Bookkeeping for Sole Traders
Bookkeeping is not rocket science. It's about making sense of where your money goes.
How do I pay myself?
Do I have to pay National Insurance & TAX?
What can I claim in my first VAT Return
What expenses can I claim?
What is Capital Allowance?
Becoming a sole trader is the simplest way to start a business.
As a sole trader you have complete control over your business and its finances. Your business money is your money as you and your business are one and the same. However, the flip side of this is that any business debt is also your debt and if not paid you could end up losing some or all your personal property (including your house/car) to pay the debt off.
It makes sense to know how your business is doing financially, if you don’t know then you can’t fix it.
If your business is doing well you might want to expand, take on staff or buy a new vehicle or rent an office/storage unit, but unless you know your numbers you might miss opportunities.
Bookkeeping is something you need to keep on top of. If you do it regularly it stays under control, but if left it becomes tedious and time consuming.
Blu Bookkeeping offers several plans to help sole traders. See price plans here.
Part of the service is all the normal transactional stuff, like processing sales invoices, suppliers’ bills, bank recs etc depending on which plan, but I also include a profit and loss report with video.
Once the P&L is finalised, I record a video to talk you through your numbers and explain what they mean to your business. You can watch this video as many times as you want.
I am a certified and licensed bookkeeper with over 40 years’ experience in accounting. I want to help sole traders understand their numbers and am always available for a chat if you have any questions. Advice is always free.