Trade business


Many good contractors and tradespeople dream of starting their own business, and while many do so without a hitch, some tend to fold over from both financial and emotional stress – how very ominous! While we do encounter businesses running into financial woes, many also do well, expand, and make a chunk of profit. So, what’s the magical solution to a well-oiled business? Here are some of our client observations:


Firstly, know the basics of your industry’s processes and employ people or consult experts with the appropriate knowledge to cover the areas you’re not an expert in. Understand the basics to avoid mistakes and employ a good team to fill the gaps. This can include accountants *wink wink*


Management is 90% communication – from marketing, negotiations, project management, team management, compliance, etc. To be successful in your contracting business, know how to motivate, persuade, listen, explain, negotiate, and mentor through a golden voice.


You also need to be good at planning! Not just project schedules, but more importantly, in your methodologies, resources, and coordination. You must plan first before starting and do this daily and weekly. Remember that not everything will go as planned, so you would always need to map out your plan B, plan C, etc.


Tradie accountants


Let’s admit it – many contractors are superstars in their own right but often not in the financial side of their business! They may forget to invoice or follow up with unpaid ones and can easily work for free. If you’ve done extra work, make sure you get paid for it, as they add up in the long run! Keeping your finances in check is a key path to having a successful business.


Another important tip is to understand your contract and consult an expert if in doubt. Don’t just check the contract when there’s an issue. Read the contract before working on your pricing and starting a project. Know all your obligations and make sure to comply, just as your clients need to comply with their obligations too. If you don’t understand your contract, it might cost you money.


Note – if it’s not in writing, it doesn’t exist! Any verbal agreement must be followed up in writing. You may be surprised at how appalling you are at managing records – lost receipts, work without contracts, money disappearing from your pocket. In this age, losing a document or not having one is an absolute no-no. Implement filing systems where you can find all your documents. To check if you’re doing it right, ask yourself: if you disappear
now and somebody takes over your job – will he or she be able to see where all
the important documents are?


Contractor bookkeeping and accounting


We can go on and on, but for now, our last topic is pricing A lot of projects are doomed even before they start! Make sure your projects are priced correctly – not too low that you lose money and not too high that you don’t get the job. Understand what you need to do, how to do it, and when to do it. Check in with us and see if we can do the benchmarking for you!


Whether you’re just about to start your contracting business or you’re a seasoned contractor looking to further improve, we’re rooting for you and we’ve got your back! If you want to chat about it, we’ll let you in all the tips and tricks of the trade. Give us a buzz and let’s get cracking!  


Your Outside Team 

 

 

 

Contact 

Wellington Accountants | 

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Construction Accountants 

Property Accountants 

Contractor Accountants 

Hospitality Accountants |

Property Developer Accountants | Accountants Wellington | Wellington Accountant | Restaurant Accountants | Cafe Accountants

AddressLevel 2, 182 Vivian Street,
Te Aro, Wellington 6011, New Zealand 

Mail: PO Box 24-457, Wellington 6142

Phone04 889 2975

New Zealand Accounting, Bookkeeping & Property Business Consultancy Services | Wellington & Lower Hutt Xero Property Accountants Business coach business consultation business adviser

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Many good contractors and tradespeople dream of starting their own business – and many do – but because of some mistakes, some fold at a cost both financially and emotionally. However, while we do encounter companies running into financial woes, many also do well, expand, and make lots of money. What is the magical solution to successful contracting then? Here are some of our client observations.


Firstly, know the basics of your industry’s processes and employ people or consult experts with the appropriate knowledge to cover the areas you’re not an expert in. Understand the basics to avoid mistakes and employ a good team to fill the gaps. This can include accountants *wink wink*


Management is 90% communication – from marketing, negotiations, project management, team management, compliance, etc. To be successful in your contracting business, know how to motivate, persuade, listen, explain, negotiate, and mentor through a golden voice.


Accounting for contractors


You also need to be good at planning! Not just project schedules, but more importantly, in your company methodologies, resources, and coordination. You must plan first before starting and do this daily and weekly. Remember that not everything will go as planned, so you would always need to map out your plan B, plan C, etc.


Let’s admit it – many contractors are superstars in their own right but often not in the financial side of their business! They may forget to invoice or follow up with unpaid ones and can easily work for free. If you’ve done extra work, make sure you get paid as they add up! Unhealthy cashflow sinks companies, you know. Regardless of how profitable the projects are, if the money coming into your company doesn’t exceed the money going out of it, you might go bankrupt. Check your cashflow first before expanding and learn to manage your cash.


Another important tip is to understand your contract and consult an expert if in doubt. Don’t just check the contract when there’s an issue. Read the contract before working on your pricing and starting a project. Know all your obligations and make sure to comply, just as your clients need to comply with their obligations too. If you don’t understand your contract, it might cost you money.


Note – if it’s not in writing, it doesn’t exist! Any verbal agreement must be followed up in writing. You may be surprised at how appalling you are at managing records – lost receipts, work without contracts, money disappearing from your pocket. In this age, losing a document or not having one is an absolute no-no. Implement filing systems where you can find all your documents. To check if you’re doing it right, ask yourself: if you disappear now and somebody takes over your job – will he or she be able to see where all the important documents are?


