13 Steps to Simple Business Finance Set Up Guide

We aren’t joking when we say thousands of dollars each year. Putting aside the reduced stress, the benefits of spending a little time on this now are that you will:

  • Add to your bottom line by knowing your eligible tax (BAS) entitlements
  • Minimise the time you need to spend on finance stuff
  • Minimise your bookkeeping or accountants fees at BAS and Tax time
  • Minimise the time you spend following up on non payers and the money you lose in bad debts

Which category do you fall into?

Category 1 – “Just Tell Me What to Do!

Category 2 – “I want to spend time on Business Financial Matters”.

OK, here’s the 13 Steps:

Step 1. Have You Got the Right Structure? More detail
Step 2. Consider Your Insurance Needs More detail
Step 3. Open a Separate Bank Account More detail
Step 4. Consider Your Capital Needs – What? You Mean a Budget? More detail
Step 5. Transfer Capital Into Your Account. More detail
Step 6. Are You Sure About GST Registration? More detail
Step 7. Get Clear as to What Constitutes an Eligible Business Expense. More detail
Step 8. Motor vehicle deductions. More detail
Step 9. Decide How You Will Get Paid and Issue Invoices. More detail
Step 10. Put all income and all eligible expenses through the Bank Account. More detail
Step 11. Decide on Your Method of Formal Account Reporting. More detail
Step 12. Preparing for BAS and Tax. More detail
Step 13. Using the Right Person for the Right Job. More detail