Empowering Start-Ups: Key Accountancy Insights

On the 5th of June 2025, Ellis & Co had the pleasure of speaking with a fantastic group of aspiring entrepreneurs at the ‘Let’s Talk Business Start-Up Club’ event, hosted by the West Cheshire & North Wales Chamber of Commerce at Theatre Porto. It was a brilliant morning, and we were thrilled to see such a strong turnout of local business talent from across the Chester and Wrexham areas.

Our Director, John Farrell, and Senior Accountant, Leon Stowell, led the session on the “Business Basics of Accountancy,” sharing practical advice and essential knowledge to help new ventures build a strong financial foundation. During the day, the energy in the room was incredible, and it was a privilege to connect with so many passionate individuals at the start of their business journey.

For those who couldn’t make it, and as a recap for those who did, we wanted to share some of the key takeaways from the presentation in our blog. We at Ellis & Co understand that navigating the world of business finance for the first time can feel daunting. However, with the right guidance, it becomes one of your most powerful tools for growth – so let’s get right into it!

1. Choosing the Right Path: Business Structure is Key

One of the first, and most critical, decisions any start-up will make is choosing the right business structure. So you’ll need to first ask yourself: are you a sole trader, a limited company or a partnership?

This choice impacts everything from your personal liability and tax obligations to your ability to raise investment in the future. We discussed the pros and cons of each, emphasising the importance of not just thinking about where your business is now, but where you want it to be in five years’ time. This foresight is a cornerstone of our Business Development advice, where we help business owners create a strategy that is built for success from day one.

2. Understanding Your Obligations: Taxation and Compliance

The world of tax can seem complex, but we broke it down into manageable parts.

In this session, we covered the essentials of Corporation Tax, VAT registration (and when it becomes a necessity) and the importance of keeping accurate records for HMRC. A key area of interest was understanding potentially valuable opportunities like Research & Development (R&D) tax credits, which can provide a vital cash injection for innovative new businesses. 

Managing these elements effectively is fundamental. Hence, our dedicated accountants for start-ups work with new businesses every day to ensure they are not only compliant but also as tax-efficient as possible.

3. The Modern Toolkit: Leveraging Technology

In today’s digital world, managing your finances has never been easier — if you have the right tools. We highlighted the benefits of cloud accounting software like Xero and QuickBooks, which provide real-time insights into your cash flow and make bookkeeping a seamless process. 

Choosing and implementing the right software is a game-changer for efficiency and informed decision-making, which you can read all about in our blog on ‘How to Choose the Right Accounting Software for Your Business’.

And as part of our service, we help start-ups get set up with the best financial solutions, providing training and support to empower them to take full control of their business finances.

4. Choosing the Right Partner: What to Expect from Your Accountant

Another crucial point we emphasised is that your accountant should be more than just a number-cruncher – they should be a trusted business partner that you like working with. 

When choosing a dedicated accountant, you should look for someone who does more than just your year-end accounts. Do they have experience in your sector? Can they guide you through major milestones like selling a business?

Overall, you should expect a relationship built on trust, frequent contact and transparent fees – which we also highlight in the following infographic. Crucially, you will need to ensure they are fully qualified and members of a professional body, like the Institute of Chartered Accountants, as this guarantees a high level of expertise and professional standards. 

The journey of a start-up is one of bold ambition and hard work. At Ellis & Co, we believe that with expert financial guidance, that journey can be smoother and more successful. The fantastic engagement at the Chamber of Commerce event reinforced our passion for supporting the next generation of business leaders in our local community. 

So whether you are just sketching out your business plan or are in your first few years of trading, our door is always open. For more insight on venturing out on your own, come take a look at our blog about the ‘Things To Know When Starting A Business’.

If you have questions about structuring your business, managing your tax, or planning for growth, we are here to help. A big thank you again to the West Cheshire & North Wales Chamber of Commerce for hosting a superb event, and to everyone who attended.

Our Director, John Farrell, was quoted after the event, saying:

“It was an absolute pleasure to speak at the Let’s Talk Business Start-Up Club and connect with so many bright and ambitious entrepreneurs from our local area. The energy and engagement in the room were fantastic, and it highlights the vibrant start-up scene we have here. We’re incredibly proud to be members of the West Cheshire & North Wales Chamber of Commerce, who continue to dedicate themselves to providing such valuable resources for our business community. Supporting new ventures is something we are deeply passionate about at Ellis & Co, and events like this are essential for helping them thrive.”

Ready to take the next step on your business journey? Get in touch with our expert team today for a no-obligation chat about how we can support your business. 

About Ellis & Co

Ellis & Co is a leading accountancy firm specialising in bookkeeping, accountancy & audit, payroll, tax planning and business advisory services. We work with a diverse range of businesses, from start-ups to established companies, ensuring they have the financial clarity and support they need to succeed. With our team of experienced accountants based in Chester and Wrexham, we are proud to offer personalised solutions that help businesses succeed.