Undergoing a new professional adventure in your life can be a stressful time, especially if you aren’t used to dealing with the financial aspects of running a business. Here are some quick tips for start-up companies to consider to help them with their accounting and financial management.
1.Get professional advice – When you are first starting out and trying to turn your dreams into a reality, the best thing you can do is sit down with an accountant and go over everything. We can help you go through everything you need to know to help you start your business off on the right foot and examine your current financial position. We can also help explain to you the range of statements such as Business Activity Statements (BAS) you may have to complete and help you with registering for GST if need be. You can also get help with registering for an Australian Business Number (ABN).
2. Set up your invoice, payments and record systems – During this stage you will need to set up your banking, establish invoicing and payments systems, choose record keeping methods and what records to keep. You can do this with the help of the ATO or we can assist you with this.
3. Keep track of everything – The importance of record keeping can’t be stressed enough. As you are starting up your business, ensure you keep track of all your expenses and transactions. Keep receipts, invoices and documents. This will make it much easier come tax time.
4. Know the rules and stick to them – As an employer by law you have certain responsibilities and contributions you must make to your employees. One such example is the Superannuation Guarantee. We can help you get your head around your responsibilities as an employer. There are also certain due dates you need to be aware of for taxation purposes and statements that you will have to complete.
5. Track your spending – When attempting to start-up a business money can be tight. Don’t let thing slips away from you. Budget carefully and track your spending. A great way to do this is electronically through accounting software.
6. Plan plan plan – Starting a business is a big step and is something you should never enter into unprepared. Start out by writing a list of all your expenses you expect to incur such as renting an office space, hiring employees, buying computers, creating a website, advertising etc and assign a rough cost estimation for each of these. This will help you in creating your budget and finding out what you can and can’t afford.
If you require assistance with the start-up of your own business, please don’t hesitate to get in touch with the team here at Fortis Accounting Partners. You can reach us on 02 9267 0108, or via info@exemplary-financial.flywheelsites.com.
Our accountants can run you through the whole process and help with putting the plans into place.
