|Who should I talk to in order to straighten out my business?|
Thanks firstly to those who do reply. Essentially I am relatively new to business, but have been programmer/working online for a while. Last year I set up a company, but hadn't really taken proactive steps in order to develop the company other then for tax related issues.
Anyway, so this year things have been picking up well, and the complexities of my partnerships with different people/websites, the various revenue streams from all these properties, payments to various people who work with me, soon registering an EU based company for processing, whilst great is becoming overwhelming to manage.
So essentially I've decided I need to spend the money in order to get things setup right, or else it will become very detrimental to my growth. However, I am not sure who exactly I should be talking to. Should my accountant be helping me? Should I seek the help of a financial advisor to help put me on track with managing my books through a bookkeeper, and advice on how to stay on top of my business/legal/tax obligations?
I am happy to pay a monthly fee to someone to manage my books, etc etc, just need to know I am heading in the right direction. All advise deeply appreciated.
You currently don't need someone to advise you on the money side, i.e. accountants, financial advisers and bookkeepers are not the right people in this stage to talk with IMO. Search in your own environment if there are successful businessmen who have recently sold their business and have the time and will to coach your company in this phase. Spend some evenings talking about opportunities with them. It may be very cost effective and give more insight if you talk with them who really succeeded, than if you talk with those who just want to send you bills for the hours they work for you.
It sounds like the difficulty right now is managing the books. And that can get overwhelming for a new business. I remember when I used to do all our books in an excel spreadsheet.
You absolutely should go see a good small business accountant for a meeting or two to help you get your business set up. Get a small business accounting software package to manage the books. Then have the discipline to make sure your books are up to date.
Simply having that level of control can help you in your business. You'll save money (the accountant will show you how) you'll have less receivables outstanding and you'll sleep at night simply knowing you have the control. Business is about money, if you don't control it you're not in business.
I wouldn't go near a financial advisor. Where I am those people are just investment salespeople.
Pay some qualified self employed person a few hours a month or quarter to get your books in order quickly, they typically have the software and are used to just being given a carrier bag of receipts, invoices and a log of mileage.
Dont delay and once the systems sorted, give up a couple of hours each week at the same time each day to keep it up to date and then just pay for the annual return