Bookkeeping for Sole Traders

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Are you dreaming of working for yourself and want to start on the right foot financially with professional support? Or perhaps you're on your way, and it's become clear that your finances aren’t exactly in order for tax time?

For those that enter the entrepreneurial world on their own, the route that many take first is owning and running their business independently, as a self employed sole trader. While being a sole trader comes with a lot of freedom, flexibility, it can quickly become an all-encompassing job that has you working long hours to stay ahead.

As certified bookkeepers with many years of experience working with self employed free lancers and small business owners, we know first-hand how much work can be on your plate as a sole trader.

Good Bookkeeping is vital for any small business owner to stay compliant with tax requirements, have better financial visibility, and grow a customer base, but it can be a difficult and oftentimes a boring task that burns through important time. Hiring the right help can be the first step to maintaining the healthy work-life balance that you no doubt set out to achieve, and often, can improve your profits in the long run.

Read more to find out what our Gecko bookkeeping professional service can do to help you.

We focus on the numbers, while you grow your business

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Whether it’s your dream ambition to work for yourself, or one day develop a company with your own employees, you're joining (or have joined) More than half of all newly-registered Australia based business owners, established as sole traders.

When you look at the advantages of working for yourself, it’s not hard to see why so many people in Australia choose to go solo. No more office politics, frustrating managers to answer to, or lack of ownership with your day-to-day tasks.

What many of our new business owners are unaware of, is how much work running a sole proprietorship really can be. When you decide to start working for yourself, you essentially become the business – suddenly, you’re the owner, marketing manager, salesperson and naturally, the bookkeeper! But while you may be the only employee in your business, you’re certainly not alone - and you don’t need to do it alone.

Working with Gecko to support your records, tax preparation and general bookkeeping tasks will give you the peace of mind that you have someone else on your team, that has years of experience with supporting business’ books.

Our team have affordable options for sole traders, freelancers and small businesses owners to provide the tasks required as and when you need, and additional support on offer as your business grows. Take on our dedicated team to work on your numbers, so you can get back to the parts you enjoy!

End to End Bookkeeping Services For Sole Traders

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Bookkeeping is one of the key administrative tasks for any self employed person. Keeping on top of your records, revenue, expenses and transactions is essential, as it helps you understand your finances and track progress against targets and cashflow needs and goals.

Using a spreadsheet to tract your transactions may seem tempting, however, they're not designed to replace accounting applications and often can leave cause for human error, and transactions can be missed.

Gecko Bookkeeping provides our sole trader customers the tools, with knowledge and experience helping our small businesses and freelancers utilise some of the best accounting software available. With easy setup, training, and competitive pricing to suit your budget, it’s time to stop relying on spreadsheets to record and track your finances! Working with our dedicated bookkeepers will have you managing your transactions, viewing your business at a glance with ease, and maintaining access to new and additional applications and tools that can connect with your chosen accounting software, as and when you require.

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Gain control of your expenses

As a sole trader, or self employed individual, when it comes to your annual income and outgoings, it’s important to retain records of every invoice and receipt. This makes it faster for you or your accountant to reconcile your financial records and calculate any tax liabilities or refunds.

Ensuring your income and transactions are recorded accurately is at the core of good bookkeeping. Aside from ensuring an easier tax return for you or your accountant, it’s also the true foundation of controlling and understanding your cash flow, and setting you up for success! Tracking income and expenses can reduce the cost of taxation, but they're sometimes harder to organise, and without good accounting software alongside consistently reconciling your accounts, you’re flying blind, and adding lots of headaches for tax time!

Trust in our team of dedicated specialists to support you as and when needed with Data entry, reconciliation of bank statements and monthly reporting. We know good record keeping. We’ll can make your tax return a breeze and give you the true management and clarity on your finances on a monthly, quarterly and yearly basis.

Stay on top of invoices and payments

Accurately managing your financial transactions is more than just reconciling your bank and tracking receipts and money! Ensuring every financial transaction both incoming and outgoing also includes tracking, and logging your accounts payable (AP) and accounts receivable (AR).

