Starting a business is an exciting leap, but it can also feel overwhelming. Many entrepreneurs face challenges from choosing the right business structure to understanding tax obligations and setting up effective accounting systems.
At Munro’s, our Perth-based business accountants understand that your business is more than just numbers. It’s your dream, your livelihood and a foundation for future growth.
$4,000 (excl. GST)
Tax Minimisation Strategies ReportThe rest of this page is dedicated to providing you with an overview of the typical problems and associated solutions with regard to starting a business. These apply whether you are starting a business in Perth, elsewhere in WA or across Australia.
People have been coming to us for over 50 years for professional help when starting their business. When you’re ready to talk, book a meeting or send an enquiry.
The Problem
Choosing the appropriate business structure can be confusing. From registering for GST and organising BAS to implementing efficient bookkeeping systems, many new businesses struggle with getting their financial house in order from the start. The sheer volume of compliance requirements can be overwhelming, distracting you from focusing on your core business vision.
Our Solution
At Munro’s, we turn challenges into opportunities by:
Key Outcomes and Benefits:
Before starting a business, you absolutely must go hard at asking yourself: Is this going to be a worthwhile venture?
Solution
Thoroughly critique the idea/plan.
Outcome
Mitigate the chance of painful failure.
video key points
Presented by: Tanya Kamonphuangphan
video transcript
Transcript available on the Business Planning page.
How are you going to fund the business? What, if any, equity are you going to give away? What additional liabilities and risks are you going to take on? Will you have sufficient cash to survive and thrive?
Solution
Bootstrap, Government grant, Bank loan and/or Angel investment.
Outcome
The dollars you need to get started, survive and then thrive.
video key points
Presented By: Drew Pflaum
video transcript
Transcript available on the Startup Capital Raising page.
Valuable grants and special tax concessions are usually limited based on specific criteria, including the structure of the business.
Solution
Awareness, self-assessment and professional help.
Outcome
Flawless access to R&D Tax Offset, ESIC status, Government grant, etc.
video key points
Presented by: George Trundle
video transcript
Transcript available on the Tax Concessions & Grants for New Businesses page.
Tax is generally unavoidable, but the amount of tax you pay in the future will be heavily influenced by decisions made now.
Solution
Setup tax planning.
Outcome
Bare minimum tax.
video key points
Presented by: Rama Yudhistira
video transcript
Transcript available on the Tax Planning for New Businesses page
Operating a business increases exposures to extra liabilities and requires safeguarding of existing and new wealth as best as possible.
Solution
Basic asset protection + optionally advanced protection.
Outcome
At least the bare minimum wealth protection you should have.
video key points
Presented By: Saul Segal
video transcript
Transcript available on the Asset Protection for New Businesses page.
Whether you’re going into business with family or friends, it’s important to recognise that business life and the stresses it brings will give rise to new and sometimes challenging issues.
Solution
Clearly defined and understood intent with a proactive dispute resolution agreement.
Outcome
Mitigate the potential of messy and costly future disputes.
video key points
Presented By: Rama Yudhistira
video transcript
Transcript available on the Shareholders Agreement page.
We cannot stress enough how vital it is to setup an accurate accounting system from the beginning.
Solution
Startup bookkeeping.
Outcome
Clean financial information from the beginning as opposed to a costly, uninformative mess.
video key points
Presented by: Rama Yudhistira
video transcript
Transcript available on the Business Bookkeeping page.
Employment, tax and superannuation laws impose a heavy burden on employers and you must give this responsibility the attention and care it requires.
Solution
Skilful and pragmatic support with implementing employment basics.
Outcome
Legally compliant employment arrangements.
video key points
Presented by: Saul Segal
video transcript
Transcript available on the Payroll Accounting & Employing People page.
There is no one who knows everything about business. From the moment you start your business, you’ll need to continually upskill to meet the challenges. Don’t start from scratch; tap into the knowledge and learnings of others.
Solution
Sprints, blended learning, community insights and coaching.
Outcome
The best leader you can become, as quickly as you can get there.
video key points
Presented By: Drew Pflaum
With Thanks To: Ayman Al-Abdullah
References page.
video transcript
Transcript available on the Business Improvement Workshops, Sprints & Programmes page.
How can Munro’s help minimise taxes for new businesses?
Our Perth business accountants analyse your financial outlook and recommend strategies that legally minimise your tax obligations. This includes focusing on tax minimisation in the short, medium and long term.
How can I manage cash flow effectively when starting a business?
