Starting Your Business
Starting a business is an exciting time. You have lots of good ideas and plans but you are also aware that there are probably some important things that you don’t know enough about.
Beck Partners can help in many ways when you are starting a new business.
In business you need to know where you are going and how you are going to get there. Ideally this has been expressed in writing and numbers and is not just “in your head”.
Beck Partners can help you with the business planning process and we find the more effort you put in at this stage the better your business outcomes may be.
The business structure you choose (e.g. Sole Trader, Partnership, Trust, Company) impacts on your personal liability for business debts, exposure of your assets to business creditors and the tax that you will have to pay.
Beck Partners can help you chose and establish an appropriate structure for your business that limits your risk, protects your assets and also provides taxation flexibility.
Bookkeeping & Accounting
An effective bookkeeping & accounting system that helps you keep accurate financial records is vital.
Getting your financial record keeping process right from the start will put you in control of your business finances and save you a lot of money in the long run.
You will also need an efficient system for practical things like Invoices, Payroll and monitoring business performance and cash flow. Using a good accountant and the right software will make your life easier. Beck Partners can help you to identify and implement an accounting system that is appropriate for your business needs and budget.
If you are carrying on a business in Australia you will need an Australian Business Number (ABN).
You will also need a Tax File Number (TFN) and may also be required to register for Goods & Services Tax (GST) and if you will have employees, Pay As You Go Withholdings (PAYGW).
You may also need to consider Payroll Tax and Fringe Benefits Tax (FBT).
If Beck Partners are establishing a new company or trust for you this is all included in the cost.
Generally you need to register a Business Name unless you are trading under your own name or an ASIC issued company name e.g. “JS Enterprises Pty Ltd”.
Beck Partners can check availability of your preferred Business Name and register it with ASIC.
If you are going into business with other people a Shareholders’ Agreement can protect you when the unexpected happens. We have seen business partners go from the best of friends to only communicating via their lawyers and it can be avoided.
Beck Partners recommend opening a separate business bank account even for a one person micro business. Keeping your business financial and taxation records is much easier when your personal finances are kept totally separate from your business.
What to do next
Contact Alan Beck directly on 0419 671 602 to discuss your requirements and how Beck Partners and our network of professionals can assist your business to achieve its full potential.
Every client is unique and we will work with you to implement a package of services that meets your requirements.
Contact Alan Beck today for an Obligation Free discussion about how Beck Partners – Chartered Accountants can help you.
Or give Alan Beck a call on 0419 671 602