You’ve got your business pants on, you’re firing out invoices or applauding in sales notifications like a pro, you’re working on your own schedule and taking no prisoners when it comes to crushing it. Yeah baby, you’re in business. But wait, what’s that? Oh tax time is coming? Yuhuh it is. So, hey you. Yes you there, superstar sole trader. Have you partnered with an accountant that gets you, or are you facing tax time alone?
If your brain has started playing a slow mo montage of ‘All By Myself’ at the thought of you spending tax time snuggled up with a bag of receipts, fret not. We’ve rounded up all the reasons why it pays to get an accountant even when you’re a sole trader. Oh, and we knew a few badass babes that can help make tax time a breeze – you know, if you’re into us.
What can an accountant do for a sole trader?
As sole trader structures don’t have complex legalities surrounding their businesses, hiring an accountant early on is often something that’s overlooked as a cost. But, hold up right there. An accountant for sole traders can substantially lighten the load when it comes to expenses management and invoicing. Plus, all those scary questions that plague our thoughts at tax time can be easily answered with a quick phone call or email to what will become your business bestie. Ahem, that’s your accountant.
A sole trader accountant can also help you reduce your taxable income from your sole trader business activities, and help you optimise your accounts for the most favourable tax scenario. They’ll keep abreast of changes to tax law so you don’t have to, and make sure you’re making the most of your deductions. Plus, they’re by your side through business’ big moments, like hiring your first employee, becoming a company, and registering for GST. Yeah!
When should I get an accountant?
It’s really up to you when you decide to get an accountant as a sole trader. Generally, if you’re making an income from your biz and you have expenses to claim, we can help. Depending on how much support you need and the size of your business, we can work with you year-round, or just to lodge your tax return each year. It’s totally your call. We’re not stage five clingers, promise (except when we’re chasing you for documents!)
Is an accountant worth the cost if I’m a sole trader?
How many ways are there to say heck yeaaaa?! Unless you’ve got tons of time on your hands and fully understand every nuance of the tax system and doing your own tax returns, an accountant is probably going to be worth your buckaroonies. Keeping you on top of your tax deductions can pay for itself, and let’s face it, less tax time stress is priceless, are we right?! Your accountant can even connect to your online accounting software and support you within the context of your existing systems.
If you need a team of accounting superstars to support your sole trader biz through accounting and beyond, slide into Bloom Money’s emails or DMs and we’ll be in touch to discuss how we can help you level up.
