Working with Sole Traders

Did you know that more than half of all newly-registered businesses in Australia are sole traders? It’s not a surprise really given the benefits that come with being your own boss.

However, being a sole trader comes with a lot of work too as you essentially are the business. 

Bookkeeping in particular can be a very difficult and tiresome task, when you have so much on your plate. That’s where you need an experienced and accredited bookkeeper to help you. 

Common Bookkeeping Mistakes by Sole Traders

Due to often the lack of experience in business and limited knowledge of bookkeeping, sole traders commonly run into the following bookkeeping mistakes:

• Failure to keep books up to date

• Not separating personal finances from business finances

• Not keeping receipts

• Financial records not kept in order

• No budgeting or a very basic budget

• No knowledge of monthly cashflow 

Our friendly and experienced team at Yates Bookkeeping Group will make your sole venture into a great venture with our outstanding bookkeeping services, which are suitable for a range of budgets. Contact us today.