When you enter the world of self-employment for the first time, it can be difficult to know which direction to head in. Should you carry on working as a sole trader until you begin to grow? Or should you bite the bullet and form a limited company straightaway? Every small business is different and this choice may not be obvious at the outset. If you are completely new to the business scene, then an accountant can help you take these first steps. After just one consultation you will have a much clearer idea of which legal structure will be more suited to your vision and can begin setting out a stronger business plan.
Whether it’s a simple matter of completing tax returns or the more complicated process of a government investigation, an accountant will have you covered. Most companies, regardless of their size, will need financial advice at some point in their tenure. In circumstances where you don’t have the acumen to oversee a task yourself or are otherwise short on time, it can be reassuring to know that an expert pair of hands is on the case. An accountant can help you secure loans, pay dividends and keep on top of all your finances, leaving you to focus on chasing your business goals.
Accountants aren’t just for those who want to set up a new business. If you are preparing to purchase or sell an already established company, then you might benefit from a steady hand at the rudder. An accountant can check out the financial history of the company you’re planning to take over and check it’s in good shape before you go ahead with the acquisition. If the business owes any outstanding debts, then an accountant can guide you through the best way to deal with these or whether they are even viable in your business model. There are also different financial rules for taking over a franchise, which can be talked through and discussed, in order to give you a better idea of what you’ll be taking on.