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.
Congratulations Munro’s… on your 50th year celebration.
It has been a pleasure working with you, since we opened our business 8 years ago. In particular, Ben Paul has been supporting us for the whole journey so far and we can highly recommend his expertise & friendly service.
Geoff, Doug & Yvonne Harwood
Had run into troubles with my personal tax return and immediately appointed Munro’s to act on this matter. Drew and Adam immediately handled my case and was sorted at God speed. Communication was great with all of them and it was easy to provide them with all the requested information.
Highly recommend them for all your accounting and taxation matter, including complicated cryptocurrency matters.
Munro’s have helped build our business from strength to strength for over 40 years! No problem or question has ever been too large or too small and all have been dealt with in a timely and efficient manner. Thanks to Simon, Carl and the team for your continual excellent service.
For nearly ten years, Munros has consistently provided me with excellent service. Drew has been a pioneer in handling crypto tax matters, even before it was a thing. I can’t imagine finding a more approachable and professional outfit. I anticipate a lasting partnership, despite a few questionable football team preferences.
Highly recommend Munro’s accounting firm AAA +++
Extremely professional, attention to detail and a knowledgeable team. Working with Drew and the team at Munro’s was a pleasure.
The team at Munro’s were incredibly understanding, helpful and professional when providing advice tailored to my needs.
Congratulation on achieving 50 years in business! We made the move to Munro’s in 2015 and have since received sound professional advice & services for all accounting, taxation, business development and succession planning needs, to us personally, to our family and to our group of companies. We have found your services to be efficient, effective and of the highest caliber. Many thanks from the Hill Group.
Thanks Drew, your guidance into my situation was very helpful. I’m sure your knowledge and expertise will be required in the future for ongoing decisions. Highly recommended!!
I’m extremely pleased with the services of Munro’s Accountants. They are professional and easy to work with. My situation was not simple yet they completed the task and have provided me with peace of mind going forwards. I would not hesitate to recommend them. AAAAA+++++
Have been using Munro’s for many years now and always happy with the thorough and speedy work they do. Highly recommended.
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