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The Start-Up Process

When you start a business, there are many actions you need to take and systems you need to set up to create the foundation for a successful business. An accountant can help by:

  • Determining the best business structure (i.e., Sole Trader, Partnership or Limited Company) for your situation.

  • Assisting with the financial analysis in your business plan.

  • Providing advice on the type of accounting software you may need.

  • Providing advice and assistance on opening a business bank account.

  • Making sure your accounting procedures comply with government regulations and requirements.

  • Providing advice on how to track expenses during your daily business activities.

  • Explaining the importance of keeping personal and business expenses separate.

Regular Business Operations

Once your business is off the ground, you will need to maintain the accounting system that your accountant helped you set up. Some specific actions your accountant may take to assist you on an ongoing basis include:

  • Explaining your financial statements so you can understand the ins and outs of your business.

  • Overseeing company payroll and payment processes.

  • Providing advice on estimated tax payments you should make during the year.

  • Assisting in your Self Assessment submissions

  • Creating financial reports at the end of the year.

  • Compiling and submitting your taxes, financial reports, and all necessary paperwork to the HMRC.

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