Question

Your employer wants you to make a recommendation about computerized accounting. Explore your options, costs, and what it really takes to setup a company with a computerized accounting system. Try to answer questions like, which software would you recommend, what is the legal process necessary—what types of things you need to have filed such as sales tax paperwork or employee ID paperwork and so on. What other considerations are needed? what things you need when one sets up a company and so on. What is really involved in this whole process?

Answer 1

Following are the Points that highlight setting up a company in an efficient, reliable and cost effective manner.

Preparing for your company setup application

First, seek financial or legal advice to determine if setting up a company is the best means to conduct your business.

Before you set up a company, you should know the name you want to give to the company, how many and who will be the director(s), shareholders and officeholders, how many shares each shareholder will hold etc..

Use an authorised ASIC agent like Cleardocs to set up the company online. Using a registered agent makes the set up process seamless. We guide you every step of the way on what to do next and allow you to create a set of legal documents required by the law that you would otherwise need to arrange yourself, should you chose to register through ASIC directly. Sign up with Cleardocs and start a company registration order to set up your company.

Filling out the company registration form correctly

Fill out the ASIC Form 201 for company registration on our website with details about the company name, registered office, officeholders, and shareholders etc. There is help text to guide you throughout the form. We also provide a helpline in case you have more questions. Complete the form and pay the Cleardocs fee.

Once payment goes through, a set of consent forms are available for download within your Cleardocs account. These forms need to be signed before lodging the application with ASIC. You don't need to provide these to ASIC but legally the documents should be signed before your company registration application is submitted. These forms need to be filed in the company register, once signed.

Lodging the application with ASIC and receiving the CAN

The next step is to lodge your application with ASIC.

Pay for the ASIC fee and instantly lodge your application online through Cleardocs. The company can be registered within 20 minutes if the form is filled out correctly and the company name is available.

You will receive the certificate of registration from ASIC online. After registration, Cleardocs releases a 2^ndset of documents including a company constitution that outlines the rules that will govern your company. Your company can choose to adopt the constitution or be bound by the replaceable rules under the Corporations Act.

Maintaining a company register

You should get all relevant documents signed and file them in the company register. Once the company is registered, Cleardocs provides an Establishment Kit that details what to do next. For instance, some communication needs to be sent to the ATO like the notice of appointment for the public officer and relevant taxation registrations. Once all relevant notices have been communicated, you are ready to start operating your company.

Accounting Software : Zoho Books is an online accounting software that allows you to easily manage the money flowing in and out of your business. Manage your customers and invoices, while keeping expenses in check. Record, monitor and reconcile your bank accounts and transactions, and collaborate with your accountant in real-time. Most importantly, Zoho Books helps you make better, more informed decisions and stay on top of your business.

Secure digital signature:
A digital signature is used for signing online documents. It can be acquired from any authorized provider.