When your fashion business is in its early stages, it’s easy to dismiss the need for outside help. Managing your own graphic design, your website, marketing strategy and even your accounts means saving your growing business money and keeps you in full control of your enterprise. However, as your fashion startup begins to gain traction, build a following and as your accounts start to become complicated, it might be time to consider hiring an accountant after all.
Getting your finances and business accounts right in the early stages of your fashion business puts you in a stronger position further down the line. It also means you’re connected and better engaged with your finances, which means making fully informed decisions about where to take your fashion business next. The need to hire an accountant early on should be driven by your dreams of fashion industry success, so with this in mind, we’ve gathered some straightforward reasons why fashion startups need an accountant. Read on to find out more.
Your Fashion Business is Growing – Fast!
Experiencing success from all your hard work and persistence is a great feeling, however, if you’re not in the right position to manage that success you could be inadvertently hindering your own progress. Making money from your business is one thing, but putting those numbers together, ensuring your tax obligations are covered and you know where you stand financially is crucial for taking your business to the next level and not becoming a victim of your own success. If your fashion startup is growing quickly, then it’s time to reach out to an accountant to handle your finances properly.
You’re Overwhelmed and Confused by Taxes
If you feel a sense of dread every time you receive correspondence from HMRC, you’re persistently late with your tax returns, or you feel absolute panic trying to make sense of the terminology and simply can’t find the time to go through everything – then it’s time to hire an accountant. When you hire an accountant to handle your finances and tax obligations, you’ll have more time to focus on your fashion startup, working through designs, your manufacturing process and all the other plates you currently have spinning.
You’re Wanting to Reach Out To Investors
When interest in your fashion startup begins to grow, you might want to speak with investors about the possibility of taking your business further. In order to do this, you’re going to need accurate and fully detailed financial reports. If you don’t have an accountant, then you could be scuppering your chances of investment due to your lack of knowledge and financial accuracy. To prevent this from happening, startups are encouraged to hire an accountant as early as possible, so when the time comes to look for an investor, they’re ready to hit the ground running.
Hiring an accountant to manage your books and finances can feel like a milestone, however many fashion startups don’t realise that they’ve already surpassed that point within their business journey. Hiring an accountant as soon as possible puts your fashion start-up at a clear advantage.