Why Is Tax & Accounting are Important for the Start Up of a Business? | More Group International

Looking at starting a small business?

Setting up a new business is a challenge for anyone. Whether you are a first-time business owner, a sole trader looking to expand or an established business branching out into new areas you are bound to feel overwhelmed by all the formalities. If you are starting a business with own risk then you should use this accounting tips on your startup to rock from a beginner! 

Small companies frequently arise as the result of a hobby or side project. Commonly entrepreneurs who start these are new to business themselves and must embark on steep learning curves to establish their firm. As well as aiding new businesses, small business accountants can offer training and advice to educate new entrepreneurs on how to become more independent. There are some important steps in before a setting up a business and steps to know after the business incorporation.

Accounting is the backbone to all businesses, allowing them to determine productivity and profitability. It governs all business practices and provides guidelines to adhere by. So, when setting up a new business it can be extremely worthwhile to seek professional accounting support to facilitate the project.

By creating the foundations of your business with guidance from an expert you can be confident that your business will be well supported as it develops. It is common to hear about companies, who wish they had brought in an accountant earlier and some who even shut down their businesses due to poor account management. It is rare, however, to hear about firms that regret acquiring accountants in their early stages. By starting a business correctly, you will be in a better position to excel in your market and will also reduce the risk of going bust.

What are the benefits of hiring an accountant for a business set up:

• Small business accountants can reduce your workload, which will make the start-up less stressful and provides you with more time to concentrate on your business image.
• They can manage complex accounting tasks and take care of your finance. Structured financial management is imperative in these early business stages.  
• They can set you up with a robust business structure and plan:
• Business plans help new businesses get funding and provide guidelines for a successful start-up. This should be an overview of your initial business plan, and for the future.
• There are numerous company structures a business can be based upon. It is difficult to determine which structure may be most beneficial for your business, especially if you have a complicated ownership structure.
• New businesses can get caught up in establishing their service/product and client base. This leaves insufficient time to properly set up payrolls, invoices, VAT, creditors, debtors, regulating systems and proper software. An accountant can help establish these systems, so you can focus on creating sales. If you are wondering to setting up a new business in UAE, you should visit our blog to know the impact of VAT on UAE small business.
• Accountants can advise you on how to keep costs down and divert capital to the areas of your business that will benefit most.
• They provide useful taxation services and can often use their expertise to reduce your tax bill through special methods that they can apply to tax returns.
• To educate business owners and staff on the ins and outs of accounting.
• They can act as a professional median to connects managers, owners and investors.
• With an accountant, you are more likely to attract stockholders due to increased reliability.
• They can give you the tips and tricks which can suitable to grow your startup business.
• It will be easier to obtain other sources of finances such as loans. Having assistance with loan applications is also likely to speed up the process, giving you faster access to new capital.   

 At More Group we are here to help!

It may seem like a difficult task to find the best small business accounting company to suit your needs, but here at More Group, We are tax and accountancy firm in London and we customise our service to ensure we meet each of our client’s specific needs. We offer our services to the globe!

We can assign you a dedicated relationship manager to take care of all your business requests. By having one point of contact you can form a rapport with your personal contact, who will quickly develop a comprehensive understanding of your business goals. Through working together, you and your professional partner can tailor the service to accomplish your business objectives in the most effective way. 

You can expect a professional business service through us which will be reliable, efficient and cost-effective. Although it might seem like an investment that can be put on hold until your business is more established, hiring professional help will save you money in the medium to long term. Plus, the relief you will feel from entrusting the frustratingly complex tasks to one of our professionals is priceless!