Startup Businesses
Starting your own business can be daunting. To be your own boss, define your own job description, and turn your passion into profit is not an easy task. Before you start the business, you need to be realistic about how much money you will need to get going.
Why Register and formalise your business?
Regardless of the size of your business if you are operational and profitable or not or still in the planning phase there are advantages to registering your business and meeting regulatory requirements.
JHCO has the experience to assist:
- From inception with name reservation
- CIPC registration
- Drafting of a business plan
- Opening of bank accounts
- Registering for VAT
- Setting up the financial accounting system
- Drafting company contracts for both internal and external use
- Advise on growth opportunities through partnerships, mergers and acquisitions
Do start-ups need an accountant?
You might argue that operations or sales are more important for a start-up than bookkeeping or accounting. Without bookkeeping and accounting, it is nearly impossible to figure out your cashflow projections, and plan if you can afford another salary or if your pricing is correct.
While bookkeeping tracks financial records, accounting is the process of interpreting financial records and ensuring that you make the right strategic business decisions. As a start-up, you have an additional reason to ensure you keep good records for all investors or banks requiring financial reports for funding consideration.
Indicators that it is time to appoint an accountant:
- Tax deadlines are around the corner and you feel unprepared
- You made tax errors that cost your business money
- You plan to scale your business
- You have gone through rapid growth recently
- You want to approach financial institutes or investors
Essential steps in launching a new venture
- Understand the market and identify competitors
- Clearly identify your services or products
- Write a business plan
- Set financial goals
- Investigate funding or partnerships
- Register the business with a name, branding and open the relevant bank accounts
- Hire employees
- Define your customers/clients
- Market and sell your products/services
- Keep records of financial transactions
Accounting services for Start-up business
JHCO will assist in the following way:
- Business Entity selection and registration
- Advice on best-suited accounting method – cash vs accounts
- Clarity on which financial records to keep
- Best-suited cloud accounting packages
- Analysis and interpretation of Financial Statements
Common Misconceptions
Without an accountant, it is impossible to interpret financial transactions and make strategic business decisions.
Book a Consultation
Contact us today to book a consultation to discuss the benefits of our financial management services
