September 2022 - EG Accountancy

2020 saw a rise in start-up businesses across Northern Ireland and Cookstown during the beginning of the COVID-19 pandemic. While the world abruptly stopped, many turned their focus onto something new to fill the time. Entrepreneurship grew in the absence of regular paid work opportunities. Fast forward one year and 89% of Northern Ireland’s businesses are small! 2021 saw a massive 1,245 new businesses start up, 17% of these businesses are located in the Cookstown and Mid-Ulster area.

How can my start-up business benefit from an accountant?

As a start-up, you may not understand the full ins and outs of running a business and as you continue to grow, the workload begins to pile up. That’s where an accountant comes in. Northern Irish businesses can not just free up some much-needed time when they hire an accountant, they unlock a whole world of benefits for their business.

The benefits of an accountant for your start-up business

You will pay the correct amount of tax

Underpaying your tax can result in serious trouble with HMRC. Therefore you must take great caution when filling out your business tax return. An accountant can calculate your expenses and allowances, avoid common mistakes and keeping your accounts right (maybe even find you some savings!)

Saving you tax

An accountant keeps up to date with all the changes in the law and can therefore implement legitimate tax-efficient strategies to save you money.

Improving cash flow

Startups can run into trouble if they do not manage their cash flow effectively, running out of funds quickly. An accountant can ensure you maintain a strong cash flow, protecting you from risks.

Setting up your business

Many start-ups fail early on without a thoroughly tested business plan. An accountant can give you an unbiased outside opinion on your plan and offer constructive feedback to help your business build solid foundations.

Bookkeeping and financial reporting

Bookkeeping and financial reporting are two of the most important things for a business and an accountant can help you with both of these aspects, Keeping you on the right side of HMRC.

Funding for start-up business growth in Cookstown

When it is time to grow your start-up business, you may need additional funding. An accountant can help you secure this via a bank or investors by providing a strong financial case to highlight their return on investment.

Audits for your start-up business accounts

Whilst large businesses must undergo a regulatory audit, startups and small businesses can only benefit from undertaking one. With the help of an accountant, you will be able to see how your business is running smoothly and can highlight any problems before they get too big.

Start-up business advice

A good accountant can also serve as a good business adviser thanks to their previous experience. Having dealt with many businesses before, they have seen it all and can provide solutions to any problems you may face or even highlight any potential opportunities to your business.

Your start-up business accounting experts in Cookstown

At EG Accountancy, we will completely transform your bookkeeping and accounting processes for start-up businesses in Cookstown. We will provide you with accurate, up-to-date accounting data and information to help maximise your finances and grow your business.

Get in touch with us today to learn more about how we can help your business.

We have all heard the term ‘cloud’ many times recently. It almost feels worn out and overused, to the point where we wonder, what is the cloud? That’s where we come in. The cloud generally refers to the process by which we send, receive and transfer information through the Internet. This process is now used widely for messaging and media. As well as this, accounting in Cookstown has become modernised, with a plethora of data being stored and used on the cloud across Northern Ireland.

So, what does cloud accounting in Cookstown involve?

Cloud accounting in Cookstown is a broad practice. It involves online basic accounting tasks, such as bookkeeping support and reporting. Accountants can access all necessary data and information through the cloud – accounts payable, accounts receivable and the general ledger.

Traditional, desktop accounting systems only provided access to accounts on-site. However, the cloud continually updates with new information, bringing more value to businesses.

Making confusing software and processes simple

We work alongside cloud accounting software to make your bookkeeping as simple as possible. At EG Accountancy, we are proud to be Quickbooks and Xero partners, meaning we will set you up on the most suitable package and avail of our partner discounted pricing. Therefore, if you require cloud accounting services in Cookstown, we will use reliable, smart accounting software to ensure your data is correct and up-to-date.

How can I benefit from cloud accounting services?

There are many benefits cloud accounting can have for you and your business in Cookstown.

Automated accounting systems

Cloud accounting in Cookstown automates data and software, ensuring transactions are automatically updated. This means that invoices, ledgers and bank statements are all updated simultaneously. The automated cloud accounting system also accelerates book closing – this can be completed much more quickly and efficiently.

Scalability

Another reason cloud accounting is practical is its scalability. Traditionally, organisations would have to splurge on new equipment and technology as their business grew. However, this is not the case with cloud accounting. The cloud stores all data and information. Therefore, it is easy to add additional information when required.

Real-time reporting

Using traditional bookkeeping and accounting methods makes capturing real-time visualisations of data challenging. This is because accounting data is constantly changing and updating.

However, cloud accounting includes built-in analytics and reporting tools. These allow you to access up-to-date reports that translate complex figures into easily-understandable graphs and charts. This is extremely useful when presenting data to clients.

Cloud accounting in Cookstown is much more efficient

When managing several clients and a wide range of data, it can be difficult to stay on track and manage your time wisely. However, cloud accounting is an excellent use of time and resources. This is because there is a reduced risk of errors, with automated data inputs and calculations.

Your cloud accounting experts in Cookstown

At EG Accountancy in Cookstown, we will completely transform your bookkeeping and accounting processes. We will provide you with accurate, up-to-date accounting data and information to help maximise your finances and ensure you are saving and investing in the right places.

Get in touch with us today to learn more about the cloud accounting services we offer.

Month: September 2022

Helping Start-Up Businesses in Cookstown