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Accounting For Plumbers
As you know, running a domestic, commercial or industrial plumbing business can be challenging. Apart from the working conditions and physical demands of the job you also need to contend with long hours, emergency call outs, extensive travel, heavy regulation and ongoing training requirements.
While clients expect you to unblock pipes and toilets, cut tree roots, fix burst pipes and replace hot water services, bookkeeping and administration often don’t get the attention they deserve. While GST, BAS and tax payments often represent some of the largest financial obligations for a self employed plumber, many end up paying too much tax and incur fines for non-compliance.
Here at Accrue Accounting we understand the plumbing industry and having an accountant who understands the mechanics of the plumbing trade can mean the difference between just surviving and potentially thriving. Apart from the usual small business compliance issues of GST, BAS, PAYG and superannuation, we assist clients with managing their cash flow and selecting the right software to prepare quotes, invoices and manage their staff and apprentices. Over the years we have mentored dozens of plumbers through the various stages of their business life cycle, from start up right through to sale. We offer you experience, technical tax knowledge and most importantly, an intimate understanding of your industry.
THINKING OF STARTING A PLUMBING BUSINESS?
As business start-up specialists we offer you a comprehensive range of services and have developed a number of practical tools to help you make the right opening moves. Our start up expense checklist will help you identify all your potential establishment costs including tools, equipment, IT expenses and marketing costs. These figures then automatically feed into a cash flow budget template so we can project your first years profit and loss.
One of our biggest points of difference with traditional accounting firms is our marketing expertise. We can assist you with your branding (business name, logo and slogan) and offer you advice regarding your website design and content. If required, we can also help you create a corporate brochure and harness the power of social media to win more referrals. We are not a traditional accounting firm who see the tax return as the end of the client process.
For a plumber, your vehicle is arguably your most important business tool. To learn more about the alternative methods of claiming your car expenses and the distinction between a business and private trip for plumbers, download our Motor Vehicle Tax Guide. In addition, through one of our affiliate partners we can help you obtain vehicle finance (chattel mortgage or lease) and also give you access to fleet discount pricing on your new car, ute or light commercial van that could save you thousands of dollars.
To be frank, that’s just the beginning. As accountants we can do some financial modelling and prepare some ‘what if’ scenarios. This gives you an understanding of your business’ best and worst case profit scenarios. Next, using industry benchmarks we can compare the performance of your plumbing business against your competitors so you understand what is working in the business and what needs working on.
Our unique approach is all about fast tracking your business success and our team of plumbing specialists offer you a range of accounting, taxation and business coaching services including:
- Start-Up Business Advice for Plumbers and Plumbing Suppliers
- Advice regarding the Purchase or Sale of a Plumbing Business
- Tools including the Start-Up Expense Checklist and Templates for a Business Plan, Cash Flow Budget, Letterhead and Business Card
- Advice and Assistance with the Establishment of Your Business Structure
- Tax Registrations including ABN, TFN, GST, WorkCover etc.
- Preparation of Business Plans, Cash Flow Forecasts and Profit Projections
- Accounting Software Selection and Training – Bookkeeping, Invoicing, Quotes & Payroll
- Preparation and Analysis of Financial Statements
- Preparation of Finance Applications
- Bookkeeping and Payroll Services
- Tax Planning Strategies
- Assistance with your Marketing including your Branding, Corporate Brochure etc.
- Advice and 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 & Assistance with Pricing and Claiming Motor Vehicle Expenses
- Recession Survival Strategies
- Advice regarding Employee Relations and Workplace Laws
- Business & Risk Insurances (Income Protection, Life Insurance etc.)
- Business Succession Planning
We are so much more than just Tax Accountants. We are business and profit builders who genuinely care about the success of your plumbing business. We service the needs of a number of plumbers and other trades people and offer you strategies to grow your business, your profits and your wealth. Over the years plumbers have become a real niche within our accounting practice and if you’re looking to get your plumbing business off to a flying start or want to grow your existing business, contact us today.
Accrue Accounting - Your Financial Future is Our Business