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  • #986592
    HSH
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    Can anyone give me some guidelines on things to consider when starting a business with regards to the accounting side. The business idea, the products, the contacts are relatively straight forward (sort of :)) but I am pretty green when it comes to the accounting side.

    I will obviously need an accountant when things get underway but do I need one in the planning stages? What are some of the considerations I need to make a priority?

    #1158546
    MissSassy
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    You need to be able to understand you financials and create budgets from very early on.

    I would probably recommend a short course or similar so you can get an idea of what is required.

    A lot of small business fail due to poor financials so it is very important in the scheme of things.

    If you can I would get an accountant involved early or at least know one who can help you out.

    #1158547
    bjmyers
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    An accountant can help in the planning stages with advice on business plans, getting the necessary registrations in place and setting up your back end systems around bookkeeping and reporting.

    Getting the bookkeeping right at the beginning makes it easier to extract financial information, useful to see how you are performing and in setting budgets. Take a look at some of the newer cloud/online based offerings, which can help simplify your bookkeeping significantly.

    #1158548
    Tony Manto
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    Yes an Accountant or a good Bookkeeper can certainly help.

    You can do it yourself in excel.

    You need to sit down and plug in all your fixed cost like rent, insurance, bank repayments, etc… There are a lot of good templates on the net. Have a look at the NAB site and even ANZ

    Then you can estimate your variables.

    Try and talk to suppliers and even other business owners in the same business to get a handle on what the variables are and what to expect. Its all true, you will live and die if your numbers are not right.

    Having said that, don’t forget a marketing plan and budget.

    #1158549
    arrowwise
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    You need to develop working procedures to do your books to astandard that your book keeper and / or accountant will accept and not triple your bill to fix mistakes.

    It worth doing a short course in the your chosen accounting system, so you’re up to speed with at least the core fundamentals. Then when you grow or prefer spending less time on the books, you can integrate a book keeper into your process if your budget allows.

    As good accounts is essential to good business, it’s not something you want to outsource entirely – at least in the early days.

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