After the first 5 steps in the Accounting for Start-up – Part 1, there are some other steps below that are requited to be taken.
6. Human Resource Management System
When you expand your company in the future, you will need an organised system to handle your workforce. Workers are a form of capital in your financial investment. The human resource management system helps to save a lot of time so that you could concentrate on the core business activities.
Build an understanding with your workers to let them know if they are independent contractors (Also see Advantages of Outsourcing Accounting Services) or employed. This could ease your job when doing tax returns or when you have gotten taxation services from the tax agent.
7. How to Get Paid
Choose one payment method that is convenient for both consumers and business, especially accounting. Here are some payment methods you may consider:
POS (Point of Sale)
Suitable for individuals that do not have a merchant account which acts as a connection between your company and the system. The transactions are accepted thru a credit reader or cash register.
Goods are paid by means of online platforms incorporated in your company site.
Both POS and Teller
Functions well if you wish to get payments through the merchant account or personally.
8. Look for the Accounting Professional
Your business requires expert friends to grow. A trustworthy accountant will assist you in getting the best rates on your loans, brokering business transaction and prepare cash flow statements. Outsource any accounting firm in Johor Bahru to help you with a framework for your start-up.
9. Re-Invent Yourself
Add necessary changes to add worth to your service or product. If you preserve an effective system, you can maintain the profitability of your business.
Accounting is related to nearly every element of your business. Hence, you have to guarantee that your business begins on the correct step of accounting to succeed.