Moreover, when cash is hard to come by, it makes sense to rob Peter to pay Paul and vice versa. It can be difficult deciding where your personal day ends and your business life starts. They often have a very rough and tumble life in the marketplace. As sensible and logical as it sounds, and as highly recommended as it is, it is not easy for the entrepreneur to carry out. Also, each small business owner or one-person operation will nod her head and agree wholeheartedly. Super and PAYG obligations are usually part of a quarterly tax office return and should be recorded on a separate line in your cash flow statement, so the money is put aside and you're not caught short every quarter.Every accountant will tell you the same thing: always keep your business and personal expenses separate. Employer obligationsĪre you keeping up with all your employer obligations? Visit our page on calculating your break even point, margin and markup to understand these figures. To pay yourself wages as a sole trader, it should come from the sales revenue you've made after you've taken out all your expenses.Ĭalculate your net margin (which is the sales dollars left after subtracting both the cost of goods sold and the overhead expenses) and gross margin (sales dollars left after subtracting the cost of the goods sold from net sales). Staffing and wage basics Sole trader wages
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