New Business - Limited Business Knowledge - Anyone got any Pointers

B

bondfitz

Guest
I'm currently working as an employee in a large arhitectural consultancy firm. I'm in position where I want to go alone. I know the job very well but have no real knowledge of running the business end - accounts/ tax etc.

I'm intending to register a business name, practice as a sole trader (initially) and register for VAT. Is this all I have to do to get started?

I'd appreciate if anyone could point me in the right direction in terms of learning how to keep my accounts in good order etc. (software packages / courses) Should I talk to an accountant first? Do I even need an accountant?

Any advice would be welcome.

Thanks in anticipation
 
Bondfitz

Contact your local enterprise board. I started by own business a year ago and attended Fingal's Dynamic Startup Business Course and it was quite good. It covered areas such as tax, setting up your business, accounting, getting finance etc. Best to learn the mechanisms first before worrying about software packages.

Also I found this board very valuable in getting information. There are some very knowledgeable and helpful contributors here.

Best of luck

C
 
hi bondfitz

There is a specialist company called [broken link removed]which outsources(!) the accounting function for service companies - mainly solicitors and architects. It is run by a guy called David Rowe. It may be more tailored to larger firms with an accounting function to outsource, but it would cost you nothing to give him a call and he might be able to recommend someone if he can't help himself.

They would know all about the specialist requirements of architects, stage payments, job pricing etc.
 
Hi Bondfitz

Having worked for a small firm in a similar trade, we used the following packages:

Big Red Book for accounts (this worked when the staff compliment was under 3 - once the company got bigger, it began to show some shortfalls)
Collsoft for payroll (excellent value and very simple to use, never had any problems)

The biggest problem you will encounter is valuing your work and expertise. I would advise that you contact the RIAI and enquire as to whether there is a small firm, or another member prepared to mentor you in this matter. It would also be worth your while investing in some manner or form of time logging software, not unlike what accountants use. It is going to be extremely important that you are able to account for your time spent on projects.

Choose an office location with good accesibility to your market, and good parking - builders have a habit of dropping in a lot, which is a good thing and encourages business but you will need somewhere to put their cars, clients cars and yours.

HTH - If I can be of anymore assistance, please let me know!
 
For Basic accounts for my 1st year - I used Quicken Home and Business - it managed my Accounts, my invoices, my vat and my expenses - 3 Years later and I am still more than happy with it - For a cheap product.

For Payroll - www.Payback.ie is excellent and if free for comapanies with less than 4 employees - and is based around the Irish taxation system. Easy to set up too.
 
Thanks to all that posted. I've followed up on all the leads. Hope I can give someone else advice in the future.
 
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