Accounting tips for starting your own games studio
Are you thinking about starting your own games studio but are unsure how to handle the accounting side of the business?
In this short video Ashleigh Thomas, Accounts Manager here at MHA Henderson Loggie shares with you some top tips for when you’re starting your new studio.
Covered in this video:
► Planning your finances
► Cloud accounting software
► Getting your business incorporated
*Edited video transcript*
We deal a lot with gaming companies and what we’ve done for you today is create a video just to give you some top tips about how to deal with the accounting side of starting up your new games studio.
Plan your finances
Plan your finances. Don’t incur any costs that aren’t essential to your business, a good example is not renting a space for your studio straight away. Gone are the days of needing a base for your business, if you can get away with remote working, do it. It is the way forward and it’ll save you money in the long run as well.
Cloud Accounting Software
The way to do your accounting is little and often, and a good way to do that is to look into some cloud accounting software packages. Most of these are on a monthly subscription package and there are different versions available. What I would say is speak to your accountant, find out what suits you, as particularly at the start-up stage you might just be able to get the simpler, cheaper version and you can move up to the more expensive, more complicated version when it suits you and as your company grows.
If you do need your accountant’s help with your bookkeeping, by all means, get in touch. However, what I would say is you’re going to get the most benefit from the advisory that you’ll get from your accountants and, if you can, spend your fees there.
Getting your business incorporated
Look into getting your business incorporated. It’s really easy, it’s really quick, and it’s also cheap to do. It can protect from personal liability, but it can also help if you’re looking for potential funding, and as your company grows you may be looking to get some investment into your company as well. Also, as a company, you get tax reliefs. In particular for gaming companies there’s video games tax relief, and if you fit the criteria that could help you save money as well.
Any questions about startup accounting?
If you have any questions, please feel free to contact us via the form below.
The information in this video is of a general nature and seeks to highlight some of the issues which could be affecting you and/or your business, including changes to financial regulation and legislation. Viewers should not rely on this information without seeking professional advice on its application in their circumstances.