3 signs it’s time to hire a bookkeeper for tradies

If you tick any of these boxes – it’s time to outsource to a bookkeeper for tradies

Tradie business owners generally specialise in a specific area—for example, plumbing, electrical, or construction.

When you’re starting out, you might work alone, but as your workload grows, so will the time it takes to manage your compliance obligations and business finances successfully, especially as they become more complex.

Here are three signs indicating it’s time for tradies like you to invest in a bookkeeper for tradies:

1. You keep wishing for more hours in the day – time management challenges:

Tradies often wish they could create more hours in a day. Between balancing site work, looking for new jobs, preparing quotes and proposals, customer interactions, and business administration—it’s not surprising!

If you’re starting to find the juggle impossible, are spending evenings or weekends sorting through receipts, reconciling accounts, struggling with payroll, or Googling ATO requirements for your business (or asking your other half to help which is something we see often)—it’s a clear sign you need a bookkeeper for tradies. These tasks can detract from both your work quality and your personal life. A bookkeeper for tradies can handle these financial and compliance responsibilities, freeing you up to focus on your day job… and live your life!

2. Your finance and compliance keeps getting trickier:

As your trade business expands, so does the complexity of your finances and compliance. Maybe you’ve gone from a solo operator to hiring staff, an apprentice, or subcontractors. You might start handling multiple projects simultaneously, dealing with a variety of suppliers, while you’re managing a growing team.

Each of these elements introduces complications in expenses, invoicing, and payroll, and changes to your business needs. A bookkeeper for tradies can systematically manage these complexities, ensuring your finances are accurate, up-to-date, and comprehensive and that you are ticking your compliance boxes on time.

3. Mistakes, last minute scrambling and inconsistencies:

Even minor financial errors can lead to significant problems, such as cash flow issues, penalties, or tax complications. If you’re noticing discrepancies in your financial records, like unexplained losses, unpaid invoices, incorrect categorization of transactions in Xero or QuickBooks, inconsistent entries, or you’re missing essential ATO deadlines—it’s time to take all of that off your plate and outsource to a professional.

A bookkeeper for tradies will be able to implement efficient systems and checks to ensure your financial data is reliable and accurate as well as meeting compliance deadlines and passing on any compliance info relevant to your business. This not only saves you from potential fines and penalties but also gives you a clear picture of your business finances, helping you plan better for the future.

What does bookkeeping for tradies involve?

While there is general information online for tradies looking to DYI bookkeeping and tax time, outsourcing to a bookkeeping service should help you handle the unique financial needs and challenges of tradespeople. Your service should include essential tasks to help your business run smoothly and efficiently. This could include accurate record-keeping of daily transactions, payroll processing, and management of accounts receivable and payable, which ensures that all invoices and payments are handled timely. It also involves conducting regular bank reconciliations to prevent discrepancies in financial records. Depending on your business, a bookkeeper will help you prepare and lodge BAS statements, making sure your BAS is compliant with the ATO’s regulations.

Beyond these basics and depending on the service provider you choose, the service could extend to strategic financial advice, like cash flow forecasting, budgeting, and profit planning to help support your business growth and sustainability.

Check out our bookkeeping services here: https://tallyupbooks.au/bookkeeping-services/

Conclusion:

For tradies, balancing the demands of the job with the need to manage business finances is tricky.

Investing in a bookkeeper for tradies not only takes the burden of financial administration off your shoulders, but also contributes to better business management. With professional help, you can ensure financial accuracy, compliance, and perhaps most importantly, have more time to dedicate to what you are supposed to do for your day job—your trade.

If you’ve ticked the boxes for one or more of these signs, we’d love to offer you a complimentary call to talk you through how our bookkeeping for tradies services can help you, so your business can succeed.

Like this article?

Share on Facebook
Share on LinkedIn
Share on Pinterest

you may also like...

Contact Us

Ready to take your books and business to smooth operator level? Smart choice!

Contact Us

Ready to take your books and business to smooth operator level? Smart choice!

Contact Us

Ready to take your books and business to smooth operator level? Smart choice!

Contact Us

Ready to take your books and business to smooth operator level? Smart choice!