Why you need an Accounts Software Package from Company Formation.
So you’re ready to go into business. You’ve been working for the man for far too long and it’s high time you became your own boss. Fantastic!
Did you know that 75% of new Irish Businesses die within the first four years? Fear not. This figure is falling, albeit slowly according to the CSO‘s latest figures.
Poor Marketing Skills and ignorance of Customer’s needs v’s wants are common under sights. Procrastinating on managing the Finances is another. Those who’ve tried and failed in Business will tell you, one of the main reasons they didn’t succeed is, they ran out their most basic necessity – money. They didn’t have an Accounts Software Package, let alone an Accountant.
At first, they had everything right. They had solid, Independent Market Research, and knew they had Product/Market fit. They had enough start up capital, (loan from Mammy and Daddy) or used Lean Startup methodology to bootstrap their Venture. All that was required for their business to take off from there was hard work and determination. Wrong!
What about the money? New Businesses tend to ignore Financial Planning once their Business is up and running. It’s seems obvious to give Sales and Customer Acquisition your full attention. That’s great, but do you know how much tax you will have to pay and when? If you’re business is growing, can you afford to hire someone, or buy additional equipment to meet your growing needs? Will you need short term finance at any stage? These questions can be answered, by adopting an Accounts Software Package in the early stages, preferably, from Company Formation. Here’s why.
Reasons you need an Accounts Software Package from Day 1
- Bullet Online Accounts provides instant health checks of your Business Finance.
- Planning monthly Income and Expenditure prepares you for dips and spikes in available cash from month to month. Spot trends and act accordingly.
- If you need to borrow, you need a Cash Budget and a Balance Sheet in your Business Plan (Bullet does both), before approaching a lender.
- Make smarter, faster decisions about spending.
- Enjoy great relationships with your Customers, by billing them on time, instead of when you’re stuck for the few bob.
- Build better relationships with your Creditors because you won’t have to fob them off with promises you may not be able to keep.
- You have to pay your Corporation Tax for the whole year on October 31st. You have to estimate November and December’s Profits in your return. If you overestimate , you can’t claw the overpayment back until the following years return and you may need that cash now. Get it closer to the real figure with the right Accounting tool.
- You don’t have to be an Accountant to devise monthly and longer term Cash Budget for your Business. You know your Business better than anyone, so you’re the best person for the job.
- You don’t need to buy expensive software or a fancy computer. You can do it all online – from any computer.
- You can pay yourself and your workers without needing separate software. You’ll know when you’re due to pay the tax man, and how much you owe him, months in advance.
- You know little or nothing about accounting? You don’t need to. Bullet does the Accounting so you don’t have to.
- Familiarity with your Finances means you’re in control of yourself and your Business Baby.
Don’t put off getting and Online Accounts Software package. thinking you’ll hire an Accountant instead when the time is right. No need to wait until the Tax man comes knocking or you need to sweeten up a stingy Bank Manager. The time is now, and you don’t need an Accountant anyway.
Sign up for a Free Trial of Bullet’s genius software here and become a master of your Business Finances today.
Use the Free Bullet Formations Tool to incorporate a business and get Bullet Accounts automatically!