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Why start ups need a CIMA Non Exec

January 11, 2014 12:49 pm / 1 Comment on Why start ups need a CIMA Non Exec

Entrepreneur startup business model

Before you have even started trading, getting advice from an CIMA accountant can be critical here are some key areas where advice can really help:

  1. Creating the Business Model and Business Plan
  2. Obtaining Loans, Finance and Investment
  3. Business Structure, Shares and Shareholder Agreements
  4. Choosing Accounting and Business Software and Systems
  5. Creating a Cash Flow Forecast
  6. Understanding your legal duties

Then when you start trading……

  1. Tax Compliance – PAYE, NI, VAT, Corporation Tax
  2. Pensions – Auto Enrolment
  3. Managing relationships with Banks and Investors
  4. Budgeting and Forecasting
  5. Product Pricing and Tendering

Once the business has become established……

  1. Growth Strategies
  2. Funding Growth
  3. Research and Development
  4. Decisions on whether to buy or rent new equipments and premises
  5. Managing the Cash Cycle

CIMA Accountants have worked in business, they understand from the inside what running a business is really like and how to make a business successful.

You can also get some useful tips from HMRC http://www.hmrc.gov.uk/startingup/

steve@bicknells.net

10 things your Finance Director should be doing….

November 17, 2013 7:52 am / Leave a comment

Flying Superhero

SME’s often mis-understand the purpose of a Finance Director and the value they can bring to a business.

The job of a finance director is not just about producing regular accounts: they can help your company with strategy and development. If you want a small, stable business, then you can settle for a risk-averse book-keeper. But a good FD is key if you are growing your business because FDs develop future financial forecasts and push business growth. [Smarta]

So what should your Finance Director be doing for your business…..

  1. The FD should be able to look into to future to see what the future financial needs of the business will be
  2. He/She should negotiate funding facilities to ensure the business can manage its cash flow needs
  3. The FD should be able to foresee the future tax consequences and risks of decisions
  4. He/She should help the business to achieve the best possible credit scores
  5. Identify ways to reduce costs and improve profitability
  6. Understand the business owners objective and focus the business on achieving those objectives
  7. Ensure financial and regulatory compliance
  8. Ensure accurate and timely reporting of management information
  9. Evaluate growth opportunities
  10. Apply corporate governance

steve@bicknells.net