The first few weeks around the opening of a new business are exciting and often quite chaotic as the new owners get on top of what they have to do.
That’s why it’s so important to have strong systems in place to be sure the back of house (admin) is set up right from the start. The key areas we recommend include:
Pre Trading:
ATO Registrations, including:
TFN, GST, BAS, PAYG and Single Touch Payroll
Superannuation Default Fund
Business Systems setup, including:
Xero / QBO file
Chart of Accounts
Establish Bank Feeds, Bank Rules if poss
Set up of Hubdocs Data Capture Technology and internal Record Keeping systems
Asset Register: Create Asset Register, record all asset purchases
Pre-opening set up of Accounting Systems
Establish supplier payment systems, including:
Identify key suppliers, set up in Xero and Hubdoc
Set up supplier and payments record keeping, accounts payable management, batch payments process.
Payroll compliance matters
Ensure employee payroll setup correctly
Review Single Touch Payroll requirements
Establish weekly payroll processes
Establish Super payment practices, ensure comply with Superstream
Register for Workers Compensation
Let us know if you’d like a hand setting these systems up