In this seventh episode, we work with epic Accountant, Nicola, to unpack a whole bunch of really important things that you need to know to make sure you’re set up for success- including business structures, record keeping, IP, and Tax.
Total length of time required to deliver this episode: 30-60 minutes.
Resources:
Business Structure
Find more information about different business structures here. Each structure has different tax implications, so it is best to discuss your situation with an accountant.
Record Keeping & Bookkeeping:
Please find some online bookkeeping services below (note they are listed in order of pricing and sophistication (low to high): Wave | QuickBooks | MYOB | Xero
Organisation tools:
Here are five tools to help with you with day-to-day business management:
- Apps such as Trello/Asana can be used to help keep your workflow on track throughout the day
- Back up your work in the cloud so that you can access your files at any time
- Slack or Google Hangouts are great internal messaging and notice tools
- Software such as OneNote is a great place to document your business processes (can access online and is more dynamic than MS Word)
- An online calendar whether it be through your emails or another provider will help you stay on track and help others in your business to collaborate with you more effectively.
Registrations:
Find some more information about different registrations at:
www.business.gov.au/registrations | www.register.business.gov.au/
An accountant will be able to advise you on the relevant registrations for your business and help you apply for them.
Licences & Permits:
Register Licenses & Permits | Business Licenses & Permits | Australian Business Licensing and Information Service
Undertake this short questionnaire which will help you to determine which licences (if any) are relevant to your business.
Insurance:
Find some more information about different business insurances. We recommend you talk to an expert in this area.
Intellectual Property:
Intellectual Property | Intellectual Property Explained
A lawyer can help you to protect your intellectual property.