21 Nov Top accountancy tip for UK business start-ups
If you’re planning any kind of business start-up in the UK, it’s always a good idea to get in touch with professional accountants at the earliest stage. Many small business leaders do prefer to “go it alone” for the first few weeks or months, however. This brief guide from the experts at SQK Accountancy may help you set up your sole trader or limited company accounting systems until the time you appoint your own accountant.
Start as you mean to go on and opt for cloud accounting prior to commencement of trading
Cloud accounting really is the way forward for small business start-ups in the UK. Some of the reasons for this include:
1. The UK government is heading towards a situation in which all company, sole trader, and self-assessment returns will need to be reported digitally. This is known as the Making Tax Digital initiative, and is already in place for all business and organisational VAT returns, with beta testing of other initiatives for self-assessment, sole trader and landlord income, and PAYE returns. Getting used to compatible cloud accounting software, such as Xero or QuickBooks, at the start-up stage will help ensure your business complies with existing and new legislation surrounding finance, accounting, and statutory returns.
2. Popular cloud accounting packages can save money for all entrepreneurs, both in the short term and over a longer time frame. For example, you may not have available cash at a bank or a line of credit which enables you to appoint a finance officer or in-house accountant for your start-up. With cloud accounting software in place, you can employ a financial specialist remotely for a set amount of time each week or month and reduce payroll costs considerably. What’s more, your modern cloud accounting dashboard is likely to offer all the financial forecasting, planning, and budgeting tools required to produce the most accurate cash flow forecasts and business plans or to run a small payroll.
3. When you decide to appoint professional accountants, such as SQK, your software enables you to safely transfer all records. It could also give you a real-time cloud accounting system link up so you can access the most comprehensive, up-to-date records from the office and home or via mobiles while out and about.
Get in touch with SQK Accountancy today to find out more reasons to opt for cloud accountancy software and the reasons this is the most affordable solution for existing business organisations, start-ups and sole traders in the UK.