When starting a business, you might be forgiven for thinking that your need for an accountant starts towards the end of your first year of trading, as this seems to be the obvious time to hire a chartered accountant. In fact, consulting with an experienced accountant at the very outset will prove invaluable, as he or she can advise you on setting up the business, which is not an area you want to make any errors.
There are many choices for setting up a business, including:
- Sole Trader
- Limited Company
Consulting with an established accountant in East London will ensure that you choose the best option, and setting up a business correctly make maximum use of taxation concessions and is the ideal foundation for sustained growth.
An essential component to running any business, your accountant can set up a bookkeeping routine that will allow you to accurately record all business transactions, and once a simple cloud-based accounting system is in place, you and your accountant can access in real time, and from any location. Having a bookkeeping routine makes thing easier for your accountant, and that will save you time at the end of the financial year when the accountant prepares your tax returns.
Failing to record all business transactions is a recipe for disaster, so you are strongly advised to make contact with a local accountant at the very outset, which will ensure that you start with an efficient bookkeeping system in place.
An online business directory will help you locate a nearby accountant who specialises in helping small businesses.