Member Article

Why get a lawyer and an accountant?

It might appear obvious, but for start ups to grow into something more than idea, its vitally important to get good business advice. Help is out there in the form of business advisory organisations and support agencies, but it is also important to look towards the professional services.

It may appear that lawyers are just there to write your Ts&Cs, and accountants are only good for tax returns, but their working knowledge of issues facing businesses of all sizes can be vital for the new, and established business owner.

Bdaily has been speaking to Damien Charlton, at Ward Hadaway Law Firm, and Alan Suggett from UNW Accountants, to see what they believe their respective industries offer.

According to Damien, a partner in the firms company and commercial department, businesses can make life easier from themselves by consulting a lawyer as soon as they decide to go ahead with their plans.

“I believe that by getting the basics right at the beginning, they can pay more attention to growing the business,” he explains. “A good lawyer can help by getting the right structure from the outset and this can make the business more attractive to investors.

“If you fail to identify a regulatory issue, you may not be operating in accordance with the law, and if you don’t identify legal risks from your activities you could be at risk of your business failing due to a claim from a customer.”

Alan agrees, and he and other accountancy firms are now hoping to fill the void that the reformation of Business Link has left for many.

“For me, the most important thing is to actually speak with people, there is not no substitute for talking over issues and getting down to the areas that people really require information in,” he continues. “Support like this is not a one-size solution, and that’s why a conversation is important to pin-point the needs of businesses.

“We can help across a wide range of issues. For instance we could help business owners with training in computerised accounting, or taxation.”

Both firms offer help specifically targeted at SMEs and start-ups, and offer a range of services, ranging from free advice to discounted advice.

Ward Hadaway offers a free initial meeting with potential clients,which allows they to identify the key areas needing assistance.

“We recognise the fact that at the beginning, businesses don’t generate revenue, and we have developed an approach to deal with the issues by identifying which businesses are on course to make real progress.

“These tend to include raising finance, shareholders agreements and terms and conditions, and while this will differ between companies, it is generally a case of identifying the key issues and risks and managing and dealing with them.

“We offer a package of support to small companies with good growth potential called the Initium Programme, which offers a number of benefits, including discounted rates and some free issue documents that a small business might find useful.”

The Institute of Chartered Accountants of England and Wales has gone one step further, and is encouraging its members (of which Alan is one), to sign up to the Business Advice Scheme. This is a free service, which allows businesses to access vital accountancy advice.

“This scheme will help with that two-way proving stage that is crucial to start-ups, or companies branching out into something new.

“There is not a great deal for us to change with the scheme, as it is advice and training that we would be providing anyway on a day-to-day basis.

“We are always happy to give an hour or so of our time with no obligation.”

For Damien, having good professional advice could be the difference between the success and failure of a business.

“Entrepreneurs need to make sure they have a good lawyer and a good accountant as they can provide invaluable advice as the business changes and grows,” he concludes.

This was posted in Bdaily's Members' News section by Ruth Mitchell .