Preparing your own practice — Part 2

When setting up a business, it is crucial to separate personal and business expenses by establishing a dedicated business account. This ensures financial clarity, especially when managing software, hardware, and other business-related expenses. Ricky Caldow and Mitch McKeown, both Directors at the Bongiorno Group, continue their discussion on setting up a private practice. Running a business also requires careful management of IT systems, websites, and branding, including securing domain names and handling compliance. Equally, the responsibilities of employing staff, managing superannuation, and meeting regulatory requirements like tax reporting are key considerations. By planning the endgame, whether selling the business or growing it, structuring the company properly from the outset helps avoid costly mistakes in the future. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product. See omnystudio.com/listener for privacy information.