Home – New Forums New here? Share your story Howdy from Queensland

  • This topic is empty.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • #995591
    kiffsta
    Member
    • Total posts: 1
    Up
    0
    ::

    Hi Everyone

    I recently learned that my current role is being made redundant and I am about to embark on the dream of running my own BusinessCompany. I have had 12 months to get accustomed to the idea of leaving my current employer and I have spent a lot of time building and refining my business plan which I am quite happy with now. I have numerous friends who are business owners review my plan and they have challenged my assumptions and provided me plenty of feedback. I am confident my business model is sound, what I am not confident with is understanding my obligations financially when running a company.

    I have a great accountant who is coming on this journey with me, however I want to attain a better understanding of how best operate my company. She has helped my identify the most efficient structure operate under and we are working together closely as we lead up to February.

    Can anyone recommend me a course, book, on-line resource that I can tap into to help me understand areas such as :

    How can I lessen my accounting bill by completing my BAS and have my account check it , then submit it ?
    How do I manage the loan I intend on making to the business to get the doors open ?
    How I get my money back once I start making money as a company ?
    How do I pay myself when I have a company and trust ?

    I know I can have my accountant to do all this for me, but I want to know and understand what is going on. I have faith in my accountant, however I don’t offer up blind trust, I need to be able to understand each step and be sure its being done right 100% of the time.

    Cheers

    Chris

    #1202847
    Paul – FS Concierge
    Keymaster
    • Total posts: 3,488
    Up
    0
    ::

    Hi and welcome to the Flying Solo Forums Chris.

    Thanks for joining and posting.

    You have some good questions there.

    Hopefully some helpful members will be along soon with some on-point advice.

    Cheers

    #1202848
    Mischelle
    Member
    • Total posts: 805
    Up
    0
    ::

    Hi Chris,

    Welcome to the forum, I know that some of the others on here are tax people, so their input will help, just give them a few days to see the post :)

    My input is as a business owner and not a tax/accounts person.

    How can I lessen my accounting bill by completing my BAS and have my account check it , then submit it ?

    I have a book keeper not an accountant do my BAS (my accountant does the end of year), I do it monthly to help with cash flow and all information is entered into the accounts system by myself or staff prior to her doing BAS and Payroll.

    She works remotely to save on travel time and it takes her about 2 hours a month to do BAS for 2 companies and 7 staff payroll.

    If you are doing quarterly BAS, just make sure you plan it and review the amount owning as you go. Most newer accounts systems can keep track as you go.

    Also make sure YOU enter all transactions, invoices, bills etc so you are not paying your book keeper / accountant to do labour based tasks.

    How do I manage the loan I intend on making to the business to get the doors open ?

    Most of us have done this as some point, put money into the company to start up, just make sure you enter it into your accounts system as a loan. I did this and I also drew up a loan document (1 page) to ensure repayments are clear. You set repayment schedule yourself based on how you are going.

    How I get my money back once I start making money as a company ?

    Getting your loan back is simply the business paying you directly to pay off the loan and you enter into your accounts systems as loan repayments.

    How do I pay myself when I have a company and trust ?

    You can set yourself up as an employee (This is what I have done – I draw a very small weekly wage) AND/OR combine it with funds distribution to your trust, depending on what type of trust you have etc etc. This one you need your accountant’s advice on.

    I think the biggest saving most people can make on accounting costs is labour based, by your entering all debtors an creditors etc you are automatically saving hours on your accounting bills.

    Good luck and this is an exciting time for you, we are here for any questions you may have.

    Cheers
    Mischelle :)

    #1202849
    bb1
    Participant
    • Total posts: 4,485
    Up
    0
    ::
    kiffsta, post: 240624, member: 87488 wrote:
    How can I lessen my accounting bill by completing my BAS and have my account check it , then submit it ?

    Assuming you use a good accounting package, and have it setup correctly. You can easily enter all your own creditors and debtors information. And when the BAS is due just press the BAS button and do it all yourself. You don’t need a book keeper or accountant to do it if you have the right tool ,and feel confident you can enter the data ok. Saves a bucket of money.

Viewing 4 posts - 1 through 4 (of 4 total)
  • You must be logged in to reply to this topic.