You’ve launched a new business and are optimistic about the future. Perhaps you want to focus on the development of your product or service, or on marketing it to prospective customers. Unfortunately, however, day-to-day book-keeping is an essential part of every successful start-up. You ignore it at your peril argues IAN SMITH.
If you’re a budding entrepreneur with big ambitions – or simply someone who has decided to branch out with your own micro-business – the chances are that you will have some kind of particular skill or talent. Perhaps you’re an expert consultant, a technological genius or a retail guru. However there’s no reason to suppose you’ll have any knowledge of the financial legwork that’s so important for any company.
It’s important that you catch up fast, as accurate tidy records are not only a legal requirement, but also essential for helping your business to grow – providing you with vital information whenever you need it.
In reality, there are many different ways that a business can keep its books and your choice will probably be dictated by your size, your predicted growth and the kind of market you’re in. If you see yourself becoming a household name within a year and are planning on opening offices around the globe, a manual system isn’t really going to cut it. On the other hand, if you are running, say, a small childminding business, it probably won’t make a lot of sense to splash out £1,500 or more on a computerised system.
Costs vary widely, depending on the software you pick and whether it is a package installed on your computer or a Cloud based service where you only pay x pounds per month there are numerous packages available on the market although most would agree that Sage 50 is considered the market leader in standalone software while Xero is considered the market leading in Cloud based software.
Being Xero certified advisers and Sage 50 accountants club members, we are able to advise you on the appropriate software to select and help maintain your records if you need further assistance.
We can certainly advise you and help you to analyse the various options. If truth be told, however, a well-kept spreadsheet or manual cash book can still work just as effectively sometimes if you’re a small start-up.
Of course, if time is precious and you find the task daunting you could always outsource the entire accounting function to us and we will happily undertake the work for you for an agreed fee.