As a contractor, do you have an idea of what you should be looking for in an accountant or bookkeeper? Probably not, but while you’re not to blame, now’s the time to know, so you can finally have someone help you with your contracting journey – an essential step!
It’s important to engage an accountant or bookkeeper that specialises in your industry, so he or she can understand and meet your unique needs. As a contractor, you need someone who can help you get paid faster right? But more so, have a person to help you increase the timeliness and accuracy of your records. Good record keeping will help you understand your business performance better and grow your profits! You want an accountant or bookkeeper who can manage your expenses and income, generate business financial reports for you, and save you time on payroll and employee tracking. Does it get better than that? Yes!
We know that time is gold for contractors, and the less time you spend on your books, the more you will have to take on new jobs, and focus on growing the business you love. Your accountant can help you understand your cash flow through regular bank reconciliation and make sure your invoices are recorded and tracked properly to give proper insight into your revenue, while also recommending he right software and technology for your business as well.
Choose an accountant who can maximise your tax deductions, so you don’t miss any extra cash you’re entitled to! You can claim business expenses such as rent, depreciation on furniture or equipment, interest, insurance premiums, education and memberships, home office expenses, professional fees, and so on! Your accountant will even help you track and log the miles you drive, so you can claim your vehicle expenses.
Having an accountant will help you avoid costly mistakes such as math errors and incorrect tax calculations or business types. Make sure you don’t forget some key information or misclassify your employees to avoid big penalties! Without an accountant, you might even forget to carry forward figures from the past year… a pretty common error. You may be too busy to keep good records on your own as well. Remember that it’s important to keep track of all your costs and deadlines and report your side gigs.
As a contractor, there’s a lot of things you would need to juggle on the financial side of your business. Think that’s too much to handle for you? Give us a buzz and let’s see how we can handle the books for you, so you can handle the rest – what you do best and just enjoy your contracting journey!
Your Outside Team
Address: Level 2, 182 Vivian Street,
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