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Accounting for Trades People
We appreciate the fact that the long hours and physical demands associated with the building trades often mean bookkeeping and administration don't get the attention they deserve. While GST, BAS and tax payments often represent some of the largest financial obligations for trades people, many struggle to manage their tax affairs.
Over the years we have mentored a large number of plumbers, carpenters, electricians, builders and sub-contractors through the start up phase of their business. We understand the pitfalls and can help you with everything you need including your business structure, website, branding, invoicing and accounting software selection. When its time to employ apprentices we can help you comply with the regulations and this is obviously in addition to the usual small business compliance issues of GST, BAS, PAYG and superannuation.
We are more than an accounting firm that just keeps the 'score' for our business clients. Our mission is to help you grow your business and with years of experience with the various building trades you can benefit from our industry knowledge and experience. We have produced a number of specific e-booklets for the trades that you can download including:
The various trades we service extend beyond plumbers, carpenters and electricians. In fact we have clients that span more than 40 different trades including:
STARTING A BUSINESS IN THE BUILDING TRADES
We can help you build a better, more profitable and valuable business by combining the knowledge of your industry with our consulting tools and marketing expertise. As you can see from the above listing, we service clients in a broad range of trades and pride ourselves on being business start up specialists. If you are looking to start a business in the trades talk to us about our comprehensive 45 page booklet, 'Starting or Buying a Small Business'. It is a valuable resource available to clients and explores all the key business start up issues including alternative business structures, GST and tax registrations, record keeping, legal issues, claiming car expenses, finance, employing staff and preparing a business plan and cash flow budget.
When starting any business you need to make the right opening moves. The wrong business structure for a carpenter, plumber, electrician or builder could prove a financial disaster. Similarly, the wrong accounting software can prove costly and our mission is to help you minimise the cost of compliance. Too often we find self employed tradesmen using accounting software beyond their business needs and level of accounting skill which usually results in considerable frustration and records that amount to nothing more than a 'computerised shoebox'.
If you don't understand debits, credits and journal entries then you'll probably struggle to cope with the more sophisticated double entry accounting programs unless you undergo extensive training. You need to make a decision, do you want to use a cloud or internet based software program like Xero or do you want to use a conventional program that you load on your PC. We support a wide range of accounting software programs and urge you to consult with us regarding your choice of software.
MARKETING YOUR TRADES BUSINESS
For a trades person, marketing can be the difference between mediocre results and success.
One of our biggest points of difference compared to other accounting firms is our marketing expertise. We can assist you with your branding (business name, logo and slogan) and where required, we can also help you with your digital marketing and social media campaigns.
Unfortunately a lot of trades people have websites that are nothing more than electronic billboards that list the who, what and where of the business. On the other hand, over the past few years we have worked with dozens of clients to help them create affordable, lead generation websites. If you need advice and direction with your website design or content including video production please contact us.
We'll introduce you to strategies like re-marketing, social media advertising and search engine optimization that can drive more visitors to your website. We'll make sure your website is responsive to mobile devices (click here to check your current website) and we strive to give you a serious competitive edge in your industry. The fact is, if you aren’t using some of these marketing tools and techniques in your business then you're probably not going to reach your full profit potential.
Our approach is personal and we aim to fast track your business success. Our team offer plumbers, carpenters, builders and electricians a range of accounting, taxation and business coaching services including:
- Start-Up Business Advice for all the Building Trades including Sub-Contractors
- Tools including the Start-Up Expense Checklist
- Templates for a Business Plan, Cash Flow Budget, Letterhead and Business Card
- Advice and Establishment of Your Business Structure
- Tax Registrations including ABN, TFN, GST, WorkCover etc.
- Preparation of Business Plans, Cash Flow Forecasts and Profit Projections
- Accounting Software Selection and Training – Bookkeeping, Invoicing, Quotes & Payroll
- Preparation and Analysis of Financial Statements
- Preparation of Finance Applications
- Bookkeeping and Payroll Services
- Tax Planning Strategies
- Assistance with your Marketing including your Branding and Brochures
- Assistance with your Website Development, Content and SEO
- Wealth Creation Strategies and Financial Planning Services
- Industry Benchmarking and KPI Management
- Vehicle & Equipment Finance (Chattel Mortgage & Lease)
- Monitoring and Controlling Labour and Sub-Contractor Costs
- Advice & Assistance with Pricing your Services and Claiming Motor Vehicle Expenses
- Recession Survival Strategies
- Advice regarding Employee Relations and Workplace Laws
- Business & Risk Insurances (Income Protection, Life Insurance etc.)
- Business Succession Planning
Just like your trade, we recognise the need to deliver timely, quality advice and services. Our approach is personal and you will enjoy support, guidance and accessibility together with cost effective strategies and solutions. Small business is our passion and your business success is important to us.
If you're a committed and ambitious trades person looking to accelerate your business success we invite you to book a free, one hour introductory consultation to discuss your business needs. You'll get practical business, tax, marketing and financial advice designed to help you build your business and grow your wealth. To book a time, call us today on (07) 3812 1745 or complete your details in the box at the top of this page.