• Scorpion Bookkeeping

4 essentials for start-ups

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Starting up a business is an exciting time. But no matter what type of business you’re starting, there are some less exciting but essential things you should do from day one.

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1. Work out the structure for your business

Do you want to set up a sole trader, partnership or company structure? Each business structure has its pros and cons, but it’s important to choose the one that will best suit your short, medium and long-term needs.

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2. Get financial systems in place

Managing your business finances effectively will be essential to your business being successful. You should put financial systems in place to help you do that quickly and easily. For example, Xero software to help you pay your expenses, bill your customers and prepare your business activity statements for the Australian Taxation Office.

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3. Get any legal agreements in place

Depending on the type of business you have, this could include partnership agreements, as well as contracts for staff and clients.

It could also include lease agreements for assets and equipment, as well as for renting business premises.

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4. Take out appropriate insurance

Again, this will vary depending on the type of business you have, but could include insurance such as:

  • workers’ compensation,

  • public liability,

  • product liability,

  • professional indemnity, and

  • building and contents.

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How we can help

If you want to make managing your business finances easier, our team at Scorpion Bookkeeping can help. We provide cost-effective bookkeeping support services to a diverse range of clients in South Australia, New South Wales and Victoria.

And if you’d like to implement cloud-based Xero bookkeeping software, we can help you with that as well. We are a Xero-certified partner.

Contact us today for a free, no-obligation consultation to find out how we can help your business!

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