Starting a New Business

Starting a New Business – The First Steps

The decision of starting a new business is not something to be taken lightly. It involves a lot of upfront work to get you started – and that is before you begin trading. More often than not, freelancers get put off thinking about starting their own business because it seems daunting.

Building a business is similar to the construction of a building – you have to start from the foundations and make sure everything is set properly to build upon it. However, it is still fairly common for some business owners to go completely in the opposite direction, only to discover they have issues not just with their accounting but other areas not set up correctly.

Let’s look at your starting process and check them off as you move along.

First Things First

The first step would come in choosing your identity. Are you staying a Sole Trader or making the shift towards a Limited Company? You will need to look into which suits your identity better and make the decision before you proceed with anything else.

The second step is researching what type of insurance you would require for your field of work. These two areas will then open the door for your business plan. It may feel that you have everything in your head and it makes sense, but your business plan mapped out is an essential part of the process of starting your company. It does not have to be finely detailed – it can be a loose plan as a minimum, but you will need one to work with.

Banking and Bookkeeping

No matter if you choose to be a sole trader or go in the direction of becoming a Limited Company, you need to make sure you have a business bank account separate from your regular bank account. This not only helps you keep track of your ingoings and outgoings but provides an easier trail for your taxes at the end of the year.

You will also need a bookkeeping system – such as Xero. Xero is a fantastic piece of software that provides an easier way to keep on top of your business financials when you learn how to use it. Learning the system can be done in as little as a day. The one thing about Xero is that you have to use it correctly, otherwise, it can be costly to you.

You can always hire bookkeeping services to handle your business financials and record keeping – some also provide training on Xero – who can also act in the ways that an accountant would. Not only can they provide a lot of help with tax returns and bookkeeping, but they also act as a valuable source of information and regulations that help your business to grow.

From this point on, bookkeeping services in Manchester will be able to help you structure the rest of your business with such areas as payroll outsourcing services and keeping you in line with official bodies such as HMRC and Companies House.

Contact the team at Pebbles Bookkeeping today to get small business bookkeeping solutions done the right way.

Don't just take our word for it...

Sarah Rekia, Site Welfare

“In bringing Pebbles onboard, it has made me wonder why we decided to try and do our own bookkeeping at all. Pebbles came in and sorted 18 months worth of mess we had unwittingly created, and we cannot be more grateful. I wish I had been told about them years ago and I hope every business out there struggling would give them a call to fully see the benefits they are missing out on.”

Anne-Marie Armstrong, Amberry Marketing

I just wanted to thank you both for the help you’ve given me thus far in setting up my new cloud-based bookkeeping system ‘Clearbooks’.

Having used Microsoft Excel for more years than I care to admit, I had more than a few reservations when considering changing the way I managed my books, yet understood that I had to make the change sooner or later.

After an intense training session with Sean, (where I probably asked 101 questions), my fears quickly dissipated and I can honestly say that although it’s likely to take me a little while to really get to grips with the new interface, I’ve no doubt that this simple system will save me so much time and hassle in future.

And less time spent doing my books, almost certainly means more time with the family and an end to rushing around like a mad woman at quarter-end!

Thanks again and I’m looking forward to working with you again soon.

James Balderstone, Lucid Networks

Pebbles Bookkeeping took over our bookkeeping when a full-time member of staff left the business.  Our accounts are relatively complex for a business our size because of the number of different suppliers and products we deal with, but Pebbles were able to get quickly up to speed.  We have significantly reduced our costs spent on bookkeeping activity as a result. They have also helped us move to a new accounting system (Xero), which we are already seeing the benefit of, and we’re looking forward to working with Pebbles in the future to automate more of our back-office processes.

Steve Price, BWP Inspire

“We have now been working alongside you with various clients. In some cases, we have introduced you to our clients and in other cases you have worked as part of our team. Every time we have brought you in you have done a great job. We now see you as an extended part of our team. You have proved to be professional, flexible and above all competent in getting the work done. We would not have any hesitation in recommending you again, and we look forward to working with you more in the future.”

Nick Aldrich, Only The Brave

Only The Brave have used Pebbles Bookkeeping for a few years now and we treat them instinctively like an integral department of our business.

I have worked with Sean for over two decades in my previous businesses and when Sean and Diane went on their own it was a no brainer to get them involved with our day to day accounting.

Pebbles manage our bookkeeping, expenses, credit control and PAYE and have a keen eye for detail and help us spot important financial matters before they become issues.

Their integrity and honesty are unquestionable and as a result, Pebbles are an asset to our business and will continue to work with us for many years to come.