What Factors To Consider When Setting Up A New Company - Finance Department Perspective?

Written by Milan Choo

When you start up a new Company, from the accounts department perspective, you need to consider the following:

1) Chart of Accounts – This relates to the framework, creation of accounts code, and allocation of the accounts code to the underlying transactions

2) Accounting Systems and Software – You need to have a clear mind on what accounting software to obtain, and it needs to cater to your business needs and future plan of your company.

3) Staff Resources – You need to get staffs on a progressive basis. If you already have another existing company in place, you may want to hire the staff, train the staff under existing company, and then when the new Company is ready to run, transfer the staff to the new Company

4) Mission – Mission statement needs to be in place to guide the direction of the department

5) Policy and Procedures – Standard Operating Procedures need to be set up.

6) Selection of auditors

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