With the current scandals of Facebook and Cambridge Analytica coming to light. Is it the perfect timing for the introduction of the GDPR legislation or is it too late? How many other companies, institutions or elections benefited from taking data in an unethical way?
With large companies such as Disney, Bose, and Google all breaking regulations, for their personal data collection methods. All spanning over the past five years. It seems that the illegal collection of personal data has been ongoing and the introduction of this legislation seems to be far past its due date. Will we see a dynamic change of companies data collection in the EU when the GDPR fully introduces this legislation most likely not, as no news has broken out of large companies to make this dynamic shift to become GDPR compliant. It is more likely users will continue to be forgotten and be misinformed on the on-goings of their personal data.
Here are some tips to look out for when deciding on a new or your first accountant:
Obviously, there are many more reasons to why start-ups would benefit hugely with having an accountant but these are what we think are the best reason to why an accountant would be helpful to starting up companies.
5. Businesses need a plan.
One of the core reasons start-ups fail is because they do not have a plan in place. These are where the accountant can come in and develop a sort of roadmap for the client to guide them in the right direction of success. A professional on board can be a huge advantage to a small start-up.
4. Understand tax
Simple but hugely necessary with the consistent change of rules and regulations, an accountant at your side can avoid a hefty fine. Especially with the first few years of a start-up, every cent is needed, a fine at any stage would not help the business.
3. A new perspective
Oftentimes entrepreneurs are so involved running the day-to-day operations of their business that they may not be able to see the whole picture. Someone on the outside looking in can get a different view of the ongoings and accountants fresh outlook from the outside may lead to something beneficial for the start-up.
A good accountant will represent the company in the best way possible. This is important for new businesses looking to build strong relationships with good clients and customers.
1.Find a work-life balance
Regardless of how established the company all owners find it the most difficult task to find a balance between work and their own personal lives. It has been the most challenging aspect to all new start-ups and this is how accountants will help, but taking tasks entrepreneurs are less thrilled by and give them the opportunity to focus on selling and marketing their business to allow growth.