If you’re currently starting your own business or just considering it, you have a great opportunity to build it properly from the ground up, creating a great foundation for a successful business. Even more importantly, however, it’s a great opportunity to avoid some of the most costly mistakes than can ruin a business or worse!
You’re either working on your own dream or someone else’s – anon
Avoiding the biggest mistakes people make when starting a new business
Many people, when starting a new business, don’t give enough thought to the accounting and bookkeeping side of things. But of course, it’s perfectly understandable how that might happen. Our first worry with any new business is about the first sales, and then getting paid, and then creating steady some cash-flow, and then managing customers, and then finding the next sale… and it goes on. However, before you know it, you’re a year down the line and you’ve got a pile of invoices & receipts to sort through. Whichever way you look at it there’s a better way to do it – start with a solid financial foundation and get your accountant in place from the start.
A good way to think about starting a new business is to think of it like building a new house. Who in their right mind would try to do the architects drawings themselves, or save money by just not following building regulations, or just estimate the materials instead of using an engineer? And before all of that comes the foundation of any business – the financial side of things. Get the foundations right and you give yourself a solid base to build your business on.
Make sure you’ve for the right training you’ll need
Millhouses Accountancy have many years’ experience helping people start and grow their businesses. They provide the full range of supportive services – from standard business accounting and tax returns right the way through to virtual financial director services.
These days you’ll probably need an online accounting package so get some training on how to use it. Do you know how to properly do a VAT return or if you need to? Find this out too. Who should pay Corporation tax and when? How is best to pay yourself? Book some time in with your accountant and learn the basics of good business financials from the start
Other business support services:
Consider booking in some sessions with your accountant on:
- Business start-up training
- Remote XERO training courses
- Bookkeeping services
- VAT returns & advice
- And many more
Call Millhouses Accountancy today if you’re thinking of starting a business – and make sure you build a solid foundation for a successful business