You’re either working on your own dream or your working on someone else’s
If you’re currently starting your own business or just considering it, you have a great opportunity to do it properly and build a solid foundation which will pay dividends in the future. Even more importantly, however, it’s a great opportunity to avoid some of the most costly mistakes than can ruin a business or worse!
Avoid the biggest mistakes when starting a new business
Many people, when starting a new business, don’t give enough thought to the accounting and bookkeeping side of things. But of course, it’s perfectly understandable how that might happen -– the first worry with any new business is about finding the first sales, and then getting paid, and then creating some cash-flow, and then managing the loans, and then managing customers, and then finding the next sale… and it goes on. Then before you know it, you’re a year down the line and you think ‘oh, do I need to pay corporation tax?’ or ‘how does my self-assessment work now?’ or ‘should I be VAT registered?’ You look back and see a years’ worth of receipts and invoices and realise it’s going to take a lot of work to get everything in order. Even worse, what can appear to be a healthy business suddenly slides into the red when those unforeseen bills and taxes become due.
Start with a solid foundation
A good way to think about starting a new business is to think of it like building a new house. Who in their right mind would try to do the architects drawings themselves, save money by just not following building regulations, or just estimate the materials instead of using an engineer? And before all of that comes the foundation of any business – the financial side of things. Get the foundations right and you give yourself a solid base to build your business on.
Get the support & training you need
Here at Millhouses Accountancy we’ve got many years’ experience helping people just like you start and grow their business. We provide a great range of supportive services – from standard business accounting and tax returns right the way through to virtual financial director services.
Find out more about our range of business, training and support services
- Business start-up training
- Remote XERO training courses
- Bookkeeping services
- VAT returns & advice
- And many more
Call us today if you’re thinking of starting a business – together we’ll help you build a solid foundation for a successful future