How Startups can benefit from having Accountants for Startups
Having a skilled accountant is much more than just crunching numbers; it can be a game-changer for your startup. Here's how your business can benefit from availing startup accounting services:
- Financial Strategy: Gain valuable insights into your startup's financial health, enabling you to make informed decisions and strategic plans for growth.
- Compliance and Taxation: You can stay on top of HMRC regulations and tax compliance requirements, ensuring that your startup operates within legal boundaries.
- Time and Resource Efficiency: Focus on your core business activities while leaving the accounting and financial tasks to the business startup accountant.
- Financial Forecasting: Understand potential financial challenges and opportunities, allowing you to plan ahead to reduce the potential risks.
- Investor and Stakeholder Confidence: Startup accountants present accurate and well-organized financial reports to attract fundraising through investors and gain stakeholders' trust.
What Expenses can Startups claim?
As a startup, maximising your allowable expenses to optimize your tax position is essential. Startup businesses can claim various expenses, including:
- Office and Equipment Costs
- Travel and Transportation Expenses
- Marketing and Advertising Expenses
- Research and Development Costs
- Employee Salaries and Benefits
- Professional Services Fees (including accounting fees)
How much Accounting for Startup Costs?
The typical cost of accounting for startups can vary based on factors such as the complexity of the business, required services, and the accounting firm's location. For essential accounting services like bookkeeping and annual accounts preparation, startups may expect to pay around £200 to £500 per month. More comprehensive services, including payroll processing, financial forecasting, and specialized advisory support, may range from £1,000 to £5,000 or more per month. However, it's essential for startups to consider the value provided by the accounting firm's expertise and the range of services offered, as a skilled accounting partner can significantly contribute to the business's financial success.
Why choose GoForma for Startup Accounting Services?
When it comes to the success of your startup, every decision matters, especially regarding financial management. That's where GoForma comes in – your trusted partner for startup accounting services.
1. Dedicated Accountant
We assign a dedicated accountant to each startup we work with. Your dedicated accountant will take the time to understand your business inside out, ensuring tailored solutions that align with your specific goals.
2. Industry-Specific Expertise
With GoForma, you'll benefit from our team's industry-specific expertise. Whether you are a tech startup, e-commerce business owner, or service-based business, our accountants have in-depth knowledge and experience to effectively guide you throughout your financial journey.
3. Competitive Pricing Packages
We believe that exceptional accounting services shouldn't have a hefty price tag. GoForma offers competitive pricing packages designed to suit startups of all sizes and budgets. Say goodbye to hidden costs and surprise expenses – our transparent pricing ensures you get value for every penny spent.
4. Certified Accountants
With GoForma, you can rest assured that your finances are managed by certified accountants with proven track records. Our team's qualifications and expertise are your assurance of accurate and reliable financial guidance.
5. Partnership with Freeagent Accounting Software
At GoForma, we stay ahead of the curve by partnering with Freeagent accounting software. This cloud-based software streamlines financial management, making tasks like invoicing, expense tracking, and tax preparation a breeze. Enjoy the benefits of modern technology combined with our expert support.
6. Comprehensive Startup Accountancy Services
GoForma is a one-stop solution for all your startup accounting requirements. From company formation and registration to VAT returns, payroll setup, annual accounts preparation, and more – our comprehensive suite of services covers every aspect of your financial journey.
7. Proactive Tax Planning
Tax planning is not just an annual task; it's an ongoing process to minimize tax liabilities and optimize your startup's tax position. With GoForma, proactive tax planning ensures you're always prepared for tax obligations while maximizing available deductions.
8. Exceptional Client Support
At GoForma, we pride ourselves on building strong, lasting relationships with our clients. Your success is our success, and we're committed to being by your side every step of the way. Count on us for responsive and reliable client support whenever you need it.
What do our Startup Business Accounting Services include?
At GoForma, we understand that startups require specialized financial assistance to thrive in their early stages. Our startup accountancy services provide a wide range of offerings tailored to your business's unique needs.
Company Formation and Registration:
We'll guide you through the process of setting up your startup, ensuring all legal and regulatory requirements are met. From choosing the right business structure to handling paperwork and registrations, we'll get your company up and running smoothly.
Choosing the Optimal Business Structure for Your Tech Startup
Selecting the right business structure is a crucial decision that can significantly impact your startup's success. At GoForma, we understand that each business structure is distinct – sole trader, partnership, or limited company – and can help you make an informed choice that aligns with your long-term goals and maximizes tax efficiency.
Opening a Business Bank Account:
We'll assist you in opening a business bank account, separating your personal and business finances for better financial management. Our team will help you choose the right banking partner that aligns with your startup's needs.
VAT Registration and Returns:
We'll handle the VAT registration and returns, ensuring compliance with HMRC regulations.
Payroll Setup and Management:
Our experts will set up a seamless payroll system for your startup, ensuring accurate and timely payment to your team while handling payroll taxes and deductions.
Corporation Tax Returns:
Our accountants will prepare and file your corporation tax returns, optimizing tax reliefs and deductions to minimize tax liabilities.
Annual Accounts Preparation:
We'll prepare comprehensive and compliant annual accounts that provide valuable insights into your company's performance.
Bookkeeping for Startups:
Maintaining accurate financial records is crucial for startups. Our bookkeeping services ensure that all your financial transactions are meticulously recorded and organized, making tracking expenses, income, and cash flow easier.
Startups with employees must provide a workplace pension scheme. We'll help you set up and manage a suitable pension scheme, ensuring compliance with pension regulations.
R&D Tax Credits Support:
If your startup is involved in research and development activities, you may be eligible for R&D tax credits. Our team will assess your eligibility, prepare the necessary documentation, and assist you in claiming these valuable tax credits.
SEIS & EIS Advice:
The Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS) can be advantageous for startups seeking investment. We'll provide expert advice on qualifying for these schemes, attracting potential investors, and maximizing tax reliefs.
Personal Self-Assessment Tax Filings Preparation:
As a startup founder, you'll likely need to file a personal self-assessment tax return. We'll take the stress out of this process by preparing and submitting your tax return accurately and timely.
Thinking of switching accountants? Switching can be a game-changer for your financial management, whether you're a startup, a small business, or a growing enterprise. At times, your current accounting firm might not be providing the level of expertise and tailored support your business needs. By switching to GoForma, you can benefit from specialized industry knowledge, expanded service offerings, and a fresh perspective on your financial strategies. With the right accountant by your side, you can make well-informed decisions, ensure compliance with tax regulations, and unlock new growth opportunities.
GoForma - Hire the Best Accountants for Startups
At GoForma, we are committed to providing more than just numbers – we are dedicated to supporting your business journey every step of the way. Don't just take our word for it; see what our satisfied clients say about our startup accounting services on Google and Trustpilot. Join hundreds of other successful startups that have benefited from GoForma's expertise.
Ready to take your startup to new heights? Contact us today to learn more about our accounting services and get started on the path to success!