Why Having an Accountant is Crucial for Start up Businesses

Have you recently started a business or are contemplating starting one? Having an accountant is one of the most important aspects to consider when you are launching or starting a business. Accountants bring financial expertise that is crucial for navigating complex regulations, setting up financial structures, and ensuring legal compliance. They also provide critical guidance in setting up accounting systems, managing cash flow and can offer great advice on informed financial decisions. 

An accountant plays a pivotal role in preventing costly errors, offering strategic financial advice, and helping you to build a foundation for sustainable growth. An accountant allows a business owner to focus on core operations, confident in the knowledge that their financial foundation is being looked after. Here at Bond & Co we understand how exciting but also how daunting starting a business is. 

We provide straight-forward, easy to understand accountancy advice to start-up businesses and offer professional financial advice and accountancy solutions ensuring that your company’s accounts are in order from day one. In this post we learn more about the key elements to consider when starting a business and how we can help you with your journey; making it as smooth as possible.

Business Registration and Formation

Business registration is the official acknowledgment of a business entity. By this, in a nutshell we mean is the business going to be a sole trader, partnership or limited company. This crucial registration process establishes the legal identity of a business. Business startups must provide information like business name, structure, owners’ details, and address.

VAT Returns

VAT returns, or ‘Value Added Tax’ returns are essential financial documents that businesses submit that detail their sales and purchases and therefore calculate the VAT owed to or by the government. Fundamentally it ensures transparency for the startup business; as well as the government in the businesses financial transactions resulting in a fair and accountable business environment. Submitting accurate VAT returns is also vital for financial compliance.

Payroll Services

Payroll services play a pivotal role in any business. Starting a business is tricky to navigate so having an accountant to relieve you; as the business startup owner, of the intricacies involved in salary processing, payroll and compliance makes it that bit easier for you. These services ensure accurate and timely payment to employees, offering a positive trustworthy work environment. Having an accountant to manage your payroll services allows you to redirect your time and energy towards the growth of the business. 

Advice on Bank Services that Suit your Business

Selecting the right bank services is a critical decision for any startup. Things to consider are the scale and nature of your business; traditional banks and or online platforms; business-friendly accounts, low fees and the simplicity and convenience of transactions. You should evaluate services tailored to startups, such as flexible loan options and merchant services. Seamless mobile accessibility is vital these days for a streamlined business environment and ensuring that a bank aligns with your business’s financial goals and offers you a long-term strategic partnership that supports your startup’s plan for success.

How Can we Help at Bond & Co?

Bond & Co specialise in providing knowledgeable and experienced accountancy services tailored for startups. We have a proven track record working with startups based in Dublin across various industries. We operate from our offices in Swords, on the Northside, and have a dedicated team of accountants who specialise in startups and who understand the unique needs and what is required when setting up a business. 

We know that a key factor in startup success is establishing organised accounts from the outset and therefore our startup accountancy services lay groundworks for a solid foundation, ensuring that you have the support they need. Please call us on 01 840 9173 or email us at john@bondandco.ie. We look forward to hearing from you and learning more about your requirements.