When working on the tools, you have to contend with a variety of things. Whilst plying the trade you have trained hard in, you also need to give amazing customer service, manage a team if you hire anyone, and deal with suppliers and materials manufacturers. And this is all just a part of your day job. After a tiring day managing the site, you then need to become a financial wiz as well as a raging entrepreneur.
That's why Rhino is here to help today. To lay the groundwork, the best way to help manage and grow your business is to branch out and hire the right people to help you along the way. Namely, a tradesman accountant to get your finances in order and save you the headache of invoices, VAT receipts, expenses, and other stuff.
First, being a tradesman or woman and having an accountant should go hand in hand. As we mentioned in our post on the legal points to consider when starting a trade business, accountants can help alleviate any stress of straying off course regarding financial rules and legislation.
A good tradesman accountant will help keep you on the straight and narrow. Self-employed tradespeople can quickly get confused with all the financial laws, especially if you grow your business, start paying VAT, employees' national insurance and so on. Whatsmore, from an insurance standpoint, they can help to ensure you have the right policies in place, such as Employer's Liability Insurance (which some business owners don't realise they need when they have staff members).
Finally, they can assist you in organising the structure of your business in the best way possible. Deciding on whether to be a sole trader, partner, limited company or limited partnership can affect the taxes you pay, your personal finances and increase your profit margins.
It's not written in the law, but a fair amount of tradesmen and women (especially those who are sole traders) will hire a bookkeeper to take care of invoices, payroll and any other smaller financial stuff at the time.
This is in stark opposition to a fully-fledged trade accountant. They will help you to plan for the future. They keep their finger on the pulse with all things finances, what's coming down the line, tax changes, cash back options, help from the government etc.
As a tradesperson, hiring a good accountant could really help you in the long run. Not only will they take care of all your financial stress and commitments today, but putting in place budgets and sound financial planning is vital when trying to keep yourself, your business and the growth of your business intact. We would always recommend extra helping hands in your trade business, and an accountant can help you avoid any mishaps that harm your personal and professional life.
No one wants to sit for hours and work out their taxes, finances, invoices, etc. It's boring and tedious, and once it's done, you need a stiff drink or two. Of course, self-employed tradespeople need to do it for legal reasons, but this is one of the main selling points when hiring an accountant.
Another reason? Many tradesmen and women miss the yearly cut-off and end up having to fork out heavy late fees! That's why having a dedicated financial expert on hand to help you through the process is so valuable. Wash your hands with this process and get an accountant to save you a job.
As we said above, a tradesman or woman running a full-time trades business takes a heck of a lot of effort and time. You juggle various plates and wear many professional hats. It even has a knock-on effect on your personal time. You may be focusing on ordering materials, answering customer calls or counting your stock.
Every man, woman and their dog needs a work-life balance. It's good for our mental health and helps with stress. Having your tax and finances to contend with just adds to this stress. So having a top trade accountant managing that side of your business helps to free up your time to focus more on the current job, spend more quality time with your family and friends, or give you time for an afternoon in the beer garden!
Having a strong trade accountant in your corner not only helps to build and manage your finances but may also even help grow your business. One reason could be that they help you utilise money better and invest in different parts of your business. Or, you could be exposed to newer clients, suppliers and manufacturers.
Accountants (unless hired as staff) usually manage accounts and financials for several businesses. So if they feel someone in their network could help your business, they may well bring it up with you. Likewise, if other tradespeople are looking for a good accountant, you could recommend yours.
The team at Rhino Trade Insurance focus only on helping tradesmen and women achieve the best possible insurance policy at the best price. Not only that, we have expertise in various fields and have built individual coverage options for almost all trades around.
On top of that, when getting a quote from us, we don't need your life story, just a few minor details. You will get your quote in less than 60 seconds!
Call us on 0116 243 7904 or get a quick and easy quote online now.
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