At MJM Accounting we believe that within each and every one of us is a superhero in disguise.
Beyond the bright tights and flowing capes, there are inspiring stories of discovering natural strengths and using them for good purpose. Then there is humility and using a weakness for opportunity.
Business moves at breakneck speed when you’re least ready. Never fear. Your trusted business adviser – ideally an accountant with expertise and foresight to grow your business - is there to help you tackle every challenge and align strategic advice with your specific goals.
Whether you are starting up, further along in the business lifecycle or have purchased an existing business, there are many aspects you need to consider.
Superpower 1 - Know where you are heading
Creating a business plan is like a roadmap. Understanding your target customer and your competitive advantage is essential in order to guide your future decisions. Just like superheroes, your accountant can help you traverse obstacles with focus and clarity around forecasting, benchmarking and cash flow.
Superpower 2 - Understanding your business obligations
With so many intricacies in tax laws and legislation, it’s important to seek out the right information. At MJM Accountants we do more than prepare your tax returns, we go beyond compliance. Our real value lies in our proactive approach, fresh insights and perspectives. By having our finger-on-the-pulse, you can rest easy knowing your statutory obligations are fulfilled.
Take note, all businesses must comply with taxation law and have the appropriate business registrations, such as an Australian business number (ABN), goods and Services Tax (GST), tax file number (TFN) and pay as you go (PAYG) withholding. Relevant employment legislation and the Australian Consumer Law must also be considered.
Superpower 3 - Managing your finances with ease
Paying yourself a salary is essential to the viability of any business. Why? Because if you only focus on investing into the business and paying everyone else, you will never compensate yourself for all of your hard work. Having a clear approach to invoicing also ensures that you aren’t wasting precious resources chasing debtors, which is where automation can be very beneficial (more about this under the next superpower).
Superpower 4 - Integrating smart technology and processes
We know how precious time can be for business owners. From payroll to forecasting, benchmarking to cashflow; using a suite of smart tools will create a wealth of efficiencies. If you want your business to work smarter and faster, cloud accounting software can not only give you a better overview of your finances but will improve collaboration with your team. Smart technology ensures you’re in a prime position for taking your business to the next level.
Superpower 5: Getting your business structure right
Choosing your business structure is one of the most important decisions you’ll make as a business owner so it’s wise to seek out advice from your accountant. Aside from causing operational pain, the wrong business structure can literally cost hundreds of thousands of dollars over the life of your business.
Simply put, there are four main types of structures to consider, including sole trader, partnership, company and trust. Your selected business structure affects many aspects of day-to-day operations, from the tax you pay through to a range of other legalities, therefore it is a decision to consider carefully.
With great power, comes great responsibility.
Now that you have the power of knowledge in hand, you are ready to take on the world. The recipe is simple: Mix two parts persistence, with one part adaptability and three parts hard work and pair with an accountant who can guide you through your journey and set you up for lasting success.
Simply reach out to us so we can start a conversation about how we can help you stay focused on what you do best, running your business.
After all, there is strength in numbers.