New Business Owners! Here are some items you must consider before your start your new business.

Please ensure you allow enough time to complete and decide the following:

Structure

There are various business structures you can use to operate your business. You can trade as a Trust, Company, Partnership or Sole Trader. In deciding the correct structure, you need to consider which will give you the most flexibility, the most protection, costs of setting up and maintaining and the tax implications of each option.

ABN and GST registrations

You will need to registered for an ABN. Depending on your circumstances, you may need to register for GST. This will take at least 28 days to complete.

Staff

If you intending to employ staff in your new business, you need to consider work cover registration and Pay As You Go withholding registration needs.

Superannuation obligations need to be meet every quarter. Staff need to complete Superannuation Choice Forms.

*Warning – ‘contractors’ can be deemed as employees and therefore also subject to work cover, superannuation and PAYG withholding obligations.

Bookkeeping

How will you keep track of your business income and expenses. You will also need to keep track of customers you who you money (Accounts Receivable/Debtors) and suppliers you owe (Accounts Payable/Creditors). There are various software options available. Will you need to engage a book keeper to process and record your business transactions? Do you require basic training to operate the software?

Insurance

You need to insure you have the correct insurances to protect you and your business. A free meeting with Insurance Specialist is a must and should not be overlooked.

Cashflow Forecast

You need to forecast the income and expenses of you business. Most new business owners underestimate the costs of setting and running their business and overestimate the income they will receive from their business. You will also need to set up a business bank account. Remember -cashflow is the lifeblood of small business.

Business Plan

You will need to prepare a business plan to keep you on track.

Stationery

Letterheads and business cards need to be organised. This will also require artwork for logo’s and corporate colours.

Other items to consider

Websites, domain names, email addresses, business telephone numbers and office rental are additional items that need to be considered when setting up a new business.

We offer an affordable fixed price package to attend to the above items and more. We are local Melbourne Accountants and will visit you at home or your office.

Take the time to ensure you set up your business correctly and avoid common costly mistakes made by new business owners. Call us today 1300 830 230.