Good AP and AR record keeping is not only good for tax returns, it's also great for your bank accounts . Managing both AR & AP ensures your invoices are being paid, and what you owe is up-to-date. This in turn, keeps your bank accounts healthy and, and ensures no late payments.

Employing Gecko for your AP and AR management and record keeping ensures you will have someone dedicated to managing and following up on your invoices, giving you peace of mind and a better perspective of your money, improving your profits and helping to ensure your business grows.

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Preparing IAS & BAS statements for lodgement

Regardless of whether you may be just self employed or working as a freelancer, if you are projecting to earn over 75k gross, you will need to register and pay for goods and services tax (GST). The quarterly lodgement for GST is known as a (BAS) statement. Preparing and lodging your BAS can be a complex task, even if you have experience.

Our certified bookkeepers have worked with many types of businesses and self employed individuals, working alongside them or their chosen accountants to prepare each BAS, IAS and Tax lodgement.

With each quarterly income statement, our team will work with your accounts, ensuring no expense is missed or gone unclaimed, and all accumulated profits are accurate, in turn, keeping you compliant, as low in liabilities as possible and keeping each BAS lodgement stress free!

Sole trader accounting software benefits

Keeping your bank accounts healthy, your bank feed maintaining good record keeping and having everything managed in one place starts with the right accounting software.

Gecko Bookkeeping utilises some of the best accounting software for freelancers and small business owners, with years of experience working daily with leading platforms such as Xero, MYOB and Quickbooks.

Work with our specialists to find out what software type suits your business needs, and read on to see what the right accounting software can do to streamline your processes.

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Accounting & bookkeeping software integrations

Online or cloud-based software has streamlined processes and helped freelancers, businesses and companies, develop and grow faster than ever before.

You may already be using online tools such as Microsoft 365 or Google Applications to store and manage files, email or contact your customers, along with a website to reach new clients. What's left? The right accounting software.

Our top 3 software platforms for accounting contain all the features relevant to connecting and integrating to your chosen tools or website. Once your accounting software has been decided and connected to your bank feed, our team can help you integrate with necessary applications to help streamline your processes, with connectivity and sales options such as POS or payment gateways, all connectable to your chosen software.

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Accounting & bookkeeping software integrations

As tempting as it is to use a spreadsheet for your accounting data, spreadsheet programs such as Microsoft Excel weren’t designed to be a substitute for accounting software. Accounting software keeps track of every entry through an audit trail. An audit trail is a vital part of accounting. Anyone can change a spreadsheet, leaving no record of what was done or who was responsible, this can leave your business open to fraud, or for mistakes and hefty tax fines. Often spreadsheets are also less secure, this is still something that heavily effects the self employed.

Online applications are available for people to work from any location, which is why cloud based is the best accounting software and is often the most popular. Rather than needing a desktop or books at hand, these days your chosen software is accessible online via any device, including your mobile. Accounting software makes reviewing your taxes, reports, expenses, and cash flows so much easier, and possible most times to be automated many of these activities. From invoicing on the go, to following up payments, the advantages of utilising cloud based software for your account management will help you to work smarter - not harder. Running your own business takes the right tool for the job. So get this right the first time – and avoid problems later. With dynamic benefits to better manage your business needs online, and easy to use features, there's no questioning why so many sole trading businesses of ours choose online software.

If you're looking for the right sole trader accounting software to start your business on the right foot, look no further than Gecko Bookkeeping.

Areas We Service

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Gold Coast

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Brisbane

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Redlands

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Ipswich

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Sunshine Coast

How our bookkeepers can help you as a sole trader

Trust in our team to look after your bookkeeping, in turn, saving you time, money and helping you to focus on doing what you do best – running and growing your business! Our rates have been developed specifically to help sole traders with their books, offering competitive prices alongside dynamic software solutions that are guaranteed to make your life easier.

As tried and trusted bookkeepers for sole trader and business clients across Australia, we have proven our abilities to ensure accurate tax returns are submitted each and every time, improving your business’ overall tax efficiency and helping you to scale stronger.

To arrange a free initial consultation about our bookkeeping services, contact us online today.

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