Deciding to start your own business is a very courageous decision and one that you should be congratulated for. However, it is important that you understand the many pitfalls that starting your own business involves and the hard work that is also needed to make your business successful. The numbers of businesses that go under within the first two years are in the thousands and you need to do everything within your power to make sure that you are not one of the statistics. It is your job to generate profits and find new customers and there is no point in trying to do everything yourself.
Many new businesses fail because they tried to do everything themselves and failed to concentrate on the things that are important. You got into this business because you were good at it and people liked and trusted you, and this is the part of the business that you should be dealing with only. Trying to take care of the money and the accountancy side of the business is something that is best left to the professionals who do this kind of thing every day for many businesses similar to yours.
The Right Direction.
Having your very own chartered accountant from a company like Barrett & Partners, is the direction you should be going in and you must make sure that you hire an accountant that has specialist experience, the technical skills and the proper qualifications and insurance to be working in a field such as this. It is imperative that your accountant is chartered because they must be authorised to deal with accountancy and other services like auditing. There are a number of reasons why you should always be using the chartered accountant and we will look at some of them here.
- Accurate Information – When you get advice from your chartered accountant, you can be assured that any information that you are getting is both correct and extremely accurate. They pride themselves on keeping up with all government and industry changes and when it comes to the finances of your business, this is essential, as you need to know that your profits are in good hands.
- Properly Regulated – Chartered accountants are regulated by professional bodies and they have a core of ethics and professional standards that they must follow at all times. They will have all of the necessary insurance in place and also have a complaints and disciplinary procedure, in the unlikely event, you might not be happy with their work.
- Business Experience – They have immense experience working for many different clients across all spectrums of the business community. They have a fantastic business awareness and this way, your business will benefit from their expertise and this will allow you to be more successful in your business.
As mentioned, it is your job as a business owner to come up with new ideas to generate profits and to gain new customers. With the right chartered accountant at your back, you are already putting things in place to ensure that your business is a complete success.