Talking Cents

Plan, Plan, Plan Small Business

When you get in your car, do you start driving and then, once moving, worry about doing your safety belt, checking your mirrors and working out where you are going? Hopefully, like most cautious drivers you would do all of those things before setting off.

So, why is it that so many of the new clients that are coming to us for small business accounting assistance have already started a small business without first working out where they are going, how they are going to get there and what safety nets have been put in place?

Without being biased here, the current obligations on small business in terms of ATO payments and reporting, insurance requirements and the complexity of choosing the proper legal structure make it an essential requirement of anybody starting a small business that they seek out the right advice. Getting the right legal and accounting advice BEFORE starting your small business can prevent so much unnecessary anxiety regarding the unknown obligations of a small business owner. In our vast experience, the costs of getting an existing business up to date almost always far exceed the costs that you would have expended if the right support had been enlisted from the beginning.

So the message for today is not about promoting our own wares hear, but imploring you to seek out the experience of a small business accountant, whether your based in Sydney or elsewhere, who can help you meet your legal requirements and also provide many great insights into aspects of your business that can potentially save you thousands.