Welcome back to season 2 of Beyond Biz!
In this latest episode of Beyond Biz, we delve into the essentials of setting up your business for success.
Our guest, Jackie Ryan, an experienced accountant and advisor, shares invaluable insights on how to manage your business finances effectively right from the start. Whether you're just starting out or looking to streamline your existing operations, this episode is packed with practical advice to help you save time and money.
We discussed:
- Separation of Business vs. Self: The importance of maintaining separate bank accounts and records for your business and personal finances.
- Clean and Tidy from the Start: How keeping organised can save you both time and money in the long run.
- Types of Accounts Needed: An overview of the different types of bank accounts and record-keeping systems necessary for a small business.
- Understanding Key Business Requirements: Essential information on business names, insurance, and other legal necessities.
- Understanding Key Tax Requirements:To GST or Not to GST: When you need to register for GST and the reasons why.
- Annual or Quarterly Instalments & Reporting: Choosing the right reporting frequency for your business.
- Who Does What and When: Assigning roles and responsibilities to ensure smooth financial operations.
- Bookkeeping Systems: Exploring bookkeeping options like XERO and HNRY, and determining which system integrates best with your other apps.
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