27 Jul Accountancy solutions for sole traders
As sole traders manage their businesses alone, they are responsible for the administrative, legal and environmental aspects of their operation. With numerous laws and guidelines applicable to businesses, including sole traders, it can be hard to ensure you’re fully compliant.
Without specific advice and assistance, sole traders can face fines as a result of inadequate accounting or late reporting. Unfortunately, for many small businesses, this can have a real effect on revenue and operations may cease as a result.
Do small businesses need an accountant?
Although many people assume that small business accounting is simple and straightforward, this isn’t the case at all. As sole traders and small businesses are often working to a tight budget, it’s vital that their tax liability is reduced as much as possible and that they adhere to the relevant laws and guidelines.
In addition to this, sole traders may require help when starting out or setting up their business. Various formalities must be carried in order for a business to begin trading efficiently and an accountant can provide help with this.
Of course, small businesses can’t afford to finance in-house accountancy staff or pay for costly accountancy services either. Whilst many sole traders could benefit from targeted accountancy advice, they often fear the costs associated with specialist accountancy assistance.
Fortunately, small businesses can benefit from ad hoc accountancy support, without paying expensive fees. Small business accountancy packages, for example, are an ideal way for sole traders to access the help they need, at a relatively low cost.
Getting the most from small business accountancy packages
Your accountancy requirements will depend on the type of business you’re starting and your expected turnover. Whilst you could pay for ad hoc accountancy advice when you need it, it may be more cost-effective to commit to a small business package.
If you’re a freelancer, for example, you may simply require assistance with your annual accounts and self-assessment. As a sole trader, however, you may need help with your company accounts, your personal tax return and your VAT obligations.
Finding the right accountancy firm and package for you can make the process of launching business much easier. With expert help available, you can ensure that your business is adhering to the relevant filing requirements and that you can continue to operate within your market.
To find out more about business accountancy packages, why not contact us today?