We at Peter Mulcahy Public Accountants 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.
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.
Selection of accounting software seems to be another major hurdle for tradespeople. Frequently we find plumbers, carpenters and electricians using accounting software beyond their business needs and level of accounting skill. This usually leads to considerable frustration for both you and us, and accounting records that amount to nothing more than a 'computerised shoebox'. Computerised shoeboxes are very expensive to process and yield big accounting bills.
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 have staff you can add the wages module which makes payroll accounting easy.
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. 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 and Services...
We have over 20 years experience servicing clients across a broad range of trades including:
| Air Conditioning | Electricians | Millinery |
| Appliance Repairs | Fencing and Gates | Painters |
| Bathroom Renovations | Guttering | Paving |
| Beauticians | Floor Sanding | Plasterers |
| Blinds - Repair and Installation | Garden Maintenance | Plumbers |
| Bricklaying | Gas Fitters | Rendering |
| Builders | Glazing | Retaining Walls |
| Cabinet Making | Hairdressing | Roof Tilers |
| Carpenters | Handymen | Shearing |
| Carpet Cleaning | Home Security | Telecommunications |
| Carpet and Floor Laying | Insulators | Tailors / Seamstresses |
| Carpet Repairs | Interior Decorators | Tiling |
| Commercial Cleaning | Joinery | Tree lopping |
| Concreting | Kitchen Renovations | Window cleaning |
| Contract Shearing | Landscaping | Wool classing |
| Domestic Cleaning | Mechanics |
What to Look for in an Accountant
As a business owner you will probably be looking to grow your business and your wealth. You will then be needing 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.
Are you thinking of starting a business?
If you are looking to start start a business in the trades then 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 can we help you?
As with 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 business services. Contact us today because your business and personal success are important to us.
If you would like to know more, please contact us directly on 03 5571 2774 or at our office which is located at 305 Gray Street, Hamilton, Victoria. 3300.
Last updated Friday 10th December 2010