We can help you set up forecasting tools and implement practical strategies, such as timely invoicing and expense monitoring, to ensure you always have sufficient cash on hand.
What is the price for your startup accounting service?
Our pricing is transparent and reflects the complexity of your needs. Please see our pricing page and then contact us for a personalised quote.
What do clients say about your business structuring and ongoing services?
Our approach has received praise from many business owners and you can read about this in our over 100 5-star Google reviews.
Do you help new business owners Australia-wide?
Yes. Although Munro’s is based in Perth, our business accounting services are available to business owners throughout Australia.
First Session is FREE (incl. GST)
Upskilling Event for Business LeadersClaims of being a ‘Top 2% ranked Australian Accounting Firm‘ (and similar claims) are based on two separate assessments conducted by Munro’s on 9-10 August 2023 and 1 December 2023. The ranking is derived from a comparison of the total of each accounting firm’s overall star rating multiplied by each firm’s quantity of reviews as shown on Google Maps. A total of 4,235 Australian accounting firms listed on Google Maps were identified for the earlier assessment, and a total of 4,301 for the latter assessment, which may not represent a complete list of Australian accounting firms. Munro’s claims are based on Munro’s best estimation and represent a snapshot collected at the time of each assessment. If the assessment was to be conducted today, then it is likely that Munro’s ranking would have changed – Munro’s may or may not be in the Top 2% today. Also, the methodology does not account for other potentially relevant factors such as quality of service, expertise, or client satisfaction beyond Google Maps reviews.
video key points
Presented by: Drew Pflaum
video transcript
In December 2023, we conducted a review of Australian accounting firms on Google Maps, based on star rating and quantity of reviews.
Out of the 4,301 Australian accounting firms we identified on Google, Munro’s ranked number 44, placing us in the Top 2% of Australian Accounting Firms. We’re thrilled to share this fact with you and share those reviews on our website. We’d also like to thank all our clients who left us those wonderful reviews.
Thank you.
We followed Mike Beer when he joined Munros and have been with them ever since. Mike has been a huge help over many years. He is always available to answer even the most basic/ extraordinarily naive questions, and always with a generous and helpful attitude.
Have been using Munro’s for over 30 years and have been completely satisfied with the friendliness and expert knowledge they provide. I would fully recommend anybody needing an accounting firm to use Munro’s. Well done Simon and the team.
Thanks Drew and Michael, great job 👍
We first met Mike Beer 25 years ago, when he was assigned to our account by his employer at the time. When Mike moved to Munro’s, we decided to transfer our business to follow him as we were so impressed with both his professionalism and his character.
We have never regretted our decision to keep our business with Munro’s and Mike, who we think of as a good friend first and a total professional second for the excellent service he and his company have provided.
Congratulations Munro’s on your anniversary!
Genuine, honest, reliable accountants that actually care about their clients businesses/companies. They fixed all of my previous accountants errors without being asked, and put in a lot of work to get the job done right moving forward. You get what you pay for. They go above and beyond. Special shout out to my fantastic crew; Sanjay, Paul, Drew, Michelle and Finlay.
Munros have been doing my family tax returns for the past 3 years, and I’ve been nothing but delighted with the service they’ve offered. They took on a relatively complex set of returns, including sharing of CGT benefits between myself and my partner, and did exactly what I hoped they’d do, and more. Not only that, they always went above and beyond to explain what they have done and why, keeping us happy and at ease at all times during the tax return processes.
And to top it off, their knowledge of the crypto space is phenomenal, as are the tools they’ve developed to report and get the best possible returns with cryptos in mind.
Give them a try, I guarantee you won’t be disappointed.
We wish to thank Mike & his team @ Munros for their professional help & service over the past 20 years . Having just recently sold our franchise business after 14 years, Mike has guided us through those times with success & helped us to achieve our family goals within our business. Congratulations on your 50th Anniversary. Looking forward to continue to work with Mike & the team in the near future.
Congratulations Munro’s on reaching this significant milestone!
Our family business has been with Munro’s since its establishment 50 years ago. They have supported our business through 3 generations and we are confident that our relationship will continue to grow for many years to come. They are professional, reliable and understanding and we think of them like an extension of our family. We would highly recommend them to anyone!
Have been using Munro’s for many years now and always happy with the thorough and speedy work they do. Highly recommended.
I’m a recent sign up who brought with me a backlog of work. Drew and team delivered on their promises and then some. Personalized service, responsive, thorough, up to date. Highly recommended.
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