New Business Establishment

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 lodgement deadline.

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 parter 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; help 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;
- Step up 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 on from there!

Not all of the above steps are necessary, and it may be as simple as registering an Australian Business Number (ABN) and commence running your business, but a crucial step before anything else is having a trusted accountant to help 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 businesses 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 profitiability.

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 - for you.

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.