The Many Skills of Starting and Running a Business
According to www.business.gov.au, Australia has more start-up small businesses than any developed country in the world. The Australian Government recognizes the importance of start-ups and entrepreneurs in helping to fuel investment and jobs in this country. That’s why in its 2015 Budget, the Government is encouraging start-ups and entrepreneurship by promising a package to help Australians start up small businesses and to help energize enterprise.
Under this package, start-ups will be allowed to immediately deduct any professional expenses they incurred as a result of starting a business (e.g. legal expenses for establishing a company, partnership or trust); the business registration process will be streamlined to make it easier for entrepreneurs to start a business (i.e. a single user-friendly online registration website will be available for business registration as well as company registration and it will provide clear and relevant information with integrated customer support); employees will be able to share in and benefit from the future success of the business through expanded tax concessions for employee share schemes and therefore allowing small business owners to invest more money into growing the business; obstacles to crowd sourced equity funding will be removed to encourage innovative funding sources.
As good as all the above Budget promises sound, to be able to start and run a business would require a whole lot more. It would require skills such as industry expertise, management skills, technical knowledge and finance skills. You could hire the right people with these skills and your business will be off and running. However, most small business owners have to first make enough money before they can hire enough staff with all those skills.
That doesn’t mean that you have to go it alone and work all day and night to get everything done. You could take care of your area of expertise yourself and outsource the other areas (e.g. finance skills). Not all of us are good at keeping the books, but that doesn’t mean that we have to give up the idea of owning a business. Thanks to the availability of online bookkeeping services, we can now outsource our bookkeeping tasks to the professionals in the finance field.
What do online bookkeeping services do?
Online bookkeeping services use state of the art cloud accounting software and are able to help you grow your business. Their accredited small business accountants will be able to provide you with expert advice, real time reports and accounting services to help you make better and more informed business decisions. Because everything is done online, you won’t need to spend time travelling to meet with your accountant. Instead, you would be able to easily and securely transfer documents as well as receive documents from the accountants at these online bookkeeping services. You can also store documents that you use regularly for retrieval in their cloud accounting software.
Online bookkeeping services take the headache and head scratching out of having to deal with complicated accounting software and numbers. Because cloud accounting software is online and virtual, it is very convenient, accessible and doesn’t use paper. So it is good for the environment and you won’t have to mail or cart box loads of paperwork to your accountant. Some of the professional accounting tasks online bookkeeping services do are bookkeeping, tax planning, tax returns, BAS/GST/PAYG and accounting support. With Government assistance and online bookkeeping services, now is the best time to start up a business.