Accountants for Business Start Ups Perth

Business Start Ups and What to Consider


Chartered Accountants & Business Advisers

Starting a new business is a big decision with many things to consider. One of the most important steps in starting a business is finding the right advisor to help guide you through the financial and compliance aspects of running a business.

From a financial and compliance perspective, there are various factors that need to be considered so your business can operate the way you intend. These factors include:

  • Determining the right business structure;
  • Understanding your compliance obligations; and
  • Recording, tracking and monitoring all your business transactions.

Determining the Right Business Structure


Deciding on what structure to operate is the first step to setting up your business. The most common type of business structures include:

  • Sole Trader;
  • Partnership;
  • Trust; and
  • Company.

All of the above structures are unique and offer both benefits and limitations. When deciding on the right structure, it is important to consider your overall circumstances and needs and what you want to achieve from the structure. This may include aspects like simplicity, asset protection, tax effectiveness or business succession. The right structure will also largely depend on the size and scale of the business and its future growth potential. There is no one structure that suits everyone’s needs.

Setting up the right structure from the start is an essential step in starting a business. Restructuring a business at a later point in time can be difficult to achieve and may have adverse tax consequences. For these reasons, it is important to get proper advice before deciding on the right structure for you.

Understanding Your Compliance Obligations


Knowing what your compliance and reporting obligations are is an essential part of running your business. Your compliance obligations will vary significantly depending on the size and nature of your business. Some common examples of compliance and reporting requirements include:

  • GST reporting
  • Understanding payroll obligations for employees and contractors
  • Workers compensation
  • Income tax

The ongoing compliance aspects are generally quite involved and will require input from a suitably qualified professional such as a Chartered Accountant.

Recording, Tracking and Managing Your Business Transactions


Managing your business transactions correctly and efficiently is the first step to achieving good compliance. Whilst this process may seem straight forward, this is one of the areas that causes the most headaches. Many start up businesses try and take on as much of the administration of their business as possible. This approach poses two key risks. Firstly, managing this area of your business can be exceptionally time consuming. Time spent on managing your transactions is less time spent growing your business. One of the fastest ways for a business to grow is to outsource the non-value add bookkeeping and free up more time spent doing what you are good at – working on your business.

The second risk associated with managing your own bookkeeping is that business owners generally don’t have a great understanding of how to account for transactions properly from an accounting and tax perspective. As a result, the data used to report on their compliance obligations may not be correct. This of course can cause bigger issues with relevant government authorities.

Our Solution

At Forty Seven Accounting, our advisors will guide you through all these factors and help you to understand the key compliance and financial aspects of your business.

We can also provide a complete business solution for the setup and ongoing management of your business. Our broader accounting solutions for businesses allow us to provide timely, relevant and valuable information without the headache that generally comes with it!

As Certified Xero Advisors and Chartered Accountants, we are able to completely manage your ongoing compliance, advisory and taxation needs. This includes:

  • Prepare and lodge your tax returns, BASs (including GST and PAYG), payroll compliance (including employee group certificates);
  • Completely manage all your bookkeeping requirements through our innovative accounting software solution, Xero;
  • Generate timely financial statements and management reports;
  • Business advisory services to optimally structure or restructure your business from a taxation and asset protection perspective;
  • Provide specialised business and taxation advice about transactions and investments as required.

OUR COMPLETE ACCOUNTING AND BOOKKEEPING SOLUTION

Xero Certified Advisor

In addition to our firm of specialised Business Accountants, Forty Seven Accounting is a certified partner with Xero. Xero is an innovative, online (cloud based) accounting software which allows you to run your business and access your accounts from work, home or on the go. Unlike many accounting software packages which require manual data entry, Xero automatically imports transactions directly from your bank statements via ‘bank feeds’.

Bank feeds automatically import all your bank account, credit card and PayPal transactions into Xero so you always have a complete up-to-date view of your business. Having access to real-time financial data lets you control cash flow like never before.

We manage this entire process for you so that all your transactions are correctly categorised and reconciled to ensure your financial and tax information is accurate and consistent with taxation legislation.

Having our firm manage the entire bookkeeping process ensures that all accounts and transactions are correct from a GST, accounting and income tax perspective. This significantly reduces costs that are otherwise associated with:

  • Having to review a bookkeepers work for accuracy;
  • Checking all transactions are categorised correctly for tax purposes; and
  • Ensuring that GST and income tax is correctly accounted for.

Xero’s integrated accounting solution also allows you to:

  • Generate customised invoices through the system;
  • Manage your staff leave applications and balances; and
  • Manage your payroll obligations (payslips, group certificates, etc).

If you have an existing accounting software program such as MYOB, we can arrange for this data to be migrated across to Xero.

Our partnership with Xero demonstrates our commitment to providing innovative solutions for businesses.

THE WIDER FORTY SEVEN GROUP

Forty Seven Accounting forms part of the wider Forty Seven Group which is an integrated Accounting, Financial Planning and Legal organisation. As a client of Forty Seven Accounting, you will have access to all these other professional services under one roof. Our integrated services allow our teams to work together to identify broader and “bigger picture” issues and provide a complete, holistic solution across our service disciplines.

Legal Services – Forty Seven Legal is an incorporated legal practice providing a range of legal services for small and medium sized businesses. Forty Seven Legal are able to assist with business succession planning, taxation of businesses, commercial transactions, debt collection as well as other integrated services such as wills and estate planning, trust deeds and company constitutions.

Financial Planning Services – Forty Seven Financial Planning have extensive knowledge and experience to formulate effective financial strategies to create and grow wealth. Our team can show you strategies to reduce tax, increase savings and pay off debt.