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bookkeeping for startups

Starting a business is not easy, but it does have its rewards—one of the best parts about starting up. Your dedicated startup accountant will always be on hand to answer any questions about your small business. You can contact them via email, phone, live chat, Microsoft Teams or meet them in person. When you join us, you will receive your very own dedicated startup accountant. Our fully qualified and friendly team will be on hand to help you throughout the year for all your financial queries. We can support your startup from company formation right through to adding payroll and pension services.

bookkeeping for startups

Of the many accounting software options on the market, each one has its benefits and drawbacks based on your business size, number of employees and other needs. The bottom line of the income statement is net income, which links to both the balance sheet and the cash flow statement. The balance sheet is important because it shows a clear picture of liquidity.

What Accounting Services Does Mazuma Offer to Startups?

Still, now everything can be digitised, saving businesses countless hours every week. With Making Tax Digital set to be a legal requirement from 2023, reporting your business profits on HMRC will soon become even more time-consuming and challenging for sole traders and company directors. Our startup accountants use award-winning accounting software to accurately track your business expenses and transactions, guaranteeing you remain compliant with HMRC when these new rules are introduced. Our friendly advisors are available to help you choose the right online accounting package for your business.

bookkeeping for startups

You’ll be able to decide on an appropriate method of action going ahead by creating goals and acknowledging known flaws with your bookkeeping processes. As soon as you start your business, you should implement a sound bookkeeping system. Here are some startup bookkeeping recommendations which you can use to succeed in your industry. We want to bring tax and accounting back down to earth, whilst still upholding the excellent standards we dedicate ourselves to. Limited companies will need to keep hold of these records for a minimum of 6 years following the close of the last financial year they relate to.

Ways Bookkeeping Can Help Your Startup Business

It’s important to look for bookkeepers that have some university experience as well as relevant certifications. Accounting software programs vary based on what types of features they offer. If you’re a publicly traded company, however, the equation is slightly different to reflect shareholders’ equity. Accounting is an important subject for any business owner to know, especially as it’s often considered the “language of business”. It is a common mistake made by all startups, whether new or established. It’s important to be aware of the deadlines for filing your returns and to plan ahead so that you have enough time to gather all the information you need.

That way you’ll start off on the right foot and have everything you need in place to establish and grow your business. If you sign up with us part-way through the financial year, our accountants will likely need to play catch-up, ensuring your bookkeeping is up to date. For example, if you sign up with Mazuma in July, your first payment to us will be 4 times our monthly price to cover April, May, June, and July. However, working with funding partners can feel daunting if you’ve never done it before. Fortunately, our startup accountants can help you partner with the right banks and funding providers for your business’s goals. Before setting up your startup business, consider the type of company you want to form.