Skip to main content

Why Sole Traders and Small Businesses Need Help With Their Finances

By May 12, 2017May 15th, 2017Blogs

At the start of 2016, small business enterprises made up 99.3% of all private sector businesses, but with half of new businesses expected to fail inside five years, could you need help with your finances?

Coleman & Co have a team of expert accountants with knowledge in every business sector. Starting up your own business can be tough, but with the help of our accountants, you can increase your chances of succeeding.

Saving Time

If you are a sole trader, running a business all on your own can be very time consuming and doesn’t allow you to take a moment and relax. Part of running a business, of course, includes managing your finances and this can be a real burden when trying to focus on gathering customers and promoting your services and products.

If you own a business, a professional accountant can help you to save a lot of your time by providing a range of services. The installation of computerised accounting systems cuts out mistakes you could make and ensures you will not lose money when calculating finances.

Furthermore, tax payments must be made and we can help you plan ahead for this as well as meeting deadlines for when payments must be made, something made much easier with the helping hand of an accountant.

Monitoring Your Payroll

Small businesses make up 60% of all private sector employment within the UK and that means there are loads of wages to pay. When calculating your payroll, especially if you have a large amount of staff in your business, there is easy room for error whether you are working out payment or the tax of employee’s wages.

It is only fair that your employees are paid the exact right amount and with the help of Coleman & Co you make sure you do this, as well as avoiding the risk of overspending in your taxes. Additionally, if you do not produce your tax payments in time, then it could result in a penalty and fine for you and your company, which isn’t great for your reputation.

Our team will collect card information and verify it on our payroll system so that it works efficiently, before grouping together your entire staff wages and editing details, so that there are no mistakes in your payroll.

Providing Business Advice

As experienced accountants, we have dealt with many business types and have the knowledge of a wide range of industries and can assist you in more ways than just finance. Although as a sole trader you may like your own style of business, we are well placed to give advice having helped a lot of businesses to succeed in the past.

As you are running a business by yourself, the opinion and advice of an outsider can be a great help and as you already have financial services covered, this is just an added bonus. Our team can offer you advice with all big decisions, whilst also providing financial reports and forecasting that help you to make the best decisions for the future of your company.

Planning For The Future

With constant changes to the UK economy as well as the factors of Brexit to consider, planning for the future can become very difficult on top of running your business. With inflation expected to rise to 3% by the end of 2017, how are you going to plan for the future?

With the help of Coleman and Co, you can set realistic targets for your cash flow every quarter of the trading year. By using our forecasting services, we will help monitor how changes in the UK can affect your business, allowing you to:

  • Keep Expenditure Low
  • Monitor If You Can Achieve Goals
  • Set Realistic targets
  • Make Flexible Changes
  • Prepare for Changes That Will Occur

With many benefits, there is no reason why you would not plan for the future with the support of our professional and expert accountants.

Contact Us

Even if you are not a small business or sole trader, we are happy to help. Our accountants provide services of the highest standard and will always attend to your needs. Get in touch today on 028 9266 3599 for more information.


Leave a Reply