To start a successful tax auditing business, 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 every integral aspect from your business name to attracting customers. Read this article to understand all the basics of starting your own tax auditing 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. As a sole trader or partner, you will be personally liable for your business’s finances. By contrast, registering your business as a company means that you won’t be personally responsible. Next, you will need to register for an Australian Business Number (ABN). Registering an ABN is a simple process. 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 name and logo as a trademark to ensure that you have the exclusive rights to your business’s creative assets throughout Australia.
2. Qualifications
As your business will provide tax services, you will have to be fully qualified before you can practice. You must have relevant accreditations. These include a university degree along with your CPA or CA. Both these qualifications will allow you to gain further accreditation in relation to tax accounting and are essential when starting a successful tax 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 an integral part to any business. It is vital that you protect yourself and your business from any legal action with insurance. It is recommended that you get Professional indemnity insurance and errors and omissions insurance to keep you protected.
4. Hire Employees
You should consider hiring staff as your business expands to ensure it runs smoothly. When hiring, make sure that you consider each individual’s skills and personalities. It is also imperative to make sure that your employees are registered and qualified to deal with clients. Additionally, 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.
5. Market Your Business
The final step for a successful tax auditing business is customers. 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 tax auditing business can be a highly profitable business venture if set up properly. If you follow these basic set up steps you are sure to have a successful and rewarding experience with your business. If you are looking for further assistance with any aspect of your business, contact a business lawyer today.
