Click Here to Download PDF
Accounting for Concreters & Concrete Pumping
While your expertise is in excavation, supply, placement and pumping of concrete, the team at PFG Accountants and Advisors are very skilled in tax matters and can provide strategies to help you grow your concreting business.
We understand the issues involved in running a commercial concreting business
including contracting to builders with strict deadlines and precise specifications. The industry is full of challenges including the physical demands of the job where you’re required to do a lot of heavy lifting. You could be on your feet all day digging foundation trenches, mixing cement with gravel, sand and water or pouring the concrete. Alternatively, you could be on your knees levelling, cleaning or sealing the concrete.
There's certainly more to concreting than meets the eye and the skills of a concreter go far beyond the ability to mix, pour and apply concrete. You might have to create decorative surfaces on the concrete prior to cleaning and sealing or you might have to spray concrete onto retaining walls, swimming pools or other surfaces that require rendering. It's a very big and broad industry and you need to know how to use concrete mixers and pumps, power tools and hand tools including trowels, concrete vibrators and shovels. You also need to be versatile to do formwork and then drive large vehicles fitted with industrial cement mixers or pump trucks.
It’s dangerous and dirty work and you could be working on a construction site, underground, on the roads or up on a bridge mixing, laying, spreading or compacting concrete. While your customers expect a perfect result every time, unfortunately, a lot of concreters don't pay the same attention to detail when it comes to their bookkeeping and tax administration. In fact, many concreters end up paying too much tax and incur fines for late lodgement or non-compliance. That's certainly an area we can help you with including bookkeeping, budgets, finance and tax returns. Not only that, as you'll read below, we can also help you with your marketing.The concreting industry has stringent regulations, licensing and training requirements together with high safety standards. You also have to contend with changes in technology and design trends. Having an accountant who understands your industry can give you a serious competitive edge and over the years we have built a reputation as specialists in the concreting industry.
When starting or buying into a concreting business there are numerous issues to consider. It can be a minefield but as business start-up specialists we can assist you with everything you need from your branding through to your business structure, finance for your mixer or truck as well as your marketing including your website. We have developed a number of tools specifically for new business owners including a comprehensive checklist of start-up expenses broken down into categories including trucks, tools, IT costs, professional fees and marketing. These figures then feed through to a cash flow budget to help you identify any finance requirements and they also tuck neatly into a business plan template we have created.
Accounting software selection is another brick in the foundation wall. Again, the wrong choice can be catastrophic because poor quality record keeping is one of the biggest causes of business failure in this country. You need up to date, accurate financial records to make informed business decisions which is why we insist your accounting software matches your business needs and level of accounting skill. Using sophisticated double entry accounting software without a reasonable level of accounting skill will simply create a computerised shoebox. We aim to minimise the cost of compliance for our clients but shoebox records defeat the purpose and once we evaluate your business needs and skills we then train you to use the software. Here at PFG Accountants & Advisors, we want to be your accountant and business advisor, not just a bookkeeping service.
As you know, to build a house you also need the right tools. When constructing your business we also use a number of tools including our business start up checklist and our start-up expense checklist to identify all your potential establishment costs.
For a concreter, your mixer, truck or ute is arguably one of your most important business tools. You can download our Motor Vehicle Tax Guide from the resources section of our website to learn more about the alternative methods of claiming your vehicle expenses and the distinction between a business and private trip. In addition, through our affiliate partners we can also assist with vehicle finance (chattel mortgage, CHP or lease) and get you fleet pricing on your new car, ute or light commercial van that could save you thousands of dollars.
As accountants, we can do some financial modelling and prepare some ‘what if’ scenarios so you understand your best and worst case profit scenarios. Next, using industry benchmarks we can compare the performance of your concreting business against your peers so you understand what is working in the business and what areas need working on.
As a business start-up there are numerous issues to consider including tax registrations, insurances, bookkeeping, invoicing and occupational health and safety regulations. We can assist you in all of these areas plus provide advice on HR matters, payroll and the preparation of a business plan. Over the past two decades our team of accountants have helped dozens of concreters get their business off to a flying start. We offer you experience, technical tax knowledge and most importantly, an intimate understanding of your industry.
Historically, concreters and people in the construction industry building trades have relied on reputation and referrals to grow their business. While these remain important, in the digital age your online presence should be a priority. Increasingly local searches like ‘Concreter Sydney' are driving traffic to your website and in effect, your website is your silent salesperson working 24/7. It is often the first touch point with a potential new customer and you only get one chance to make a good first impression so a quality website is essential.
In the competitive concreting and building trades market you need to work smarter, not harder. Some of the modern marketing tools and social media channels can accelerate your success and help you run some of your marketing on auto pilot. We recognise the fact that concreters just like you want more sales, more customers and more profit.
- Start-Up Business Advice for Concreters
- Advice and Establishment of Your Business Structure
- Advice & Assistance with the Purchase or Sale of your Concreting Business
- Spreadsheets and Tools including a Start Up Expense Checklist
- Tax & Business Registrations including your ABN, TFN, GST, WorkCover etc.
- Preparation of a Business Plan, Cash Flow Forecasts and Profit Projections
- Accounting Software Selection and Training – Bookkeeping, Invoicing, Payroll etc.
- Preparation of Finance Applications for Banking Institutions
- Site Location and Advice Regarding your Commercial Lease
- Preparation and Analysis of Financial Statements
- Bookkeeping and Payroll Services
- Tax Planning Strategies
- Industry Benchmarking and KPI Management
- Marketing Advice including branding, brochures, website and social media strategies
- Advice and Assistance with the Development, Content and Website SEO
- Wealth Creation Strategies, SMSF’s and Financial Planning Services
- Vehicle & Equipment Finance (including Trucks, Trailers & Equipment)
- Monitoring Labour Costs & Advice regarding Workplace Laws
- Advice regarding Claiming Motor Vehicle Costs
- Business & Risk Insurances
- Business Succession Planning
Here at PFG Accountants & Advisors, we do more than just keep the score for our concreting clients. We are business and profit builders who genuinely care about the success of your business and we view your tax return as the start of the client process, not the end. If you're serious about growing your business, your profits and your wealth we invite you to contact us today. We work hard to understand your business and over the past decade concreters and the various building trades have become a niche area within our firm.
If you’re looking to get your concreting or trades business off to a flying start or need to boost the profits in your existing business, we invite you to book a FREE, one hour introductory consultation to discuss your business needs. You can expect practical business, tax, marketing and financial advice that could have a significant impact on your bottom line. To book a time, call us today on (02) 9791 1779 or complete your details in the box at the top of this page and let's get to work ON your business so it is more profitable, valuable and saleable.