LEADING CROSS BORDER ACCOUNTANTS IN NORTHWEST
PROMPT SERVICE. ACCESS TO AN EXPERT TEAM
Starting your own business is both exciting and challenging. Statistically most businesses that fail do so in the first twelve months, so it is essential that you get the best advice and support from the get go. With decades of experience advising start-up businesses we know and understand what’s involved. We can help you make the right decisions right from day one and guide you to success.
We can advise you on areas such as:
- the most suitable and tax efficient structure;
- accessing finance and funding;
- preparing financial projections and a business plan;
- setting up financial systems and controls;
- which accounting software to use and why;
- practical commercial advice to help grow your business from day one; and
- access to our excellent network of contacts e.g. banking, asset finance, insurance, legal, HR, marketing etc.
At MLMG, we are not just accountants, we are your business partners. Whatever your needs, we are here to help you.
A business plan is like a roadmap. It documents:
- where you want to go;
- what you want to achieve;
- what you have to do in order to achieve your goals; and
- attempts to identify what problems you can expect along the way.
Business planning is not just about start-ups – it is a continuous process. As businesses become established, mature and diversify, business planning continues to play a fundamental role re-evaluating long-term goals and ensuring they are being met.
Every plan is different and does not have to be a hefty document – the key is that it something your will refer to, and will work for you and your business. To make the process easier you can download a simple business plan template here but always get expert advice.
With our cumulative experience we can help you evaluate your business critically, assess the strategic options you might have and help you prepare a strategic plan that is right for you. We can also assist in implementing the necessary changes to ensure your business gets the desired results.
Financial projections are a cornerstone of business planning and a crucial tool when seeking funding, investment or finance for a new or existing business. For credibility and in order to
get the attention of funders, investors, and bankers it is important to have realistic financial projections incorporated into your business plan.
Projections can be a tricky business as you try to anticipate expenses while trying to predict how quickly your business will grow. It’s important to take advice and be realistic – many start-up businesses fail because they simply over estimate revenues or underestimate expenses in the early stages.
All financial projections should include these three statements: Profit & Loss (also known as Income Statement), Cash Flow Projection and Balance Sheet. In general, you will need to develop both short-term and medium-term financial projections. A short-term projection accounts for the 1-2 years of your business, normally month by month. A mid-term financial projection typically accounts for the coming 3-5 years of business, outlined year by year.
There are many online templates for financial projections that are a good place to start when you are preparing to draft your projections. You can download a simple financial projection template here but always get expert advice from an experienced accountant when preparing financial projections.
Business is changing and so is the accounting profession. At MLMG we embrace technology and use it to improve our efficiency and make life easier for business owners. For small businesses cloud based accounting systems have taken over from the traditional systems, providing business owners all the accounting tools they need to manage their affairs in the office, at home, or on the go.
We work with a range of cloud accounting software providers and can advise on the package that best suits you. We provide setup, full training and backup services. And, with our outsource services, we can do as much or as little of your processing as you and your business need. We have provider agreements with Sage and QuickBooks online, have worked with other online systems, and can advise on other appropriate add-on applications which could benefit your business.