Talking Cents

MAS the Small Business Accountant in Sydney 2015 Year in review Part 1

As the calendar year comes to a close, we thought it would be a good idea to review the amazing year that has been 2015 for us the small business accountant in Sydney. Seeing as how busy this year has been, the Christmas and New Year period is really just a short pit stop on the way to an even busier year of prosperity. Now is a good time for us and yourselves, as small business owners to reflect on our achievements, review our failures and plan the New Year to achieve even more growth and good things.

A lot of our energies during 2015 were spent on bringing new clients on board, given that we made the move from Surry Hills to a larger, more tech savvy office in Zetland. A lot of these clients included newly established business, start-ups with their unique brands, or clients who had bought new businesses. Much of our discussion involved how MAS can set up these new clients correctly from the start, so as to avoid problems in the long term. Clients also enquired about the differences between the various structures of sole trader, partnership, company and a trust. The correct setup and legal structure usually depends on each client’s circumstances. A balance needs to be struck between initial costs, business goals, tax minimisation and protection of assets. It has been a fruitful year for us in enlightening small business owners from non-accounting / non-legal backgrounds navigate the maze that is setting up entities.

Most times, the number one concern of new business owners was keeping their costs to a minimum. Although there may be one off costs associated, it was always recommended to use the services of professional experts to protect your business from unwanted consequences of early term mistakes. Often times, small business owners would like to manage (and micro manage) tasks themselves to save costs, but this ends up distracting them and deterring them from achieving their main goals. Carefully implemented systems and procedures from the start will ensure that you aren’t sweating over the small stuff.

Next week, we look at more aspects that we encountered with our clients over the course of 2015, mainly setting up of procedures once their business was up and running, and also managing growth. If you are looking for a new accountant to work with in 2016, contact m.a.s accountants now for small business accounting in Sydney, Surry Hills and Zetland.