Your Financial Checklist

Starting a new business requires you to have an extremely efficient control of your funds. You need to know what is being spent and what is being earned. You will need to establish certain practices in order to run your business profitably.

Find an Accountant

Unless you have a degree yourself in accountancy, you will need to find yourself a competent accountant to help you manage your business's financial needs. If you feel comfortable with numbers, then you should be able to manage the general bookkeeping. However, in order to ensure that you meet all of the Australian taxation office is requirements, you are well advised to find yourself a recommended accountant. Start by enquiring in your local area. Before you agree to meet, ask them if they are small business specialists and what their hourly rates are, so that you're not wasting your time.

Bookkeeping

The upside of running your own business from home is that you are able to claim a lot of expenses that you would not have been able to claim prior. Depending on where and how your office is arranged in your home, you may be able to claim a portion of your electricity, phone, water, and possibly rent. You will also be able to claim costs such as stationery, some travel and a portion of your petrol. An accountant will be able to clarify these with respect to your personal situation.

 But you will need to keep a record of weekly spend all these items plus more, in order to justify the claim. You will need to maintain all receipts. You can do this manually, or the more efficient method is online with a variety of different software options including MYOB.

Don't Exceed Your Financial Limits

Before you consider any large investments, talk to your bank manager, a financial planner or a potential accountant. Any one of these people will be prepared to give you a free 30 min consultation to discuss your needs. Ensure you do so with at least two different consultants so you get two different perspectives and an opportunity to make a balanced, educated decision about your financial future.