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The Process of Starting a New Business Involves More Than a Website and Business Cards; BAS Agent Shares Tips for Starting a New Business

Whilst passion may be the driver for many to start their own business, the process of starting a small business needs more checks and balances than most people realise.


Victoria, Australia – WEBWIRE
AboveBAS offers businesses more than just bookkeeping services. Fiona Failla has several certifications and memberships, including an Accounting diploma and is a registered BAS agent.
AboveBAS offers businesses more than just bookkeeping services. Fiona Failla has several certifications and memberships, including an Accounting diploma and is a registered BAS agent.

All business owners put a lot of time and energy into their business. For someone to open up a business, they would have thought about it for a while; it’s their passion.

Passion and wanting to make a difference with a new business are noble attributes when it comes to starting a new business venture, yet many enthusiastic entrepreneurs don’t understand what’s needed to run a successful business.  Sadly, this lack of knowledge and proper planning results in over half of them failing in the first 2 years.
 
This failure is not because their idea is a bad one, or their product inferior.  More often than not, business failure is a result of people not understanding the back end of business, managing cash flow, or the ATO compliance requirements of being a trading entity in Australia.
 
“All business owners put a lot of time and energy into their business. For someone to open up a business, they would have thought about it for a while; it’s their passion. Most people don’t open a business on a whim,” explains Fiona Failla from AboveBAS, a Melbourne BAS agent which assists with small business set up and ongoing compliance. www.abovebas.com.au
 
“Their business venture may be something they’re really good at and they think they can break away and make it on their own. They’ve found the willpower to start it, but they need the skills to make sure they know the whole business side of it.
 
“Once they understand compliance and how the back-office works, they can have a really powerful business. They can grow from there because they have those foundations right. They can flourish,” enthuses Fiona. www.abovebas.com.au
 
Fiona advises that all budding business owners would benefit from having a ‘starting a business’ checklist to help guide them on all the various aspects of setup and ongoing business management that they will need to be successful.
 
Things to include on the checklist may include:

  • Contacting an accountant to ensure their financial situation is considered and catered for
  • Decide on the business entity/structure.  This is very important and involves choices about being a sole trader, company or trust? This will determine how the business is set up and more importantly how the owners will be paid in the business?
  • Choosing the correct accounting software for the business whether it be Xero, MYOB, QBO or Reckon as this will help business owners keep on top of their finances.
  • Set up streamlined invoicing. Invoicing regularly and controlling expenses will help with Cash flow for the business
  • Ensure the tax and compliance structure for the business is in place – ie registered for GST, PAYG withholding etc
  • Decide on internal bookkeeping or outsourcing this task.  Often the business owner just wants to focus on what they know and love, leaving the book keeping to an expert. Selecting the right book keeper who will grow with the business is very important.
  • Ensure the accountant works closely with the bookkeeper for those day-to-day requirements of bookkeeping compliance

Fiona and her AboveBAS team regularly train people in small blocks of time (so it’s not overwhelming) so they can manage their accounts themselves. Often however, they find that the owner just wants to focus on the business itself, so the AboveBAS team are called upon to handle all the accounting information including lodging the business activity statements, ensuring the company is compliant and all the financials are prepared for the accountant at year’s end. www.abovebas.com.au
 
 
About AboveBAS
 
AboveBAS offers businesses more than just bookkeeping services. Fiona Failla has several certifications and memberships, including an Accounting diploma and is a registered BAS agent.

Her team has a combined wealth of over 50 years of experience. At AboveBAS they work closely with businesses in Consulting, Training, Advisory and bookkeeping solutions. They have also developed the AboveBAS Business Guidance program that offers a helping hand for your business journey.

AboveBAS uses the Pure Bookkeeping System. These processes and systems have been implemented into AboveBAS to ensure the quality of work produced is consistently of the highest standard.

No matter what situation you find yourself in, or how complicated your accounts are, The Team at AboveBAS are there to assist you in becoming efficient and offer you peace of mind. The team are experienced in getting the job done right or if preferred they are there to guide you step by step to achieving your goals. They can even help set your goals.

The company caters to all streams of business such as the medical industry, trades, retail, and franchises.

At AboveBAS we maintain continuing professional development and are up to date with new software releases and most importantly our BAS AGENTS meet all the registration requirements from the ATO and can legally lodge your BAS.


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 Melbourne BAS agent
 Small business set up
 ATO compliance
 Starting a business


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