One of the topics of discussion via our forum this week has been about required registrations for the Tax Office. Here in Australia we need to register for Australian Business Numbers (ABNs), and also Goods & Services Tax (GST) if earning over a certain amount. I’m sure in other countries there are obligatory requirements for people in business – small or large.
It amazes me how many do not investigate this side of getting their business started. They ask via chat forums for advice on matters that should be obtained from a professional in that field. In fact, getting to know an accountant is most important as you’re going to need one that understands your business and can guide you as it develops.
If you are a new startup business I encourage you to ask your business associates, or network with other business operators and get referred to a good accountant who understands small business. You might have to move from one accountant to another until you find the right one – or as your business needs grows, but you do need to find out from the start what is right to do. Of course you can search the web for information, but how do you know if you’re interpreting it correctly and/or understand what is required? As I said, it is most important to connect with the right professional at the start of your business. I heard a story the other day at a business launch meeting of a couple who started a business, got the business name registered, set up their premises, almost ready to roll and then started ordering stock, only to find that because they hadn’t organised an ABN the supplier would not do business with them. Their business collapsed before they could even get started. The speaker believed they were no longer in operation.
Do your research, find out what needs to be done and get the facts from the right people to make sure that what you are doing really adds up to developing a good business. KMT