3 Commonly Forgotten Business Requirements
If you run your own business, especially with your own premises and employees, you'll know that there are a vast number of responsibilities to bear in mind — and that it can be exceptionally hard to keep track of all of them. While many business owners have management staff to help manage this load, it's still easy for something small to slip by. Those who operate their businesses alone are at even higher risk. As such, here are a number of reminders for frequently-forgotten business tasks to keep you and your company on track.
Electrical Equipment Testing
If you haven't had your electronic equipment tested and tagged recently, it'd be in your best interests to do so. Depending on the type of business you run, in order to conform to Australian safety standards, your equipment will need to be tested on a strict schedule. This can be as little as every few years or as regularly as every three months depending on the environment. You should check your state guidelines in order to see your specific requirements. Either way, be sure to have your electronic equipment tested and tagged by a professional service on a regular basis: everything from computers and printers to kettles and toasters.
Keep Tax Paperwork
Finances and taxes are nobody's favourite part of running a business — but make sure you don't forget about your taxes as soon as they're filed. Oftentimes, companies will discard their paperwork to save space, but under ordinary circumstances, businesses are required to keep supporting paperwork for their taxes for the past five years. Even if you're forced to use offsite storage, make sure that your filing system is up to date and accessible. It will save you a lot of hassle and effort if you are ever required to produce tax paperwork down the line.
Renew Your Business Name
One common error made by new businesses is to allow their trading name to lapse. Under the Australian Securities & Investments Commission (ASIC), you must renew your business name either every year or every three years. You should receive a reminder in the mail or by email, but if you're not paying close personal attention to what comes through the door or into the company's inbox, it can be easy to forget that this is necessary. Ensure this is done on schedule by marking your calendar with the due date.
While running a business can feel like a minefield of responsibilities sometimes, at least some of them are easy to manage. All three of these common problems can be resolved by outsourcing or simply marking your calendar — so simply hire tag and test services, schedule filing into your office admin duties and mark your calendar now before they slip your mind.