Sole Traders / Self Employed

The simplest way to start your business is as sole trader/self-employed. Rauf Accountants offer you comprehensive accounting package so you can focus on your business and make money. There are certain advantages and disadvantages of being a sole trader. Some of them are below.

Advantages:

• You have complete control over the business and can take decision quickly in regards to every aspect of your business.
• You will have competitive advantage as your business affairs are private and your competitors can see your financial information. Being an unincorporated business your accounts not made available to public.
• When business grows you have option to incorporate your business as limited company
• You can develop good business relationship with your customers and always have closer contact which means you can tailor your services quickly to meet your customer’s demands and expectations.

 Disadvantages: 

• You are fully liable for any debts and contracts the business has. If your business fails you may end up losing your personal assets.
• The banks may not lend you for the business as it is difficult to raise finance for sole trader business
• You are perceived as a small business which may affect your growth.

Rauf Accountants offer complete accounting solutions for sole trader/self-employed at low monthly fee.