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At Sky Accountants, we offer various accounting solutions to help you as a sole trader. Being a sole trader may be the simplest way to start a business but there are still many processes to follow. Are you operating or about to start a business as a sole trader? Sky Accountants will help you as a one-stop shop for tax advice and accounting services for businesses and self-employed individuals.

Sole trader accounting

As a sole trader, you have total control over your business. You can make quick and easy decisions from financial and accounting decisions to business decisions. You can easily switch to another operating identity from a sole trader to an incorporated company, for example. You will keep all the profit as the owner of the business.

As a sole trader, your business affairs are private so your business accounts are not available to the public. Competitors can’t see your earnings and know less about your business. You also don’t need to apply for a separate TFN as your business profits are taxed on your personal income tax return.

Sole traders are often successful because they offer a more personal touch to the business. A small business can have close contact with customers and develop a special rapport to provide a higher level of customer care and service. Sole traders are mostly sensitive to customer needs as they can react more quickly than large businesses. Sole traders also cater to the local people. Local businesses are closer to their community and build good business relationships because of their local knowledge and understanding.

Sole trader bookkeeping

However, sole traders are also personally accountable and liable for all business debts. In case the business fails, sole traders can lose their personal assets like their home and car. As a sole trader, it may also be difficult to raise finance. A small unincorporated business may find it hard for banks to lend them large sums. Sole traders may also find it difficult to buy supplies in bulk and not experience the same discounts as large businesses.

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As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.

You can click here to speak to a businessaccounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.

We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.  Our goal is to help you grow your business, find ways to invest more and increase your productivity.

Sky Accountants Ballarat

Phone: 1300 328 855

Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia

Postal Address: PO Box 2234, Bakery Hill, Victoria 3354

Sky Accountants Gisborne & Macedon Ranges

Phone: 03 97444522

Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia

Postal Address: PO Box 270 Gisborne Victoria 3437