Tradies Bookkeeper at Your Service

Are you seeking a tradies bookkeeper to fix your mess, and reduce your stress?

Then look no further than your tradies bookkeeper with My Great Bookkeeper Pty Ltd Trading as My BAS Agent and Bookkeeping Services.

Efficient tradies bookkeeping is crucial for the success and growth of your trade business. It includes tracking expenses and invoicing clients, which are essential for maintaining financial stability and making informed business decisions.

In this guide, we will explore the importance of tradies bookkeeping and provide practical tips to streamline financial processes. Let’s get started!

Understanding the Importance of Tradies Bookkeeping

Financial Control: By having a bookkeeping service for tradies to record your income and expenses accurately, you gain better control over your finances. This enables you to track where your money is coming from and where it’s going, helping you make informed financial decisions.

Tax Compliance: Proper tradies bookkeeping ensures that you’re compliant with tax regulations. It allows you to keep track of deductible expenses, which can help minimise your tax liability and avoid penalties or fines from the Australian Taxation Office (ATO). Late lodgment fees are not tax deductible and can range from a few hundred dollars to thousands of dollars. Please check out our blog for more information. Ensuring Compliance and Peace of Mind: How Our Remote BAS Agent Helps You Stay Ahead of Deadlines.

Business Insights: Detailed financial records provide valuable insights into your business performance. Analysing your financial data can help you identify areas of strength and weakness, allowing you to make adjustments to improve profitability and efficiency.

Tradies Bookkeeper

Essential Tradie Bookkeeping Practices

Now that we understand why tradie bookkeeping is essential, let’s explore some best practices tailored explicitly to tradies:

Use Accounting Software: It is much quicker to use accounting software like Xero, MYOB, or QuickBooks. These platforms offer features tailored to small businesses and tradies, making managing invoices, tracking expenses, and generating financial reports easier. At the same time, we carry 25 years of experience in MYOB. Our preference is Xero as neither of the other two is as speedy to process transactions and is so much easier for you to understand; we do work in QuickBooks; some people choose it because it is cheaper or their last bookkeeper was able to give them a great deal on the subscription. We find that the little bit of money you are saving on the program costs us more hours in data entry. Mainly if you are on an accrual basis for income tax. Plus, if your bookkeeper was poor, then fixing those mistakes takes so much more time than in Xero.

Separate Personal and Business Finances: Avoid mixing personal and business finances. Set up a separate business bank account to keep your business transactions organised and make reconciling accounts much simpler.

Track Expenses: We keep meticulous records of all your business expenses, including materials, equipment, vehicle costs, and subcontractor payments. This helps with tax deductions and provides insights into your cost structure.

 Invoice Promptly: We work with you to send out invoices promptly after completing a job, which is a MUST to ensure timely payment. You might need to change from handwritten invoice books to the computer, and change is biologically uncomfortable, but this way, you do not lose them. Our clients are so much happier when they’ve taken the time to learn to invoice out of the software, that is, if we aren’t given the task of raising invoices for you. 

Follow Up on Late Payments: Do not let overdue invoices slip through the cracks. Follow up with clients who haven’t paid on time to ensure you promptly receive payment for your services.

If you’re interested in reading other blogs that could be relevant to you, you can find links to them by checking out the webpage Frequently Asked Questions (faq).

Staying on top of your tradie bookkeeping, accounting for payroll, bills payable, sales invoices, bank reconciliation, and GST/BAS IAS services saves you time and money and gives you the insights you need to grow and thrive in the competitive trades industry. Embrace the power of good bookkeeping practices and watch your business flourish!

 

Get in touch with us today and take advantage of our free consultation for new customers.

We want you to have peace of mind knowing that your bookkeeping is in great hands. As BAS agents, we strictly follow the Code of Practice the Tax Practitioners Board sets and have professional indemnity insurance. Additionally, we have workers’ compensation coverage to protect our team. Proof of our insurance is included in the engagement letter.

Your Tradies Bookkeeper at Your Service 🙂