We have a wealth of experience as accountants for startups here at Passman Leonard and provide tailored services to support new businesses on their route to success with holistic startup business accounting. We know that launching a startup is exciting but it’s not easy. Finding the right accountant for your startup business accounting should be top of your priority list. And this is where we come in.
Whether you are setting up as an individual or whether you are going to be working with a partner or several other people, having an accountant on board is the best way to make sure your startup is a success from the get-go. With our Startup Support Package, we will provide the following essential services:
Dealing with company structure and formation
One of the most crucial considerations when starting a business is the company type. It is essential because the taxes and liabilities due depends on the structure of the business. We can help you decide whether being a sole trader or a limited company is best, reducing your overall tax liability in the long term.
Once you have decided the business structure, it will be time to get registered for Payroll, VAT, etc. We will handle all the paperwork, including registering with Companies House, swiftly and easily for you. We will also outline any legal obligations, offering help and advice throughout.
Compiling business plans and financial forecasts
As your accountant, we will work in partnership with you to develop a great business plan for you. Fully understanding your business structure will help us make key business decisions with you. We know one of the most important parts of creating a business plan is the financial section.
This estimates the revenues and expenses for the first year of business to help you manage cash flow. Without this you may not reach a second year. You may be aware that the majority of startup businesses fail in their first three years. But with careful support from a qualified accountant, you don’t have to be part of that statistic.
Help selecting a business bank account
Unlike personal banking, where you pay only to have an overdraft, most business bank accounts have to be paid for. We are here to help you select the best bank and business account to save adding endless charges to your list of costs incurred. We can also provide bank reference letters to help you open your business bank account.
Providing comprehensive accounts
In the initial stages of a startup, you will be working on the business but will also need to know where you are in the business in regards to cash and profit. You will be too busy running your new company to consider data entry bookkeeping, reconciling your bank accounts, annual accounts and vat returns. That’s why we are here! With our help you are free to concentrate on what you need to, whilst we concentrate on…
HMRC
As part of our accounting services, we are here to help ensure your startup stays HMRC compliant and never misses a deadline. We will send you email reminders when your accounts and returns are due to be submitted.
Bookkeeping
We’ll handle all your bookkeeping and accounting needs, including reconciling your bank accounts, dealing with accounts payable, accounts receivable, providing you with balance sheets and financial statements, dealing with your end-of-year accounts, Corporation Tax returns and VAT returns.
Payroll
We will check for any changes to salary or changes to staff details before each pay run, process the pay run, send each employee a digital payslip and notify HM Revenue and Customs (HMRC) in real time details of the payments that have been made. This will also include notifying the business how much liability to pay HMRC for the tax and national insurance on a monthly basis.
Make your business tax efficient
As your dedicated accountant, we will conduct regular tax efficiency reviews to make sure your business is operating in the most efficient way, claiming for every expense that is wholly, exclusively and necessarily for the business. We’ll ensure that you comply with tax rules and pay the least amount of tax possible and help with financial decisions to further limit your tax liabilities.
Setting up your cloud based accounting software
As part of our startup accountancy services, we can help you select the best accounting system to fit your company’s needs. These will vary significantly depending on your product or service if you trade just in the UK or globally.
Using cloud-based accounting packages such as Xero and DEXT can simplify your bookkeeping to easily create business records and reports.
The software is easy to operate, connects your accounts directly to us, and gives you a live view of your financials. They are compatible with your smartphone and tablet, so you can access them from anywhere.
Let’s get started…
You can of course maintain your own accounting for startups; maintaining your own records and filing your own tax returns. However, appointing an accountant to act for you is often the best course of action, especially when you need to focus on launching your brand new enterprise.
Running any business is time consuming and stressful, and dealing with accounting principles can take precious time and resources that would be better spent elsewhere – growing your business and helping it to thrive.
At Passman Leonard, we treat our small business owner clients like family. We will get to know you and your business so we can offer you the perfect accounting solution. For an agreed monthly fixed fee, you will always know where your tax and finances stand, and you will get a named dedicated accountant to support you.
Look no further for the ideal accountants for startups! Get in touch today on 01895 434515 or contact us via our email address info@passmanleonard.co.uk if you have any questions about accounting for startups.
Accountants for startups
