Accounting for builders: Running a building business, understanding the ins and outs and maintaining a profitable ongoing business is a stressful and time consuming process. Many builders go out of business because they are unable to retain costs. Maintaining a profitable business comes down to how good you are at managing your costs. Most builders see huge turnovers but they also have huge underlying expenses. How about meeting an accountant who understands the pressures and compliance aspects in relation to accounting for builders?
The construction industry is the backbone of the Australian economy and while builders are the most part of this industry, this also covers several sub categories such as labourers, material suppliers, Tradespersons, building suppliers, steel and trade industries, the architects, the consultants, the engineers and so on. Regardless of what category you fit in, complex operational challenges are experienced and as part of accounting for builders service, we can cater to all of the above.
The foremost service builders require is budgeting and managing cash flow in addition to record keeping. cash flow, budgeting, forecasting and investment planning. This also includes extensive travelling, hiring contractors and apprentices. There is an overwhelming checklist of compliance and regulations which every builder needs to follow and it is time consuming for builders to do their bookkeeping and administration as well, hence it is vital you choose an accountant who understands the accounting for builders.
The obligation to complete GST and business activity statements and maintaining tax payments is another complex task of bookkeeping and as part of our accounting for builders service package we can provide services to reduce the compliance burden on already quite pre-occupied building professionals.
At A One Accountants, we can manage the accounting and tax aspect of your business to make sure all your tax obligations are up to date and managed efficiently.
Accounting for builders: Explained
Construction business is all about managing cashflow, which means you would receive large amounts of cash and will also be spending large amounts of cash to providers and suppliers. It is very easy to lose track of the GST and Tax, within the incoming cashflow and overcommit yourself. It is hence imperative to lodge Business Activity Statement and form proper structures to minimise the effect of tax. For example: you may be better off using a company structure than a trust. You may be better off on monthly GST rather than a quarterly GST cycle.
Within any trade or building or construction activity, large number of small amount and large amount bills get accumulated very quickly and it is sometimes difficult to keep track of all the expenses. We have a solution for this issue, all you would do is take pictures and upload them directly into an online database and we shall have access to these when we do the bookkeeping for you.
To gain a competitive edge, you need to reduce your costs and achieve a higher degree of compliance. The use of modern technological advances allows this to happen. Get in touch with us and we shall show you how to do this.
As an accounting practice, we take care of your accounts and advise you through tax related compliance matters and also can provide tax planning and tax advice services so that you can take care of your core business matters and not be bogged down with compliance matters.
Call us on 0386091889 and speak to one of our friendly team members, or alternatively, you can email us at email@example.com.