How tradies can protect their profit
Tradies are one of the hardest working people in the building business and they are an important part of the construction industry. From our experience, we found that tradies are not only enthusiastic about building alone but also about their accounts and bookkeeping.
Our up-to-date process is particularly for tradies. Our valuable and efficient process eliminates the headache that comes from managing your finances so you tradies can forget about shuffling invoices and get more time mixing. Our approach allows you to keep all your books in one place with your tax strategy, CFO and tax accounting.
Sky Accountants can help your trades business by showing you how to use your accounting software efficiently or we can do it for you. We can implement processes so you can get paid faster. We will let you understand your tax positions easily and quickly at all times and simplify your contractor and payroll payments. You will have access to real time profit and loss statements and have the peace of mind that your business structure is giving you the tax and asset protection you need. Take charge of your accounts and leave the pesky invoices to us so you can spend time growing your business.
You might think your subcontractor arrangement could be an employer/employee relationship under tax laws. If you are a business owner with subbies or a tradie working as a subcontractor, you should know where you stand. If you are an employed tradie with private jobs on the side or a tradie starting to work for yourself, you need an ABN and meet your GST obligations. Staying out of the ATO’s radar is not worth the risk. Sky Accountants is an expert at assisting tradies get set up for compliantly doing business.
Tradespeople can claim equipment expenses generally. Make sure you are getting the full benefit of any equipment, tool and workwear deductions available to you. Sky Accountants can assist you with your trade-related expenses and organise it to be in perfect shape. Tradies can also generally claim vehicle usage but the process can be complex. There are plenty of tax-effective ways for tradies to buy and run work vehicles and keep track of vehicle-related expenses.
No need to stash receipts and paperwork in a box with a cloud accounting software that’s best for tradies who are always on the go. You can use your tablet or mobile phone to be paper-free. Contact Sky Accountants to know more about affordable fixed fee accounting software and accounting packages.
Victoria has one of the highest concentration of people working in tradie occupations in Australia. It is home to a third of all Australian cabinetmakers and a higher proportion for panel beaters. The largest industry group of tradies in Victoria is tradespeople with construction and building make up. 17% of all small businesses in the construction industry are from Victoria. 62% of self-employed individuals are Victorian. There are 225,000 Victorian tradies employed in the construction industry and 350,758 employed as tradies or technicians.
Sky Accountants are experts in helping all kinds of tradespeople from sole traders, trade service businesses to tradie employees. We understand the needs of electricians, plumbers, bricklayers, builders, cabinetmakers, carpenters, automotive mechanics and repairers, concrete contractors, tilers, landscapers and gardeners and other specialised tradespeople. Contact an expert accountant for tradies as small business owners or sole traders now.
Are you a tradie feeling the burden of extra compliance in the industry? It’s just a matter of time when the audit will come. Sky Accountants can help take the pressure off and ensure your paperwork is in place. It’s better to find rooms of improvement with a trusted advisor than with a government agency. We have serviced many construction clients and we can help you improve your business processes as well. The service is for businesses in the construction and building industry such as:
- Glass and glazing
- Air Conditioning Mechanics
- Bathroom Renovators
- Blinds Repair and Installation
- Carpet Cleaners
- Ceiling Repairers
- Carpet Repairers
- Commercial Cleaners
- Domestic Cleaners
- Electric Appliance Repairs
- Floating Floors
- Fencing & Gates
- Floor Sanding
- Fencing Contractors
- Furniture Assembly
- Garden Maintenance
- Gas Fitters
- Home Security
- Interior Decorators
- Kitchen Renovators
- Lawn Care
- Landscape Gardeners
- Paving Contractors
- Retaining Walls
- Roof tilers
- Roller Doors
- Roof Repairers
- Security Doors, Grills and Gates
- Rubbish Removalists
- Swimming pool and spa
- Timber Floors
- Vinyl & Carpet Layers
- Tree Loppers
- Wrought Iron Balustrades and Gates
- Window Cleaners
Starting a business in the trades
Tradespeople are a specialist client group and we have mentored hundreds of business owners from start-up phase. If you want to start a business as a tradesperson or buy an existing business, you would need the right business structure, insurance, tax and GST registrations, accounting software program and even finance. It can be a complex process but as expert accountants and business advisors for tradespeople, we can help you in the process and provide advice on your business plan, marketing plan and cash flow management. If you’re planning to employ staff, we can also help with payroll, Work Cover and super guarantee obligations.
Over the years, Sky Accountants have helped hundreds of tradespeople start their business. We provide technical tax know-how, business expertise and in-depth understanding of the trade industry. To start a business with solid foundation, you need the right business structure – sole trader, partnership, company or trust. Start with the end in mind and changing this can be costly. When choosing the right business structure, consider asset protection, income tax minimisation, potential new business partners or investors, the industry’s legal requirements, risk profile of the industry and CGT discounts.
It is also very important to choose the right accounting software as poor record keeping can cause business failure and accurate financial records can help make informed decisions. Avoid wasting time and creating extra fees as this conflicts with our mission to help you cut cost and time related to bookkeeping and GST compliance.
As tradespeople, vehicles are one of your most important business tool. Find out how you can claim your vehicle expenses. We can also help you with vehicle finance (CHP, lease or chattel mortgage). We have all the resources and tools to help you to a flying start. We’ll help you know the business’ best and worst case profit scenarios and use industry benchmarks to compare with competitors.
Sky Accountants offer taxation, accounting and business mentoring services like start-up business advice for tradespeople, business buy or sale advice, business plan and cash flow tools, business structure advice and establishment, tax registrations such as ABN, GST, TFN, WorkCover, profit projections, accounting software, bookkeeping, invoicing, payroll, quotes, financial statement preparation and analysis, finance applications, MYOB, Xero, Cashflow Manager, Reckon, etc., tax planning, wealth creation and financial planning services including SMSF and retirement, industry benchmarking and KPI management, pricing, claiming expenses, survival strategies, employee relations and workplace law advice, insurance and business succession.
Accounting for Tradies
As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.
We would love to help you formulate investment strategies and streamline your processes to take your business to the next level. Our goal is to help you grow your business, find ways to invest more and increase your productivity.
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