Why Should a Tradie Hire an Accountant?
As an independent tradie or trade business owner, you’ve got the skills, experience and qualifications when it comes to your specialist area of expertise. However many people find a lot of the other aspects of running the business side of things difficult and confusing.
The good news is that you’re not on your own. Specialist help is available and you can always get assistance wherever you need it.
A good example of this is an accountant for tradies. Many of us only think about the accountant when the time comes to prepare your annual tax return or quarterly BAS. But an accountant can provide much more value than that if you think of them as an extended part of your team, along with the other key product and service providers who help you do business.
What can a good accountant for tradies offer you?
- Advice on the best business structure for you, both now and into the future
- Help with keeping your business and processes compliant with government regulations
- Expert input on your business plan, including advice and financial analysis to ensure that your budgets are reasonable
- Recommendations for the best accounting software suitable for your level of experience and business needs
- Advice on how to track your expenses and keep personal and business expenses separate
How do I find a good accountant?
The first thing to do is ask for advice and referrals from a business advisor, business associates or friends whom you trust. When you meet with an accountant for the first time, treat it like you’re interviewing them. Come prepared with a list of questions about how they can help, outline what you require from them and make sure you ask about their fees.
We all hope that our businesses grow, but growth brings with it more complex number-crunching and analysis in order to understand how you’re tracking and any action you might need to take. There’s no shame in saying that’s not where you’re skills lie. A good accountant will monitor your numbers and provide valuable insights into how your business is performing. They bring with them expertise and experience of the wider picture in your industry, different markets and the economy as a whole. You can keep up regular contact with your accountant to keep your business planning on track. All of this leaves you free to do what you do best, using your knowledge and expertise to grow your business with the benefit of expert accounting services in your corner.
At SP Solutions, we have always had a soft spot for tradies with our business being founded on advising trade professionals. We even have an accountant for tradies in house. As business advisors and accountants, we have proudly assisted in the growth of hundreds of tradie businesses, taking sole traders on the exciting journey to owning their own successful, profitable businesses. If you’re ready to begin the journey but are unsure where to start, start by getting in contact with us!