Financial Advice for Startup Businesses in Dublin

Starting a business in Dublin, or anywhere for that matter, requires more than just an idea. Receiving sound financial advice and management is essential for the success and longevity of your venture. Here at Bond & Co, we are an accountancy firm that is dedicated to serving businesses with an extensive range of services that are tailored to your needs. One of our primary offerings is supporting start-up businesses; offering straight-forward, easy to understand accountancy advice.

We have extensive experience assisting Dublin start-ups across diverse industries and we are uniquely positioned to provide only the best accountancy and business guidance to emerging companies. Located in Swords, our dedicated team of start-up accountants is here and committed to offering you personalised support and strategic insights into managing your finances at the start of your business journey. Whether your business is in technology, hospitality, or any other sector, we have worked with a broad spectrum of industries so you can be reassured that we can deliver only the best possible advice to help your business thrive.

At Bond & Co, we understand the challenges and opportunities that come with launching a new business. That’s why we take a proactive approach, providing practical solutions and guidance to help start-ups navigate financial complexities and areas that are new to you; to help you achieve sustainable growth. In this post we investigate some top financial tips that are specifically for start-up businesses.

Budgeting is Key

Budgeting plays a critical role in the early stages of starting a business as it provides a roadmap for financial management and decision-making. By creating a budget, you can get clarity on future expenses, what is projected and what all your outgoings will be. This allows you to allocate and budget your resources accordingly. This will help in setting realistic financial goals and it creates budgetary discipline and accountability. In some cases, this can also help communication with investors, lenders, and perhaps partners as it demonstrates your commitment to your finances.

Tax Planning

It is important to understand and familiarise yourself with the Irish tax system. Being aware of and understanding VAT and VAT returns, tax credits and reliefs is important so you are aware of what could be available to you as a start-up; as well as the essential things you must do. 

Accurate Records

Maintaining detailed records of all financial transactions; and by this we mean all income and expenditure; including invoices, receipts, and bank statements will simplify your tax filings and give you a real insight into your business’s finances. Simplicity is key; keeping track and staying on top of your business will play a key role in any growth plans.

Monitor Your Money

Money and cash flow management is critical, especially in the early stages of your business. Delayed payments from clients or unexpected expenses can quickly derail your operations. A way to help this is to implement an invoicing policy to encourage prompt payments and be as strict as you can to enforce the agreement.

Control Your Outgoings

At the start of your business, it is a good idea to look at every expense and see if it is something you really do need to spend your money on. Evaluate all expenses carefully and make a priority list that looks at cost-saving measures without compromising on quality. A good way to do this is negotiation on terms with suppliers, considering shared office space or working from home initially to keep the costs low. Keeping overhead costs low in the initial stages can improve your business’s profitability and sustainability.

Build a Safety Net

Money, we know, can be tight at the start of your business journey; but having a plan for the unforeseen circumstances and building a financial safety net or buffer can help with any unexpected expenses, economic downturns, or industry disruptions; that can happen at any time. Having some reserves in place will allow you to navigate challenging times without it impacting your business’s journey. 

How Can We Support your Business?

At Bond & Co we know how exciting and important your new business is to you so having your financial records managed from the start through our financial advice and accountancy solutions will help you on your journey and ensure that you are compliant and lay that solid financial foundation. Areas that we can help you in include business registration and formation, access to a dedicated chartered accountant, VAT returns, payroll services, guidance on selecting bank services that align with your business need and assistance with filing the company’s First Annual Return (B1 form), which is required within 6 months of incorporation.

If you would like to speak to our experts about how we can work with you on your startup journey; then please complete our contact form. You can also call us on 01 840 9173 or 0873091046 or email john@bondandco.ie.