Gig Economy - Get it right at the beginning
An unintended consequence of this dreadful pandemic has been the rise of “doing something on my own”. As accountants we have noticed the rise of do-it-yourselfers and giggers since January 2021. These “doers” are essentially running their own sole trading businesses. Kudos to them for exhibiting their self-confidence on their unique abilities and skill sets.
These strong-willed entrepreneurs have contributed to our economy despite the doom and gloom predicted by the pundits. Some of them have successfully navigated through their first year of business. They are now planning for a bigger and better 2nd year.
Others have not been that fortunate. One of the main reasons is the lack of Business Set-up. A proper business setup is a must and by that I do not mean flash offices with the best coffee machines. There is nothing wrong with having those however you can run a successful business without them.
In my opinion, the set-up means systems and procedures that keeps your business honest. If you are one of the Doers, ask yourself:
How efficient is your record-keeping?
How effective is your marketing?
How prudent is your risk-management?
In a nutshell how have you invested the capital to continuously improve customer satisfaction? Is your business Set-up ideal (and are you prepared) for the inevitable tax bill?
If you are not convinced with your answers maybe it is about time you seek advice from your mentors i.e., mum, dad, brother, sister, or a mate. When it comes to the professional side of the discussion - talk to us about the tax and structuring implications.
At Bachmayer Accounting we regularly advise our clients on tax and accounting related issues. For example - what software will suit your business for record-keeping, how to stay on-top of your lodgement and payment obligations with the Tax Office, what business structure is appropriate for you, whether to register for GST or not, how to deal with Business Activity Statements (BAS) and many other issues.
We also collaborate to Bookkeepers and Marketing specialists so that you can work on your business rather than in your business. Please contact us on 07 3389 4555 or at firstname.lastname@example.org if you think we can help you. You can also visit us at www.bachmayeraccounting.com.au.