Once you’ve decided to venture into a new business it can often be confusing as to where you should begin.
Whether you have a great idea for a business or are looking to take over an existing operation, having accurate recording keeping and reporting processes in place as well as information about your business obligations, industry, market and finances is vital to building a successful venture.
Starting a new business checklist:
The structure of your new business is highly important, as it will be the foundation for your success, hence you will need to consider the following:
- Set up business structure
- Form relationship with Bank and open a bank account
- Set up internet banking facilities
- Set up merchant facilities (MasterCard, Visa, Amex, Diners)
Your new business will also need a sound accounting and recordkeeping system put in place as an integral part of ensuring financial success. You will need to:
- Set up accounting system
- Put KPI’s in place
- Attend to Accounts Payable/Accounts Receivable/Payroll/Preparation of Management Reports
- Negotiate all insurance contracts
- Prepare budgets for profitability and cash flow
- Review non-financial KPI’s
You should also ensure that your new business is set-up to comply with all of the necessary taxation registration and reporting standards, including but not limited to:
- GST
- BAS
- PAYG
- TFN for entity
As well as accounting standards, there are legal requirements that need to be met. You should consider:
- Conduct a risk management review
- Note relevant Acts requiring compliance
- Prepare Agreements, Terms of Trade and other legal documents to comply with relevant Acts
There are also a wide range of things to consider that are not necessarily accounting or legal based but are just as important to the operation and longevity of your business.
At The Quinn Group, we can assist you with all of your requirements when starting up a new business, from accounting to legal, we cover it all. If you require the services of certified accountants and lawyers, please do not hesitate to contact us now by submitting an online enquiry form or calling us on 02 9223 9166.
