Starting from scratch: supporting a brand-new business
CASE STUDY
Ahha Jewelry
Sector: Retail
Size: Small
Location: Sydney
Service: Bookkeeping no Payroll
Sustainably made jewellery is Anna’s lifelong passion. She’s been making jewellery since she was 12 as, as she says, ‘a way to express myself and keep out of trouble’. For several years, she’d been selling her products through stalls in local Sydney markets alongside her day job. Over time, sales grew, and grew, and grew; eventually getting to the point where jewellery-making was generating enough income for her to consider transitioning into a full-time job making jewellery. Now, Anna runs a thriving online retail business.
What they needed help with
Pretty much everything! As part of making the decision to run a business in this space, Anna needed help with formalising her business operations, and reached out to iKeep for assistance.
iKeep’s solution
Our Bookkeeping Starter Pack service is a dedicated and cost-effective solution for small business, and is perfect for Anna’s needs.
In partnership with her local accountant, we essentially held Anna’s hand through the process of formalising her side hustle. We guided her how to properly set up a business and how to set up compliant accounting records. We oversaw the transition to a cloud-based Xero bookkeeping solution, replacing her existing manual, paper-based records, and connecting her online Shopify webstore to Xero.
This enables Anna to track money going in and out in real time, frees up her time to focus on her core business, and streamlines the overall accounting process.
Finally, we ensure she is fulfilling all statutory and taxation obligations based on her turnover. This included GST registration when she reached the relevant threshold.
Ultimately, iKeep provides Anna with the reassurance that she is doing the right thing in terms of her statutory and taxation obligations – and that she doesn’t miss anything that could come back to bite her down the track.
Key benefits
- Real-time financial information, even in a small business
- Guidance for a first-time business owner – ensuring compliance from day one
- Streamlined, cloud-based services – freeing up Anna’s time to focus on her core business
