Accountants have conventionally been the first port of call for individuals seeking to set up their own company. This often involves paying a premium in exchange for the assurance that all the legal and financial aspects of forging the company are dealt with in a seamless manner. This enabled the entrepreneur(s) to focus on planning the development of the business and scaling it without being concerned about the hassles surrounding the formalities which encapsulate setting up an entity.

But has the emergence of websites which serve the same purpose at a fraction of the cost engendered a gloomy outlook for accountants?

There is no simple answer to the above question. Thus, we have decided to provide a breakdown of which alternative would be more suitable for potential entrepreneurs by weighing up the factors which must be taken into consideration at the outset.

Firstly, one must carry out budgeting and anticipate prospective cash flows. Some individuals will be more parsimonious than others and may deem the incorporation of the entity as an immaterial matter which does not deserve much of their attention. Low personal savings or dire macroeconomic circumstances foreboding a bleak economic future may have confined potential entrepreneurs into adopting such a mentality. A greater deal of time and attention may be invested in the design and quality of the product/service and spreading brand awareness to ameliorate the prospects of the business. Such individuals are likely to adopt the convenient route of selecting a website to generate boilerplate documentation for as little as £12.

Whilst acceptable in restricted situations, this approach can prove fatal for the company and individual in the future. Much of the benefit in hiring accountants is to do with the tailored service offered to each client which caters to their individual needs and preferences. This may range from selecting the appropriate level of authorised share capital to ensuring only certain shareholders have voting power or invoking other specific clauses during incorporation. This prevents costly and damaging legal disputes in the future which can arise with default templates adopted by websites.

More crucially, accountants serve as partners to the entity from the point of incorporation itself and are, thus, better equipped to consult the business on pressing issues as well as implement plans for growth. This arises from accountants being the nexus between the operational and financial side of the business, acting as vital intermediaries to provide guidance on how to turbo-charge the business to realise its potential. This can take many forms ranging from formation of meticulous tax optimisation strategies to maintaining the integrity of financial records to conform with statutory requirements.

Are you surprised with the immense value accountants can add to your business? Do you believe your being short-changed by your present accountants or are seeking a team that will engage with your business on a frequent basis? Then look no further than Cheylesmore Accountants. We will always be with you on every step of the journey from the inevitable lows to the soaring successes. In our team, you will find an uncompromising desire to ensure your business thrives to the best of its abilities which is evident from the moment you sign up with us. True value creation lies not on skimping the seemingly unnecessary, but by trusting the truly extra-ordinary.