Accounting for Trades People
Being in the trades or building industry you need an accountant who understands your business.
At West Currie Consultants 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 projected profits and paying sub-contractors. This is in addition to the usual small business compliance issues of GST, BAS, PAYG and Superannuation.
In the 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 the 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 trades. Struggling with cash flow is a main reason for small business failure.
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.
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 trade is to review their business needs and level of accounting skill. See Accounting Software for Small Business or Online Accounting for further information.
We are not your average accounting firm that just keeps the 'score'.
Our mission is to help you grow your business and with several years experience with clients in the trades you can benefit from our experience.
Over 50 Trades & Services...
We have several years experience servicing clients across a broad range of trades including:
- Air Conditioning
- Appliance Repairs
- Auto Electricians
- Bathroom Renovations
- Blacksmiths and Farriers
- Blinds - Repair & Installation
- Cabinet Makers
- Carpet Cleaning
- Carpet Repairs
- Commercial Cleaning
- Domestic Cleaning
- Fencing Contractors
- Garden Maintenance
- Gas Fitters
- Interior Decorators
- Kitchen Renovations
- Lawn Care
- Motor Mechanics
- Panel Beaters
- Roof Tilers
- Security Doors, Gates & Grills
- Tree Lopping
- Vinyl & Carpet Laying
- Window Cleaning
- Welding Services
What to Look for in an Accountant
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.
How We Can Help You
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.