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Using Accountants

When launching a new business, making sure it is successful and makes a good profit is your biggest task. If this is your first time as a start-up business, having the assistance of knowledgeable accountants can be a real asset to help your business flourish.
Roger Hatherall & Co provide several accounting services throughout the Bath area, offering advice, knowledge and financial details to every client we work with.

Initial Budgeting

Whether you have set up as a sole trader or you have several employees working with you from the beginning, budgeting is essential. You may have received a loan or be injecting your own money into the business, but that doesnt mean you shouldnt budget and be prepared for expensive transactions in the future.

Having our accountants available, we can help every business budget effectively. By lowering your expenses so you have minimal running costs and only spend on supplies when you have to will allow you to gradually save up over time. This then prepares you for any big payments you will have to make or employing more staff within your business.

Roger Hatherall & Co can help you create budgets for every part of your business, so you never overspend as a start-up.

Planning Your Future

It can be a stressful time not knowing where your business is heading. When this is the first time you have been in this situation, having the advice of someone who has worked with many businesses can be a welcomed opportunity.

Accountants can not only offer advice to every business, but provide numerous reports to forecast your business future. This will help you plan when you should spend and invest money and when you should budget more, based on your expected income over a month and the projection of your finances. Having this information available will ensure you can plan your future correctly and do not make any costly mistakes as a start-up business.

Business Development

Many people have the ideal goal of growing and developing their business into something much bigger than just a start-up. With 4 in 10 small businesses failing to make it past the five year mark, making sure your business succeeds is as big a task as ever.

Businesses must always make a good profit and by budgeting effectively based on forecasting reports, you can continue to be successful. Even if you make it through your first year without a scratch, having the assistance of an accountant to prepare you for the long run is a great option and will allow you to grow your business more effectively.

To grow your business, you must invest the right amount of money in, whilst not spending too much avoiding a negative profit. By arranging your financial information and providing you with lots of details over the condition of your business, you can continue to grow at a steady pace without worries of failure.

Record Keeping

Priorities when beginning a business may not always be with keeping records of finances and transactions safe, but it is something you must do. When it comes to submitting your personal or business tax returns to the HMRC, having this information available is invaluable to you.

Without the correct information, it is difficult to submit completely accurate amounts which could result in penalties or fines. Additionally, this process will be extremely time consuming for any start-up meaning deadlines could be missed or mistakes could be made. Although having an accountant may seem like an extra cost, they can prevent you from making mistakes that will cost you money and by focusing completely on your finances, it saves you time to focus on your business.