IS AN EXPERT IN THE TRADES AND CONSTRUCTION INDUSTRY AND ASSISTS BUSINESSES OPERATING WITHIN THE INDUSTRY WITH THE FOLLOWING:
- Setting up and maintenance of an accounting system from scratch and ensuring the tax codes and chart of accounts are setup correctly for reporting purposes.
- Using technology to process and manage the accounts payable function of the business efficiently.
- Managing all ATO-related affairs so you can focus on growing your small business effectively.
- Ensuring your books are up-to-date so you are able to review your numbers on a regular basis for cash flow monitoring purposes
Trades and construction businesses operate in a dynamic environment. Our team at PAQ works with companies in this industry to ensure they have up-to-date financials so they are able to make the best decisions that keeps their cash flow under control, optimize their finances, and to grow their business.
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YOU NEED TO KNOW ABOUT TRADES AND CONSTRUCTION:
Construction businesses buying and selling land need to ensure they are applying the ‘margin scheme’ (if applicable) correctly to ensure that errors in this area are minimized as they constitute large sums of money that can significantly impact the finances of the business.
Trades and construction businesses need to monitor their cash flow closely and can optimize their collections effort by ensuring they have a set terms of trade, obtain appropriate purchase orders prior to starting works, bill in progress payments instead of at completion and having a good debt collection and stop work policy.
It is paramount to monitor key cash flow metrics such as cash flow forecasts and working capital reports to ensure there is enough in the short-term to meet ongoing obligations. Continuous underperformance may indicate solvency issues.