Here at Think Accountants we deliver business strategies and solutions outside the square
Information Technology (IT) is an extremely demanding field, and it wouldn’t be an exaggeration to say that there is always some new development every day. The rise of cloud computing, mobile internet and IoT has definitely opened up a lot of niche career opportunities for IT professionals, but at the same time, there is also a lot of work related pressure and the need to stay up to date, given the huge competition in the field. The result – long hours at work that leave very little time to do much else, and planning for one’s financial goals often takes a backseat.
Whether you are in a job, or have your own IT startup business, it is indeed important to comply with tax regulations and manage your finances in a way that helps you focus on growth, instead of compliances. And here is where we at Think Accountants can help. We have a team of accountants who are specialized at helping computer professionals make the most of their money, with the right investment and tax planning for themselves and their businesses.
Starting a business is like having a baby, and sometimes, even more challenging as there are so many things you need to plan even before you start up! As with any start-up, there are numerous issues to consider if you are planning to set up a business in the IT field. You need to register your business and decide what kind of business structure you want to be in, as changing that at a later stage can be an expensive and complex proposition. You could choose to start off as a sole trader, partnership, company or trust. Each of these will have different tax implications and it would be best to give this due thought before starting off. Most computer professionals we know would rather focus on the technology side of the business, and leave the financial work to qualified accountants.
You also need to look at insuring your business and setting up processes and choosing the right software to manage your receipts and payments, in adherence to regulatory requirements. Talking about software, you would be the best placed to understand how important it is to use the right software for your business, and we can help you select one that matches your business needs and your accounting skills, so that you can maintain accurate financial records, as per Australian taxation requirements. You definitely do not want any additional stress or costs of not being in compliance, do you?
Our accountants have mentored many IT professionals through the start-up phases of their business, by helping with deciding the business structure they should adopt, so as to minimize tax and maximize asset protection, among other factors. At every point, we make sure that our clients are in full compliance of legal regulations for IT start-ups. In some cases, we have even helped to set up a proper business management solution where required. You can count on us to be your business advisor, and we can assure you of our best services and support for your business.
Apart from our wide range of accounting services for the busy IT professionals, we also offer taxation and business consulting.
At Think Accountants, we want to support computer professionals like you to manage your finances in the best way possible, and avoid paying more tax than what is necessary. If you are an IT professional who is looking for an accountant who understands your work and accounting needs, feel free to call us or drop by in our Richmond office for a no-obligation consultation for you and your business.