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Scenario
You are working for a financial planning company. Your client Simon Cook is considering setting up a bookkeeping business to provide bookkeeping services to various retail outlets in Australia. Simon has determined that he will need at least two staff. While Simon is a very qualified bookkeeper, he has limited knowledge and experience for the financial planning process. He wants to set up a compliant business and is obliged to maintain adequate records as per financial service industry requirements. Simon is asking you to guide him to manage the finance wisely to build up on his business.
You are required to advise Simon by answering the following questions.
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