Starting a new business is exciting – the big ideas, the brainstorming sessions, the logo decisions, and, let’s be honest, the occasional panic. But amid all the branding and buzz, there’s one area many startups overlook… the accounts.

Yes, we know it’s not the most glamorous part of launching your business but getting your finances right from day one can be the difference between thriving and just surviving. That’s why MCC Accountants has put together this handy accounting checklist every startup should follow. Think of it as your financial sat nav – guiding you away from potholes and pointing you towards success.

1. Register Your Business (Properly!)

Before you even think about sending that first invoice, make sure your business is registered. Whether you’re setting up as a sole trader, limited company, or partnership – this decision matters. Each has different tax implications and responsibilities, so it’s worth having a quick chat with an accountant (hint: we know a good one).

2. Open a Separate Business Bank Account

Blending business and personal finances is a recipe for chaos. Keep things clean and open a dedicated business bank account. Not only does it look more professional, but it also makes bookkeeping and HMRC submissions much simpler.

3. Track Your Expenses from Day One

The coffee shop receipt from your first business meeting? Keep it. The train ticket to that networking event? Keep that too. Tracking expenses from the get-go means you’ll have everything you need when it comes to claiming tax relief – and it helps paint a clear picture of your cash flow.

4. Understand Your Tax Obligations

Tax doesn’t have to be terrifying. But it does need to be taken seriously. Depending on your business type, you might need to register for Self-Assessment, Corporation Tax, VAT, or PAYE. It’s a lot, we know – but MCC Accountants can help you navigate it all without breaking a sweat.

5. Think About Payroll (Even If It’s Just You)

If you’re planning to pay yourself a salary or take on staff, setting up payroll correctly is a must. It’s not just about paying people on time – it’s about deductions, pensions, and keeping HMRC in the loop.

6. Get Professional Advice

Let’s face it: there are only so many hats a startup founder can wear. And unless one of them is “qualified accountant,” it’s wise to get expert help. At MCC Accountants, we work with startups across the Northwest to make sure they hit the ground running. From registering your company to forecasting growth – we’ve got your back.

Final Thought: Don’t Wait Until It’s a Mess

The biggest accounting mistake startups make? Waiting until the books are in a muddle before asking for help. Getting the right systems in place from day one not only keeps HMRC happy but gives you the insight to grow your business confidently.

So, if your business is brand new (or you’re finally getting serious about sorting the numbers), give MCC Accountants a shout. They’re more than just calculators – they’re your startup’s financial cheerleaders.