Accounting for Commission Sales Professionals
If you’re a contractor, freelancer or small business, making time for bookkeeping is a drag and understanding the ins and outs of your company’s tax affairs is probably the last thing on your mind. If this speaks to you, it’s time to hire a team of experts to assist. Here are just some of the reasons why we could benefit you and your company:
- Save you Time
As a commission salesperson you are rewarded for the time you spend engaging and interacting with clients. Building these relationships, and being able to connect with referrals is essential to generating the returns you desire. When you start working for yourself, be it as a contractor, a limited company owner or a freelancer, your priority is to generate business and fulfill the work you have won.
Paperwork is tedious, time consuming, and ultimately highly inefficient for you to spend time on. It literally decreases your earning potential, every minute you spend on it. Employing an accountant takes the stress away, and saves you weeks on the year so that you can earn that hard earned cash whenever you want.
- Reduce your Tax Liability
Our team of accountants understand how to save you money and can advise you on the most tax efficient way of running your business.
Deciding on how to operate – whether it is as self-employed or a limited company – is of the utmost importance. The implications of this decision ultimately dictate how you should take money out of your company in order to reduce the tax you pay. We can help you go through paying yourself through dividends as well as understanding what you can and can’t claim through company expenses.
- Prevent Receiving Hefty Tax Penalties and Fines
One of the important things when it comes to working for yourself is keeping on top of the paperwork and avoiding any late penalty fees. For some individuals this is part of the job, but for others having an accountant makes sense so you don’t need to worry about looming deadlines, being familiar with the latest legislation and can ensure that you never miss a tax deadline.
Keeping abreast of your tax submissions will help keep your company bank balance healthier by avoiding fines.
- Turn Sales Into Cash
Sometimes the hardest thing for commissioned sales people is working out how to collect the physical payment from their clients. Again this comes back to being able to dedicate the time to chasing those who haven’t yet paid, but also it’s about having clearly defined processes. We can help you to implement the processes you need to collect your receivables, and can assist you with finding the right software and apps to make this process easier and automatic.