As a tradesman running your own business, you work hard all day from early in the morning. At the end of a long day it’s difficult to have the time and energy to do the important ‘back office’ functions like invoicing and following up people who owe you money.
These administrative and accounts-related tasks are never glamorous, but the end result is worth it: You get paid. Your cash flow is strong. You have less stress about paying your suppliers and your day to day bills.
As specialist accountants and business advisors to trade based businesses we often see one of two scenarios:
- The bookkeeping, invoicing and debtor management gets neglected and out of date; or
- Your spouse gets burdened with doing it—often after hours—and is never quite sure if they are doing it correctly because they’re not trained and qualified bookkeepers.
This creates stress for the business, and the family.
As your accountants and business advisors we see our role as freeing you up from the business so you can have a better balance in life. So you can enjoy your evenings and your weekends, and take great holidays without worrying about the business back office management.
We’ll guide you along a business development path where you can—if you choose to—shift from working mainly IN the business to working mainly ON the business. You can focus on attracting new customers, generating new work, getting quotes and tenders out and growing your business’ revenue. You can develop a team of employees and/or sub-contractors who are on the tools, completing the jobs.
Our accounting and business support to trade based businesses includes:
- Advice and guidance on your admin and business management systems
- Cash flow management, staying on top of your invoicing, paying bills, collecting payments
- Setting you up on a cloud-based accounting platform such as Xero, MYOB or Quickbooks so you can virtually eliminate the bookkeeping data entry chore
- Getting you onto smart apps that allow you to do your invoicing—and even collect payment—on your smartphone or tablet. This allows you to get paid immediately at the end of a job while you’re still on-site, not only doing wonders for your cash flow but also saving you many hours each week
- Giving you a clear picture of how your business is tracking by setting up simple reports that you can view whenever you like from your smartphone or tablet. You’ll never be tethered to a desk again
- Advising you as you grow in areas such as hiring, sub-contracting, leasing vehicles and equipment, supplier agreements and banking such as helping you apply for loans, overdrafts or other funding. We’ll help you cover yourself and make the right moves each step of the way.
And because we understand the ins and outs of trades based businesses, we’ll be able to get you clear on important questions about your business such as:
- Do you know what your charge rate should be?
- What hourly rate are you actually achieving on jobs?
- How does that compare to your target hourly rate?
- Is there room to increase your charge rate?
- What types of jobs are the most profitable?
- What types of jobs are the least profitable?
- Are you targeting the right types of jobs and customers?
- How can you improve the customer or job mix to increase your prices and profit margins?
- How can you build a business that can work without you, so you can take great holidays and ultimately sell the business for a tidy sum?
We all know that the key to building a better business is not working harder, but working smarter. Insight will be your guide to helping you achieve precisely that.
Get in touch if you’d like to catch up over a coffee or a beer for an initial no-obligation chat about ways we can help you improve your business’ performance and get more balance back into your life.