David’s business is based around him as an individual, working as a sole trader within the health & wellness industry. He has been trading for many years, and is well respected and liked in the local area, gaining a lot of business through professional referral.
David has struggled with the financial aspects of his business and knows that growth is significantly limited by the time he personally has available. Despite this, he has built the business to a turnover of around £120,000 and is reasonably comfortable at that level.
His business records are kept up to date for David by his wife, who also works and has a family to look after, so time is tight! Though the records are currently kept manually, they appreciate that due to the forthcoming ‘Making Tax Digital’ (MTD) regime they will need to move to a computer package and are currently considering Xero as a solution. Once that decision is made, we will help with that transition and will suggest that a combination of Xero with Receiptbank, one of the bolt-on apps, will streamline the process of record keeping significantly and reduce the pressure too.
Cash flow in the past has been an issue for David, and he has been grateful for the advice we have been able to provide around the subject, which has helped his peace of mind.
David currently uses the following Baranov Associates services:
If David’s business or challenges sound familiar to you, we can help! Why not get in touch now to discuss how.