The United Kingdom encourages entrepreneurship, and there are millions of sole traders, freelancers and self-employed company owners. However, starting a new business is both exciting and scary wrapped up in one. The process involves planning, making key financial decisions and completing a series of legal activities.
We have put together some useful information that we think will help you keep your books in order. With this you can explore the possibilities of starting your own business, assess your circumstances and determine if business ownership is something you still want to pursue.
1. Seek advice from professionals
When starting a new business, investing in advice is one of the most valued expenses you can have. It could potentially save you hundreds, maybe even thousands in the long run. The professional advice you pay for will examine the business model you have put together and, using analytical approaches, will determine the changes you need to make so your business has the potential to thrive. Don’t forget to prepare a list of questions you want the answers to. This is an expense after all, so you want to utilise your time effectively.
2. Separate your finances
This is a vital component in tracking your potential earnings and business expenses. It is important not to get your personal and business monies mixed up. This will only cause more work and potential problems when it comes to things like annual tax returns and proving income.
3. Don’t make a mountain out of a molehill
By completing tasks as and when they come in, or by allocating an hour a day to admin, bookkeeping, or ad hoc tasks, you can prevent that molehill from ever becoming a mountain.
4. Stay ahead with professional apps and software
Technological advances are becoming greater with each day. There are so many business savvy apps and software that can keep you on track and in control of your finances with automations alerts and invoice templates. They are available from just a couple of pounds and can help you stay ahead of your game.
5. Never be too proud to ask for help
Long gone are the days of traditional accountants it seems, and now there are many strings to an accountant’s bow. They are skilled in offering business support and advice. Make sure to utilise their expertise in your new business so you can maximise your profit margin.
Cedar House Accounting has developed a range of services specifically designed to cater to new business owners. We are focussed on helping you understand all aspects of your business accounts and how to make the most of them.
We hold regular workshops to provide you with the insights needed to run a business smoothly. These include how to’s, top tips, and key guidance to ensure that your business starts with all the right tools and that you are equipped with the knowledge to manage them both pro-actively and effectively.
For more information on the workshops, we offer and the next available dates, please contact us using the methods of contact below:
Telephone: 01778 338049
Message us via our Facebook page: @Cedar House Accounting
Words by Cedar House Accounting