Starting up a business has many benefits, including that you can be your own boss, putting your dream into practice and enjoying the greater flexibility. However, there are many elements to consider when you establish your business, including business structure, product/services you are offering, setting up a realistic sales target, cash flow and record keeping.
HOW WE HELP
ASIC tells us that more than 33% of business owners have poor financial control and have trouble managing financial records. Innovus Accounting support business owners to transition to digital accounting that cuts the confusion from your business expenses. This saves you time and money and gives you peace of mind that our expert accounting team are backing you every step of the way.
We can help guide you through the complex process of choosing your business structure, from operating as a Sole Trader to establishing Trusts. Setting up your business structure requires consideration of tax implications, ownership implications, requirements for superannuation and a vision for the future of your business. There’s a requirement for any business structure to put in place a number of contracts or agreements, and we can help you with these too. The fee for setting up your business structure varies depending on the structure you decide on, as does the requirement for ongoing work. Speak to the team at Innovus Advice about how we can help you with setting up your business structure today!
PRODUCTS + SERVICES
We can help you in the development of your product or service offering across these key areas:
- Lifecycle of the products and services
- Development of the product or services
- Pricing matrix
- Cost Control
SETTING SALES EXPECTATIONS
Many business owners become disheartened by setting unreasonable sales expectations and expecting profitability too quickly. We work with you to define th GOAL and work out what your Annual Recurring Revenue is and develop a sales forecast based off that. This allows you to set reasonable sales expectations that will keep you motivated and allow you to factor your business finances correctly around expected sales.
Small businesses in Australia are facing many challenges. Research has shown that more than 50% of businesses fail at start-ups. The primary cause of failure is poor cash flow, with 41% business owners admitting to inadequate cash flow or high cash use. Many new business owners underestimate their start-up costs and run off extremely low profit margins.
Innovus Accounting can help you get on top of your cashflow, including stock control and collections, to ensure that there is enough money in the business to continue operating.
THE NEW BUSINESS PACKAGE
Our experienced team have the expertise to take the worry out of day-to-day accounting tasks, allowing you to concentrate on things that are most important on your business journey and life.
The New Business Package is designed to provide all necessary accounting functions and build an effective accounting system to reduce unnecessary complexity.
Setup of Cloud Accounting software
Design and Setup of Chart of Accounts
Setup of Bank Feeds
GST and Single Touch Payroll registration
Bank account, Credit Cards and general ledger reconciliations
Business activity statements/ Instalment activity statements preparation and lodgement
Company annual financial reports, tax returns and lodged
Invoices and payments
Cash flow and budgeting
WHAT HAPPENS WHEN YOU WORK WITH INNOVUS ACCOUNTING
Get in touch via the website and one of our team will be in touch to find out how we can best help you and your business.
Let’s sit and talk about what you want to achieve for your business and how we can help.
PUTTING IT TOGETHER
This is where our engagement starts, as we take a look into your business finances and see what areas we can improve.
PLUG IT ALL IN
We connect you to our accounting systems and put you into the cloud, ready to go.
I have been with David Liang at Innovus for the past 3 years and found him to be not only an honest, excellent and friendly accountant. He has helped me many times I need information in regards to my Company or Super Fund freely. He will get the information and then emails the answer direct from the journals to read for myself. I can high and definitely recommend David to anyone.
– John Henderson, Business Owner