A lot of entrepreneurs follow their instincts and launch marvellous business ideas that help their societies, communities or entertain the minds of thousands of people around the world but not all of these great minds will be expert accountants, so it is imperative to ask for help and look out for your business’s interests.
At Empowering Futures, we had a very good project leader, her name is Carol Williams, she was a mature student at Greenwich University and she helped us with market research activities and financial forecasting.
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Carol is now taking her ACCA qualification; she is launching her own consultancy and now she shares with us 4 accountancy tips for start-ups very valuable and practical information that all entrepreneurs should know.
- Start recording everything from day one, keep up to date and make sure you know the dates your accounts, tax, VAT, PAYE, etc are due.
- Invest in a good filing cabinet to help you keep all in order
- Go to a FREE HMRC workshop, for example: introduction to VAT or introduction to international trade
- Budget for tax, open a deposit or business savings account and put money aside for your tax. Saving 25-30% of all income you receive is likely to mean you’ll easily be able to pay your tax bill.
We also asked Carol about her experience with Empowering Futures and where she wants to go now.
EF- What can you say about your experience as part of the Empowering Futures programme?
Carol. – What I had learnt from collaborating in projects was that sharing of ideas and knowledge is very useful, as I am a finance person I was able to offer advice in that area, while the founder at Empowering Futures would share her ideas on how to construct a business plan as well as tips on staring a business among other things
EF.- Where do you want to go now, where do you see yourself?
Carol. – In 3 years time, I plan for my business as an Accountant to take off and become sustainable by having a good number of clients, I have 3 clients at present. I also plan on finishing my ACCA qualification, right now I am a part qualified accountant and but I am already leading projects and providing advice to small business owners.
It was a pleasure to have Carol at the Empowering Futures programme early this year, she is an example of positive results after hard work, she was proactive and treated us as her clients. We are happy to recommend her and you can reach her at firstname.lastname@example.org for accountancy advice.
Any comments or questions about accountancy are welcome!
Have a great day,