Why Hire an Accountant to Help You With Your Business Plan?

If you want to start your own business, then you need a strong business plan. This plan is especially important if you want to raise funding.

While you can create a plan yourself, professional help improves your prospects of success at this stage in your new business's life. For example, an accountant can give you valuable advice and guidance that could get your company up and running sooner.

How can an accountant help with new business planning?

Get Advice on Business Models

While you might understand how different business models work in theory, you might not have any experience with them in practice. For example, you might not know the practical differences between setting up as a sole trader, partnership or limited company.  

A business accountant can talk to you about your plans and help you choose the right type of business model for your needs, both now and in the future. They can explain how each type of model will affect your business and your personal circumstances. You'll be more informed and better able to make the right choice.

Get an Independent Financial Check

If you don't get your finances right, then your business plan won't be deliverable. Even if your business ideas look good on paper, your chances of success reduce if you don't have a solid and accurate financial foundation for your plan.

If you'll use your plan to get financial backing, then this part is vital. Investors won't trust your business if they think your financials are wrong. This could mean the difference between getting the money you need to start up and not getting backing at all.

An accountant will give your current figures the once-over to check that they are accurate. Plus, they can feed in the information that you might not have considered. They know the true costs of running a business; they can also help you factor in things you might not have considered yet, such as tax breaks and liabilities.

Plus, if an accountant signs off on your business plan, then you give investors extra confidence. This professional endorsement goes some way to convincing investors that your financials are accurate.

Get Accountancy Support From the Start

Once you start your new business, you'll need help with financial oversight and reporting. If you hire a business accountant at the planning stage, then they will have an in-depth understanding of your plans and business. You can then use them to manage your accounting function at the start of your new company when you might need to outsource this work rather than hire your own accountant.

To find out more, contact a local company like Harwood Chartered Accountants.