YourBusinessWithJamesCaan2016 - 55

ACCOUNTS

STAFF RECRUITMENT
AND SATISFACTION

A good accountant
keeps on top of any
changes in the law
while you get on
with making money

Getting and keeping the right people to
help your business grow is a challenge
for all start-ups. You can make your
business more attractive to your
workforce - and increase the chances of
retaining them for longer - by involving
them in the success of the business.
This could be anything from a very
simple profit share over a season to
ensuring tips, gratuities and voluntaryservice charges are organised in the
most tax-efficient way for them - things
your accountant can help with. Offering
a group health insurance scheme is
another attractive benefit to employees,
with tax breaks your accountant will
ensure you make the most of.

WORDS: TRISH LESSLIE | PHOTOGRAPHY: SHUTTERSTOCK

KEEPING RECORDS

all, innovation and investment are
keys to success.

BUSINESS PLAN

A business plan is a must, not least
because it is often the basis for sourcing
funding from banks and other finance
providers. It's the written statement of
the objectives of your business and will
also serve as a benchmark for the
future. Ultimately, it can also give your
business the best possible chance of
success. A good business plan should
look ahead and be realistic. An
experienced accountant can help
with this important forecasting.

It's essential that you keep an accurate
log of your income and expenses in
order to prepare your business accounts
at the end of the financial year. You
should record all the expenses you incur
to start the business, even if these
were incurred before you registered
your business with HMRC and/or
Companies House - you can usually
claim back expenses made in the
six-month period before the date
that the business started.
Expenses are usually allowable as
long as they were made wholly and
exclusively for business purposes. If you
are a sole trader or freelancer, you may
wish to have a simple process such as
an Excel spreadsheet for your accounts.
More complicated businesses will
probably need to use software packages.
Your accountant will be able to help you
choose software that will make keeping
records easier. Importantly, the
Revenue will sometimes accept a
contemporaneous note of costs, even if
you don't have receipts. Your
accountant will be able to advise.

SOURCING FINANCE

The rise of alternative forms of finance
in recent years such as peer-to-peer
lending has opened up opportunities
and potential for both borrowers and
lenders. An accountant can help a
start-up or entrepreneur choose the

JAMES SAYS
Use an accountant
with whom you
have chemistry, who
specialises in your
field and has a good
understanding of
your field. If he has
ten other clients in
the same sector he
will add value to
your business
because he will
understand it
right type of funding and help to secure
and sustain it.
From so-called 'business angels'
(individual private investors) to banks,
it's important that small businesses are
aware of the various financial options
available. An accountant will be able to
advise on this.

INTELLECTUAL PROPERTY

Accountants can play a crucial role in
protecting and enhancing the value of
intellectual property such as patents,
trademarks, registered designs and
copyrights. They're ideally placed to
help you adopt a structure that balances
the need to protect IP while maximising
its value, ensuring these assets don't fall
through the cracks into the public
domain, costing you potential revenue.
They will also ensure you benefit from
any tax breaks on patents.

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