Getting the accounting right from the start can make the difference for both entrepreneur and investor. Given the opportunity we can be the difference between managed success and uncontrolled failure.
(PRWEB UK) 15 November 2012
The financial difficulties faced by new and small businesses in light of the economic crisis have been widely reported in our media. Access to finance has been a serious issue. In their 2012 Q3 survey the Federation of Small Businesses found that around half of the applications for funding were unsuccessful, severely restricting growth opportunities. The Government’s Funding for Lending scheme also appears to have failed small businesses. Those who have been able to secure small business loans have seen interest rates rise during the last quarter, while larger businesses have enjoyed falling interest rates on their more substantial loans.
Entrepreneurs and small businesses are therefore keen to seek out investors from the private sector. One of the challenges they face is to demonstrate sound financial practices to potential investors. Even the best ideas can be overlooked simply because of a lack of perceivable financial acumen. Over nearly 20 years Eagle Consulting has worked with many small and start-up businesses helping them to overcome the challenge of maintaining tight financial control during the critical early years. Some of the key issues include:-
- “It’s my baby” syndrome. A reluctance to cede control, especially during critical periods, despite a lack of necessary skills.
- Financial disorder. This can have several causes. Perhaps the owner simply lacks the financial acumen or accounting skills required, or underestimates the importance of the accounting function within the business.
- A waste of time. Many owners believe that an accountant is an unnecessary or unaffordable expense. The result is that they spend considerable time developing and maintaining an accounting system; time that would be better spent developing products and driving sales.
- Cash crisis. Failure to implement and operate strong financial controls can lead to unexpected cash crises caused by fraud, poor debt collection or simple error.
Harry Hornby Director of Eagle Consulting says “Getting the accounting right from the start can make the difference for both entrepreneur and investor. Given the opportunity we can be the difference between managed success and uncontrolled failure".
Eagle Consulting is a substantial accounting department delivering a tailored, flexible management accounting service at a low cost to expanding businesses. This proven solution provides investors and entrepreneurs with the confidence of being able to rely on a competent and efficient accounting team delivering strong controls and timely key information.
Established in 1993 Eagle Consulting now employs nearly 50 staff including several accountants trained in the Big 4 accountancy practices. The company offers a complete Accounting Service delivering a flexible and cost-effective solution to meet the day to day needs of growing businesses. To enable this we can deploy a range of accounting, payroll and payment solutions that provide the ability to manage cashflow and record and control revenue and expenditure. Based entirely in the UK our expert team has the ability to pay suppliers, collect debts and provide weekly and monthly Financial Information and KPIs. In addition our in-house Compliance Team can support clients with personal and corporate Tax Planning whilst ensuring all statutory requirements are met.
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