More and more people are making the switch from traditional full-time employment into the world of the on-demand economy and freelancing. This growth marks a positive change for the so-called ‘gig economy,’ allowing freelancers more freedom and flexibility in their work life than ever before.
It’d be great if all of the money flowing around your business was only that coming in, but the reality is that if you want your business to thrive you need to spend money on it.
This sort of spending, or any payment which happens for the business, is a business expense. You need to know about these, and how to manage them, because they impact on your business health and of course, your tax return.
The team at Pandle, understandably, advocate cloud accounting for any small business and with good reason. Every business is doing itself a huge favour if they use cloud accounting tools. However, some businesses stand to benefit more than others depending on their nature. One area that this applies to is trades.