Let’s talk about frustrating things that sole traders do. So this tip is for you sole traders and the frustrations surrounding the way that you bank. Please don’t use one bank account for your everyday life —- for your personal stuff for your family expenses, your holidays, all the rest of it and your business as well.
Get yourself a second bank account. Sometimes even a third one for GST for saving if you are registered for GST. By putting all of your spending in one bank account all you are doing is creating additional work for your bookkeeper or your accountant at the end of the year and it is extra work which means additional FEES!!! No one wants that!!
So save yourself the drama, the stress and the money and just go and get yourself a second bank account. And here’s a tip if you are registered for GST. Why don’t you put a little away each week so save for your BAS. If you have staff you can put their PAYG tax and super into that same account as well Forward planning is so very important, and from the point of view as a Bookkeeper to alot of sole traders – the last thing we want to be doing is charging you for unnecessary work.
So that’s my tip: help yourself by setting yourself up for success and it’s that easy, you can do it online as well That’s my tip. Have a wonderful day. For more information please visit www.flexiblefinancialsolutions.com.au or call for a FREE no obligation meeting / zoom call.
Angelique is the Founder and Managing Director of Flexible Financial Solutions based on the Gold Coast, Queensland.
With over three decades of bookkeeping experience, and qualifications in Small Business Management and Financial Services, Angelique has an understanding of all aspects of businesses from the ground up. By cutting through complex “numbers” jargons and breaking down complex terminology to help her clients gain better understanding, Angelique grew her current loyal client base from humble beginnings in Queensland.
What started as a one-woman practice has quickly expanded to a team of professional bookkeepers and BAS Agents. Today, Flexible Financial Solutions care for clients from many different parts all over Australia and have grown to become a part of ‘the family’ of many Australian businesses.