Business Start up
So you want to start a new Business?
It is one of the daunting things you can do. For most people who have never been in business it can be a confusing and complicated time.
We have had the experience of setting up thousands of businesses and we have the knowledge and the experience to help you set up your business that is best for you.
Business is not for everyone so you need to consider if it is right for you. You need to consider what is the best the best structure for you? – a sole trader, a trust or a company. The answer will depend on your personal circumstances. There is no magic formula.
We have developed a special Business Kit which is an extremely useful tool to understanding how to set up a business and what you have to do. Please contact us and we will be happy to send this out to you for free.
We would be happy to provide a FREE meeting just to discuss this.
Bookkeeping
The first thing we always do is understand your structure and why you have it. Once we understand this will set up your bookkeeping function that best meets your needs. This is probably the most important aspect. Getting it right in the beginning will save us a lot of hassle later on!
So what do we do when we do your bookkeeping?
• We can enter all bank transactions and prepare your Bank Reconciliations
• Maintain your Accounts Payable
• Maintain your Accounts Receivable
• Allocate your Fixed Asset purchases and maintain your Register
• Payroll
• We reconcile your main ledgers such as your GST, Payroll, Superannuation and wages as well as other General ledger reconciliations
At the end of the quarter we will give you a management report which will cover:
• Your Profit and Loss Account
• Your Balance Sheet
• Your Creditor and debtor reports
• Your Payroll figures
Need a bit more? Need a Financial Controller or a Chief Operating Officer?
This is our speciality – we do more than just crunch numbers. We show you how your business is doing and how you can do better. We can offer business coaching, strategy planning and really keep an eye on your business. Wecantell you quickly what we think is working and what we think is happening and what you need to do in a changing market.
• Performance review & Key performance indicators (KPIs) – covering not just the dollars but other non financial but critical data to.
• Budgeting and forecasts – what your expenses should be and what are they actually. What we expect costs and revenue will be in the future
• Industry benchmarking – How well are you doing compared to other businesses in your industry? If everyone else is making a $1m and you are only doing $800K it might still look good but you could be doing better.
• Strategic business planning. Many people get confused as to what this is. It basically covers everything that is important to your business. What kind of business you want to be, Your target market, your goals, how to get there.
We cover not only business goals but personal goals of the key people in the business and try to work out where the conflicts are. For example a business might have the goal of making deals which mean that key people in the business will be spending a lot of time in the business. If the personal goals of key people is to spend more time with their family we have a conflict and the chances are one of these goals will fail. We will help you find out what these conflicts are and then manage them.
Business Compliance
This is an area which is getting more and more complex and the penalties for getting it wrong big. We help you minimise the risk of paying costly penalties that can arise from not complying with government regulations.
• We can register your business name, set up you entity, arrange licences and permits
• We will make sure your Business Activity Statements (BAS) are prepared and lodged on time.
• We can help you with Payroll Tax, other State Taxes, Workcover and dealing with Fair Work Australia
• Ensure you do not fall foul of the superannuation rules
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