You’re happy with your business name, ready to launch your site, and maybe prepared with a little marketing strategy to keep the business up and running. Congratulations! Starting an online business can be so exciting and scary at the same time. Since it’s all-new, you can’t help but fear over things you don’t know yet.
Having professionals to guide you isn’t necessary but can bring a huge difference in how you manage your business. Before you fully start your e-commerce business, make sure to have someone you can ask for guidance and advice, especially when it comes to financial matters.
Having an accountant by your side from the start will make the jumpstart of your business easier and manageable. We can’t stress enough the importance of having an accountant for a business, but we’ll tell you why it’s important to have one from the very beginning.
#1 Sets Structure
No matter how big or small your business is, an accountant can help you set up your business structure.
Your business structure affects your tax, asset protection, personal liabilities, and more. If you don’t have a proper structure for this at the start, it will be difficult and expensive for you to catch up later.
You may be starting your business small, but as an entrepreneur, your goal is to expand and grow your business eventually. If you have a structured business since the start, it can help you save time and money when the adjustment is needed.
#2 Determines the Tax Consequences
Each business has certain tax consequences depending on its structure. There are three types of business structure to choose from, and having an accountant will help you know which among the three fits your business best.
Sole proprietorship - For individuals that have sole responsibility in their business; they own and operate the business on their own
Partnership - For two or more people that started their business together; there are also two types of partnerships: the general and limited partnership
Corporation - This is the more expensive and more complex business structure; it’s when the business is a separate entity, different from its owners
With an accountant by your side, you’d be guided on how to properly start your business without encountering any financial or tax issues.
#3 Completes the Setup
An accountant for e-commerce will take care of your company registration. Whether they do this as part of their service or outsource a company registration agent, they will complete your company setup, relieving you from that stressful work.
#4 Guided Growth
Having a small business accountant is like having an advisor too. In case you want to leverage your business, they will remind you of all the things you need to consider, such as the company strategy, the risks you are taking, the need for investors or stakeholders, and more. Because they know how the businesses move, they will be a great help in assisting you towards the ideal path.
Accountants aren’t only necessary during the business execution. They are more than their role of preparing accounts and tax returns, auditing financial information, or administering payrolls. They are also helpful in many ways, especially in building and starting a business.
If you need an e-commerce accounting firm in Australia, we’re here to help. We are dedicated to helping small businesses and startups navigate their way to the e-commerce world with no tax troubles. Book a free strategy session with us!