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Why you need an accountant to start up your new business

If you’re one of the thousands of people planning on starting up your own business, make sure you avoid the pitfalls which can seriously affect your success.

Many people in the initial phases of launching a business try to take the plunge alone in a misplaced attempt to save money, whereas in reality, it’s vital to employ the services of professional accountants, as you could end up losing everything in the long run.

Having a great business idea, but no idea how to run a business, is no use. Business success requires skills in day-to-day operations, finance, administration, sales and marketing. You need to keep all these facets growing together in unison.

Struggling to master the book keeping, payroll, taxation and company audits yourself, with no previous experience, isn’t a viable option. It’s better to employ an accountant to deal with the business’s administration, leaving you free to concentrate on the operations side.

Similarly, don’t think the initial idea alone will ensure the company’s success. It’s the people who make a business successful and you need to focus on building up a thriving company as much as having a great product.

You can’t compete on price alone, or you’ll end up bankrupt. If you undercut your competitors to earn lots of business, but without making any profit, it’s a sure fire way of going under. Far better to have a smaller revenue and a larger profit margin.

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