Before you Start
You have an idea that works and want to go into business. Fantastic! How can we help? We can advise you as to the best structure to operate under (sole trader, company, partnership or trust), we can set it all up for you, register your business names and give you access to some great legal advice for start ups (for instance, protecting your intellectual capital). We can create the cash books for you (see below). And if you don’t mind having everything electronically we can slash the start up and on going compliance costs.
What you will need to do is to get a bank account in your business’s name and possibly talk to a bank manager about getting some credit. For that we can help with creating a business plan. We can also help you understand the taxes and registrations that you will be liable for and when. All we ask is that you talk to us first before making a big business decision such as buying a company vehicle or taking on a large job for a potential customer.
Accountancy Systems and Set Up
We are proponents of cloud based accountancy software and our preferred vendor is Xero. You can be the owner of the data file and give us access to your files so that we can work for you.
Xero allows the new business to operate without an IT department. All you need is internet access, a mobile phone or iPad and a computer. We can create invoices with your logo on them. You can send invoices instantly, as soon as the job is completed, from your mobile whilst still with the customer. We can track when they pay you, create your financials and file your tax returns. You can see the health of your business at any time.
Bookkeeping
If you haven’t done bookkeeping before we can help. Even if you have done bookkeeping before you might appreciate some help with all the paperwork. If you prefer, we can even teach you best practice on Xero so that going forward you, or your nominated bookkeeper, can work with us in a friendly and relaxed environment where we all speak the same language.
Actually we can help with far more than just bookkeeping. Businesses are made or broken on their back-office administration and this is something that we have a lot of experience with. From employing staff or using freelancers, to getting licences and permits, legal matters, insurances, leases, tax registrations – we can help with the lot. We don’t do everything in-house necessarily but we have a network of external advisors who are happy to help, are as responsive as we are, and are good at what they do.
Tax Services
There is a lot to learn about income and expenses. What is income? What expenses can you claim? Don’t guess this – ask us. A start up actually has different hurdles to meet than an established business before expenses can be claimed. You might be working part-time in a current job as an employee. Will you be a self-employed contractor? If you are creating a business in your spare time, what are the taxation implications for you if you get extra income? You might be looking to buy an existing business. Can you claim any GST on the purchase? Can you write off all of the costs associated in your search? Each case is different and we can help you work out where you stand.