More and more people are opting to go it alone. A report from 2012 showed estimates that around a quarter of a million new businesses were set up between January 2011 and January 2012. Putting this into percentage terms, there was a 6.5% increase in limited companies during the year in question, along with a 6% increase in sole traders and partnerships. The trend seems set to stay with similar figures predicated for 2013. So what is the attraction to contracting or setting up your own small business? Many people enjoy the flexibility of working at home or working from a small office which is located nearby, reducing any lengthy and expensive daily commute.
A contractor can establish a much better life balance when working around flexible hours rather than a rigid daily routine. Running a small business gives you full control over its direction. You can offer clients much more flexibility than a larger organisation, being quicker to adapt to changes in your market or offering clients a more adaptable approach to a project. Companies are also more open to working with sole traders or a small business, it’s now quite normal to see a large organisation using various resources when outsourcing business to external companies.
Being successful as a contractor or running a small business can depend on a number of different components. One of those components is having a professional small business accountant on board. Contractor accounting needs to be a priority whether you are running a small business or contracting as a sole trader. Maintaining your bookkeeping and keeping your accounts in order is vital to the long term success and growth of your small business.
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We work very closely with our expert accountants to bring you the latest factually correct tax and accounting news. We also enjoy writing about small business news that we hope you find useful!