Posts Tagged ‘Business Structure’

The importance of getting the numbers right

June 26, 2008

…and I’m not even talking about market research, pricing, pre-money valuation or venture capital here. No, nothing quite as sophisticated as that. We’re starting up from scratch, and so we went in to establish a relationship with our new accountants at HLB Smeaton and Co. yesterday.

The World Bank ranks New Zealand as the number 2 country for ease of doing business, right behind Singapore. So the steps we’re taking are not revolutionary, really – a good number of New Zealanders know the processes of setting up a business and the tax and accounting implications that come with it like the back of their hand.

What does that phrase mean anyway? I can’t say I’m too familiar with the back of my hand, but whatever.

But we three are novices, despite having managed a publicly-traded company. After all, we had specialists – a highly capable financial administrator, gorgeous accountants and auditors, all paid to take care of the nitty-gritty. But now that we’re adopting a back-to-basics, grassroots-development, good ol’ can-do, Kiwi DIY approach to setting up our very own small business (never mind that Francois and I are dirty migrants) – we’re having to learn a bit about the administrative stuff.

And so it’s important that we get the numbers right. 

Especially when we consider the nature of the application we’re building *wink*