Build Your Business Foundations
Starting a business is a bit like building a house that requires solid foundations. The corner stone of the business is your taxation structure and in Australia there are a number of options including sole trader, partnership, company and trust.
Make no mistake, it is a critical business decision that could save you thousands of dollars in the long term. When assessing the alternatives you need to start with the end in mind and that includes considering discount capital gains tax concessions. You also need to assess the business risk when considering the structure and we like to sit down with you to discuss your family situation, forecast level of profits and likelyhood of admitting new business partners in the future before making a recommendation.
Accounting software selection is another brick in the business foundation wall. Again, the wrong choice can be catastophic which is why we insist the software matches your business needs with your level of accounting skill. If you use a sophisticated double entry accounting software program without intermediate accounting skills your records will probably amount to nothing more than a 'computerised shoebox'. In turn, this will defeat our purpose of minimising your tax compliance costs. Poor records are one of the biggest causes of business failure and you need up to date, accurate financial records to make informed business decisions. Where required, we will train you to use the software because we are committed to minimising the cost of compliance.
Get the business foundations right and you can build a sustainable business!