Being in the trades or building industry you need an accountant who understands your business.
Here at Want Group Accountants, we appreciate the unique nature of the trades including the importance of cash flow, quotes, invoicing, job costing and scheduling, progress payments, retention and variations, tracking project profits and paying sub-contractors. This is in addition to the usual small business compliance issues of GST, BAS, PAYG and Superannuation.
In 2011-12 federal budget, the government announced a new requirement by certain businesses to report annually to the ATO on payments made to contractors in the building and construction industry.
The long hours and physical demands associated with the trades often means accounting and taxation issues don’t receive the attention they deserve. While GST, BAS and tax payments often represent some of the largest financial obligations for a business, most tradespeople fail to manage their tax appropriately. As a result we find many tradespeople pay too much tax, miss legislative obligations and expose themselves to substantial fines or interest penalties. Failing to adequately prepare for tax obligations can also play havoc with your business cash flow that is so important in the trades.
Software selection seems to be another major hurdle for tradespeople. Too often we find plumbers, carpenters and electricians using accounting software beyond their business needs and level of accounting skill. This usually leads to considerable frustration and records that amount to nothing more than a ‘computerised shoebox’.
With so many software packages on the market it is easy to become confused and make the wrong decision. They range in functionality and sophistication with a price tag to match and our first step with new clients in the trades is to review their business needs and level of accounting skill.
If you don’t understand double entry accounting including debits, credits and journal entries then you’ll probably struggle to cope with higher end programs without undergoing extensive training. If you just need to track your receipts, payments and GST we recommend Cashflow Manager. It lets you generate tax invoices, monitor debtors and produce monthly statements and budgets. If you employ staff you can purchase the add-on wages module.
Our mission is to help you grow your business and with over 15 years experience with clients in the trades you can benefit from our experience. To support this claim, visit the ‘client services directory’ on the home page of our website where we invite our database of clients to use the services of our business clients including various tradespeople.
Over 50 Trades & Services…
We have over 15 years experience servicing a broad range of trades and look forward to helping you should your trade include:
As a business owner you need more than an accountant who just keeps the score. We are not your average accounting firm and we aim to help you build a better, more profitable and valuable business by combining the knowledge of your business with our consulting tools and expertise.
Tradespeople are one of our specialist client groups and you can benefit from our experience. 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 issues such as alternative business structures, GST and tax registrations, record keeping, legal issues, employing staff and preparing a business plan and cash flow budget.
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 we offer you a full range of accounting, tax and financial services. Contact us today because your business success is important to us.