Every year, thousands of new businesses are registered across the island of Ireland. In 2017 alone, the number of VAT and/or PAYE registered businesses in Northern Ireland rose by an estimated 1,560 while CRO statistics show that 22,304 new companies were incorporated in the Republic of Ireland, up more than 6 percent on the previous year.
Behind every new business is an entrepreneur whose vision drives the venture forward. Typically these owner-managers are high-energy individuals who are hands-on in every aspect of the business at the early stage. Their skills and knowledge are vital but unless they have previous business experience, they can make basic mistakes which often prove time-consuming and expensive to fix in the longer term.
Don’t try to do everything yourself
A common issue we come across, is owners trying to save money by doing everything themselves. As the business gets going, demands on the owner increase. This puts pressure on the owner and can lead to problems such as invoices not being issued/collected on time, cash running out, deadlines being missed, and so on.
Many of these problems can be avoided if proper structures and processes are implemented from the outset. So, if you are planning to start a business, it makes sense to get professional advice at the earliest possible stage.
When looking for an accountant and business advisor, it is a good idea to seek recommendations from other business owners in your area and to choose someone with appropriate experience in your sector.