Blog

Accounting for the Construction Industry

Written by Gavin Bateman | May 8, 2022 10:50:57 PM

Let us do the numbers for you. 

Are you a builder, plumber, contractor, carpenter or an owner of a construction company?  Then we are the right accountants for you. Dolman Bateman’s directors come from a family of builders, and we know how the construction industry works. With over 35 yrs working closely with our construction clients, we know the headaches that you go through and what you need help with.

Operating a construction business can be highly profitable but we understand that there is also a lot to manage. Dealing with clients, management of equipment and supplies, occupational health and safety on site, overseeing staff and dealing with subcontractors and council approval paperwork, all this can be alot to deal with.

That is why it is important to keep your finances in order. Effective management of cashflow and ensuring that your company is not overspending on a job and understanding where the money is going can make the difference between your building business flourishing or struggling.

This is why it is extremely important that you find the right accountant that understands your business. Using a professional accountant that understands the financial issues of running a business can provide a benefit to you and your business, such as giving you more time to focus on your business and personal life, rather then worrying heavily about taxation.

Over the past two decades our team of accountants have helped dozens of clients get their business off to a flying start. If you are looking to start a business in building and construction there are many issues to consider. Below is a list of advice that we provide to our clients.

 

  • Start-up Business Advice – Structure (what business structure is right for you? Are you in the right structure?)
  • Business Registrations including ABN, TFN, GST, WorkCover etc.
  • Payroll and bookkeeping services
  • Advice relating to claiming motor vehicle expenses
  • Advice on record keeping software, spreadsheets and tools for recording income and expenses of your business
  • Equipment finance (tools, construction supplies, etc)
  • Monitoring and Controlling Labour costs
  • Statutory Financials & Income Tax Returns (Getting the most from your year end returns!)
  • Tax Planning (how do you save on tax and make your business financially attractive?)
  • Advice in relation to the sale and purchase of a business
  • Tax planning strategies
  • Advice for business start-ups
  • Retirement! (Do I have enough to retire? Do I have enough in my super? What do I need to consider?)

 

Do you want to start a construction business?

If you are looking to start a business in construction, give us a call and let us help you get your business going the right way. From business structure, tax registrations, insurances to suggesting your accounting software, we can help you.

To arrange a meeting with one of our specialists you can email or call us on +61 2 9411 5422.