As an Independent Contractor or Consultant, you need to get started correctly, because the time has come to finally fulfill your dream of working for yourself! BBS’s professional independent contractor accounting services Pape will get you using cloud accounting software to make life easier. You Dream Big and let us keep you on track.
Too often Independent Contractors or Consultants dream too big and do not plan for the future with proper income statements and cash flow projections.
The best thing that you can do is put together a system that will last into the future. These efforts will bring exponential benefits to your business. Not only will you rest assured to understand the financial health of your company, but you will also be preparing for the future, For example, it might be easy to think that you should handle all the invoicing and financial management in your free time.
What is an Independent Contractor or Consultant?
An independent contractor is any professional who offers their services independently, or through their own means, and do not work for anyone else. Independent contractors such as consultants, freelancers, and building contractors are very different from the traditional idea of an employee. They don’t only have a different work structure but are also very different when it comes to their financial paperwork.
Taxes for independent contractors are very different from employee taxes because of the nature of their work. There is no company, body or organization to mandate their pay and keep track of their records. Independent contractors have to make sure they record all of their income and expenses themselves. If you are an independent contractor you have to stay on top of recording everything you have earned and everything you have spent to make your business run. This information will be very important when you are filing your taxes and it can help you save a lot of money at the end of each year.
Advantages to working as an Independent Contractor or Consultant:
- Work on your own schedule, and take as much time off as you can afford
- Be a Gun for Hire, in your specific niche
- Much higher income based on an hourly rate that is better than payroll most of the time
- You choose when you work and when you do not, overtime is now paid!
- Using Business Expenses as a Tax Shield is a benefit that Contractors and Consultants benefit from
About Chartered Professional Accountants
Financial planning is one of the most important things every independent contractor should do. Therefore, it’s not just about managing cashflow but also about managing accounts payables and accounts receivables. Tax filing and year-end can be a lot easier if your bookkeeping is well maintained throughout the year.
At Chartered Professional Accountants, we take care of your tax remittances and all other bookkeeping needs. Our workflow speeds up the process while keeping you up-to-date. Our team specializes in independent accounting services near Pape, and starts by sorting and preparing existing documents and data. Together we define a means to ensure that we receive all documentation in the most time-efficient way possible.
We thrive on providing affordable, payroll services, customizable tax, franchise accounting and bookkeeping help for our clients. Our team provides you with the right information to make better decisions and keep you on track.