Accounts Reporting

What is it with all this reporting and keeping track of accounts? Why, why, why, when your time should be spend out on the job? Why, when all you want to do is get into it and not have your precious time and skills sidelined by paperwork and systems and compliance requirements?

Money, Mr Tradesperson! It’s all about money and profit, for you!

You have a vision for success and you set your objectives and you started working towards that objective. Did you, have you put together a strategy for making it happen? Do you build and expand on your action plans? Do you, can you, evaluate your performance on multi levels?

That, in a nutshell, is why reporting and keeping track of your accounts is paramount to your future success. That is why you need Tradie Bookkeeping Specialists at your side, helping you track and map your progress. Documentation provides a platform for monitoring the progress of each of your action steps. It is much more than simply being a tool of compliance to the Australian Taxation Office and Fair Work. It is your way to effectively evaluate your performance. To quote: “If you can’t measure it, you can’t manage it”.

Using reporting methods such as profit and loss statements, balance sheets, GST reporting, cashflow forecasts and budgets, you immediately have an edge on competitors who so not use these effective accounting tools. By monitoring and measuring all levels of performance within your business you gain a clear and decisive picture of how your business is flowing. Are you moving forwards or losing financial ground?

With accurate reporting you can quickly determine how your business is faring and take steps to improve and change direction midway if necessary. You can prepare for the unexpected and based on your reporting move towards outperforming your competitors. Sometimes in business, one must take risks in order to move forward. It is better to take informed, conservative risks because you know exactly where your business stands, than to take a leap of faith and hope it works for you. Informed decisions come from accurate and concise account reporting.

When it’s your own business, your “baby” it can be difficult to let go of the reins and it is easy to fall into the trap of micro managing. As trade specialists, with our long history of involvement in the trade industry, we know that the most effective way to improve and grow your business is reliant on two important steps. 1, to give those tasks you are not experienced at, to those who have the necessary knowledge. 2, to use the skills of others to make your business stronger.

If you recognise the power of not only a good accounting system, but also a well implemented bookkeeping system you are ready for the next step in the evolution of your company.

The importance of accurate and meaningful data will push your company onto the right track: growth. If you are an already established trade business and you haven’t been tracking or collecting important decision making data what then, is driving your business? Sometimes it’s easier to wing it rather than knuckle in and bring your records out of the dark ages. But with accurate reporting, gained from the input of all data from accounts receivable through to payroll and tax, you are able to make informed decisions and act upon them. Capture data, review that data: you may not have the time to do this, but we do. By reviewing your data, using profit and loss statements, cash flow analysis and other reporting methods Tradie Bookkeeping Specialists will be able to show you how to make informed decisions regarding the financial side of your business.

By utilising a solid software accounting system that has been systemised specifically for your business with correct and relevant data entry, you will have at your fingertips the right data to help you develop logical business decisions. Accuracy is the key.

Summarise your income and expenses so that you can determine the profit (or loss) made in a specific time period. Know exactly where you are working efficiently and when you are struggling. Use your balance sheets to see, at a glance, what you own and what you owe, at any given point in time. Report your GST accurately, having drawn from your profit and loss and balance sheets to ensure that you are financially stable. Use your cashflow forecasts to manage your financial future, knowing that you are prepared for the unexpected, because your reporting is accurate.

Have us use all of these reporting methods to create a workable, realistic budget for you so that you know, every step of the way, how your business is faring.

Tradie Bookkeeping Specialists: not just any bookkeeper! Trade specific bookkeepers. We are on the Sunshine Coast – call us now.