Underestimating your business costs can lead to serious consequences and can be easily avoided.
The average small business spends nearly £23,000 on administration in the first year. This cost includes accountancy, company formation, human resources and legal services.
The largest outlay is company formation, however you're more likely to underestimate the costs of hiring an accountant. This is often due to the fact that small businesses require a range of levels of accountancy professional, and are unable to pick and choose the skill level required for each individual project as it comes up. More often than not, small businesses will hire a bookkeeper and then go to an external accountancy practice for Year End. This often means businesses have to readjust their growth plans during the first year.
We believe that a more efficient way of managing your financial administration is to outsource to a company like AFP Services. We can be on hand to offer the skill level required, as and when it is required. This makes it much easier to manage accountancy costs, as we are on hand to advise and to integrate with your business, meaning that we act as your partners rather than external consultants.
AFP partners with businesses of all sizes, to turn ambition into growth. It is in our best interests to protect you from unexpected costs because our whole aim is to help you grow!