Opening a bank account
This is not a decision to take lightly. The need to make a change of bank accounts later is time consuming and can be disruptive for a business once it is established. Getting it right first time is important.
Choosing an accountant
The considerations are very similar to those for your potential bankers. However you should ensure that all those calling themselves accountants are in fact qualified and able to do the job for you.
Raising finance (as sample above)
Your new business could be financed in a number of different ways and quite often a combination is used.
If you do not have a plan to achieve, how will you know when you have done so? Keeping control of your finances is key to your business success and a financial projection of your business idea is a recommended management tool.
Keeping accurate records
Maintaining proper accounting records is vital in terms of monitoring how well your business is doing. Ensuring you are paying the correct amount of tax is a legal requirement.
Tax can be a complicated subject and is very personal to each individual, so we recommend that you take professional advice from someone like an accountant before you start to set up the business.
Primarily whether you have the skill, expertise and desire to run the payroll function.
The first steps are to ensure that you have clear payment terms (for example paid within 30 days of the date of the invoice) and ensure these are clearly communicated with all your customers.