Questions You Need to Ask Your Accountant Before Starting a New Business
Your accountant is the person you should turn to when you wish to start a business. After all, they have the knowledge and experience to share with you.
However, it is essential to know the right questions to ask to get the most out of your appointment with your accountant on the Gold Coast. Here are some of the questions you should ask your accountant before starting a business:
Should I Start This Business?
If you are not sure of whether you should start your own business or not, this is a question you should ask your accountant. Your accountant will provide you with advice and information regarding the business that you can consider and weigh with your own thoughts and opinions to determine if it is the right thing for you to do.
How Do I Set It Up?
Setting up a business can be a complex process, depending on your business. You will need to find a name, register your business and pay taxes. Your accountant should be able to guide you through each of these steps and provide you with the information you need to know.
What Are the Benefits of This Business Set Up?
One of the most important things to consider before starting a business is the benefits you will get from it. Your accountant should give you an idea of what you can benefit from in a particular industry.
What Expenses Are Involved?
The expenses you will incur in the process of starting a business is the next thing you should ask your accountant. An accountant will provide you with an estimation of the expenses you will face.
How Much Time and Money Will I Need?
You should know how much time and money it will take to start your business. An accountant will give you a thorough breakdown of the time and money you need for your business.
What Are the Risks Involved?
Your accountant should be able to inform you of the risks you may face in starting your business. You will be able to weigh the risks against the benefits and determine if the business is still a good idea or not.
What Is Personal Service Income?
If you are considering registering your business as a sole proprietorship and running the business from your home, you must also ask your accountant about personal service income. This is something you will need to factor in when paying taxes.
Will I Need to Register for GST?
If your business is a sole proprietorship, you must register for GST. You will need to ask your accountant about the process for doing so.
What Insurance Do I Need?
Insurance is another important topic you should ask your accountant about. This is because your business will have different insurance requirements than your home. Your accountant should be able to make a list of the insurances your business will need.
Running a business can be a fun and exciting undertaking, but you will need guidance throughout the entire process. To get the most out of your business, you need to have the correct information and guidance, which is why you should ask these questions to your accountant from the Gold Coast.
New Wave Accounting is where you can find the best accountants on the Gold Coast who can help you start and later on run your business. Contact us today, and we'll be happy to help you!