What to Keep in Mind When Starting a Business

Starting a new business can be daunting. To give your new company the brightest future possible, it’s always wise to seek professional help in the early stages.

Structure

Deciding how to structure your business can be a difficult decision to make. Whilst sole trader may sound like a great idea, you may be further benefitted with a partnership to help raise capital, reach conclusions and have multiple skillsets available.

At GMP Accountants, we have worked with many businesses, and have experience with different organisational structures, as well as helped new companies come to life. We’ll talk you through which structure we think is best for your business – with an explanation as to why – and help you come to a conclusion.

Sources of Funding

You have an absolutely fantastic business idea, yet the funds just aren’t there. Finding and reaching out to investors, or asking banks for loans is never easy, but without their financial help starting your business may not go to plan.

If you find yourself in need of finance, at GMP Accountants we have fantastic relationships with sources of funding, and can help you to write up proposals and reach out to them. Having a trusted accounting firm work with you is likely to encourage your bank to loan you required funding, and we’ll help you to build up a positive relationship with them.

Planning and Preparation

The most important part of ensuring a successful business is the precise planning and predictions of finance. Budgeting, cash flow projections and trading forecasts are vital financial documents that play a major role in business success. However, these can be tricky to accurately produce without experience, and can be time-consuming when other areas of the business also need investment.

At GMP Accountants, we can completely look after your finances, and provide training to help you understand how you too can produce accurate financial reports. Staying on top of budgeting and forecasts can really help your business, so unless you have experience with these financial documents, we highly recommend seeking professional assistance.

Registration Processes

The process of registering your business with HMRC and handling tax returns and other important financial proceedings can be complicated and confusing. If things are done incorrectly, this could be devastating for your new business.

At GMP, we have a lot of experience in setting up new businesses and are very familiar with the registration process. We can finalise all procedures, and handle tax returns and other financial processes to ensure accuracy, and to save you time that can be invested in other areas of your business.

Why Choose GMP Accountants?

With years of experience working with different industries, indepth financial knowledge and an excellent team wanting your business to thrive. We’re the right choice when it comes to finding an accountant to help set up your new venture. Please get in touch with us today and we can start your exciting journey together.

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Gibbons Mannington & Phipps LLP, 20 Eversley Road, Bexhill-on-Sea, East Sussex TN40 1HE
Gibbons Mannington & Phipps LLP, 24 Landgate, Rye, East Sussex TN31 7LJ
Gibbons Mannington & Phipps LLP, 82 High Street, Tenterden, Kent TN30 6JG

GMP Audit Limited, 20 Eversley Road, Bexhill-on-Sea, East Sussex, TN40 1HE

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