Creating and owning a small business
Owning, operating, and growing a small business can be an unnerving task that takes a lot of courage and planning. It can also be a really exciting time, as the freedom and independence of income and work becomes highly attractive.
As a small business owner, you’ve likely followed the recommended path to setting up your business.
You will have:
- Decided on your business structure (sole trader, company, trust, etc.)
- Applied for your Australian Business Number (ABN) – this is what allows your business to be identified by the government
- Chosen and registered a business name (you must ensure the name is not copyrighted or trademarked by another Australian company)
No matter how small or simple you think your small business tax is, a small business accountant will help you across all facets of business tax, accounting, and bookkeeping. Even more ‘basic’ financial obligations, like utilities and payroll, can be better effectively managed and monitored with a small business accountant.
Similarly, bookkeeping is a crucial undertaking for even a small business owner, as it records sales, purchases, regular and one-off expenses, and other balances like bank accounts.
If small business accounting sounds too far out of your depth, seek assistance now. The earlier you hand over the reigns of small business accounting to a qualified accountant, the faster you’ll see accounts bring tidied up, budgets becoming clearer, and financial affairs being better managed.