Many people may assume that they don’t need to involve an accountant until it’s time to prepare a set of accounts and file a tax return when they are setting up in business. This underestimates the added value having a well-educated and professional Chartered Accountant (CA) on your side from the beginning.
An accountant will make sure that you register for taxes on time and when it comes to tax compliance you tick all the right boxes. But a qualified Chartered accountant will be able to assist you in many areas besides taxation. Remember to check out the credentials of the CA. Ask them if they have professional indemnity insurance or what accountancy body they belong to. Besides, look for members of Institute of Chartered Accountants. Always ensure you get their direct contact number, email address, and postal address.
There are many reasons on why it makes good business sense to engage a CA before you set up your business. Some of the keys once are listed below:
Business Plan A great business plan backed up with cost-effective tax planning will provide a company platform on which to launch a business and make sure that there are no unforeseen costs lurking around the corner. When you start a business, then it’s tempting to focus on promoting and selling your company’s product or services immediately. Go over each and every aspect of your proposed activities as cautiously as possible before you start trading A CA or one of the best CA Firms in Pune can provide more than just a second opinion as well as will have a great understanding not only of what costs you’re likely to incur, but of how to finance the business and providing tips on what you may offset against tax.
Best Financial Advice Every business needs to borrow money at some point, either at launch or when they’re looking to expand and borrowing from banks or other financial institutions may not be possible with the present economic climate. A Chartered accountant will be able to advise a number of alternative choices, from venture capital to a range of central and local government grants.
Using a qualified and knowledgeable chartered accountant to help you plan and set up your business is not an excessive self-indulgence, but it’s a sensible investment that will reap dividends for many years to come.