How to Setup Business with nexZen?

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Accountants for Business Setup
www.nexzenaccounting.com.au
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Things to Keep in mind while starting new Business

• Here are 5 Steps to be followed while starting
  your New Business.

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1. Do I need a separate bank account for my
business?

• When it comes to banking, you have options.
  First, you can separate your business
  transactions from your personal transactions by
  setting up two separate bank accounts. This is
  probably the easiest option.
• However, you can choose to keep your finances in
  one bank account. If you go this route, you may
  want to use software to tag and organize your
  transactions by category so theyre easy to find
  later. You will also need to stay on top of your
  personal and business budget so you know where
  your money is going.
• Keeping finances intermingled is a little risky
  because you may accidentally spend all of your
  business capital on personal expenses (or vice
  versa). Most business owners keep separate
  accounts for this reason, among the others weve
  already mentioned.

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2. Should I pay myself when Im just starting up,
or should I wait for better cash flow?

• In the very early days of business, cash is often
  scarce. If you have the personal resources to
  forgo a paycheck for a while, you may choose to
  keep all your cash in your business.
• If you cant afford to live without a paycheck,
  though, its probably better to create a routine
  payment now. Its much easier to keep track of
  all your expenses if you create these habits on
  Day One.
• If you decide to defer your payments until
  later, remember to pay special attention to
  taxes. Depending on your business structure, you
  may owe additional taxes, and its best to plan
  ahead so you dont fall short.

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3. How can I make my business compliant?
Business compliance is a complicated topic that
requires a lengthy overview of your business
structure and operations. At a minimum, each
business must file a Business Activity Statement
(BAS) with the Australian Taxation Office (ATO).
And you might need to register for GST if your
business earns over 75,000 per year. As an
NDIS service provider, you may also need a strong
understanding of privacy laws and other matters.
Corporations often have more stringent compliance
requirements than other business entities.
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4. Can I hire someone to answer all my complex
questions?
Most small businesses owners hire a professional
to assist with more complex tax and accounting
questions. These may include issues regarding
capital gains, stock options, choosing a business
structure, and other concerns that arent general
business knowledge.
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5. Can someone help me create a business plan?
Yes, of course. Not every business owner is also
a business expert. Sometimes youre just really
good at what you do but you need a little help
with the details. Theres no shame in asking for
help when you need it. In fact, thats exactly
what were here for.
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Why should you work with nexZen?
nexZen is much more than a consultant or
accounting firm. We are dedicated to growing your
business and creating more happiness and freedom
in your life. Its a win-win that takes little
more than a phone call or email to get started.
Connect now to learn how we can help.
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Connect NowWebsite https//www.nexzenaccountin
g.com.au Email hello_at_nexzenaccounting.com.au
Phone [phone]