Business Start Ups

Business Start Up Advice

Starting or buying a business can be like a game of chess, to succeed you need to make the right opening moves. The business evaluation and establishment phases can be periods of great anxiety due to a combination of excitement, uncertainty and financial risk.

What you need is sound professional advice from qualified accounting and legal sources. Having assisted so many clients in this situation you know that you will benefit from our experience.

Start with the End in Mind

There is a myriad of issues to consider when starting or buying a small business. These include the business structure, tax and GST registrations, record keeping, software options, legal issues and insurances. If you are employing staff there are additional considerations such as WorkCover, superannuation, PAYG and possibly FBT. You should always ‘start with the end in mind’ and look to take advantage of the potential future application of the discount capital gains tax concessions when assessing the most suitable business structure. Asset protection and succession planning are also factored into the tax structure equation.

The expression, “failing to prepare is preparing to fail” is both valuable advice and a warning for people intending to start a small business. Let us help you by sharing an exhaustive checklist of start up expenses, preparing a 12 month cash flow budget and projected Profit & Loss Statement for you and your new business.

We can even help you prepare some ‘what if’ financial scenarios to assess the viability of your business and plan any finance requirements, ensuring you have all the information you need to make the right choice. Still not convinced that NP Accounting is right for your business?

We will provide you with a business plan template and a range of tools for no extra charge.

What To Look For In An Accountant...

As a business owner you need more than an accountant who just keeps the score. You need an accounting firm that works with you to plan the growth of your business, and we aim to help you build a better, more profitable and valuable business by combining the knowledge of your business with our consulting tools and expertise.

Business start ups are one of our specialist services and having assisted so many clients through the process you know that we can offer you plenty of benefits due to our experience. Our comprehensive 45 page booklet, ‘Starting or Buying a Small Business’ is available to clients and is a valuable resource. It explores all the key issues such as alternative business structures, GST and tax registrations, record keeping, legal issues, employing staff and preparing a business plan and cash flow budget.

Registering for tax purposes

Too many business owners fail to manage their tax position which often means they pay too much tax or unnecessarily incur fines and interest penalties. Others are operating under the wrong taxation structure which could jeopardise their eligibility for valuable capital gains tax concessions on sale. GST, BAS and income tax payments often represent some of the largest financial obligations of a business. Failing to plan for your taxation commitments can play havoc with your cash flow. Knowing the timing of and amount of future tax payments can identify likely shortfalls and lets you plan a funding strategy. It is critical that you understand, plan and manage your tax obligations. Our objective is to help clients structure their business and tax affairs to achieve the most favourable tax outcome. We are alert to our clients’ needs and take a pro-active approach to tax planning and encourage client meetings well before the end of the financial year to consider tax effective strategies including:

  • Legally Reduce your Annual Income Tax Liability
  • Minimise the Capital Gains Tax Liability on Sale of Assets
  • Maximise the CGT and GST relief in handing over the family business
  • Maximise the Tax Relief available on Retirement

Most business decisions have taxation implications and we work with you to make sure you make informed business decisions. For example, we recommend you consult with us before buying or financing a vehicle for the business, restructure any business loans or sell an investment property. Call our office today and benefit from our tax knowledge and experience.

Business Plans

Where will your business be in five, or ten, years time?

In today’s competitive environment, no business can afford to stand still. It is important to have long term plans for your business so you know where the business is heading and can track its performance. If you are planning to grow, expand or franchise your business the financiers will not only be interested in your historical data but they will also want to know your future plans. Business plans are a key tool when applying for finance and please contact our office should you need a copy of a business plan template. Our dedicated team is committed to helping you succeed. We can advise you on the right strategy for your business by looking at where you are now, where you want to be and the best way to get there. Professional advice that incorporates planning and expert taxation and financial planning advice can help your business realise its full potential.