing this for start-ups for nearly 10 years.