There are few things you love more than picking up your tools and putting your expertise to work on-site or in a customer’s home. It’s the very reason you went self-employed in the first place; a chance to do what you do best with nothing standing in your way.
Nothing, that is, except for the reality of running your own trade business.
Sure, you knew it was going to be hard work, but on top of being a skilled plumber, electrician, or roofer, you also find you’re now a marketer, a sales rep, an admin person and, yes, an accountant. Of all the jobs you need to take care of as a self-employed tradesman, it’s this last one that makes you wonder what the heck you were thinking by setting up your own business.
It’s long, it’s laborious, and – let’s be frank about it – it does your head in. But it doesn’t have to.
Here are just a few of the ways that outsourcing all that long, laborious accounting work to a trained and qualified expert could well be the best move you could make for your trade business.
Free up your time
Everybody told you that going it alone would require long hours, but what nobody told you was just how many of those hours would be spent pouring over paperwork with a calculator in one hand and the last shred of your sanity in the other.
If you find yourself spending an excessive amount of time dealing with the accounts, now might be the time to think about hiring an accountant. By offloading all the hard work to them, you free up your time to get back to doing the things you really love, whether that’s picking up the tools or finally getting to spend some quality time with your family.
No more self-assessment headaches
Taking care of your business taxes is like inviting dull-as-dishwater Uncle Bill round for Christmas dinner – it’s nobody’s idea of a good time, but you’re still obligated to do it. So, each and every year, you suck it up, plough through pages upon pages of self-assessment tax returns. The job gets done, but afterwards, you need two aspirin and a good lie-down to recover!
The worst part? You haven’t even realised yet that you’ve missed the cut-off deadline and now have to pay some pretty hefty late fees. Ouch.
You know what might be easier than all that hassle and all those headaches? Letting somebody else do the work for you.
Hiring an accountant means you’ve got expert help on hand to ensure your taxes are filed correctly and on time, with no effort on your part.
Improve your long-term finances
Of course, hiring an accountant to do your taxes doesn’t just save you a fortune on aspirin, it could transform your entire finances.
Though we’re not ones to doubt your adding-up, it’s not unheard of for honest, hardworking tradesmen to wind up paying more tax than they need to simply because they weren’t aware of all the expenses they could claim.
A good accountant, however, will know exactly how you can save money on your tax bill, as well as helping with long-term budgeting and financial management to make your hard-earned money go further.
Keep things above board
Look, when we talk about cutting your tax bill and making your money go further, we’re not talking about doing anything dodgy. As a business owner, you pride yourself on your honesty and integrity and it’s important to you that everything you do is done above board.
Still, the truth is that you’d rather spend an hour talking to Dull Old Uncle Bill about his fossil collection than wrap your head around all the legal dos and don’ts of business finance, wouldn’t you?
An accountant can play a key role in ensuring you comply with all the various legislation that applies to your business, advise you on the insurance you need to take out, and even recommend the most effective legal structure for maximising profits and minimising costs.
A unique chance to grow your business
Expanding your network can prove hugely beneficial when it comes to winning more work and bagging bigger, better contracts.
That doesn’t necessarily mean you need to get all suited and booted and start schmoozing your way around some fancy business event. It simply means knowing someone who knows someone who can help your business in some way; whether that’s a potential new client, a marketing whiz who can help with your advertising, or even another skilled tradesman who can fill some much-needed gaps in your business.
If you haven’t already figured it out by now, yes, that “someone who knows someone” is your accountant – someone who will work with self-employed professionals and small business owners from a broad cross-section of industries and who could well prove to be just the person to introduce you to some new connections.
Just be sure to return the favour when anybody asks if you know a good accountant!
Are you thinking of hiring an accountant for your trade business? Do you already outsource your accounting? If so, how has it helped your business? Let us know via the comments below or get involved in the discussion on Facebook and Twitter.