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Steps to get your start-up on track, by your small business accountants in Melbourne CBD

The initial part of starting a business is ultimately the hardest for any one and sometimes all we need is a little nudge in the right direction to get started. Your small business accountants in Melbourne’s CBD have a few steps to get ahead of the game.

This list of small business accounting steps will ensure your business is on track when you first start:

• Open up your business bank account and be sure to keep your finances separate from your personal
• Keep track of all expenses (gifts, bills, food expenses, technology etc.)
• Develop your own bookkeeping system so that you never fall behind for the end of financial year
• Set-up a payroll system for the business
• Determine how you will get paid and how much you will be paid (don’t forget to take out your tax and superannuation)
• Determine what all of your tax obligations are for the business
• Calculate your gross margins and understand what you need to make weekly to break even
• Every quarter make sure you re-evaluate your methods and improve on them

Some very simple yet effecting accounting tips to get your business started from the ground up. Our accountants for small business in Melbourne understand that some people just need the basics and they can be off!

As always, feel free to get in contact with our small business accountants in Melbourne if you have any questions or you can check out our services here!