New Business Establishment
Get your business off the ground with the right key people!
Small Business Accountant
What Is A Small Business Accountant?
Having key people in place from the beginning, like your accountant, is one of the most important steps you can take towards giving your business the best start and every chance of success in the future.
The team at Canny Accounting can assist you with the set-up of your business to ensure that you are meeting all of your legal requirements from the get-go.  We have been helping our clients for over 60 years now to ensure they are meeting all of their requirements.
Making things transparent, while working closely with you, our team will work with you to develop your systems and procedures. Â We spend as much time as you need training you and setting up your registrations, software requirements, compliance needs as well as working with you on cashflow and budgeting.Â
We do this because we understanding that starting out in your own business can be a bit overwhelming!
How Does Bookkeeping and Accounting Services Work for Small Business?
When starting out in any new business, ‘you don’t know what you don’t know’! Â You also don’t need to know everything straight away. Â We are here to help and assist you with as much or as little as your business needs – so that you can get back to doing what you do best!
Together our Accounting and Bookkeeping team will work with you and your business to help you improve at any stage through your small business journey. It’s important to get it right from the start, but we continue to have your back along the way.  We will set you up on a bookkeeping platform that is going to work for you.  Better yet, we do it all in-house!
Bookkeeping services are an important part of any business as they allow your business to maintain financial records, meet the tax and legal obligations, and also provide you, as a business owner, with information regarding the state of your own business, in real time.
Our Accounting Team can help you with the recording, analysis and reporting of your business’s financial transactions.  This is not just to meet your legal requirements (such as paying tax) but also to plan future expenditure to maximise and increase profit. Â
Our team love to spend time with business owners helping the business to grow, taking the next steps, make decisions on employing staff, purchasing plant and equipment, taking on new contracts or perhaps moving into a new field.
Our Accounting Team can advise on your new business establishment, financial due diligence, taxation and auditing, corporate reporting and compliance, superannuation and financial management and investment to name a few.
How Do Small Business Tax Accountants Help?
Our aim is to make sure your business gets off to the very best start with all the fundamentals covered.  Having the correct structure and registrations in place and we will discuss with you what this all means and the ongoing compliance obligations that you have as a business owner.
Depending on the type of business you are looking to operate, one of our experienced business accountants will work with you to learn about your business so we can advise on the most appropriate legal structure, work with you to ensure that your business plan is relevant, and that you have set the right goals to achieve.
Canny Group as Your Small Business Accountant
Canny Group has been helping businesses start-up for over 60 years! Â We understand business of any shape or size, because we are a business too.
Canny Accounting are the accountants Geelong trusts to handle their business accounting needs.
Regardless if you are a start-up, a side hustle or you’re already fully established, we can help you along your business journey as your business accountant at any stage.
If you would like to find out how we work with you to not only establish your new business but also how we can help your business reach its full potential, download our free guide to ensure that you are working with us, the right key people!
New Business Establishment FAQs
A small business is not legally required to engage an accountant, but every small business in Australia is expected to comply with its laws and regulations.
Having an accountant will ensure your business stays compliant and meets its regulatory lodgment deadlines.
But this is only the beginning!
Accountants also help manage financial records, provide valuable insights around business, tax and financial planning and strategy and can be a trusted adviser whenever you need them.
This can save you time and money, allowing you to focus on growing your business.
Operating a business does require various steps, and having a trusted accountant to partner with can both focus and ease the load on small business owners.
While not mandatory, having a bookkeeper can be highly beneficial for a small business.
A bookkeeper handles the day-to-day recording of financial transactions, ensuring that your financial data is accurate and up-to-date.
This helps maintain organised records, making it easier for you and your accountant to do the things that they do best – you running your business and your accountant helping you and your business stay on track.
There are many ways to start a new business. Common steps include:
- Idea validations using market research to help fine tune your business idea through research and planning;
- Document a business plan to help create a comprehensive business plan outlining items such as your goals, target market, and financial projections;
- Consider which legal structure is appropriate for you and your business;
- Consider any registrations and licensing which can involve registering your business name and obtaining any necessary licenses or permits;
- Financing for your business which will involve securing funding through loans, investors, or personal savings;
- Stepup of your business to establish your business location, whether physical or online, and set up operations; and
- Marketing decisions around developing and implementing a marketing strategy.
And then going from there!
Not all the above steps are necessary, and it may be as simple as registering an ABN and commence running your business, but a crucial step before anything else is having a trusted accountant to help guide you through these steps.
This may help starting your business with a smoother and more manageable process.
Absolutely!
We provide expert guidance on many areas such as deciding upon the right legal structure, completing your business plan at any point during the business life cycle, business registrations, and offering strategic planning towards your business’ future.
Our goal is to support you every step of the way, ensuring a smooth and successful launch of your business.
You may need an accountant, if:
- You’re starting a new business and need help with the initial setup;
- You want to ensure compliance with tax laws and avoid costly mistakes;
- You require assistance with financial projections, cash flow forecasts, business plans, coaching, and budgeting;
- Your business is growing, and you need more sophisticated financial management; and/or
- You’re seeking ways to reduce costs and improve profitablity.
Having a trusted accountant as part of your team ensures your business has the resources it needs.
No, you don’t have to start as a small business.
Depending on your resources, goals, and business plan, you can start your business at a larger scale if it’s desirable and appropriate.
However, starting small allows you to manage risks better and gradually scale your operations as your business grows.
And as always, having a chat with your accountant can help you decide how small, or big, you want your business to start.
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