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.