Accounting for Trades People
Over past two decades we have assisted several hundred builders, plumbers, carpenters and electricians with their accounting, tax and financial affairs. In fact, the building trades have become real niches within our accounting firm.
We appreciate the fact that the long hours and physical demands associated with the 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 a business, many tradespeople struggle to manage their tax affairs.
Here at Nexus Accountants we have mentored a large number of tradespeople 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 software selection. When its time to employ apprentices and sub-contractors we can help you comply with the regulations. This is obviously in addition to the usual small business compliance issues of GST, BAS, PAYG and Superannuation.
We are not your average accounting firm that just keeps the 'score'. Our mission is to help you grow your business and with over 20 years experience with clients in the trades you can benefit from our experience. We have produced a number of specific e-booklets for the trades that you can download including:
- 11 Things Every Trades Person Should Know (pdf)
- Accounting For Trades People (pdf)
- Industry Benchmarks for Trades (pdf)
- The Motor Vehicle Tax Guide (pdf)
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 Trades Business?
Trades people are one of our specialist client groups and we 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. Not only that, we pride ourselves on being a business start up specialist and if you are looking to start a trades business 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 can be financially disasterous. The wrong accounting software can also prove costly and our mission is to help you minimise the cost of compliance. We find too many self employed tradesmen use accounting software beyond their business needs and level of accounting skill which usually leads to 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. If you just need to track your receipts, payments and GST we recommend Cashflow Manager. It lets you generate tax invoices, track your debtors and produce monthly customer statements. If you have staff or apprentices you can add the wages module to process pays, print pay slips and generate annual PAYG Payment Summaries. 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. Contact us today on (03) 9500 8666.
Nexus Accountants - Connecting Your Business To Profits