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Partnership

Partnership is ideal for people going to business with another person. The partnership structure is easy to set up and operate but it also places full liability on the owners. Removing or adding partners can also be difficult and each owner is taxed under individual rates with minimal flexibility to reduce tax liabilities.

Company

A company structure is good for scaling and high growth. You can take on multiple employees and the liability of the business is absorbed by the company structure. You can also benefit from competitive capped tax rates. However, it comes with higher set up costs and needs strict ongoing management. You lose personal control of the business and need to comply with rigid financial reporting and tax obligations every year.

Trust

Family trust is a common trust structure that suits those who want a vehicle to distribute business income to their family tax-effectively. Similar to a company structure, it comes with strong asset protection because of limited liability through a corporate trustee. However, it comes with higher ongoing management costs and can be difficult to add shareholders to. It is also not set up for large scale business. Talk to your accountant or financial adviser for strong advice when starting a business so they can explain the different structures and help you decide which one suits your future plans best.

You need the right financial tools to automate your business from the get go and save you time down the road. However, choosing them can be tricky as there are many available. You need to take the time to find the functionalities you would need.

Xero

Xero is a cloud accounting platform that can simplify your finances, reconcile your business transactions, track expenses, see financial statements and business info in real time. It syncs with other business software as well.

Hubdoc

Hubdoc is a repository for bills and financial statements and automatically imports invoices, statements and bills from different platforms into a central place. You can easily keep track of your financial obligations.

Bill.com

Bill.com is a payment solution that can be integrated with a Xero account. It lets you enter, monitor and pay bills smoothly and not double-up on data entry. Paypal is a payment option – one of the largest and most trusted payment gateways in the world. Stripe is an online payment gateway that can handle credit card payments, Apple Pay, Android Pay and Bitcoin. Veem speeds up and streamlines sending and receiving of international payments. This is good for ecommerce businesses with plans to scale. Bankfeeds lets you import Shopify transactions to a Xero account automatically so you don’t have to spend time tracking monthly reconciliations. Pennypie is like Bankfeeds but for PayPal transactions.

eCommerce

An ecommerce platform enables customers to buy products. The right ecommerce platform depends on the products, where the customers are, what your future plans are and how much control you want. Some ecommerce platforms include Salesforce, Shopify, Wix, Netsuite and Squarespace.

To choose your ecommerce platform, calculate the costs such as subscription and membership fees, integration fees, storage fees, etc. Ensure that the platform would make it easy for your customers to buy. Do your research and talk to sales reps or ask other business owners. See if you enjoy using the platform and see how it really works. Make sure your web hosting company is there for you as your business grows and handles more traffic. They need to provide security protection, data backup and responsive support so your data needs are met.

eCommerce business

When starting an ecommerce business, it may seem simple but you need to place the right groundwork for it to be a success. Make sure your website is user-friendly and easy to use. Your customers must be able to find you so invest in advertising or get your SEO right. Set clear business goals and targets to hit so you can monitor progress. Look where you can reduce costs like insurance, rent, storage, etc. Reducing costs mean more money so negotiate with your suppliers to improve profit margins. Experiment raising prices as even a 5% increase can have an impact on your income. You can also explore new markets and product lines.

Contact UsContact Us

As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.

You can click here to speak to a businessaccounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.

We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.  Our goal is to help you grow your business, find ways to invest more and increase your productivity.

 

 

Sky Accountants Ballarat

Phone: 1300 328 855

Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia

Postal Address: PO Box 2234, Bakery Hill, Victoria 3354

Sky Accountants Gisborne & Macedon Ranges

Phone: 03 97444522

Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia

Postal Address: PO Box 270 Gisborne Victoria 3437