Starting a Business
LBW Advisory + Your new business = Success
So you’ve decided to take the plunge and start a new business!
Secondly, we LOVE helping new businesses!
Finally, you’re in for one hell of a ride; starting a business can be time consuming, stressful, at times complicated but if you get it right, incredibly rewarding.
It’s important to remember that, according to the Australian Bureau of Statistics, around 60% of Australian small businesses fail within their first 3 years. To make sure you fit in the other 40% takes dedication, knowledge and organization.
Before you start, you’ll need to consider a number of things. The accountants at LBW can help your new business with the following:
- Budgeting & forecasting;
- Understanding what you’ll need to earn to keep the doors open;
- Business structures (Company, trust, sole trader ect) and the pros and cons of each;
- Registrations (GST, PAYG, TFN, ABN ect);
- Set up & training with the best accounting software packages available;
- Training on the BAS system and how it will affect your business;
- Tax planning – ensuring that your never paying too much and you always know what’s coming;
- Structure of your business bank accounts;
- Superannuation – how to pay it and why it’s important;
- Insurances – what you’ll need and where to get it.
We love new business because they are clean and when set up correctly, have the ability to grow into the booming business you want them too.
Book an appointment today to speak to one of our accountants about starting your new business.