Forum Replies Created
September 6, 2021 at 3:49 pm #1230621::
All of the previous advice is sound so I can’t add anything on that.
I know you mentioned that you have no plan to set up a company but what you can do is set up a separate trading name with a separate ABN with you and your partner as the owners.
The challenge is when the business goes well and starts to create value as well as revenue.
Talking about how you would split the share of the Value if someone came to buy it off you, or one of you decided you wanted out, and your share.
Get some advice from a Solicitor who specialises in Partnership Agreements when the time comes.
I’ve seen too many friendships fragment because they didn’t have the difficult conversation about value soon enough.
Good luckJanuary 16, 2021 at 3:19 am #1224418::
I’m not an accountant or a financial planner so this sort of information has to be general.
James points out some very relevant things that you need to think about.
I’m a sole trader (soon to incorporate into a Company) but for now I keep my personal expenses and business separate in different bank accounts.
The business one is in my Registered Business name but the income is personal. Invoices are generated by the Business Name and gst is paid on that income. (get some advice on whether you earn enough to claim and pay gst)
All my business expenses come out of the business account.
I have a book-keeper who looks after this on a monthly basis and because it’s relatively simple it’s less than a cup of coffee per day.
There are options like superannuation to reduce tax but that’s a discussion between you and a financial adviser that has specialist knowledge in advising businesses. That could be an accountant or a financial planner.
I hope this helps. I have many accountants, book-keepers and financial planners in my network and a few that advocate for because I trust them.
I’d suggest you find similar and get to know, like and trust them and then you can go to them instead of a bunch of Randoms.
Good luckJanuary 16, 2021 at 3:04 am #1224604::
Hi Andrew, I too am a Freelance Consultant and I use ZOHO One.
It’s AUD $50/mth per user and has about 40 apps attached to it.
It has the CRM that has Modules like Leads, Contacts, Accounts, Deals.
It also has a bunch more like forms etc.
But the real secret sauce is the Apps that go with it.
It has Cmpaigns which is like mailchimp or hubsport, it has books which is the same as Xero, it has Surveys, It has Forms, it’s got Cliq which is like Slack, Notebook which is Twillo (I think that’s waht it’s called). There’s more and they are all connect with API’s and can also connect with Chrome extensions and other 3rd party apps.
The killer is how simple it is to write workflows and blueprints (stages of a process) and they can trigger actions when a record field is changed. It’s friggin awsome.
It’s not intuitive and if you like to get into the details (like I do) it took me a few months to figure it out. I now have an administrator who’s managing it for me now.
They also have a cut down version called Bigin which is just a simple sales crm with lots of the ZOHO One functionality and I think it’s around $10/mth
There is over 13 million users and they’ve been around for 10 years (I think)
As you can tell I’m an evangelist for it – I can’t help you with the product as I don’t do that work, but I recommend it because it’s so awesome.
If you need someone to show it to you let me know and I can introduce you to my administrator.
If not there are plenty of resources on You Tube tooDecember 17, 2020 at 10:37 pm #1224514::
I have two friends who provide this service and it depends on the complexity.
If it’s straight data entry and a simple bank req then between $50 and $70 per hour.
If it’s more complex work that an accountant might charge $2-300 per hour an Accountant that runs a bookkeeping service can provide CFO style advice, like cash flow projections, setting up systems to automate sales and invoicing, BAS and tax preparation etc then it’s $80 – $120 per hour. Much cheaper than an Accountant.
Hope this helps but it’s always you get what you pay for.
I do know a few providers out of India that do a pretty good job for half the cost but it depends if you’re comfortable with virtual