We can go on and on, but for now, our last topic is pricing. A lot of projects are doomed even before they start! Make sure your projects are priced correctly – not too low that you lose money and not too high that you don’t get the job. Understand what you need to do, how to do it, and when to do it. Check in with us and see if we can do the benchmarking for you!


Whether you’re just about to start your contracting business or you’re a seasoned contractor looking to further improve, we’re rooting for you and we got your back! If you want to chat about it, we’ll let you in all the tips and tricks of the trade. Give us a buzz and let’s get cracking!  


Wellington Accountants Wellington Bookkeepers Property Accountants Business Bookkeepers Hospitality Accountants Hospitality Bookkeepers Contractor Accountants Contractor Bookkeepers

Tom Naylor

DIRECTOR

Tom has built a wealth of knowledge around the best in’s and out’s of property dealings and has a keen eye for promising start-up businesses.

Like building a great sandwich, Tom also knows how best to structure ventures to extract maximum returns while minimising risk exposure.

Away from the desk, hockey, tennis, squash and, as mentioned above, anything that can be consumed, dominate this man’s life.

Client

Reviews

Andy Garvy
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The team at outside are a dedicated bunch. They go above and beyond in every situation and provide so much more than your standard tax accounting. They have developed process maps, management reports, managed our invoicing, payables and pretty much taken care of every part of our business when we have needed it. They are a big part of our business and will continue to be moving forward.
Matt Holton
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A great team - striking the right balance between professional, knowledgable accountants while being fun and personable to deal with. Always quick to respond. Harri has prepared my end of year statements and GST returns. I'm based in Auckland and have managed to snag a spot at the "co-working desk" in their office a couple of times while I'm down in Wellington.
Sarah Ny
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These guys are not the typical accountants. We engaged with Outside originally for our small business accounting needs, but over the years they have provided invaluable services above and beyond. We have grown as a business and Outside worked alongside us the entire time, supporting us with expert and professional advice throughout our journey. They are an awesome bunch, so easy to get along with, they break everything down into regular speak and no question is too dumb to ask. Their door is always open, everyone is super welcoming and they make a mean coffee.
Joel Bouzaid
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Incredible team, great leadership and everything you need.
Campbell Paton
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Gus and the team at outside accounting are the best in the business. Top notch advice, always willing to go above and beyond and seriously good people to go with it. Would highly recommend!
Congress Rental New Zealand
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Congress Rental have been working with Outside Accounting for over 1 year and I can honestly say it's been perfect. I work closely with Harriet and her friendliness and professionalism makes it a pleasure getting our accounting needs sorted. Not having to worry about if our accounting gets done is pressure off our business. Harriet breaks everything down into regular terms and nothing asked is a dumb question making learning alot quicker and easier. Not your typical place for accounting as it's a great environment, friendly and things get done in a very high quality manner. Very refreshing. Highly recommended. Many thanks to Harriet and the team. Liam. Managing Director Congress Rental New Zealand Ltd
Fraser Kingi
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Awesome motivated Accounting company. Very professional, Very easy to deal with, Very proactive! Thanks Outside Accounting for making that part of our business stress free.
Stephen Rickard
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Cam, Harriet and the team at Outside Accounting go above and beyond to make the accounting side of our business stress free. They genuinely care about our business and our success. We get all questions big and small answered promptly and receive detailed progress reports and recommendations, along with face to face meetings. We highly recommend Outside Accounting.
MX Hockey
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Harri and the team team at Outside are top notch. Happy to go above and beyond to look after us, and provide great advice. Highly recommend.
Lana Gibson
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Outside Accounting are friendly, professional, and are always quick to answer my questions. Great local team.
Tavita Isaac
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Cam (Hamish Carter jr) and the team from Outside Accounting have been a game changer for us and our businesses since joining up with them two years ago. Young, enthusiastic and on the ball 🙌 🙌 🙌
Nick Barrett
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Outside Accounting, and specifically Cam is a pleasure to deal with. Extremely knowledgeable; they go above and beyond. Highly recommend.
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New Zealand Accounting, Bookkeeping & Property Business Consultancy Services | Wellington & Lower Hutt Xero Property Accountants Business coach business consultation business adviser

Wellington Accountants: Eliminate Tax Worries: Partner with Top Small Business Accountants

Are you launching a small business? Contemplating whether to hire a business accountant? Perhaps you’re considering bypassing the expense at startup, relying on numerous apps and accounting software. But hold on—engaging a small business accountant is crucial for growth and can alleviate your tax headaches. It’s an investment that pays off! The key is to find the best fit for your needs. Let us guide you on how to make that happen!

Read More »
New Zealand Accounting, Bookkeeping & Property Business Consultancy Services | Wellington & Lower Hutt Xero Property Accountants Business coach business consultation business adviser

Business Accountants: Exploring Business Structures: How to Choose the Right One for Your Venture

Embarking on the journey of entrepreneurship is exhilarating, but establishing the right business structure can be a daunting task. Whether you’re a solo entrepreneur or part of a larger team, understanding the different business structures and making the right choice is crucial for your long-term success. This guide aims to demystify the process and help you navigate the intricate world of business entities.

Read More »