Start out on the right track

Ensure that you get good advice when you start.  This means talking to a qualified accountant and solicitor.  Do not be distracted by well-intentioned advice from a bloke at the pub!

Ensure you explore all options as regards company structure.  Many businesses choose to trade as a limited company because it gives protection and is often viewed as more prestigious.  This can be especially advantageous when you are pitching against larger and more established competitors.  In addition, a limited company status can be more tax efficient and the initial set up can be handled by an accountant within 48 hours.  You will take income in the form of dividends.

Look for reliability and value

Make sure you have a reliable supplier with a great reputation.  Getting your accounts in order, knowing you are as tax efficient as possible and paying your staff accurately and on time all help to ensure the success of any new and existing business venture.  Whilst it is important to ensure good value for money, do not compromise on proven excellent service levels that can be verified by other clients.   In reviewing potential suppliers, really quiz the people you meet – do they echo the professional, corporate, friendly image you might be looking to achieve in your own business?

Don’t underestimate expertise and experience

With the complexities of ever-changing legislation, it is vital to have access to the most up-to-date and expert advice.  An experienced accountant or payroll bureau with proven expertise in both the market and region in which you operate is best placed to offer helpful support when you most need it.  You need to be able to trust their knowledge of practical issues in your sector and in the local Gloucestershire area.

Accounting can be a complex area, especially when remedial action is necessary.  Many businesses value an accountant with whom they can develop a strong business relationship who will work with them to put their accounting affairs into better order and create a solid platform for the business to move forward.  Often, with limited knowledge in-house to undertake the necessary remedial work, situations need to be well managed by people who have the expertise and understand the implications – both from a financial and legal perspective.

Don’t compromise

Look around for the best deal – not all accountants and payroll service providers are the same.  As the market becomes more competitive there are some very good deals for businesses.  However, always beware of hidden charges and check that any attractive initial pricing offer matches an ongoing high standard of client service.