Starting or Buying a Business
Starting or buying a business demands considerable research and planning and it can also involve significant financial risk. Enthusiasm, money, hard work, talent or a great idea is not enough to guarantee success in business and to succeed you need the right accounting and legal advice.
In the start up phase you need to address a range of issues including your business structure, tax registrations, insurances, software, finance, contracts and marketing. There are numerous obstacles but we have earnt a reputation as a business start up specialist and have mentored a large number of clients through the start up process. Along the way we have also developed a range of practical templates, tools and checklists specifically designed to help our clients starting a business.
The saying, ‘people don’t plan to fail, they just fail to plan’ still applies and and it remains both valuable advice and a warning for people intending to start a business. If you are starting or buying a business the evaluation and establishment phases can be periods of great anxiety due to a combination of excitement, uncertainty and financial risk. Clearly the risks are real and the Australian Bureau of Statistics suggest that 42% of new businesses won’t be around in 3 years time. The failure rate remains high but incredibly we still find many people starting or buying a business don't seek or receive the right financial and legal advice.
Compliance remains important and poor record keeping can contribute to business failure but we are not your average firm of Accountants who just keep the score and you can benefit from our vast business start up experience. We aim to help you understand your numbers and that includes the four ways to grow your business and the profit drivers in your business. We also recognise the difference between success and failure could be your marketing strategies, website or social media presence.
We are passionate about your business success and to help our clients we have published a comprehensive guide titled 'Starting or Buying a Business in Australia'. It provides valuable information on a number of key issues that confront a new business owner including:
- The Taxation and Legal Aspects associated with the Alternative Business Structures
- Essential Tax and Business Registrations when Starting or Buying a Business
- Employer Obligations including Superannuation, PAYG and WorkCover
- Record Keeping Requirements and Accounting Software Options
- Legal Issues including Wills, Contracts and Leases
- Permits & Registrations - Council & Government
- Buying a Business or Franchise
- Preparing a Business Plan
- Key Business Insurances
- Preparing a Cash Flow Budget
- Vehicle & Equipment Finance Options
- Alternative Methods of Claiming your Motor Vehicle Expenses
Copies of the booklet are available from our office and if you're looking to get your business off to a flying start talk to one of our team membes today on (03) 8371 0001.
Accrue Accounting - Your Financial Future is Our Business