The team at The Pen are start-up business accountants, and we specialise in working with creative people. We’re creatives ourselves, so we understand your business.
Launching a start-up business is so exciting, especially if you’re finally chasing the creative dream you’ve had all your life. The team at The Pen are start-up business accountants, and we specialise in working with creative people. We’re creatives ourselves, so we understand the unique accounting practice required to support start-ups in arts, music, film, writing, design, and development. If you’ve just started out, it can be tempting to do your bookkeeping yourself. However, the consequences of not hiring a start-up accountant can be costly, time-consuming, and stressful.
Four Mistakes Start-Ups Make Doing Their Own Bookkeeping
If you don’t hire a business accountant in Sydney, you run the risk of making avoidable mistakes that may end up costing you more than you anticipated. At The Pen, we understand that every dollar counts to a small business, so we want you to make smart decisions from the beginning. Here are a few mistakes we see time and time again because start-up businesses attempt their own bookkeeping.
Spending too much time on the accounts. For a qualified, experienced small business accountant in Sydney, bookkeeping isn’t too complicated. We know what to look for, what to file, and we understand the various terminologies. However, when a small business owner with no accounting background attempts their own bookkeeping, it can quickly become a very time-consuming activity. You should be spending the majority of your time on operations, sales, and marketing. Leave the bookkeeping to the accountants at The Pen.
Not reconciling bank accounts. When filing and reporting to the ATO, your bank accounts HAVE to align with your business accounts. Many small businesses don’t reconcile before filing reports and paperwork, and when errors occur, the penalties can be expensive.
Neglecting employee records. It can be thrilling to put on your first employee, and you’re probably focussed on ensuring they get paid. While it’s undoubtedly vital that you’re paying wages, you need to be maintaining employee records to ensure they are getting all their other entitlements. Your start-up accountant at The Pen will make sure to organise your employees’ general information, pay records, PAYG reporting, leave entitlements, and superannuation contributions.
Miscalculating GST. If your business earns over $75,000, you need to pay GST. The regulations around GST can be overwhelming, so many businesses miscalculate or they fail to provide customers with proper sales receipts so they can claim their GST back. Some start-up businesses deal in cash transactions, and they fail to account and save for GST when redistributing the money. The Pen’s start-up business accountants can run you through your GST obligations in a straightforward, easy-to-understand manner.
The Benefits Of Hiring A Start-Up Business Accountant
The start-up accountants at The Pen are qualified, experienced professionals with long careers in accounting and taxation. Our services have plenty of benefits for our clients that enable them to focus on growing their business.
We can develop more informed budgets. You may have an idea of your business goals, but if you haven’t figured out a solid budget yet, don’t stress. The team at The Pen can help you forecast expenditures and sales to develop a detailed, accurate budget for each quarter.
We’ll help your business grow. Our team of start-up business accountants have decades of experience in accounting and business development. We have invaluable advice to offer, and we’ll partner with you to guide your start-up toward success. We can help you create a future-proof business plan and develop financial strategies that will see your start-up flourish.
We’ll take care of the fiddly stuff. We’re guessing you launched your business because you love what you do. Whether you run a large photography studio or you sell your crafts on Etsy, you’re the expert in what you do. If you don’t know how to look after your books, that’s okay. The team at The Pen are experts in what we do, and we’ll look after GST, BAS statements, tax lodgements, payroll, reporting, and all the other fiddly stuff so you can focus on being creative and running your business.
How To Prepare For Your First Visit To The Pen
If it’s your first visit to The Pen’s start-up business accountants, you may be scratching your head wondering what to bring to the appointment. Here’s a checklist of a few things we’ll need to get started on your bookkeeping.
- Your personal information: This includes ID, bank statements, any other income you may earn, and your previous year’s tax statement.
- Basic business details: This includes your ABN, business name, domain details, and bank accounts linked to the business.
- Details on any employees you may hire: We’ll need information on their wages, their entitlements, and their PAYG details.
- A list of your expenses: Anything you spend on your business, keep a record of it to bring to your appointment. This includes internet and phone bills, rent for physical stores, car usage, uniforms etc.
- Invoices: Anything you’ve sold before visiting us, bring your invoices. We’ll make sure you’ve been charging GST correctly.
- A business plan: We’d love to see your goals and ambitions, so we can help you achieve them. Tell us all about your business during your appointment.
- Any past reports: If you have any statements on depreciation, sales, projections, etc., bring them in for us to go over.
If You Need A Start-Up Business Accountant, Give The Pen A Call
The Pen is renowned for our financial advisory services, commitment to clients, and professional taxation services in Sydney. We’re proud to be the first choice accounting firm for Sydney creatives, and we’re dedicated to providing support, tax advice, and financial strategies to those brave enough to chase their dreams in the creative industries. If you’re after a firm who specialise in creative agency accounting that will understand your passion, your drive, and your determination, look no further than The Pen. Contact us today to organise a consultation and find out what we can do for you.