Three tips for improving your startup accountancy

Tips for start up companies

Three tips for improving your startup accountancy

When you run a start-up business, you want to be as competitive as possible, which means keeping on top of your finances and knowing what you’re spending your money on.

Learn three tips for improving your start-up accountancy and how each one provides you with a competitive advantage below.

Track every penny

One of the most important things for you to do in the earliest months of running your business is tracking every penny, which means having a clear overview of every single outgoing that you make. By paying close attention to your finances, you might be able to uncover some savings. For example, this comes in the form of using woven nets instead of plastic and cardboard for packaging (which cuts down on material usage) and turning servers off overnight to save on energy bills. This is money that you can invest in other areas of the business later on.

Understand your taxes

Understanding what you pay in taxes and when you have to pay it by is one of the most important aspects of running a small business, keeping you on the right side of the legal system and helping you avoid any costly fines. Also, looking closely at your taxes may help you uncover some exemptions that you can claim back against your business purchases in your business. Taxes are a significant outgoing, so understanding them fully will ensure you’re able to budget more accurately.

Invest in an accountant

No matter how good you think your maths is, an accountant is a necessity for someone running a small business. A good accountant is able to see inefficiencies in your company’s finances and will advise you on taxes, payroll and more. Plus, you can spend more time focusing on your business operations when your hire an accountant, rather than spending hours trying to get your head around your finances. While hiring an accountant will cost you money, the amount they save your business over an extended period of time is well worth the initial expense.

If you’re interested in start-up accounting in Manchester, get in touch with the SQK Accountancy team today to find out more about our range of services and learn what good accountancy can do for your company.

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