Running a small business can feel like the rough end of a pineapple!
It’s important to get support to help you navigate all the red tape and complex legislation. The first expert you need is an accountant to make sure you get the structure of your business right. Once the structure is confirmed and you know what is not tax deductible to your business, you’ll want a BAS agent / bookkeeper to help you setup an accounts system and to teach you about record keeping – knowing the tax office requirements is super important! Perhaps in the early days you’ll do most of the work yourself – but you’ll likely encounter events that are outside of the norm and your skills, keep your bookkeeper on speed dial!
As your business grows you might need to hire human resources – this is a huge minefield. What is the difference between an employee and a contractor? A lot. And getting it wrong can be super expensive if the worker turns out to be an employee not a contractor. You might have unfairly dismissed them, as well as owe annual leave and sick/personal/careers leave. Not to mention superannuation. And you might not have paid enough workers compensation. Your bookkeeper or accountant can give you a few pointers and might even know an HR expert for you to speak to.
To avoid the rough end of the pineapple – make sure you engage licenced experts like tax agents and BAS agents to assist you with your small business. Look for this symbol.
