Business Start Up Advice
in Perth, Perthshire and Kinross

Starting you own business is very exciting, it is also a busy time and doesn't come without its challenges but getting past these challenges in the beginning and understanding the procedures you must have in place will help you maintain your business in the long run.

If you have a great product or service and are getting customers left and right and are always busy working hard for them then that is great, a small business owner couldn't ask for more. 

However it is at times like this when disaster can strike, if you are busy working hard to grow your business you may well forget to provide accurate financial records for every aspect of business, failing to do so may result in having to halt your businesses growth to sort out the important behind the scenes stuff which will cost you money.

What do accountants do for startups?

As a startup company, it's important to have a strong accounting foundation, and there's a wide range of help you can acquire. 

Seeking assistance from a chartered accountant can aid in keeping financial records and transactions, and noticing areas for growth and improvement, all things that a new company should be keeping watch for. 

Another important service accountants can provide is informing external organisations of the financial information of the startup. Banks, suppliers, future investors, clients, etc., will need to know this information, and delegating it to an accountant can help balance this workflow. 

You may manage a small business currently, but as you and the business grow and improve, bookkeeping and accounting will become a much bigger and tedious task, so it's important to seek assistance and lay the foundations now. 

Accounting has also modernised and isn't as old school as you may imagine. We can begin our enquiries online, or if you prefer, you can contact your local accountancy firm and begin the process in person. We're available via either option, so please contact us if you have questions.

Why Is Accounting Important for the Startup of a Business?

Balancing the books and managing your budget is what makes a successful business, and realising where you're losing money and where you could gain are both sides of the important accountancy coin.  

Understanding the past activity of a business is key to growth, as you're more able to accurately plan for the future, a key part of any self-assessment. Perhaps your business will reach a point where shareholders prove an interest in you, and they will want to know where and how their money is being spent. 

Good accountancy for a startup is important, as it's all part of creating your image for competitors. This can be done by contacting an accountant, and any questions you may have as a new business owner can be answered this way. 

Of course, you're also free to browse our website, and hopefully, any questions you have will be answered. You're not the first to be unsure about your accounting! Doing this now and continuing to use the support provided, your business will only strengthen. 

What Are the Basics of Bookkeeping?

Put simply; bookkeeping is the recording and organisation of a business's financial transactions. Through this process, a business can uncover if they're profitable and what aspects of their work they should change for the future before any financial crises emerge. 

A bookkeeper and accountant are similar professions but perform different duties. A bookkeeper will record these transactions, make payments, manage the accounts and send invoices. 

This lays the foundations for the overall accounting process, which is more about analysing the bookkeeper's recorded data. Ultimately, they're related and go hand-in-hand. 

How Do You Start a New Business Accounting?

As a new business owner, there are steps you can take to begin the accounting process. It can be daunting, so hired help in the form of a bookkeeper/accountant is a smart idea for start-ups. 

The first step should be opening a business bank account, keeping your finances separate from your personal. 

Track all payments and expenses in the form of keeping receipts, bills, and invoices. Any proof of payment will suffice and should be recorded. The biggest thing to remember is tax obligations, and this should be understood sooner rather than later, which is where the help comes in hand, as a professional accountant will be able to provide guidance where you may feel lost. 

At first it can seem like a very daunting task to manage your bookkeeping successfully and you may struggle to get into a routine of doing it as well however, by employing the correct procedures and choosing a time to suit you to do them you will be able to manage them a lot better and after a few times of doing them you may well find yourself a pro at it.

Bookkeeping and Accountancy in Perthshire

We can help you with setting these procedures up and help you maintain these procedures and form a routine out of them, bookkeeping is a very important part of your business as it can help you see where your money is going, which areas of your business you need to improve and might give you an idea of how to improve it.

If you would like any more information about the services we can offer to business start-ups then please feel free to get in touch, we will be happy to answer questions you may have.

Give us a phone call today to begin this conversation. After all, it's best to leave the accounting to the specialists and the business running to you!