accountants for startups

Start-up Accountants London

Specialist Accountants for Start-ups Serving London and Nationally
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Why use an accountant for your start-up?

Whether you’re a sole trader or a small, limited company, investing in the right services can help to support your business and facilitate personal growth. Accounts and finances, in particular, can be increasingly challenging to handle as your business grows. This is where you will benefit from having an expert accounting firm manage your financials.

Hiring trained accountants for start-ups can provide access to high-quality accounting services that offer value for money, both regionally and in London, for tax management and more.

If you want access to the best accounting software for your start-up, plus advice and support from experienced and highly trained chartered accountants, outsourcing your accounting function might be the best decision to make for your company.

Do start-ups need accountants?

Truthfully? No, there’s no legal requirement for you to have an accountant. However, for most new business start-ups, time and money are in great demand. This means you don’t have the additional time required to commit to managing bookkeeping, accounting, annual accounts and VAT returns, alongside all the other responsibilities in your job.

At start-up businesses, employees often wear multiple hats. While that flexibility is essential, without dedicated support it can be easy for tax accounting responsibilities and finance to fall through the gaps.

While trained accountants aren’t necessary for you to succeed, they can help support your company operations and ensure your accounts are up to date.

Working with an accountancy firm is one way for small businesses and limited companies to relieve that pressure. Hiring a business finance specialist in-house might not be affordable, especially with the additional costs of accounting software to factor in. 

Instead, outsourcing to a professional accountancy service for tax advice, accounting, and bookkeeping is far more feasible.

start up accounting guide
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What can chartered accountants do for business start-ups?

From managing HMRC tax liabilities to handling payroll, accountants can take work off a client’s overfilled plate. The specialist services that a qualified accountancy company can provide for small businesses include:

Bookkeeping

A professional accountancy solution can handle the day-to-day and monthly management of your business finances and accounts. This service ensures your company is on track to meet tax liabilities and all its other financial obligations and accounting requirements, while freeing up your valuable time to work on other areas of your business.

Payroll

If you have employees at your start-up, paying them on time is one of your top priorities – and a significant time sink. Hiring trained accountants ensures all details relating to the pay of employees are up to date, for prompt, regular payment with no hitches or delays. We’ll manage all monthly and annual accounts, too.

Self-assessment tax returns

If you’re a sole trader in business, you’ll be required to submit a personal tax return to HMRC every year. Registered qualified tax accountants can calculate the tax you owe based on the earnings you receive in your business bank account and the expenses you’ve paid out. They can then submit that accurate information to HMRC on your behalf.

Business VAT returns

You’ll need to use high-quality accounting software to complete VAT and tax returns for your business. Working with an outsourced chartered accountant ensures that your VAT and other tax liabilities are taken care of and that all legal accounting requirements are met for any business tax you owe.

Business planning

As a start-up, your goal is to grow and expand your company. Accountants can advise you about growth and offer guidance on finances based on your business plan and future goals.

When should a small business look to employ an accountant?

Whether you’re a new business or have a business plan prepared for establishing a start-up shortly, it’s a good idea to bring in specialist accountants early. By hiring dedicated and expert accountants, you benefit from expertise and insight you might not have in-house.

Ensuring access to expert support and advice is an excellent place to start when it comes to tax, payroll, and even funding applications.

Employing an accountant in line with your business growth strategy is a good idea for already established businesses or sole traders. Accountancy companies can match services and support to the scale and size of your business as it grows.

This ensures that you have the consistent level of support needed for successful, active financial management as your company changes.

choose accountant for startup business

What to look for when choosing an accountant for your start-up business

As a limited company or sole trader business, how do you choose the right accountants for you? Here are some key factors to look out for:
choosing startup accountants

Experience in working with smaller companies

It is beneficial to have a partnership with an accountant that already knows how smaller businesses work. A knowledgeable small business expert will understand your specific challenges and requirements and make sure that you hit the ground running regarding tax, bookkeeping and other financial needs. The benefit of that knowledge means that your experience is stress-free.

choosing startup accountants

Knowledge across a range of accounting services

As a small business, much like your internal office team, you'll likely need dedicated and professional accountants that can do a bit of everything and advise you on important aspects relating to the needs of start-ups. While each task will take less time than for a large-scale operation, everything still needs to be completed. The ideal accountancy service can provide high-quality services across the board.

choosing startup accountants

Access to professional software

Accounting software can be a costly expense for your business. Working with an accounting firm that already has access to top industry accounting software can make your job easier. By outsourcing to a registered accountant, you're also outsourcing additional expenses for your business.

choosing startup accountants

Ability to grow and adapt to your business needs

Start-ups rarely stay the same size and shape they were at their initial launch for long. An accountancy service needs to be able to adapt to these changes and areas of growth. The best accountants for a small business are the ones that are flexible, adaptable, and able to step up when needed to provide the best service to their clients.

FAQs

The pay of an accountant for your business will depend on a multitude of factors. For example, an accountancy service that only provides tax services will be less costly than a year-round service. It's crucial to figure out what works for your budget, as well as what kinds of services you need the most from a professional accounting solution.

Contact WIS today for accountancy services for startups

WIS Accountancy is the best choice for you if you’re looking for a registered London-based accountant to obtain advice with specific small business experience. Our staff specialise in partnerships with a variety of clients, including freelancers and businesses of all sizes. Our dedicated accounting team aims to provide quality financial services at affordable fees to our clients by ensuring that the provided deadline is met and our clients are highly satisfied.

If you are willing to know what other services we have to offer or you need any personal business advice and assistance on start-ups, get in touch with us online today via live chat to discuss how we can help your start-up business with business planning, meeting your deadlines and more. If you are interested in having a chat with us and getting to know more about start-ups, we are happy to provide a free initial meeting to consult on how we can provide you with a hassle-free business solution.

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