Blog How Finance Skills Can Scale Up With A Business
By April 13, 2018on
Setting up in business can seem quite glamorous at first. Getting to call yourself the boss. Making the decisions. Setting yourself up in an office. It’s all exciting stuff…until you come to the finance bit.
For many, managing money is the least enjoyable aspect of being an entrepreneur – and it only becomes more difficult as you grow. The bigger your business, the knottier your finances get, with more regulations to bear in mind.
Here, we take a closer look at how to maintain financial control of your company, even as the business expands.
With so many resources widely available on the web, it’s so much easier for people to manage their finances these days. That said, the calculations do take a bit of getting used to – especially if you’ve never been in charge of money before.
As you set up in business, you’ll be able to log many transactions yourself without too many problems. Software like FreeAgent makes this kind of thing a doddle, especially when you’re a one-man band. But you can’t micro-manage indefinitely. Before long, you’ll need to bring in some assistance.
Adding admin support
If you know someone who’s good with numbers – perhaps a trusted friend in the business sector – it may be worth recruiting them in an administrative capacity. This frees you up to focus on other important areas, as you spend less time poring over your books.
Having financial support is useful during the first growth phase – but rapidly becomes absolutely essential. As you start to hire staff and your business’ turnover increases, you’ll be hit with more complicated tax liabilities. This is when you need to consult an accountant.
Covering all bases
When you have an expanding team and a wide array of new financial obligations, you can rely on an accountant to help you balance your books. These professionals can also take care of things like payroll management and VAT returns as well as bookkeeping, meaning nothing goes amiss when you submit your end of year accounts to HMRC.
What every business needs most in an accountant is a tailored, personal service. Things are always subject to change, and it’s crucial to have an admin team on hand who can scale their services up or down alongside yours. This means you only ever pay for what you need – just the way it should be.
Use Bright Ideas Accountancy for quality accounting solutions
Bright Ideas Accoutancy provide bespoke packages for business owners, supporting you every step of the way. We function as the administrative arm of your business, letting you concentrate on branding and bringing in the clients.
Get in touch today on 0161 669 4221 and book your free consultation to find out more.