Running a business is one thing. Setting it up properly? That’s a whole different story.
We meet so many business owners who’ve jumped straight into the work only to discover months (or years) later that they’ve missed critical setup steps like ABNs, payroll compliance, or separating finances.
This simple checklist helps you double-check your setup or get started the right way. Whether you’re a brand-new sole trader, a growing company, or somewhere in between, use this guide to make sure your business is running on solid foundations.
And if you’re missing a few items? Don’t worry. Empire Accounting can help take care of the setup for you from ABNs and TFNs to company structures.
✅ Business Setup Checklist
Here’s what every business should have in place:
- ABN and/or ACN registered
- TFN registered (for sole trader or company)
- Business name registered with ASIC
- Separate business bank account
- Business email address (not a personal Gmail or Hotmail)
- GST registration (if applicable)
- Accounting software set up (e.g. Xero or MYOB)
- Invoicing system ready to use
- Superannuation and STP (Single Touch Payroll) in place
- Business insurance reviewed and active
- Business credit or debit card in use
- Budget or cash flow forecast
- A go-to accountant or advisor (✅ that’s us!)
👣 Where Are You in the Journey?
Different business owners need different things depending on their stage. Here’s a simple way to think about it:
- Just Starting Out?
You might be unsure where to begin. We help you register your ABN, get your bank account sorted, and set up Xero properly from day one. - Already Operating?
You’ve made it work but things are messy. We clean up your books, get your systems in order, and make sure you’re compliant. - Ready to Grow?
You need structure, cash flow planning, and a trusted advisor to help you scale. That’s where we shine.
