1. Have you got the experience?
You may be freshly qualified as an accountant, with a strong independent streak coursing through your veins, and eager to break into the working life as your own boss. But this may be an error. It is recommended to accrue a good deal of varied experience as an accountant if your dream is to start your own practice.
If you know of a small business that manages to rise above the rest, a provider of an outstanding service or wonderful product, now is the time to nominate them as a potential recipient of the 702/CapeTalk Small Business Awards with Sage One.
When you start a small business, you are faced with several challenges. In fact, these challenges start long before the business even opens its doors. All of the planning, sourcing and accounting considerations that need to be made can take months, if not years, to craft and finalise.
The world of accounting is one that is constantly evolving and being an accountant in that world requires so much more than just being able to crunch numbers. Whilst having the right kind of technical skills is essential, there is a wealth of other skills that can help you stand out from the rest and can take you from being a good accountant, to a great one.
The first few years of a new business can be tough, with money very often being at the root of many of the problems. The key is to be smart about your money and to free up as much cash as possible, and this is something that requires careful planning and management. A common problem seems to be the lag in time that occurs between paying suppliers and employees, and money coming in from customers and others who owe you.