Hurray!
You have decided to open and run your business. Or you are already running it. GREAT!… So what’s next…Want to make sure you are doing the right things or you are on the RIGHT track….
When you decide to open a new business or takeover an existing business, there is already pressure of new things. We have compiled a list of few important things, which you can always look back to when needed.
We have inserted few links as well, which will be helpful to keep.
Business Plan
To succeed you need a clear vision for your business but many business owners fail to document their business plan because they are waiting for more certainty regarding their current financials, funding or sales but your business plan should steer your activity, not the other way around.
The first step in building your cash flow budget is to identify all your start up costs. Using our Start Up Expense Checklist you can identify the costs.
Cash Flow Budget
Next, you need to project all your income and expenses for the next 12 months.
Business Name
This is a critical business decision and we need to consider issues like profit projections, asset protection, the admission of new partners and eligibility for future discount capital gains tax.
We recommend you discuss the alternatives with us:
• Sole Trader
• Partnership
• Company
• Trust
Business Registrations
ABN: Every business needs an ABN (Australian Business Number).
Register Business Names /Business Name or Company
Depending on your business structure we can assist you with your application for a tax file number (TFN) together with your business name/company and domain name etc.
Register Business Name/Company
GST & Pay As You Go (PAYG)
If you expect to turnover $75,000 or more (or you are a taxi driver regardless of income) you need to register for GST.
PAYG Registration is required for the reporting and paying of: • Tax on business and investment income (PAYG Instalments) • Amounts withheld from payments to employees and others (PAYG Withholding).
Record Keeping
The right accounting software is a key business decision. You need to match your business needs with your level of accounting skill to avoid producing computerised shoebox records.
We are certified consultants with:
MYOB
Xero
Receipt Bank
Tax Calender
A useful date reminder tool is the ATO Small Business Key Dates which you can import into your online calendar.
Legal
Depending on your business type there are a variety of legal considerations you need to be aware of :
Fair Trading: For more information on product safety, standards and codes of practice each state or territory has its own Fair Trading Act overseen by the ACCC.
Fair Work Act regarding employee terms and conditions. You need to understand your business’s employment and payroll regulations and obligations.
Legal Documentation
Examples of Legal Documents:
Non-Disclosure Agreement (NDA)
Employees & Contractor Agreements
Terms and Conditions – Sales
Terms and Conditions – Purchases
Standards & Codes of Practice
Lease / Commercial Agreements
Disclaimers, plus many others …
It is a good idea to seek out a legal representative who understands your industry and can develop the necessary documents. They can keep you informed as to your legal obligations.
Business Insurances
Consider appropriate insurance cover including:
• Public liability
• Professional Indemnity
• Building & Contents Insurance
• Income Protection
• Trauma Insurance
• Workcover
SSK Accountants Tips
- Get to know your customers
- Offer great customer service
- Nurture existing customers and look for new opportunities
- Use social media
- Attend networking events
- Host events
- Give back to your community
