New Businesses

How We Do It – For New Businesses

Overview

  • Get your accounts right from the start!....... It will make business so much easier and save you a tonne of stress and money.
  • We help you prepare a business plan and support your search for sources of investment funding. We assist you in implementing an appropriate business structure, including tax profile, payroll system, and professional services support network. We then actively advise as you set up your Accounts department, then train your staff on-site in this new system using the fundamental elements of professional accounting and legal compliance. We use their actual everyday procedures and clear instructional materials, and conduct assessments of training success on a set schedule. After the training period, we remain available for both on-site and remote support including designing modifications to procedures and cumulative management reports.

Process

BUSINESS PLANNING & FUNDING STAGE

  • Prepare a business plan to assess project viability and cashflow requirements
  • Provide support when seeking funding
    • Loans (mainstream banks and non conventional)
    • Invoice Discounting
    • Leasing & hire purchase
    • Grants
    • Investors
    • Own Capital

BUSINESS STRUCTURE & REGISTRATION STAGE

  • Setup the most suitable trading structure
  • Tax registration
  • Employee registration & payroll
  • Recommend & work with business partners to develop your business
    • Funding/Marketing /Audit &Accounting/Legal/HR/Foreign Exchange

ACCOUNTS DEPARTMENT SETUP STAGE

  • Advertise & recruit accounts team member(s)
  • Select & setup suitable accounting software
  • Layout best accounting practices
  • Review VAT rates of products & services being offered
  • Reporting of the key metrics to analyse business performance

TRAINING

  • Training
    • Documented Guidelines
      • Step by step manual on how to complete each task
      • Workflow to show the order in which to complete each task
      • Document financial policies & procedures
  • Initial onsite training
    • Working through practical daily and weekly accounting tasks
  • Control Checks
    • Data validation checks
    • Check list for month and year end
  • VAT& Taxation
    • Review VAT rates on products/services
    • Dealing with EU & non-EU imports/exports
    • Tax compliance with PAYE (including travel & subsistence)/RCT/RTD/VIES/Intrastat (showing how to deal with these tax returns quickly)
    • How to check for potential tax errors

ONGOING SUPPORT STAGE

  • Support
    • Help with understanding & processing difficult business transactions
    • Ongoing data validation monitoring
    • Tax compliance checks
    • Inform of any potential cost savings & tax reliefs available
    • Design sales & costs reports which provide detailed insights to business performance.
  • Management Accounts
    • Monthly or quarter management accounts
    • Help with cashflow management
    • Help with understanding reports and business trends
    • Help with setting budgets/targets/staff rewards

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