Self-employed individuals have the added burden of managing their own accounts as well as providing a product or service to their customers. Sole traders may therefore benefit from the support of an accountant to manage their finances. Whether you are looking for a local accountant or an affordable accountant on a remote basis, The Accountancy Network can help you find the right firm.
An accountant will be able to support a sole trader and self-employed individual with;
To find the right accountant with expertise in helping sole traders, simply complete our quotation form which will enable you to receive suitable accountants that closely match your requirements. The Accountancy Network is completely free to use and you are not obliged to use one of our recommended accountants.
Sole traders have a number of distinct benefits over larger businesses. They often have greater control over business decisions so they can be made more quickly. It is also much easier to change to another trading identity from a sole trader to a limited company. As the owner of the company you manage all of the profits. In addition sole traders can offer a more personalised approach and build more effective relationships with their customers.
While there are distinct advantages of being a sole trader, finances can be complicated. If you purchase stock, materials or other equipment you are personally liable if you take out loans or credit in the name of your business. Falling behind on payments can result in personal assets being seized including your car or even your home. Sole traders often find it difficult to raise finance and banks are reluctant to lend large amounts of money unless you are prepared to switch your status to a limited company. Smaller businesses often find that they cannot open trade accounts, employ apprentices or take advantage of the benefits that a larger business can. This is where an accountant can help. They can review your business and determine the most effective accounting method, reducing tax and increasing profits.
Start your search with The Accountancy Network today to find a specialist sole trader accountant.