StartingMyBusiness.biz logo

Business Research & Business Plans

The Importance of Accountants

The role of accountants is often underplayed or misunderstood by those initially setting up in business or trying to grow their existing small to medium-sized business. However, in reality having a good accountant on your side, especially if you are not going down the franchise route, can often make the difference between success and failure.

Does it matter what type of accountant? Undoubtedly, it makes a tremendous difference as the term accountant can cover anyone from a basic bookkeeper to fully qualified certified or chartered accountant. However, when it comes to making a business succeed, there is no doubt that one should seek either a certified or chartered accountant as only they would have the professional training to prepare meaningful business plans, cash-flow projections or assist in identifying the most appropriate way to research your particular business sector. All qualified accountants will belong to a professional body and can quickly be identified by making reference to their regulatory body – The three key bodies in the UK are:

  • The Chartered Institute of Management Accountants (CIMA) - CIMA is the world's largest professional body of management accountants. They offer some of the most relevant financial qualifications for small businesses but their research and skill levels may not be as advanced as those of their certified and chartered colleagues. However, they tend to be the most economic of the three main professional categories
  • The Association of Chartered Certified Accountants (ACCA) – Certified accountants are highly skilled and professional accountants able to assist with more matters than their CIMA counterparts but as you would expect cost a little more but for many it is a wise investment. They have a very helpful website especially for those seeking ACCA accountants
  • The Institute of Chartered Accountants in England and Wales (ICAEW) – The ‘gold standard’ of the accountancy profession with many members becoming highly successful business people in their own right. Generally, chartered accountants are the most expensive but it could be argued are the best value in the end

Business Research & Accountants

 

In précis, especially for those not protected under the shield of a franchise, it is wise to discuss and research your business proposal with a qualified accountant BEFORE jumping in too soon! At worst, they could prevent you from losing a lot of time and money and, at best, help you make your business venture succeed beyond your wildest dreams!

 

Virtual Offices

Virtual Office is a quick and cheap method of establishing a genuine business presence of your UK or Irish company. Virtual Office includes an exclusive London or Dublin Telephone Number with all calls being answered using your company name including the maintenance of basic information on your business like your voicemail account, non dedicated fax number, registered office address, mail redirection and forwarding services. There are many successful virtual offices in London and Dublin all being monitored and operated by our team of administrators and accountants.

Directors Confidential Address Service

Under the UK Companies Act 2006, company formation agents have been permitted to provide a confidential address service for directors of UK companies be they companies formed in England & Wales, Scotland or Northern Ireland. Starting My Business can provide this service at a small annual fee or within some of its UK packages. In simple terms the directors confidential address service enables directors to provide the address of their company formation agent rather than their own personal address and hence ensure a high level of confidentiality for the directors of UK companies.

Nominee Secretary

The Corporate Nominee Secretary will be a company acting as your company's secretary. It is important to note that Nominee Secretaries do not have an active role or function in the actual running of the company. The service includes the signing of a UK bank mandate and completion of a G88 (2) Allotment of Shares form. Recommended to be taken with any of our Accountancy packages.

Mail Redirection/Forwarding

Part of the Virtual Office Service, Mail Service Option for mail redirection or forwarding - For an extra £20.00 + VAT per month you can have your mail collected or forwarded to any address with the only extra being post and packaging.

Annual Return to Companies House

Under section 363 of the Companies Act 2006, it is the responsibility of every limited liability company to submit annual return information about their company including any changes that may have occurred. With all UK company formation packages (now including Northern Irish company formation packages) all starting my business clients can submit their annual return to Companies House online using Starting My Business software. In addition, Starting My Business accountants can prepare any other submissions required by Companies House and HMRC and provide professional accountancy advice.