Frequently Asked Questions
There are 3 critical questions that you can’t afford to get wrong in the Building & Construction Industry… but there are many others too.
I am busy, but why is my business not profitable?
Sales are growing, but why does it seem there is never enough cash in the bank?
What is the point in increasing sales, if I have to pay it all to the tax-man?
Are your Senior Management skilled in forecasting sales, profit and cashflow into the future? How accurate are their projections? This is a critical issue in the Building & Construction industry and you can’t afford to get it wrong.
Multiple-Jobs going at the same time?
How do you deal with this issue? It is imperative you have a system where you can analyse profitability by job at the touch of a button. If there is a problem, it needs to be addressed before there is a cost blow-out.
Why is it important to analyse historical data? The job is finished, we have learned our lesson, now let’s just get on with life. But, new mistakes keep happening… will it ever end? Terminating staff is not the answer, because I end up hiring new staff with a whole series of new problems.
Organisation of Paperwork
The ongoing stream of paperwork in the construction industry is a nightmare. If you don’t submit your claim for each job in a timely manner, you don’t get paid on time.
Records need to be organised to ensure timely submissions of paperwork, but we have the additional problem of having to keep records for 5 years for the tax office.
Payroll, Workers Compensation and Terminations
Due to the transient workforce, there are employees and sub-contractors that come and go through-out the year. Payroll of permanent staff and accounting for sub-contractors at the end of the year is a nightmare, but trying to track them down is equally difficult, especially if they haven’t worked for you in the last 12 months.
Good Quality Accounting Staff
I am not an Accountant, so how do I hire good staff or even know how to ask the right questions? I wouldn’t know the difference between cash vs accrual accounting… let alone Profit & Loss vs Balance Sheet… do I need to know?
The Industry is rife with deadlines and 30th June every year, I can’t get hold of the right kind of advice and support that I need to make decisions.
Trying to keep abreast with legislation that is constantly changing is an issue we deal with, but you can’t afford to make a mistake.