Most common mistakes in starting-up and choosing an accountant

When you are first starting your business, there are going to be a few things you want to be doing and some things you want to be avoiding entirely. Just Accountants have put together a list of some of the most common mistakes performed by start-up owners to help you be aware of what you should be doing.

1. It is all about the rates!

Don’t fall into the trap of accepting an accountant just because they are cheap. Price is most definitely not everything when it comes to choosing an accountant as they are performing one of the most important jobs for your business – your finances. By being aware of the average market rate for accountants in your industry you will be a decent position to assess whether the accountant is value for money.

2. Trying to do too much of the accounts by yourself.

There comes a point when it becomes counter-productive for you to perform every accountant and finance related task yourself. You will want to be using your time to create relationships and promote your business, rather than sitting in front of a spreadsheet. By identifying all of the tasks which you can outsource to an accountant, you will be able to increase your own efficiency and performance.

3. Being unaware of what the best accountants offer.

Do you know what you need from an accountant? Does the accountant you are looking at offer the services you require? Do they offer the services you may require further down the line of your business life? Answering these simple questions will automatically put you in the right mindset for choosing the accountant which will work best for you.

4. Settling for the first accountant which comes along.

You may have a friend who is using an accountant they rave about. Yes, that accountant could be the perfect one for them but when finding an accountant you have to be careful what testimonials you take on board. Your friend may be in a different industry, have a different set of ideas or simply have expect more or less from an accountant as you do.

5. Protecting your business and anticipating problems

The importance of an accountant for your start-up could be the difference between you getting black listed with the HMRC and having a never ending stream of emails, letter and phone calls whenever the end of the tax year comes about – and that’s for life! A good accountant will help protect your business from the common (and uncommon) traps.

How can you avoid these traps in the first place?

As with most things, avoiding these traps requires you to take some time out and do your homework. You will want to search about for your local accountants who are relevant for your business and industry, sieving out the ones in your price range with the services you require.

Alternatively, you could let us do this all for you – for free. At Just Accountants we offer you a service which handpicks specialist accountants for startups who are a best for you and your individual needs. You will receive up to four market competitive quotes from local accountants and have absolutely no obligation to accept. To get started, we will also offer you free advice on identifying what services you may require and match that to our network of professional accountants in almost no time at all. Call 020 7001 9143 and speak to an expert today.