Time can move at a rapid pace when you’re a business owner. The days merge into one and before you know it your first year of business is complete. When you’re working so hard it can be easy to forget to check in on how your business is tracking. Incorporating the below tasks into your monthly to-do list will ensure your business is going in the right direction – which can make all the difference to its success!

One of the most important decisions you’ll have to make when first starting out your business is choosing the right business structure. Why? Because it significantly affects your business legal and operational risk, asset protection, tax obligations and legal costs. Whilst it is possible to change structures down the line when your business is more established, this can be a complex and costly process. Therefore, it’s best to choose the right structure from the ‘get go’ that reflects your business’ future goals.

Running a personal training business can be hard work! Apart from the usual small business compliance requirements such as GST, income tax, and PAYG, you also have to contend with early starts, late finishes, maintenance of gym equipment, client intake and management, marketing, payment, and occupational health and safety issues... it’s a lot to take on! If you’re a personal trainer or someone who is looking to get into this field, we recommend you take on board these accounting tips, so you can run the financial side of your business in the best way possible!

As a small business owner on a limited budget, you may think that the cost of an accountant is not the best use of your money. If you have a background in accounting and a solid understanding of finances, it may be a good place to cut costs. However, if you are lacking experience in accounting and bookkeeping and hope to just learn as you go, you may be hurting your business in the long run and making a costly mistake.

Staying in regular contact with your accountant is SO important! All too often we see clients who only get in touch with their accountant once a year at tax time. But your accountant is there to be your advisor and partner in business all year round. If utilised correctly, they can help you make decisions and implement processes that will see your business grow.

If you’re confused by the whole concept of GST, you aren’t alone! As a new business owner, it can be tricky to understand; should you be registered for it? How should you calculate it to charge clients appropriately? What even is it?! Lucky for you, we’re here to help! Let’s take a look at everything you need to know about GST.