Business ownership is accompanied with multiple risks, challenged and cost factors. A lot of financial aspects are involved in the start-up as well as maintenance of every business, no matter its size or reach. Hire a small business accountant to manage your business’ financial aspects. Here’s a quick guide to help you with your newly established business or a business in formation:
Get a legalized business account
Once you have received all your legal documents as well as the license to start your business, the first and foremost important task is to get a legal business account for all your business expenses. Aside from this, open a savings account. This savings account will ease out your fund’s organization and tax filing.
The wiser choice would be to get a proper quote of interest rates, banking structures of different accounts. Once you have a proper comparison, make the best choice and get started with it. A professional CPA can guide you best with these issues.
Maintaining records of expenses
When starting a new business, the initial expenses are a little higher than usual, regular expenses. Thus, it becomes really essential to keep a track record of all the minor as well as major expenses from the start itself. If not handled properly, later on, a lot of under-costs might get missed. Thus, determination and interpretation of costs might be incorrect. Hire yourself a professional chartered accountant to do this track recording of your business expenses. The most significant expenses apart from business sales include:
- Business associated outstation travel expenditure
- The vehicle being used for commute
- Food as well as entertainment expenses
- Gifts and promotional packages sent to potential clients
- Expenses incurred while creating business relations, etc.
Having a perfect bookkeeping system
Bookkeeping refers to maintaining financial records of the business. This involves sales, taxes, cash inflow as well as outflow, etc. In today’s modern world, the traditional definition of bookkeeping has evolved into something newer. Business owners now appoint small business accountants to do these jobs for them, efficiently. These days, the chartered accountants you hire use virtual technologies, cloud-based services, excel sheets, etc. for maintenance of the business records. This a more efficient and quicker way of expert accounting.
Understanding the tax liabilities involved
In the newly established business, understanding the different taxes involved is essential. There will be the filing of tax returns, GST and other tax-related factors which need proper knowledge and expertise to ensure right decision making. There is number of taxes involved in case your business involves inter-state services or products’ transportation. In this case, too, only an experienced small business accountant can do justice to you by acting as a tax advisor and providing you with accurate information and guidance pertaining to tax issues.
Hire Intel Accountants to help you out with your business accounting. The firm specializes in providing expert guidance and advisory on all accounting related services. Whether it is the bookkeeping services you are looking for or filing of taxes, get all the services in a single place! Hire none but the best in New Zealand, hire Intel Accountants as your CPA.