Electricians have it tough. The business that you engage in is a physically demanding job, with long hours and sometimes extensive travel. You never know when you might get an emergency call at an odd hour. In addition to all these, as a domestic and commercial electrician, you need to make sure that you are up to date with all the safety standards and regulatory requirements of your industry, which requires you to be part of ongoing training and capacity development.
One of the benefits of getting a second opinion is we are not emotionally connected to the business but it is in our best interest to help you have success. The biggest threats to any business success is no time, an ineffective team or lack or money.
We are linked to business coaches , mortgage brokers and 41 other strategic alliances who can assist make your business successful.
Don’t run your business alone. Access your Business Health Check here and work with us to make sure your business is profitable.
At Roy McDonald we have worked closely with many electricians to mentor them in the area of financial management so that they are able to make the most of the tax benefits available to them, whilst also adhering to the regulations that are required. We can work with you so that you have your books in check, leaving you to worry about how you can increase sales and provide your clients with better services.
With so many priorities to be met, it is no wonder that electricians have a reputation that they overlook their tax and accounting responsibilities. The fact of the matter is that as an independent electrician, you might find yourself quite caught up with daily technical tasks, leaving you no time to focus on things such as financial matters and tax regulations. Unfortunately, however, busy or not, these are things that cannot be ignored if you have your own business. In fact, not paying attention to these aspects might backfire, with you paying more taxes than you need to or having to pay heavy fines because of non-compliance to regulations. Both these situations are not ideal, which is why the prudent thing to do would be to turn to an adviser, who can be with you every step of the way.
Over the years, we have found that many electricians have entered this industry because of the flexibility and independence that this job offers them. However, as new electricians, they do not have the technical knowhow about the intricacies of setting up a business. We have worked with numerous new electricians on this to ease this part of their job, be it with information on taxation, what regulations they need to adhere to, and how they plan on bookkeeping. We have also helped our clients understand benchmarking so that they can compare the performance of their business against that of other businesses similar to theirs.
One area that we have been able to extensively support electricians with is that of tax deductions. As you pay your taxes each year, you should keep in mind that there are a number of tax deduction that you are entitled to as an electrician with your own business. Did you know that as an electrician you can claim deduction on motor vehicles, travel, and accommodation? You can also claim expenses for work clothing, self-education, and other expenses such as tools, equipment, phone calls, and your home office. However, you might also be surprised to know that you can make these claims only if you meet certain conditions. With your demanding job, it is not possible to stay on top of all this information, which why Roy McDonald can help you get to the bottom line faster.
The fact of the matter is that most electricians are too busy to be able to look into the possible tax deductions they can claim. This is why we can help you get the maximum tax returns, which will eventually benefit your business.
Let us not forget that there are other issues such as GST registrations and insurance, which are essential to look into as you set up your business. We will give you complete guidance on this as well as business and marketing planning and maintaining your cash flow budget. Over the years, we have also provided business owners with guidance on staffing, payroll maintenance, and superannuation.
Another time consuming, yet very important, task is that of day to day accounting and bookkeeping. Regardless of the size of your new business, we would recommend turning to an accounting software that can automate this process and reduce errors. There are numerous accounting software products that you can work with, but your final selection should be determined by the nature and structure of your company. Once we understand your core requirements, we will advise you on the software you should be using to maintain your accounts and will also take you through how you can continue to use the software as your business thrives.
In addition to all these services, Roy McDonald will provide advisory on income tax minimization, asset protection, understanding partnerships and investors, complying with all industry regulations, and risk profiling your industry. The many electricians who we have worked with have shared that our expertise in these fields have not only helped them set up a strong business, but have also helped them think about the next steps on their growth curve.
Financial advisory services are not only for new businesses. Even as you might become more familiar with the landscape of accounting and taxation as you become more and more an established business owner, it is good to keep in mind that regulations also increase as you look to expand your business.
The concerns that established electricians have are very different from those who are new to the industry. This understanding is essential to how we work with our clients and is the foundation of services that we provide. At Roy McDonald, we do not think that one size fits all. We study each company differently and customize solutions that align with the requirements of each business. While some business might be looking only for financial guidance, others are looking for support on planning their growth path. For these businesses, we tailor business plans that chart their growth goals and develop strategies that will allow them to achieve these within a realistic timeline.
Growth without a concrete plan will not be a reality. This is where our expertise in marketing solutions is going to come in handy. Our solutions include building and strengthening your brand so that you improve your potential to get new clients. We will also work with you to identify and implement offline and online solutions to grow your business. Be it a robust, client-friendly website, social media presence, or generating content for brochures and newsletters, we have in-house capacity to ensure the Roy McDonald becomes your one-stop-shop for all your business development plans
The services and solutions that we provide for you are designed to let you increase your sales and reach out to more clients, while not losing sight of the customer service that you want to provide. Our years of experience allows us to design realistic solutions that keep in mind both quantity and quality of services.
As a first step we invite you to better understand the services that Roy McDonald can offer which can give a huge boost to your business.
As a first step we invite you to better understand the services that Roy McDonald can offer which can give a boost to your business.