Accounting For Tradies – What you need to know

The professional accounting team at Greenview Accounting have a complete understanding of all building trades. No matter what kind of trade you specialise in, be it a carpenter, plumber, roof tiler, electrician or something else we can help you improve your finances through numerous methods including: bookkeeping, business coaching, marketing and social media strategies. We have experience with over 40 different types of trades and use benchmarks in the industry to help compare your current business performance against others in the same trade. We work closely with our clients; allowing us to tailor a unique package of services depending on your needs to help boost you above your competition.

Thinking of Starting a Trades Business?

When building a house it’s important that the foundations are solid, building up a new business works the same way. No matter what type of trade your business deals in it’s important that the foundations for your finances are in order, starting with choosing the right tax structure and accounting software. It can be incredibly confusing when choosing the right financial methods as there are a lot of options and choosing the wrong option can lead to significant financial, tax, and even legal consequences. By working closely with you to understand any key elements before you begin your business, such as issues with asset protection, profit projections and any future plans, we can help recommend to you the best options for your finances before you even start.

Another important brick in the ‘wall of business’ is the type of accounting software you plan to use for your business. Choosing the wrong type of software, or keeping poor records are some of the biggest causes of failures in businesses. However, keeping up to date and accurate financial records allows you to make more informed decisions. We recommend your software matches your business needs and level of accounting skills to avoid what we call ‘computerised shoebox’ records and by working with you, we can help you choose the right system for you and your trade business.

Accounting for Tradies and Builders

Having the right tools for the job applies to starting a business as much as it does when building a house. Once you’ve got the right financial structure and accounting software in place there are a few more important decisions to be made including any business, financial or marketing plans. Our team at Greenview Accounting Group can help provide you with a number of tools to help you get started, including a start-up expense checklist to identify all your business costs, business plan templates, cash flow budget as well as letterheads and business cards.

As a tradesman your method of transport (truck, van, ute etc.) is arguably your most important business tool. A free copy of our Motor Vehicle Tax Guide for Tradesmen is available on our website under ‘Useful Links and Forms’. This guide covers various methods of claiming car expenses while helping you distinguish between business and private trips. Additionally, through our affiliate partners we can assist you in obtaining financial aid in regards to a vehicle (Chattel Mortgage, CHP or lease) and possibly save you thousands of dollars in the process!

As building and trade financial specialists we can offer our clients a range of accounting, taxation and business coaching services, each tailored to their specific needs and requirements. Our services include, but are not limited to:

  • Start-Up Business Advice for Builders and Trades People
  • Tools including the Start-Up Expense Checklist and 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 Flows and Profit Projections
  • Accounting Software Selection and Training (Bookkeeping, Invoicing, Payroll and Quotes)
  • Preparation and Analysis of Financial Statements
  • Preparation of Finance Applications
  • Bookkeeping and Payroll Services
  • Income Tax Returns and Tax Planning Strategies
  • Marketing Assistance including your Branding, Brochure etc.
  • 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 regarding Pricing and Claiming Vehicle Costs
  • Recession Survival Strategies
  • Advice regarding Employee Relations and Workplace Laws
  • Business & Risk Insurances (Income Protection, Life Insurance etc.)
  • Business Succession Planning

Call Greenview Accounting today on (03) 5629 6133 to discuss how we can help you grow your business, profits, and wealth.