Business squad

In brief

• Why your business needs a back-up team
• Accountants
• Tax advisors
• Bank business advisors
• Solicitors
• Professional bodies
• IT consultants
• Health and safety consultants
• What to do next

Even the greatest entrepreneurs will admit to gaps in their knowledge, after all, who can run a business, specialise in tax, do the accounts and have the legal training to sort out contracts?

All businesses will need some professional help behind them, especially if they are starting up.

Keep in mind that recruiting an expert may actually be more cost-effective than trying to do a job yourself, for example, if you're not brilliant with numbers, an accountant may make quick work of your spreadsheets and free up your time so you can market your product instead.

The trick is to hand pick the services you need and not to pay for any that you don't. You can review your requirements as your business grows.

Accountants offer a full range of financial services, from bookkeeping to annual audits.

Many also offer advice for start-ups and can help you set up systems to keep your financial records in order. This could help make your business more profitable.

The extent of what you require an accountant to do depends on your own experience and your company's size.

All businesses must keep certain records, including Pay As You Earn (PAYE) information for employees and VAT records.

You will also need to file an annual tax return and appoint an auditor to complete an annual audit of your accounts.

You may want to employ a part-time book-keeper for day-to-day records and an accountant for tax and auditing tasks.

Where to find an accountant

• Professional or trade associations, which may be able to recommend an accountant that specialises in your sector. Look on the Trade Association Forum website
• Your bank relationship manager or lawyer
• Personal contacts, such as business associates, family and friends
• Institute of Chartered Accountants in England and Wales
• Chartered Institute of Management Accountants
• The Institute of Chartered Accountants of Scotland
• Institute of Chartered Accountants in Ireland

While most accountants will be able to complete your annual tax returns, you may want to appoint an expert tax advisor if your affairs are particularly complicated. They could also help you claim capital allowances, stamp duty relief and tax relief, and so streamline your tax bill.

Where to find a tax advisor:

• Free advice from the Government's HM Revenue & Customs website and local offices
• The Chartered Institute of Taxation

You may want to open a business account with the bank you have your personal account with, but it's prudent to research into the account that will best suit your new business. Some banks have small business teams and dedicated advisors to offer you one-on-one support, others offer a telephone and/or online proposition. Ask about fees and how they are charged, the cost of additional services, whether there is a local branch and if any special offers are available for start-ups.

Where to find a bank business advisor

• Compare business bank accounts on the British Bankers' Association website

Getting the legal basis of your business properly structured from the start can save costly mistakes later on. It's worth consulting a solicitor when you establish your business structure (sole trader, partnership, LLP or limited company), if you sign a lease for premises, or need advice on regulations in your sector. A solicitor can also advise you on employee law and contract terms for customers and suppliers.

Where to find a solicitor

• Trade or professional associations. Find one who specialises in your sector with the Trade Association Forum
• The Law Society ”Lawyers for your Business” scheme
• Business Link

Registering with a trade or professional association in your sector can give your start-up a huge boost. Benefits may include special offers on insurance, help with training, seminars and networking events, mentoring and business advice, and legal support. Other organisations such as Business Link and the Institute of Credit Management offer free advice and support on legal, business and financial issues.

Where to find a professional body

• Business Link has a directory of contacts for business support organisations, professional bodies, government agencies and local authorities
• Trade Association Forum
• The Institute of Credit Management

The right technology can make your business more effective, whether you need a PC on your kitchen table or an e-commerce system that lets you market your product online.

Accounting and payroll software will help you manage your cashflow on a day-to-day basis, email will keep you in touch with customers, suppliers and employees, and wireless technology will enable mobile working.

Whatever IT solution you choose, you will need to make sure you comply with data protection and e-commerce regulations.

You also need to keep your information secure. When planning your computer system, remember to factor in that it will need to grow with your business.

In order to achieve this, you need to select the right company to supply and maintain your IT system.

Unless you have a considerable IT and computer knowledge base, it makes sound business sense to use a single supplier for all hardware, software and support.

Where to find an IT consultant

• IT exhibitions, seminars and conferences
• Computer trade magazines
• Trade associations and business partners. Find one who specialises in your sector with the Trade Association Forum
• Download Guide to Purchasing ICT: A Good Practice Guide for Small Businesses from Accredit UK
• National Computing Centre

Every business is required by law to evaluate the safety of their premises and activities. In many cases, you will be able to carry out this assessment and set up any controls yourself. If, however, your business has a high element of risk - you work in the building trade, for example, or use hazardous chemicals - it would be wise to ask a consultant for advice on safely meeting your legal requirements.

Where to find a health and safety consultant

• Free advice is available from the environmental health department at your local authority
• The Government's Health and Safety Executive provides free information
• Ask businesses in your sector for recommendations
• Institute of Occupational Safety and Health;Independent Safety Consultants Association
• British Safety Industry Federation