New Businesses

New Businesses

Starting a new Business? We can help.

Starting a business is an amazing and exciting journey. However, it is rife with potential pitfalls. You can certainly strive to do you accounts, but you need to be absolutely sure that you are not going to make a mess of it. If you get it wrong then you may find yourself tied up for months in a Revenue Audit, or even worse, the subject of an investigation by the Office of the Director of Corporate Enforcement.

If you end up having to get your accountant to redo your work and re-file your tax returns. This will result in a greater cost than if you had hired an accountant in the first place.

BizWise understands that startups are worried about hiring an accountant to provide financial guidance and support. We know that in the early stages, you are busy trying to stretch limited funds and keep costs to a minimum wherever possible. If you’re an experienced business consultant and accountant then you can certainly choose to do your accounts. If you are not, you could be making a serious mistake that could seriously impact on the success of your business.

 

Image of young businessman pointing at virtual button

WHY HIRE AN ACCOUNTANT AT AN EARLY-STAGE ACCOUNTANT?

BizWise have decades of experience guiding start up businesses. When starting up, many business people have not considered the full range of issues that they are going to be required to be dealt with, and even when they do know what is required, they have a limited understanding of how they can practically go about dealing with the issues. That is where BizWise comes in, we can advise you on:

  • Obtaining appropriate business licenses (where required)
  • Filing an application to register a company and/or business name with the Companies Registration Office
  • Registration with the Revenue Commissioners
  • Preparing a business plan to support applications for grants and/or bank loans
  • System implementations
  • Policies and procedures development - this is particularly important where you will have employees
  • Expense tracking
  • Financial planning
  • Month-end accounting
  • Revenue Commissioners and Companies Registration Office compliant financial statements
  • Payroll
  • AR/AP (accounts payable/accounts receivable)
  • Tax preparation
  • Pricing decisions
  • Cash flow analysis
  • Audit support and preparation
  • Financial forecasting
  • Budget creation

As you can see, outsourcing to BizWise will give you much-needed support in many areas of your business while also providing the following benefits:

  • Focus on your core business - Hiring BizWise will free you up for the important work. When you leave the ancillary work to BizWise you can focus on creating your product, developing business relationships, creating partnerships, and marketing and sales.
  • High-quality financial information - When you are trying to obtain grants, raise investment, or get a business loan, you need to have reliable, high-quality financial information that convince funding providers that you are a good bet. These kinds of financial statements are essential for tax reporting purposes, and provide you with a great insight into the nature and performance of your business which is invaluable in developing effective business strategies.
  • Your valued business advisor - Outsourcing gives you the advantage of having another trusted business partner. BizWise has extensive expertise working with early stage start-ups. This sort of expertise and experience can be invaluable for your company when it comes to raising funds, financial planning, negotiating term sheets, structuring deals, financial reporting, etc.

It is better to get the accounting support you need early on rather than have to clean up your messy finances further down the road. It’s really never too early to put into place the financial systems and processes that will serve as a strong foundation for your startup and support its financial health.

GET IN TOUCH

Choose which option best suits you