So you’ve finished your apprenticeship, worked a few years for your boss and then decided to get out there on your own. You didn’t know there would be so much “extra” paperwork involved! Welcome to the world of small business owners. Tradesman by day and bookkeeper by night.
Most tradies we work with fall into one of two categories
- They don’t want the hassle of all the compliance/accounting/tax work. They just want to be on the tools doing what they know and enjoy and growing their wealth, or
- They don’t want the hassle of all the compliance/accounting/tax work. They want to be out there quoting up and winning new work in order to grown there business and grow their wealth.
Either way, the compliance/accounting and tax work are a hassle! So here’s a few hints to help you achieve your goals:
- Find a good Accountant (feel free to give me a call 😊). An Accountant will ensure you have the best business structure, helping you avoid having to pay more than your fair share of tax. An Accountant will also help you setup your business, so the back of office tasks are efficient and don’t take your time away from your growing business. An Accountant may also be able to take over many of these tasks for you (bookkeeping, BAS, Taxes, Payroll).
- Find the right bookkeeping tool. We prefer Xero but know others prefer to work with Quickbooks, MYOB or any of the other myriad of smaller software available. Cloud based accounting has changed the industry and simplified your life. If you have not done so already, look into it or speak with your Accountant!
- Don’t be afraid to grow. You will not be on the tools forever and so you will need to grow your business to the point that you are able to step away from the tools. Before you do this make sure you speak with your Accountant. There are many factors to consider!
Contact the team at Liro Accountants and Business Advisors for a free initial consultation.