Sole Traders

Management of your financials is a fine line between success and failure. A national study conducted in Australia had found that 61% of SMEs had identified "failure to manage costs or anticipate rising costs" as one of the main reason (61%) for faliure of Sole Traders with "inadequate bookkeeping" resulting in failure in 26% of the cases. So the dangers of business failure as a result of bad bookkeeping is more real than than what businesses may think.

As a sole trader, keeping up to date with what you are spending and earning is absolutely essential. As a trader you need to know:

  • Exactly where every penny of your money is going every month - are you wasting it on unnecessary items or services?
  • Whether you are getting a good deal on essential business purchases - are you paying too much for base materials? Should you look to source from somewhere else?
  • What your cash-flow forecasts are - it is important to have a cash-flow plan. A cash-flow plan can tell you if you need to borrow money and if so, how much, when and how you can repay the loan.
  • Whether you could manage your spending better. Where is money going? Do you need to set a more realistic budget or prioritise certain costs? For instance - pot plants and scatter cushions may look nice in a beauty parlour but they're not as important as the heating bill.
  • When are all of the tax and annual return deadlines? Late fees can mount up very quickly to extraordinary amounts.


Frequently Asked Questions (Click on the question below to expand the answer to them)

  1. I do my own accounts. Why should I engage with you guys?

    "If you don't drive your business you will be driven out of business." B.C. Forbes

    You have been doing your accounts on your own. It would have worked well with you so far. However, have you thought that the time you spend doing your accounts, what else you could do with that time like developing business strategies or taking a much needed vacation. Our prices are so down to earth that you won't feel that you are out of pocket. So you focus your energies on what you do the best i.e. your business and we provide you the support by taking care of your accounts and take all that noise away which can be very distracting.

    The other benefits are:

    • Paper management: We have experience in using Receipt Bank. This is a revolutionary way of managing your paperwork
    • Professional advice: We bring wealth of our experience in providing you professional advice in managing your accounts and business
    • Experienced in dealing with IRD: We have experience in dealing with IRD in relation to their audits and can help you going through that process which can be very stressful at times
    • All value added services under one roof: We provide many value added services ranging from cost reduction strategies to cashflow management
  2. What services do you guys provide?

    We provide vast range of services including:

    • Coding of bank statements
    • Annual Financial Statement
    • Annual Income Tax Return
    • GST Preparation
    • Accounts receivable and Accounts payable
    • Debtor follow-up
    • Help prepare business case for loans from bank or getting seed funding

    And the list continues..

    For full list of services, please refer to Service section. Click here to jump straight to that section.

  3. I am a growing business. My needs are changing. Will you guys keep pace?

    We are quite adaptable to your requirements. Since we can service range of clients ranging from Sole Traders to Medium Enterprises to Large Companies, so as your requirements change and your business grows, we will adapt as well. If your accounting software requirement change, we will make sure that we will adapt as well. If we don’t know the software then we will train ourselves on that software at no cost to you - how's that for flexibility. So say goodbye to training to training costs and loss of productivity in sending staff on training. 

  4. Bookkeepers are quite expensive. I can't afford to have your service?

    We understand that one size cannot fit everyone. So we have devised customised pricing for all segments keeping in mind their requirement. You will find that our pricing is very affordable. The pricing is so reasonable that often our customers ask - How do you manage in that? Our answer is quite simple - we do not have big offices and staff overheads. We believe in Lean and Mean approach. Click here to go straight to our pricing for Sole Traders.

  5. Account shifting process must be time consuming and a headache?

    On the contrary shifting process is like a cake walk. All we need is

    • a quick debrief from you about the state of business, reporting requirements, expectations; and 
    • login user ID and password to the accounting system

    That’s is that simple.