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Should A Sole Trader Hire An Assistant?
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As your business begins to grow, when is it time to bring on additional help? Many business owners struggle to keep up with the daily duties of running their business because they feel like they don’t need an assistant. However, the proper help in your business leads to further business growth, increases financial transparency, and improves efficiency.
What Duties Does An Assistant Perform?
An assistant’s duties will depend on your business needs and the industry you operate in. Data entry, invoice processing, customer service, and other office work are all common duties for an assistant. The overall goal of the assistant is to take a portion of the workload off your plate and allow you to focus on other important areas, such as new customer relationships or creating innovative products.
When Is The Right Time To Hire One?
There is never going to be a right time to hire an assistant; however, there are key indicators to watch out for. Do you constantly feel overwhelmed in your day-to-day tasks? Is your accounting function comingled and paid little attention to? Have customers given you negative feedback? These are all important areas to pay attention to.
Not only should you evaluate your workload, but you should also consider the financial aspect. Can you afford an assistant? The average pay for assistants is around $16 an hour. Keep in mind that your assistant doesn’t have to work full time and you may only need help part time.
Are There Tax Advantages Of Hiring An Assistant?
The good news is that hiring an assistant comes with tax advantages. You are able to deduct the amounts you pay for an assistant, reducing your taxable income. Remember that you will be required to remit payroll taxes as an employer, which is 4.75%, but this is also deductible.
Where To Find An Assistant?
There are two types of assistants you need to consider: in-person and virtual. An in-person assistant is ideal if you have a separate office location where the assistant can work. However, independent contractors might not have an office location, which is when a virtual assistant proves more beneficial.
Analyse the job duties your assistant will perform. If you are looking for someone to complete bookkeeping tasks in addition to other administrative tasks, you will need to enter specific criteria to find an assistant with the necessary experience.
Summary
Many small businesses that are set up as a sole trader benefit from the help of an assistant. From entering transactions regularly to following up with customer receivables, the extra few hours in your busy schedule make a difference.
Looking into hiring an assistant is only one of the tasks sole traders face. In fact, obtaining the proper insurance coverage is another crucial decision. Luckily, you can find the right coverage by using our instant quote generator, where you can get an estimate on market-leading insurance in seconds! Simply enter your occupation and expected revenue to get started! Reach out to a team member today for more information.
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