Accounting for Trades People

Services We Offer

  • Business start-up
  • Business Planning
  • Management reporting
  • Budget & Cashflow forecasting
  • Establishing Key Permorance Indicators KPI's
  • Business Improvement Strategies
  • Accounting system advice & support
  • Business Coaching & mentoring
  • Business Structure Advice
  • Social Media & Marketing workshops
  • Buying & Selling business advice
  • Business Succession Planning

We appreciate the fact that the long hours and physical demands associated with the trades often mean bookkeeping and administration don’t get the attention they deserve. While GST, BAS and tax payments often represent some of the largest financial obligations for tradespeople, many struggle to manage their tax affairs.

  • 11 Things Every Trades Person Should Know (PDF)
  • Accounting For Trades People (PDF)
  • Industry Benchmarks for Trades (PDF)
  • The Motor Vehicle Tax Guide (PDF)

The various trades we service extend beyond plumbers, carpenters and electricians. In fact we have clients that span more than 40 different trades including:

  • Interior Decorators
  • Joinery
  • Kitchen Renovaters
  • Landscape Gardeners
  • Lawn Care
  • Painters
  • Paving Contractors
  • Pergolas
  • Plasterers
  • Plumbers
  • Rendering
  • Retaining Walls
  • Reticulation
  • Roller Doors
  • Roof Tilers
  • Roofing Repairers
  • Rubbish Removalists
  • Security Doors
  • Security Gates & Grills
  • Swimming Pools & Spas
  • Telecommunications
  • Tiling
  • Timber Floors
  • Tree Loppers
  • Vinyl & Carpet Layers
  • Window Cleaners
  • Wrought Iron Gates & Balustrades
  • Welders

Starting a Trades Business?

Trades people are one of our specialist client groups and we can help you build a better, more profitable and valuable business by combining the knowledge of your industry with our consulting tools and marketing expertise. As you can see from the above listing, we service clients in a broad range of trades and pride ourselves on being business start up specialists. If you are looking to start a trades business 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 business start up issues including alternative business structures, GST and tax registrations, record keeping, legal issues, claiming car expenses, finance, employing staff and preparing a business plan and cash flow budget.

When starting any business you need to make the right opening moves. The wrong business structure for a carpenter, plumber, electrician or builder can be financially disastrous. Similarly, the wrong accounting software can prove costly and our mission is to help you minimise the cost of compliance. Too often we find self employed tradesmen using accounting software beyond their business needs and level of accounting skill which usually leads to considerable frustration and records that amount to nothing more than a ‘computerised shoebox’.

If you don’t understand debits, credits and journal entries then you’ll probably struggle to cope with the more sophisticated double entry accounting programs unless you undergo extensive training. If you just need to track your receipts, payments and GST we recommend Cashflow Manager. It lets you generate tax invoices, track your debtors and produce monthly customer statements. If you have staff or apprentices you can add the wages module to process pays, print pay slips and generate annual PAYG Payment Summaries. We are also Xero Certified Advisors for clients who want to use cloud based accounting software.

Client Testimonials

“I wish I had watched this financial presentation 10 years ago. Property Investment sounds a lot less daunting when you understand how it works. I thought I was a long way off getting an investment property, but I now understand I can use the equity in my home and I can afford the weekly net cost.”

 

Daniel Storey

“I was always busy in my business but my profitability was not a reflection of my time, effort and investment return.  After a business planning session with McHenry Partners, it was evident my systems were inefficient, our team members not productive enough and my time was being bogged down in less important areas of the business.

Over the last two years I committed to monthly consulting meetings with McHenry Partners. These meetings would identify the priorities of actions to work on my business to improve it. As a result, we have made significant improvements with better structures, systems and communication in our organisation and the team culture is now fantastic. I don’t have to worry about business cashflow anymore which gives me great peace of mind.

We now only have quarterly meetings instead of monthly, which keeps my General Manager and myself accountable to continue to improve the business. I would highly recommend McHenry Partners services.”

www.allgeneralsurveying.com

Richard Hockley
All General Surveying

Marketing Your Business

For a trades person, marketing can be the difference between mediocre results and success. In the digital age your website and social media strategy are critical as is your branding. We can help you with your branding and provide advice regarding your website’s features, functionality and content. We have worked with dozens of clients and liaised with graphic artists and website development teams to create inexpensive, quality websites for our clients in the trades. If you need help with your promotional  brochure, newsletter or want to harness the power of social media to win more referrals we can also provide advice and direction. We believe our marketing skills set us apart from other accounting firms in Geelong.

Our approach is personal and we aim to fast track your business success. Our team offer plumbers, carpenters, builders and electricians a range of accounting, taxation and business coaching services including:

  • Start-Up Business Advice for all the Building Trades and Sub-Contractors
  • Tools including the Start-Up Expense Checklist
  • Templates for a Business Plan, Cash Flow Budget, Letterhead and Business Card
  • Advice and 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 and Corporate Brochure
  • 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 your Services 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

Why Choose Us

Just like 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. 

If you’re a trades person looking for practical, down to earth business advice and tax effective solutions contact us today. We are ‘business and profit builders’ who enjoy working with ambitious business owners looking to accelerate their business success.

To take the next step we invite you to book a FREE, no obligation, one hour introductory consultation to discuss your business needs. You’ll get practical business, tax, marketing and financial advice that could have a significant impact on your bottom line. To book a time, call us today on 1300 789 844 or complete your details in the box at the top of this page.