Congrats on Your New Business Baby
Partnering with a Certified Bookkeeper could be the best investment you in make in ensuring that your business survives.
By Leanne Berry
A self-confessed "geek girl", Leanne is driven both by numbers and technology, and how the two elements can work together for the good of a client's business. She thrives on problem-solving and encourages and assists clients to derive more from their accounting and other integrated software and systems. She loves your numbers, while you love your business. Leanne is a MYOB Certified Consultant, Xero Certified Advisor and Microsoft SMB Brand Ambassador.
Congratulations, it’s a beautiful baby business!
Are you new to business in Australia? Then congratulations, you have joined the over 3 million other small business parents who drive our economy and employ the bulk of Australian's workforce.
Your new business is your baby, you are now solely responsible for every aspect of its development, education, health and safety, ensuring it reaches its full potential, able to thrive in the world when you eventually cut the apron strings. You've heard the scary statistic, according to the Australian Bureau of Statistics, more than 60 percent of small businesses cease operating within three years of starting.
Baby's first steps!
Whilst there are many reasons why these business babies do not thrive, one of the most critical factors to success, in fact the life blood of your business, is numbers and financial management. Money has to continually flow in to your business baby in order for it to develop and grow. The best way to ensure this happens from day one is to set in place the correct financial systems and learn to understand exactly what the numbers are telling you on a regular basis.
You have to love the numbers.
The most important decision you can make as you begin your business parenthood, is to partner with a key tutor and number doctor, an advisor who understands not only numbers, but can advise on the range of software solutions that can be tailored to your needs. Everything from accounting to point of sale and a range of add-on solutions that ensure that your systems are compatible for providing everything you need to keep your baby operating smoothly.
These passionate professionals have spent years developing not only extensive skills in a range of accounting software, but also understanding the world of bookkeeping and financial management. They can help you to set up a financial system, customised to the specific needs of your baby. They can educate you and assist you to nurture the life blood of your baby and help it to thrive.
You can't know everything about raising a baby! You have ideas and a passion for raising your baby and you've seen others do it successfully, but once that baby becomes real it’s a whole new scary world and there is always so much to do and learn to keep your baby happy, healthy and thriving.
School can be scary!
Your business baby starts school immediately and has regular exams it must complete and pass. These complex exams involve understanding the theory and application of a vast set of rules and regulations such as GST, Pay As You Go Withholding (PAYGW) Tax, Pay As You Go Withholding Instalments (PAYGI), Payroll Tax, Superannuation compliance, Fair Work compliance, ASIC returns. Also to take into consideration is preparing all the financial information for your baby's accountant to complete the annual report card for income tax, the list goes on and on.
The amount of study you have to undertake, as a parent, to get it right and keep up to date with all the changes on a regular basis is mind blowing.
It just makes sense to partner with a tutor with the qualified resume who can tutor you and ensure your success as a business parent, a Certified Bookkeeper.
Many Certified Bookkeepers are BAS (Business Activity Statement) Agents, they spend years not only developing and honing skills in software setup and application, but also in learning and maintaining knowledge in these complex areas of financial management to meet the compliance of their regulatory body; the Tax Practitioners Board (TPB). They can assist you in all these areas from communicating on your behalf with the School Principal (the Australian Taxation Office or ATO) and other teachers such as super funds, ASIC and other regulatory bodies - ensuring your business baby passes all its exams with flying colours, correctly and on time. You can search the TPB to ensure your advisor is registered.
Exhausted, up late, tired on the weekend?
Contract a nanny on a regular basis, Certified Bookkeepers are the best nannies you can have to ensure your business learns effective discipline. From paperwork to processing, budgeting to balancing, debtors to drawings, payments to payroll, from stressed out to stress free, Certified Bookkeepers will whip your little darlings into shape for or with you, giving you the time and energy you need to concentrate on ensuring your baby thrives in all other areas. Your nanny can work with you to design a schedule that meets your needs and the compliance needs of your baby.
Did you know in a MYOB Business Monitor Survey, a biannual in depth look at how 1000 other parents feel about their babies and the environment they live in, found that 42% of business parents worked weekends, and a further 26% worked past midnight on many nights to meet their end of financial year obligations this year. It also found that a further 35% didn't make a start on their paperwork until the end of June.
These are scary statistics for the health and wellbeing of you and your baby as well as totally unnecessary, by having your financial systems in place, nurtured regularly and meeting all your obligations in a timely fashion you and your baby will sleep easy and be prepared.
Don't be one of these statistics, love your baby, love your numbers and love your work, partner with a Certified Bookkeeper today. It will be the best investment you in make in ensuring that your baby thrives in its first years of development.
You can connect with Leanne or book in a 1:1 expert session with her on our member platform.
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