When setting up a business or making changes to an existing business, it is necessary to plan ahead. This is because decisions made at the start of a process can have a resounding impact on future outcomes. Therefore it is strongly recommended that you speak to your advisor(s) to discuss your individual needs.
Choosing what structure you operate within is one of the first key decisions to make. For existing businesses, changing your business structure can also be beneficial depending on your circumstances, and regardless of whether you are a sole trader, partnership, company, or one of various types of trusts. For a business structure there is no ‘one type fits all’ scenario. Very similar businesses can benefit from completely different structures and this is why you should speak to your advisor before you make a decision.
For new and existing businesses, choosing the right software to help run your business may seem like a difficult task. Taking the time to plan and explore the options relating to your business needs can save time and stress in the future.
Business software can range from basic desktop applications to full cloud-based suites, and can cover business needs such as basic accounting packages, inventory management, employee time and cost tracking, human resource management, receipt tracking, budgeting, and much more. Therefore the first step in deciding what software to choose, or whether to make a change, is to identify what needs your business has. Start by making a list of your basic requirements and then research your options with your business advisor. Common accounting packages for small business include Xero, Reckon, MYOB and Sage, with each of these having a number of ‘add on’ packages available.
Single Touch Payroll
Through the government’s mandatory implantation of single touch payroll (STP) all businesses are required to report their payroll information through STP enabled software. This covers salaries and wages, PAYG withholding and superannuation. As of 1 July 2021, small businesses’ will also be required to report STP for ‘closely held employees’.
Building your Team
Running a business can be time consuming. For this reason it is important you build the right team around you to provide support when needed. Establishing a strong trusting relationship with your accountant, bank manager, lawyer, bookkeeper, or insurance broker (among others) will put your mind at ease, knowing that if you need help, you know who to contact.
If you have questions about setting up or making changes to your business please call your Accru office.