Why is good bookkeeping so important to a tradie?
Cash Flow Management:
Know who you need to pay and when
Know who is due to pay you and when
GST compliance:
Be on top of filing your GST on time
No shock at time of GST payment
Increase Cash Flow into your Business:
On-time and professional client invoicing
Complete, transparent and accurate client invoicing
Lock in new Customers and Jobs:
Accurate, professional and transparent quotes
Clear tracking of quotes ensuring you stay on top of who has and who has not accepted quotes
Job Management:
Provide clarity to yourself and your clients around how jobs are tracking against time and budget
Time sheet management to ensure jobs are charged correctly and staff are paid
Discounts and margins are consistent across jobs and customers
Integration with Your Financial System
Ensure you financials are transferred seamlessly into your Financial System
Keep your accounts up to date for your accountant and complete for year end
Ability to report financials such as profit/loss, balance sheet, Cash Flow
Produce a 'snap shot' view of your business - very important in current times
Bank Reconciliation
Highlight incorrect payment errors
Send supplier remittances
Record all cash transactions into your financials
Ensure cash transaction match system transactions e.g. a payment to a supplier is as per the invoice, a payment from a customer is as per your invoice
Stay on top of Cash Flow reporting leading to good financial decision making