How to Start a Financial Auditing Business

Have you always had a passion for financial auditing? Well now you can turn that passion into reality. To start the successful financial auditing business you have been dreaming of, you will need to consider a few key elements. When starting a new business you must ensure you meet all the administrative, financial and legal requirements. You will want to ensure you have covered everything from your business structure to attracting customers. Follow this article to get the basics to start your new business.  

1. Business Basics

First, you need to decide on a business structure. Consider whether you will operate as a sole trader, partnership or company? Next, you will need to register for an Australian Business Number (ABN). Registering an ABN is a simple process, and your business will be able to gain benefits such as tax benefits.

Now you need to decide on a business name. Once you decide on your name, you can check the availability of the business name you have chosen. If the name is available, you can then register your business as a trademark to ensure that you have the exclusive rights to your business name throughout Australia. 

2. Get Qualified

As you will be starting your own business which provides tax services, you will have to be fully qualified before you can practice. This can be achieved by gaining a university degree along with your CPA or CA. Both these qualifications allow you to gain further accreditation in relation to tax accounting and are essential when starting a successful financial auditing business. Furthermore, you will be required to register as an auditor with ASIC as well as comply with the Code of Professional Conduct

3. Insurance 

Insurance is arguably the most important step when setting up your business. It is vital that you protect yourself and your business from any legal action. It is recommended that you get professional indemnity insurance and errors and omissions insurance to keep you protected. 

4. Hire Employees

You will want to consider hiring staff as your business expands to ensure it runs smoothly. You will need to decide how many employees you are looking to hire and what type of employment they will receive. Will they be full time, part time or casual workers? You will then need the appropriate employment agreements drawn up and signed. When hiring, make sure that you consider each individual’s skills and personalities. Also make sure that your employees are registered and qualified to deal with clients. 

5. Market Your Business

The final step for a successful business is customers. The use of a strategic marketing plan will allow you to gain insight into your target market. It will also help you understand what is the most effective advertising method to reach your target market. Some marketing methods you may choose to use include starting a social media page or putting an advertisement in your local newspaper. Another simple and effective approach of reaching new customers is through word of mouth. 

In conclusion, starting your new financial auditing business can be a simple and rewarding experience. If you are looking for further assistance with any aspect of your business, contact a business lawyer today.

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