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TL;DR
Selecting an accountant for your game startup is crucial. Look for expertise in the gaming industry, a proactive approach to tax planning, transparent communication, and a collaborative mindset. At Henderson Loggie, our Video Game Developers sector team specialises in supporting game companies across the UK, ensuring financial success and business growth.
Starting a game company is an exciting journey filled with creativity and innovation. However, navigating the financial landscape is equally important for long-term success. Choosing the right accountant or accounting firm can significantly impact your game startup’s financial health and growth potential. In this article, we’ll explore key criteria to consider when selecting an accountant.
Industry Expertise Matters
In the realm of game startups, a tailored approach is essential. Seek an accountancy firm with specific expertise in the gaming industry. Understanding revenue recognition, royalty calculations, and tax incentives is crucial for success. Our Games & Digital team at Henderson Loggie is well-versed in the unique challenges and opportunities that game companies face, ensuring tailored financial support for your venture.
Proactive Tax Planning
Effective tax planning is pivotal for startups. Choose an accountancy firm that adopts a proactive approach to tax strategy, helping minimise liabilities and maximise available incentives. Staying ahead of tax regulations is crucial for leveraging benefits while ensuring compliance.
Video Games Tax Relief (VGTR) can be a financial boost for startups, as it allows UK game developers to claim back up to 20% of their production costs. Our tax team have made £5.859,500 of corporation tax savings as a result of VGTR claims for clients.
Transparent Communication
Clear communication is key to a successful partnership. Look for an accountancy firm that communicates complex financial information in an understandable way. Prioritise open communication to stay well-informed about your financial status and future projections.
Collaborative Mindset
Your accountant should be a collaborator in your success. Choose an accountancy firm that takes the time to understand your vision, challenges, and goals. Foster a collaborative mindset for tailored financial solutions and strategic advice.
The HL Guide for Video Games Startups
Learn from industry experts and get helpful tips to make your gaming business a success. Launch your games startup with our in-depth guide.
Technology Integration
In the fast-paced gaming world, technology is crucial. Ensure your accountant embraces technological advancements to streamline financial processes. Utilise cutting-edge accounting software and tools for real-time insights and efficient financial management.
Accessibility and Support
Timely support is crucial in the dynamic startup environment. Choose an accountancy firm that is accessible and responsive to your needs. Ensure a dedicated point of contact is available to address queries and provide guidance promptly.
Value for Money
Focus on value for money rather than the lowest price. Look for an accountant offering comprehensive services aligned with your startup’s needs. Ensure financial success without compromising quality.
Conclusion
Selecting an accountant for your game startup is a critical decision that goes beyond number crunching. The right partner can contribute significantly to your financial success and business growth. The Games & Digital team at Henderson Loggie combines industry, expertise, proactive tax planning, transparent communication, a collaborative mindset, technology integration, accessibility, and value for money to ensure your game startup thrives financially.
Level up your finances with a partner who understands the unique challenges and opportunities of the gaming industry. Get in touch with us to arrange a free 30-minute video call to see how we can help with your startup.