Take Control of Your Financial Future: Building a Strong Foundation for Your Business

You have taken the leap. You have stepped into the unknown, forging your own path and building something from the ground up.

Maybe you have set up every part of your business, except your finances. Or maybe you are still figuring things out as you go. Either way, it is time to take control of your financial foundation. The way you manage money as an employee will not serve you as a business owner.

That is where I come in. As a Chartered Accountant with over a decade of experience, I have helped countless entrepreneurs transition into financial independence. My passion lies in not just managing numbers, but in empowering business owners, especially women, to feel confident and in control of their financial future. I am here to guide you through the essentials, ensuring you do not just survive but thrive in your new venture.

Setting the Financial Foundation for Success

One of the biggest shifts when starting your own business is realising that finances are not just about bookkeeping, they are about strategy. Here are the key areas you need to focus on:

1. Registering Your Business: The First Step Toward Legitimacy

Before you can start operating properly, you need to ensure your business is legally registered.

• Choosing the right structure: Sole trader, partnership, trust or company? Each has different tax and legal implications.
• Registering for an Australian Business Number (ABN) and, if applicable, GST (Goods and Services Tax).
• Setting up business bank accounts and ensuring compliance with local regulations.

I can guide you through this process to ensure you are set up correctly from the start.

2. Tax Planning: Be Proactive, Not Reactive

As an employee, taxes were handled for you. Now, you need to think about tax planning all year round. This includes:

• Understanding your tax obligations and deadlines (lodging income taxes and Business Activity Statement (BAS) on time is crucial).
• Knowing what tax deductions and credits are available to you.
• Avoiding common pitfalls – many entrepreneurs miss out on deductions simply because they do not know what they qualify for.

3. Separating Business and Personal Expenses

A common mistake among new business owners is treating business income like a salary. But as a business owner, your income is not just “yours” to spend – it needs to be structured properly.

• Open a dedicated business bank account to keep finances separate.
• Set up a system for paying yourself while also reinvesting in your business.
• Learn the right way to structure your business to optimise tax benefits and protect your assets.

4. Record-Keeping: Your Future Self Will Thank You

Good recordkeeping is not just about being organised, it is essential for compliance and financial success.

• Keep receipts for all business expenses (digital tools can help!).
• Track income and expenses in real time to avoid last-minute stress.
• Work with an accountant to ensure everything is in order before tax season arrives.

5. Understanding Goods and Services Tax (GST)

Many new business owners do not realise they need to register for GST or how it affects their pricing and invoices.

• Businesses earning over $75,000 annually must register for GST.
• GST is typically lodged quarterly via a BAS, but some companies may be required to do it monthly.
• Setting up invoicing correctly from the beginning will save you from future headaches.

You Are Not Alone – Get the Support You Need

Stepping into entrepreneurship is a bold move, and financial management can feel like a daunting task. But you do not have to do it alone.

As an accountant, my goal is to take the fear out of finances and equip you with the knowledge and tools to set up your business for long-term success. Whether it is tax planning, cash flow management, or simply having an accounting expert to lean on, I am here to support you at every stage of your journey.

Because when you take control of your financial situation, you are not just setting your business up for success – you are creating the freedom and stability to build the future you have always dreamed of.

Let us make it happen, together.

Disclaimer: Any advice is of a general nature only and does not take into account the objectives, financial situation or need of any particular person. Therefore, before making any decision, you should consider your particular circumstances and read any relevant disclosure documents to see if any products or services are right for you or your client.

Liability limited by a scheme approved under Professional Standards Legislation.