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Small business accounting to do's

Welcome to what I hope will be the first of many informative, interesting and maybe even humorous blogs about the daily thoughts and opinions of a small business accounting specialist servicing the Sydney region and beyond.

The devastation of the recent floods in many parts of Queensland, Northern NSW and Victoria should serve as a timely reminder for ALL small business operators that they should take some time out of their daily activities to review an often neglected part of being in small business. Insurance is often seen as a necessary evil but should not be treated lightly. Contemplate for just a second, how you would get your small business back to operating status should you be affected by flood, fire or major theft of critical data or stock. Do your business insurance policies provide adequate cover and are they all up to date? Do you have a procedure manual (however brief or lengthy you may need) for restoring your businesses income producing ability, whether by relocation or restoration. You may also need to consider personal insurance such as life insurance and income protection insurance, should you be personally affected. This is especially vital for those of us with young families who rely on their small business. Finally, if you are in a small business with other partners you must also ensure that your equity or shares in the business is covered in your personal will.

A legal agreement with your business partner/s should be in place that covers death, permanent injury or even just specific get out clauses for each individual.