lots of help needed.

dances

hello everyone ive just come accross the site and am very pleased to find it. ive been a sole trader for nearly two years now as an electrical contractor based in dublin . i have two employees at the moment am quiet busy but to be honest dont know how ive managed to keep the company going. ive no money i dont think. I am clueless about tax vat etc. i am very good at my job hence the reason im busy but regards value of a job and priceing and all the other bits i think ive just been sailing through it. anyway i am still there so i plan to clean up my act and hope to make my buisness work. i hope to post a lot of questions on here and maybe gain some valueable advice and help . i have an accountant at the moment whom is not very good and ive paid her about 1800 euro in total so far . so i need to either learn myself even the basics and find a new accountant.

my pc skills are not great either so please sticxk with me an il improve my posts. if anybody feels like they can help great i will answer every question as quickly as possible.

my big worry for the new year is money i dont think ive a good credit history lately maxed out credit cards missed payments etc . but previous to going self employed we were fine never a problem good wages me and my wife who is a school teacher we have two kids 3 and 10 own house in north dublin no arrears on mortgage .
i find the bigger jobs i take on the more money i make but the longer it takes to make it . i still got too pay my two workers every week plus the vans need fuel ins tax tools need bought hire equip sometimes etc im scared that i cant afford the staff but without them i couldnt finish or do the jobs . im in the middle of doing a job in a factory thats quite big but its going on longer than i want due to machinery being brought in from abroad that i cannott power up or even run cables till i see the equipment but ive laid out a lot og money already on that job we also have a big project in leeson street that is takeing an eternity as the builder and clients keep changeing ideas etc and ive not been pqaid and wont be till im finished my original list of works.
please give advice

smcgiff

I'll kick off...

To clear up your personal cash-flow problems you may want to consolidate your short term debt by remortgaging. This will take anything from one month plus (can be done quicker so I'm told, but not my experience). This would clear your credit cards etc, but increase your long term loan. This is something that can only be done rarely to get the best out of it. What it will do is radically reduce your current monthly outflow and give you breathing space. You're not in arrears, so hopefully your mortgage company will help.

As for your work. I'm not going to tell you something you don't already know. You may be over stretching yourself with the work you're taking on. The only one really stressing about you getting the right work is you. Your employees will get paid regardless. And your "employers" aren't bothered too much about your cash out goings. You're your own boss. This is the joy and heartache of being self employed. You may need to work for yourself (although this will limit the jobs you take on) to build up enough cash to see you through the bigger jobs.

The alternative (less attractive option) is to take on the employees as partners. That way they get paid when the company gets paid. There's obviously problems with that too.

If you’re not happy with your accountant let them know, and maybe they can offer more tailored advice. The only problem about seeking a better accountant is that they will most likely cost more.

Most importantly you realise something needs to be done and that sticking your head in the sand is not an option. So, Good luck!