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As you know, running a domestic, commercial or industrial plumbing business can be challenging. Apart from the working conditions and physical demands of the job you also need to contend with long hours, emergency call outs, extensive travel, heavy regulation and ongoing training requirements.
While clients expect you to unblock pipes and toilets, cut tree roots, fix burst pipes and replace hot water services – bookkeeping and administration often don’t get the attention they deserve. While GST, BAS and tax payments often represent some of the largest financial obligations for a self employed plumber, many end up paying too much tax and incur fines for non-compliance.
Here at Optimal Accounting Solutions we understand the plumbing industry and having an accountant who understands the mechanics of the plumbing trade can mean the difference between just surviving and potentially thriving. Apart from the usual small business compliance issues of GST, BAS, PAYG and superannuation, we assist clients with managing their cash flow and selecting the right software to prepare quotes, invoices and manage their staff and apprentices. Over the years, we have mentored dozens of plumbers through the various stages of their business life cycle – from start up right through to sale. We offer you experience, technical tax knowledge and most importantly, an intimate understanding of your industry.
THINKING OF STARTING A PLUMBING BUSINESS?
As business start-up specialists we offer you a comprehensive range of services. We have developed a number of practical tools to help you make the right opening moves. Our start up expense checklist will help you identify all your potential establishment costs including tools, equipment, IT expenses and marketing costs. These figures then automatically feed into a cash flow budget template so we can project your first years profit and loss.
One of our biggest points of difference with traditional accounting firms is our marketing expertise. We can assist you with your branding (business name, logo and slogan) and offer you advice regarding your website design and content. If required, we can also help you create a corporate brochure and harness the power of social media to win more referrals. We are not your traditional accounting firm who see the tax return as the end of the client process.
For a plumber, your vehicle is arguably your most important business tool. To learn more about the alternative methods of claiming your car expenses and the distinction between a business and private trip for plumbers, download our Motor Vehicle Tax Guide. In addition, through our affiliate partners we can also assist with vehicle finance (chattel mortgage or lease) and get you a fleet discount on your new car, ute or light commercial van that could save you thousands of dollars.
To be frank, that’s just the beginning. As accountants we can do some financial modelling and prepare some ‘what if’ scenarios. This gives you an understanding of your business’ best and worst case profit scenarios. Next, using industry benchmarks we can compare the performance of your plumbing business against your competitors so you understand what is working in the business and what needs working on.
Our unique business approach is all about fast tracking your business success and the team of plumbing specialists at Optimal Accounting Solutions offer you a range of accounting, taxation and business coaching services including:
We are so much more than just tax Accountants. We are business and profit builders who genuinely care about the success of your plumbing business. We service the needs of a number of plumbers and other trades and offer you strategies to grow your business, your profits and your wealth. Over the years plumbers have become a real niche within our accounting practice and if you’re looking to get your plumbing business off to a flying start or want to grow your existing business, contact us today.