As a business owner, you have a lot on your plate, from managing employees to securing new jobs. It can be easy to let bookkeeping fall by the wayside, but that is the biggest mistake I see in trades businesses.

Simple and efficient bookkeeping is the critical step to a financially successful business. Think of your bookkeeping as the piers of a house. We all know that the piers of a house and how well they are prepared and poured is one of the most critical steps in the house building process. If the piers aren’t done with the right amount of thought and care the house can be built but cracks will shortly start to appear once the house is built. 

Some cracks are small and slow to appear and can be patched along the way other cracks are large and cause huge amounts of damage requiring a huge amount of both time and money for the homeowner and the builder.

Do you enjoy going back to fix up a job that wasn’t quite done right in the first place?

No.

No tradie does. We all know when we have to go back that is coming out of your pocket, a pocket which rarely has much spare change in it let alone enough to cover these issues that come up.

At Profit First for Tradies we understand the frustration many trades businesses face when it comes to bookkeeping. That's why my team at my bookkeeping business,  Efficient Tradie Bookkeeping are specialists in working with trades based businesses to not only help set them up with the rights tools, such as Xero and HubDoc, but make sure that the other tools they are using such as job management systems such as Servicem8, BuildExact and the like are connected correctly to Xero ensuring a easy, efficient and correct flow of data for their business.

We work with a large number of trades business owners whose bookkeeping is a mess and are struggling with cash flow which is no surprise to us.

Think about if you were asked to go onto a job site without any plans how would the job turn out?

It wouldn’t go very well would it. Even with your experience in your trade it would still be much more difficult, stressful and time consuming to complete the job without a plan.

So why continue with your bookkeeping the way it is if it isn’t simple and efficient?

One of the biggest reasons why you need to have a bookkeeping system is to keep track of your expenses and income accurately. Without an accurate account of your finances, it can be challenging to make informed business decisions. You could miss opportunities for growth or overlook potential financial problems until it is too late. 

Finally, it's essential to have a financial team in place to support you. This team should include a tax accountant, bookkeeper and a Profit First coach. Each member plays a critical role in helping you manage your finances, and together, we can help you make useful decisions about your business.

Bookkeeping may not be the most glamorous part of running a business, but it's one of the most critical. Without proper bookkeeping systems in place, you can not have an accurate account of your financials which makes it very hard to know where your business is.

Not only will this have serious consequences for your business but also for you and your family. 

By taking the time to work with a team who will create a solid bookkeeping system customised to you and your business which includes and regularly reviewing and updating it, you can avoid unnecessary stress and make informed decisions about the future of your business. 

If your booking is not up to scratch, don’t leave it and expect it to magically get better. 

Here is the tip it won’t and in fact it will get worse.

We would love to chat to you about your bookkeeping and how you can work with myself and my team to build your simple and efficient bookkeeping system customise for you and your business.

Book a chat in HERE today.