Industry sector: Retail and wholesale

Outdoor equipment shop: Professional fees

You are likely to need the services of:

  • a firm of solicitors
  • a firm of accountants
  • a firm of stock takers


A solicitor will help you decide on what form your business will take and will handle such matters as drawing up a partnership agreement or forming a company. Solicitors also offer a range of services that may be helpful to you in the early days of setting up and running your business, for example, advising on contracts, dealing with property matters, handling complaints and so on.

Ask the firm to estimate the likely cost of the services you will require and enter this amount in the month you expect to pay the fees.


Accountancy firms offer a wide range of business services, including book-keeping, drawing up the annual accounts, preparing tax and VAT returns, handling the operation of PAYE, giving tax and business advice and so on. It is worth asking other business people to recommend a good accountancy firm to you if you do not know of one. The ICAEW, Chartered Accountants Ireland and ACCA websites include online directories that can help you to find accountancy firms in your area.

As with legal services, ask your chosen accountant to estimate the likely cost of the accountancy services you require and enter the amount in the month when you expect to pay for them.

Stock takers

It is important to monitor your business on a regular basis and a periodic stock take will help you do this. You will also need to have stocktaking done at the end of the year. You might decide to get this done by a professional stock taker rather than doing it yourself.